House prices hit all time record

IveSeenTheLight

HAMISH_MCTAVISH wrote: »

Nope.

But I've saved him the effort....:D

You should make the font green for positive stats.

Loughton_Monkey

John1993 wrote: »

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.

Maybe you didn't read the bit where I said "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"

ukcarper

JencParker wrote: »

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.

No they have always been judged against male full time

JencParker

ukcarper wrote: »

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.

As someone who bought their first (and only) house in the late 80's for just over 100K, there is no way I could buy it now at over 500K.
And looking at the figures - at the time 5% deposit and approx. £26,000 salary would, in todays terms, equate to a £25,000 deposit and £130,000 salary.

ukcarper

JencParker wrote: »

As someone who bought their first (and only) house in the late 80's for just over 100K, there is no way I could buy it now at over 500K.
And looking at the figures - at the time 5% deposit and approx. £26,000 salary would, in todays terms, equate to a £25,000 deposit and £130,000 salary.

The average house price in 1989 was about £62k it is now about £170k

JencParker

ukcarper wrote: »

The average house price in 1989 was about £62k it is now about £170k

'Average house price' is a meaningless statistic and can bear little relevance to the reality depending on where you live. The figures I have quoted above are REAL ones.

wotsthat

JencParker wrote: »

As someone who bought their first (and only) house in the late 80's for just over 100K, there is no way I could buy it now at over 500K.
And looking at the figures - at the time 5% deposit and approx. £26,000 salary would, in todays terms, equate to a £25,000 deposit and £130,000 salary.

Yes you seemed to have bought particularly well. Rather than viewing the increase in your own house as typical it might be worth considering what happened in bigger sample sizes.

A £100k house bought in London in Q4 1988 would be worth £274k now according to Halifax. Or if you bought earlier in 1988 Q1 it would be worth £322k. Obviously a lot less outside of London.

ukcarper

JencParker wrote: »

'Average house price' is a meaningless statistic and can bear little relevance to the reality depending on where you live. The figures I have quoted above are REAL ones.

I think it does I live in Surrey and my house has increased by about 5x since 1985.

The average price in 1985 was £35k and it's now £170 4.85x

JencParker

wotsthat wrote: »

Yes you seemed to have bought particularly well. Rather than viewing the increase in your own house as typical it might be worth considering what happened in bigger sample sizes.

A £100k house bought in London in Q4 1988 would be worth £274k now according to Halifax. Or if you bought earlier in 1988 Q1 it would be worth £322k. Obviously a lot less outside of London.

Again, a bit of a useless statistic. London is a big place. And although this is a nice area, is considerably less than the borough and surrounding boroughs as it has no direct access to train or tube.

JencParker

ukcarper wrote: »

I think it does I live in Surrey and my house has increased by about 5x since 1985.

The average price in 1985 was £35k and it's now £170 4.85x

Nearly 5 times, but that doesn't compare to the statistic you quoted earlier which is nearer 2.75 x.

The average house price in 1989 was about £62k it is now about £170k

I live in Surrey too, I'd love to know where you can get a house for £170K as I'm downsizing and I may just be able to help my children who are in the same position as the author of the article in another post .