House prices hit all time record

ukcarper

nickj wrote: »

i paid £57k for my house 20 years ago , put down a £17k deposit and have paid off mortgage , today if i wanted to buy the same house i would have to pay £1/4 million for it , so it's no wonder the younger generation don't or can't afford it, you don't have to be a genius to work out that continuous rising house prices are unsustainable

Yes prices have increased since the 90s but in relation to earnings they were the lowest they have been since the 1940s then. I'm not sure it does any good comparing todays prices to then. Yes prices are high but compared to long term average they are not as high as people make out.

Loughton_Monkey

Graham_Devon wrote: »

I can never quite figure out if your posts are tounge in cheek or not, but it seems this one isn't. It probably confounds you completely as it seems you do not have a clue.

It's hardly all "choices" people are making. Where do you assume these childless people should live? What do you think they should eat? Should they be able to drive and have such an expense?

Once you figure out you had it relatively good compared to thos eyou put down you might start figuring it out.

Some of my posts may, or may not, be "tongue in cheek". Far better to do this, I think, than make my posts "foot in mouth".

People (with or without children) can live where they want, eat what they want, and drive what they want. That's my point. All I am saying is that different choices come at different costs and often it's a good idea to work that out before making the choice. Perhaps you disagree with this - and you are perfectly free to do so.

Brian8888

As long as central banks worldwide are increasing their balance sheets, real estate will be supported.

wotsthat

Graham_Devon wrote: »

It's hardly all "choices" people are making. Where do you assume these childless people should live? What do you think they should eat? Should they be able to drive and have such an expense?

We're all, by and large, a result of the choices we make.

A lot of posters give the impression that home ownership is their absolute priority and it's just bad luck or conspiracy they find themselves not being able to afford it but it's just not true really.

Have a think about money you've spent in the past that could have been saved instead and put towards a house. It'll be a substantial sum and I imagine that's the same for most people and most of it wouldn't be missed.

I await to hear about how I'm saying people should live in tents in their parents back gardens and eating super noodles until they can afford to buy.

shortchanged_2

wotsthat wrote: »

We're all, by and large, a result of the choices we make.

A lot of posters give the impression that home ownership is their absolute priority and it's just bad luck or conspiracy they find themselves not being able to afford it but it's just not true really.

Have a think about money you've spent in the past that could have been saved instead and put towards a house. It'll be a substantial sum and I imagine that's the same for most people and most of it wouldn't be missed.

I await to hear about how I'm saying people should live in tents in their parents back gardens and eating super noodles until they can afford to buy.

Not really sure about that.

There is no doubt that people who bought property pre boom have been much more fortunate than the current generation regarding housing.

I know many people who are just a few years older than myself who are in quite average jobs who are living in houses that they definitely would no longer be able to afford at current prices. So it's not only simply about choices today. Many people have had that choice taken away from them.

ukcarper

shortchanged wrote: »

Not really sure about that.

There is no doubt that people who bought property pre boom have been much more fortunate than the current generation regarding housing.

I know many people who are just a few years older than myself who are in quite average jobs who are living in houses that they definitely would no longer be able to afford at current prices. So it's not only simply about choices today. Many people have had that choice taken away from them.

Yes but people who bought in the late 80s could have bought a much better house if they had bought in the mid 90s.

If I was in earning the same relatively as I was in the early 70s I could buy the same house.

JencParker

ukcarper wrote: »

Yes prices have increased since the 90s but in relation to earnings they were the lowest they have been since the 1940s then. I'm not sure it does any good comparing todays prices to then. Yes prices are high but compared to long term average they are not as high as people make out.

Not strictly true. It is not in relation to earning, but household income, in the past it was judged against one salary, now it is generally two, so they ARE much higher.

Add to that the large differences between income due to tax credit allowing companies to employ people on low wages, the average income is rather meaningless. Some professions/sectors are well paid, but many have barely risen.

John1993_2

Loughton_Monkey wrote: »

People (with or without children) can live where they want, eat what they want, and drive what they want. That's my point.

Then it's a very stupid point. I can promise you that your average childless couple in the UK can't choose to live in Mayfair, dine on foie gras, and drive a new Ferrari, any more than people with children can.

wotsthat

shortchanged wrote: »

I know many people who are just a few years older than myself who are in quite average jobs who are living in houses that they definitely would no longer be able to afford at current prices. So it's not only simply about choices today. Many people have had that choice taken away from them.

Take a look at the Nationwide house price/ earnings ratio graph. On this measure prices are either going up or coming down so, yes, luck comes into it depending when you buy.

So like for like someone buying today might have to buy a smaller house today than someone buying in the late nineties. However both would be able to buy cheaper than the '70's.

If, however, if too high a proportion of earnings are being spent instead of being saved then they won't be buying anyway. I spend money everyday I don't need to - aren't we all the same? The amounts will vary as will our varying interpretations of what a 'need' is.

chucky

Graham_Devon wrote: »

It's hardly all "choices" people are making. Where do you assume these childless people should live? What do you think they should eat? Should they be able to drive and have such an expense?

Can't these childless people rent or do they have to buy?

As for life choices, we all make good or bad life choices. You can blame others if you make bad life choices. I know of someone who lost £30k gambling and now complains that he can't afford to buy a house as he only owns half of one through one of these schemes.

People shouldn't balame others for their own misfortunes.