We'll never be able to buy a house!

arthur_dent_2

I cannot believe I agree but I do. That is the first sensible thing that you have said.

Guy_Montag

izzybusy23 wrote: »

Thanks! Yep I am in this situation due to no fault of my own. Obviously had a cr&p solicitor who didn't think my five years of paying half the mortgage and improvements to the house were worth more than £5k, even though the improvements helped with more equity. Factor in £1k on one months rent and deposit on my rental house and a baby on the way, that £5k didn't go far.

So I have moved to Gloucester to start 'yet' another new life and hoping this time it will eventually turn out to be a good move.

Can I take this opportunity to draw your attention to the fine selection of eligible bachelors we have available here

kingkano

Running_Horse wrote: »

1988. And the parallels to today are uncanny. People (myself included) mistaking a short term bubble for permanent unaffordability. Headlines screaming about prices rising faster every month than anyone could save. And then the crash. Years of negative equity, even if you could find any buyer. I never regretted getting on the ladder, but fully sympathise with those who are wary about paying too much for too little at the moment. And if prices are completely beyond your reach, then what alternative is there to saving and increasing your earning potential?

Surely the rises in 1988-89 were completely different though? Much more pronounced....

Q1 1987

2162.2
40,882
14.7

Q2 1987

2273.5
42,987
16.1

Q3 1987

2350.1
44,434
16.2

Q4 1987

2345.9
44,355
12.0

Q1 1988

2384.8
45,091
10.3

Q2 1988

2588.0
48,932
13.8

Q3 1988

2874.6
54,352
22.3

Q4 1988

3027.7
57,245
29.1

Q1 1989

3148.7
59,534
32.0

Q2 1989

3292.0
62,244
27.2

Q3 1989

3320.5
62,782
15.5

Q4 1989

3252.4
61,495
7.4

Absolutely massive rises compared to the current 'boom' of 10% a year. Some people were saying that the sudden increase before the crash is yet to come, but with interest rates on the rise and people feeling the pinch, I cant see any 10% a month increases coming along

izzybusy23

Guy_Montag wrote: »

Can I take this opportunity to draw your attention to the fine selection of eligible bachelors we have available here

Well thank you .. but I am now happily in a relationship and we are trying to build a half decent life together after both going through the mill with past relationships!! :rolleyes:

Pobby

Orion wrote: »

No-one has yet explained how you can save up for something that is increasing in value at a greater rate each year than you earn in that year. It doesn't matter how much you save up - it'll get further and further out of your reach.

The rising age of FTB is not something to celebrate either. That just proves it's as hard for the general public to join the housing ladder as it is for posters on this board. I'll take a guess that the average age of FTBs 20 years ago was quite a bit lower than 34.

Yep.I first bought in the mid 70s.I was 25 my now wife 23.Played in a band weekends,that paid the deposit,had a few secondhand bits and pieces.AND THEN!!!!!!!!!!!!!!!!!!!!!!!!!!


INFLATION.The biggest debt buster going.Wages soared,My then £35 per week was £200 in 1980.The £60 a month was chicken feed that I paid monthly into the mortgage.What we have seen is a massive rise in house prices without much wage inflation.Imho 7% interest rates is the new 15% of the last decade.A correction is inevitable!

Orion_3

Running_Horse wrote: »

1988. And the parallels to today are uncanny. People (myself included) mistaking a short term bubble for permanent unaffordability. Headlines screaming about prices rising faster every month than anyone could save. And then the crash. Years of negative equity, even if you could find any buyer. I never regretted getting on the ladder, but fully sympathise with those who are wary about paying too much for too little at the moment. And if prices are completely beyond your reach, then what alternative is there to saving and increasing your earning potential?

If your advice to simply save until a house becomes affordable is predicated on a forthcoming correction or crash then fair enough. I just find it a bit irritating having people say 'just do what I did', pointing back to a time where things were much cheaper. What was the situation in 1988, with regards to house prices relative to wages?

Myself, I'm still viewing, but I'm VERY wary of house prices dropping, and I'm not going to rush into buying. I'm going to keep renting for the time being unless a very good offer comes along.

before_hollywood

Melissa177 wrote: »

Well, we are living in an era of globalisation, people regularly move to different continents and countries for their education, never mind their jobs.



But you're not forced to - there are lots of options out there. It all depends on whether you value your career, the cash, or your quality of life more - most people have to compromise between the three.

Many years ago, people didn't get any choice - they had to work in the mills, or down the coal pit. We're all so lucky we have choices.

Melissa, you know i of all people would not deliberatly pick holes in your logic or your posts but i think the situation you describe does not represent all of us. My situation is simple enough, i work in tech support, i retrained in that because i couldn't continue earning next to nothing in retail/sales, i've been recommended for things all over the north (which is where the company i work for is mainly based), but whether i go somewhere or stay the housing issue remains the same, its still too expensive and i'm not on a particularly poor wage.

i plan on staying round here, where i have lived for 26 years, where my friends, family and work all are, there isn't anywhere i can realistically go, no ''up and coming areas'' close enough to move to. i find it hard not to blame our government for this situation though, i work hard and pay taxes, is somewhere to live too much to ask???

poppy10_2

Melissa177 wrote: »

Northern Rock particularly lends fairly high multiples (which is why I think it might all go t*ts up for them at some point

Today's prize goes to Melissa. Well done! :T:T:T

:beer:

PasturesNew

Running_Horse wrote: »

My uni group included a woman in her 80s, people who were lazy at school, a single mum on a rough estate, and several who also worked full time. The one thing we all shared was motivation to improve ourselves. It didn't get me a cushy well paid office job (do such things exist?), but when redundancy came it showed employers I was a hard worker and keen learner.

Not sure what a uni group is.

needtosavenow_2

i havent read all of the posts on here, but i totally agree, i cant work due to servel illness's, and we have to live on my partners wage, which is considered a 'high' wage......yet after rent, (which if we actually owned where we live now the mortgage would be Double!!) council tax/bills/food etc, we have about £100 left a month!

cheapest house is 177k and thats a 1 bed!!! a 1 bed tiny house with a shared garden!! room for one 2 seater sofa in the lounge!

i dont want a masion but id like to be able to swing a cat!!!;)

we cant get Anything sadly, not even a 1 bed flat, yet my partner is meant to be on a high wage!

we are looking up to 30miles out, cant go further as my parnter will need to drive to work. but Still cant find anything, unless it is a really awful area........and id rather stay renting in a nice area than Ever live there!

infact even that area is catching up with the rest of us!

why are houses so expensive? why are rates so high?! i have no idea, i wish it would crash, i mean even 50% would be great, i could get a small 2 bed house then which are 190k+ here!

4 bed houses are going for 450k!!! just a average 4 bed house!!!:rolleyes:

is it just me who thinks this countrys gone mad!?!?!