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Debate House Prices
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Corbynomics: A Dystopia
Comments
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So you think mortgage affordability says all there is about the affordability of housing. To buy a 2 bed house near me with a 10% deposit you would need to be earning £60k the rent would be £950 a month.
I have a lot of sympathy for those who cant buy the housing they want*. But there is simply no way to allocate housing so the best biggest nicest homes are affordable by the people on lower than average wages who have lower than average savings and will receive lower than average assistance or inheritances.
one of the biggest mistakes is to look at your own finances today and compare it to what it could have bought 10 or 20 years ago i think a lot of people make that mistake. Things dont work that way. Even 20 years ago the rich lived in the nice big houses the middle lived in the middle houses and the poor lived in the poor houses.0 -
£60k joint income in not particularly spectacular. the sum of the average full time male and female worker is above that figure. of course for a single person its more difficult but do we expect everyone to be in one person households to have 50 million homes for a population of 65 million?
you also discount, ignore, or just dont know about the size and scope of gifted and inherited wealth. I estimate in the region of 100-200 billion annually is inherited or gifted. A good portion which goes into housing and some of it is multiples through a mortgage.
The simple fact is that with about 100,000 sales per month, the market is affordable and there is a clearing price. We may scratch our heads and not fully understand who or why people are paying current prices but they are
That is not the point if the affordablity limit is set at median wage that means homes are not affordable to 50% of population. I don't think everybody should be able to buy a house but anybody who thinks that housing is affordable for everybody for everyone is completely out of touch. I do agree it's not a problem everywhere but it definitely is where I am.0 -
So you think mortgage affordability says all there is about the affordability of housing.
It tells you a great deal, but no, not everything.
With the key phrase being "near me". Not all property is near you.To buy a 2 bed house near me with a 10% deposit you would need to be earning £60k the rent would be £950 a month.
BTW, daughter and two friends were paying a total of £825pcm in rent versus £200 now in mortgage interest but she did have a 20% deposit. The remaining £100k mortgage would just about work on one average UK wage.
Of course, she could have gone terraced rather than a semi, and she didn't need an end plot with lots of off street parking, nor did she need to be within walking distance of the teaching hospital, but these are all nice to haves.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
1for much of the country the first time buyer properties are in the £100k sort of region
In my reasonably affluent Northern city, you can get a 2 bed semi for half of that and a 3 bed for £60k if you're not fussy.
BTW, currently watching "Cathy Come Home". Let's just say that those on low incomes who think there was some glorious age of cheap council housing are living in cloud cuckoo land. The major difference between then and now is that those in the film aren't blaming everything on the EU and immigrants.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »I
The major difference between then and now is that those in the film aren't blaming everything on the EU and immigrants.
why is that relevant ?0 -
why is that relevant ?
Because it strongly suggests that those currently blaming the housing crisis on the EU and immigrants are both wrong and racist. I'm glad you asked.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Also we dont need any more social homes. 17% is sufficient. In some parts over 40% of the stock is social yet people still think more is needed.
Why are the waiting lists for social housing so long if there is too much or sufficient social housing? Most of those on the waiting list are people who have special needs of one sort or another which prevent them from having regular or well paid employment that would facilitate them getting a mortgage in order to buy.Do not be fooled into believing that this society cannot be made fairer because hard work isn't necessarily all it takes.
There are those on MSE DT who know the price of everything but the value of little.0 -
That is not the point if the affordablity limit is set at median wage that means homes are not affordable to 50% of population. I don't think everybody should be able to buy a house but anybody who thinks that housing is affordable for everybody for everyone is completely out of touch. I do agree it's not a problem everywhere but it definitely is where I am.
Who said that the local terrace homes are affordable for only the median wage? They are in most the country affordable for a couple on minimum wage.
£100k at 2.4% interest is only £200 per month. The local councils charge £350-600 a month. So to buy a £100-120k property costs less than to rent off the council. If thatvis not the definition of affordable what is?0 -
gadgetmind wrote: »Because it strongly suggests that those currently blaming the housing crisis on the EU and immigrants are both wrong and racist. I'm glad you asked.
Racist is believing that 9 million people actually live in properties;
and that demand is influenced by the people that live in properties
and that price is related to supply and demand.
Of course the number of people isn't the sole cause of the UK housing issue but only somewhat foolish people, believe the problem would be unchanged if there were 9 million fewer people in the UK.0 -
TheNickster wrote: »Why are the waiting lists for social housing so long if there is too much or sufficient social housing? Most of those on the waiting list are people who have special needs of one sort or another which prevent them from having regular or well paid employment that would facilitate them getting a mortgage in order to buy.
If you look at tgr LHA stats for my local area if east London it shows the social stock as 60% of the total stock. You would think that at 60% surely at 60% there would be no waiting list. But there is and there has been for the last 20 years that I am aware of.
There are multiple reasons why there is a waiting list. From those who can't work to immigrants to pensioners to the simple fact that it costs nothing to be on a list and you don't have to actually take what you are offered. I suspect if there was a monthly £5 fee maybe half the waiting list would disappear0
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