We'll never be able to buy a house!

franklee

oasisfeverish wrote: »

For those of you FTBs that are struggling to purchase a home, I would be genuinely interested to hear how we could correct the present increase on prices and combat the affordable housing situation?

Well I'm not exactly a FTB (although I may be under some criteria) but the solution to me is to regulate the lenders. Not only does lending 5-8 times income with little or no deposit required keep pushing house prices up but it puts the financial institutions themselves at risk. It seems buyers are willing to borrow whatever is lent, and lenders turn a blind eye to checking income. Then when it all goes wrong that institution's savers pick up the tab. This irresponsible lending/borrowing needs to stop. It should be up to 4 times income and at least 10% deposit IMO.

Cut off the irresponsible money supply and prices will come down.

Running_Horse

arthur_dent wrote: »

You are saying that you worked harder gained a better wage, how is this possible when the £7.50 is a better wage? I dare say you would not get out of bed for that.

You keep making wild and incorrect assumptions about my wages. Not all of us down here earn seven figure salaries in the city. It's one in the morning, seven hours into a twelve hour shift, and I've just finished cleaning a smelly chemical sludge out of a centrifuge. But the pay and training is not bad, and I love providing for my family.

BornSloppy

I bought a £47,000 house in a not so nice area in the 80s on a salary of £8,500 and endless overtime. When the overtime disappeared I took in lodgers. If it had been easy, would I have worked so damned hard?[/quote]
I agree with most of your post but -You bought a house for roughly 5 and a half times your wage. If the average British wage is 22k and the average house price is close to 200k a family would have to borrow more than you did percentage wise so not sure if it's a fair comparison. The UK house market is ridiculously overpriced at the moment

BornSloppy

irnbru wrote: »

press release





If a FTB can afford a £250K home: then there doesn't seem to be much of an affordability issue.

I agree. The average person who can't afford to buy a home probably can't even fund a house costing 150k! Nevermind 250k

Running_Horse

BornSloppy wrote: »

I agree with most of your post but -You bought a house for roughly 5 and a half times your wage. If the average British wage is 22k and the average house price is close to 200k a family would have to borrow more than you did percentage wise so not sure if it's a fair comparison. The UK house market is ridiculously overpriced at the moment

You forgot to include the overtime, so it was more like 3 and a bit times my wage, the point being the hard work involved. But I agree houses are overpriced at the moment. Those who said they can buy but don't want to pay current prices or move area have made what is the right decision for them, but that is slightly different to saying they can't buy anything. If they have judged the market correctly then they will be laughing in a year or two.

kingkano

before_hollywood wrote: »

£15k actually

Fair dos, I stand corrected. I guess they are cautious on a single salary, and rightly so some would say

Strangely if you add a partner with 15k you can borrow more like 145k!!

PasturesNew

Running_Horse wrote: »

Life is what you choose to make it.

Not quite true

A lemming believes he is off to a better place.

Sometimes you get hemmed in by the decisions you made, which were made based on the choices you could see at the time.

Everybody has different information available to them. And are in different locations.

So life is what you end up with when you make decisions based on the information you had at the time and your judgement over what would be best to do - based on the timescale you believed you had.

RachelUK

POSSETTE wrote: »

to quote kirsty and phil on "location location " "buy the worst house on the best street, rather than the best house on the worst street!!
You can do up a worst house as and when you are living in it..you cant do up a bad area!!

Hmmm I wish, but they are rarely the same price because of the property developers swooping in to make a quick buck.

Melissa177

But the property developers aren't going to pay the same price as a done up property on the same street, in the knowledge that they are going to have to outlay costs and make a profit.

RachelUK

Melissa177 wrote: »

But the property developers aren't going to pay the same price as a done up property on the same street, in the knowledge that they are going to have to outlay costs and make a profit.

Yes obviously, but we're not talking about two houses on the same street