News that House prices rise, worried for FTB.

TruckerT

Jack_Johnson_the_acorn wrote: »

should they really be buying a home if they only have £50 spare per month....

l would argue that they should not and Im sure the banks would agree.... my HH has £1k spare per month and i don't feel like we have an excessive amount of spare cash.

I think I get your drift - house purchase is not an option for vast numbers of people. That's the problem which the government needs to address.

TruckerT

drbraindead

Jack_Johnson_the_acorn wrote: »

should they really be buying a home if they only have £50 spare per month....

l would argue that they should not and Im sure the banks would agree.... my HH has £1k spare per month and i don't feel like we have an excessive amount of spare cash.

This point really depends on where you live and your own personal cost of living.

1k per month seems absolutely rich to me, but my total outgoing per month including food is around £600.

Jack_Johnson_the_acorn

TruckerT wrote: »

What? A 60k house? Where's that then? A 15% increase in property prices is beyond anyone's wildest dreams/nightmares (unless you're in the fracking industry, bringing employment to the desolate north).

TruckerT

In NE Lincolnshire , you know like in the post you quoted.... :rotfl:
Please pay more attention in future.... Thanks

Jack_Johnson_the_acorn

drbraindead wrote: »

This point really depends on where you live and your own personal cost of living.

1k per month seems absolutely rich to me, but my total outgoing per month including food is around £600.

Thats a married couple though both in full time employment earning around the national average.... mortgage is £600ish on a £130k house with a 10% deposit.

dryhat

drbraindead wrote: »

I would like to spend as little as possible within reason of living in a half decent area though.

Well that's a good start.

There are some idiots on here who think the higher your house price and bigger your mortgage, the richer you are.

I know it's ridiculous, but there you go.

Best wishes and good luck.

drbraindead

Jack_Johnson_the_acorn wrote: »

Thats a married couple though both in full time employment earning around the national average.... mortgage is £600ish on a £130k house with a 10% deposit.

I would probably say I am at the lower end of the earning spectrum.

Also married, our monthly take home is on average around £1500.

At this time because I am trying to save large chunks, our spare cash is around £200 per month, otherwiise it would be more.

I do agree with you from a personal principle view that £50 spare cash per week would be a bad idea to own your own home.

For me, this would be not enough to cover unseen costs ie; House maintenance, damages etc. Also my plan would be to carry on saving.

drbraindead

dryhat wrote: »

Well that's a good start.

There are some idiots on here who think the higher your house price and bigger your mortgage, the richer you are.

I know it's ridiculous, but there you go.

Best wishes and good luck.

Thanks!

I think a good plan would be to have a low mortgage so you have more money to save, spend and also if you come into financial difficulty (unemployed).

Paying off a low priced home also sounds appealing.

Jack_Johnson_the_acorn

drbraindead wrote: »

I would probably say I am at the lower end of the earning spectrum.

Also married, our monthly take home is on average around £1500.

At this time because I am trying to save large chunks, our spare cash is around £200 per month, otherwiise it would be more.

I do agree with you from a personal principle view that £50 spare cash per week would be a bad idea to own your own home.

For me, this would be not enough to cover unseen costs ie; House maintenance, damages etc. Also my plan would be to carry on saving.

£70k house, 10% deposit, 3.6%Apr over 25 yrs would be £322.

Imo totally achievable.

drbraindead

Jack_Johnson_the_acorn wrote: »

£70k house, 10% deposit, 3.6%Apr over 25 yrs would be £322.

Imo totally achievable.

For sure mate, I would like slightly lower but I would be happy with it.

I would not be able to afford more than 100k though.

Tancred

drbraindead wrote: »

I am in the process of saving for a deposit (10%) and hope to buy around March next year,

I am only aiming to buy a house for around 50 - 60k in NE Lincolnshire.

But hearing the news today that house prices are on the rise, will I still have time to get a property for the price I'm aiming for.

I am rappidly saving as much as I can, but worry about missing out.

Anyone else feel like this?

cheers guys

£60k!! You couldn't buy a garage for that where I live.

Forget it - even in Lincolnshire.