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UK Property - Buy before it's too late?
JoeK_3
Posts: 1,374 Forumite
Has the saying the “Englishman’s home is his castle” come to an end? Since the days of Maggie Thatcher, the British public have slowly become householders and at the last census, as much as 65% of UK people lived in their own homes. But has this trend started to reverse?
As UK house prices have escalated out of the reach of the first time buyer many people have had to resort to moving into rented accommodation to get a roof over their heads. With the average UK mortgage now being £197,000, the UK house is now an extremely expensive commodity and the dream of owning your home is looking bleaker for the first time buyer.
Finding the right UK mortgage when buying a home is a very important financial decision in life as it is more often than not the largest single expenditure in people’s lives!
As the housing market has exploded and the average cost of buying a home is nearing the £200,000 figure and this is before we align our currency and interest rate to the euro. Southern Ireland has seen a massive explosion in property prices in the post years of joining the euro and it is now an extremely expensive place to buy property.
By comparison to Eire the UK property market is still cheap and I dread to think what will happen to property prices when the UK eventually aligns itself to the euro and interest rates are reduced to 3.5%. Will we see the average UK mortgage at the £250,000 figure? I think so!
The truth is that house prices have outstripped incomes and as a result, affordability has become a big, big problem. Is all lost or what are the alternatives and how could you become that UK homeowner?
JoeK
As UK house prices have escalated out of the reach of the first time buyer many people have had to resort to moving into rented accommodation to get a roof over their heads. With the average UK mortgage now being £197,000, the UK house is now an extremely expensive commodity and the dream of owning your home is looking bleaker for the first time buyer.
Finding the right UK mortgage when buying a home is a very important financial decision in life as it is more often than not the largest single expenditure in people’s lives!
As the housing market has exploded and the average cost of buying a home is nearing the £200,000 figure and this is before we align our currency and interest rate to the euro. Southern Ireland has seen a massive explosion in property prices in the post years of joining the euro and it is now an extremely expensive place to buy property.
By comparison to Eire the UK property market is still cheap and I dread to think what will happen to property prices when the UK eventually aligns itself to the euro and interest rates are reduced to 3.5%. Will we see the average UK mortgage at the £250,000 figure? I think so!
The truth is that house prices have outstripped incomes and as a result, affordability has become a big, big problem. Is all lost or what are the alternatives and how could you become that UK homeowner?
JoeK
I am an Independent Financial Adviser.
Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
Comments
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move to blackburn where 200k will buy you a very nice house, 90k will get you a terraced.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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move to blackburn where 200k will buy you a very nice house, 90k will get you a terraced.
I want to move out.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
not a place for meI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Er..me neither,thanks.:j0
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Its clearly a good point and put in black & white.Has the saying the “Englishman’s home is his castle” come to an end? Since the days of Maggie Thatcher, the British public have slowly become householders and at the last census, as much as 65% of UK people lived in their own homes. But has this trend started to reverse?
As UK house prices have escalated out of the reach of the first time buyer many people have had to resort to moving into rented accommodation to get a roof over their heads. With the average UK mortgage now being £197,000, the UK house is now an extremely expensive commodity and the dream of owning your home is looking bleaker for the first time buyer.
Finding the right UK mortgage when buying a home is a very important financial decision in life as it is more often than not the largest single expenditure in people’s lives!
As the housing market has exploded and the average cost of buying a home is nearing the £200,000 figure and this is before we align our currency and interest rate to the euro. Southern Ireland has seen a massive explosion in property prices in the post years of joining the euro and it is now an extremely expensive place to buy property.
By comparison to Eire the UK property market is still cheap and I dread to think what will happen to property prices when the UK eventually aligns itself to the euro and interest rates are reduced to 3.5%. Will we see the average UK mortgage at the £250,000 figure? I think so!
The truth is that house prices have outstripped incomes and as a result, affordability has become a big, big problem. Is all lost or what are the alternatives and how could you become that UK homeowner?
JoeK
I'd be interested as a 'UK homeowner'(mortgaged)how joining the Euro wil effect my financial status.
Can anyone please elaborate on this point?
T.:j0 -
What goes up, must come down.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I have to point out I rent my house, it costs me £1000 pcm but to mortgage it if I wanted to buy would cost me a hell of a lot more than that. I rent because I can't afford to buy the type of property I desire, and also because I think house prices are too high at the moment and I fear being hit with negative equity in a few years time. That said, owning a home in the UK isn't my biggest priority at present, as I would eventually like to move somewhere warmer.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
like nelson?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Its clearly a good point and put in black & white.
I'd be interested as a 'UK homeowner'(mortgaged)how joining the Euro wil effect my financial status.
Can anyone please elaborate on this point?
T.
Interest rates in Europe have been lower historically than those in the UK and are currently at around 3.5% as apposed to 5.25% and rising.
When UK eventually joins the euro, our interest rates will be aligned with the rest of Europe at 3.5%. This will see a massive property explosion as that seen in Southern Ireland.
Buy now to secure your future!
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
According to the Irish Mail on Sunday prices have dropped in Ireland by 20% in 6 months. So all hope may not be lost."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0
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