Homes in the UK still very cheap/affordable

stator

Those mortgage payments are too low. For a 95% mortgage they would be higher.

It also doesn't indicate how they are affordable since rents are so high no-one can afford the deposit

kabayiri

Yes, things are affordable in places like the NW.

Even with NW you get what look like super bargains.

But, but, but .... follow the age old rule with property. Try and stick with areas you know! Wealthy Southern people have been burned before by buying property in places like parts of Warrington; places they know little about; places touted as obvious investment opportunities.

There's usually a reason places are cheap.

seven-day-weekend

kabayiri wrote: »

Yes, things are affordable in places like the NW.

Even with NW you get what look like super bargains.

But, but, but .... follow the age old rule with property. Try and stick with areas you know! Wealthy Southern people have been burned before by buying property in places like parts of Warrington; places they know little about; places touted as obvious investment opportunities.

There's usually a reason places are cheap.

Many places are cheap just because they are not London.

mrginge

What proportion of housing stock is the 'average terrace'?

How often does the 'average terrace' come onto the market?

Shouldn't the monthly cost also include costs of ownership rather than just mortgage costs?

Should the cost of purchase, remortgage be factored in?

kabayiri

seven-day-weekend wrote: »

Many places are cheap just because they are not London.

It's London and parts of the SE which is broken when it comes to homes.

You can pick up a terrace in the NW for under £100K, or you can pay 4 times that for some tarted up cottage a few minutes walk from here.

I'd say that both ends are what makes the local housing market healthy.

London needs posh places but it also needs undesirable areas.

[Deleted User]

Terrace? Hell, in North Manchester you can pick-up a 2 bed semi-detached for £100k - http://www.rightmove.co.uk/property-for-sale/property-60332543.html

I do love to play the game of 'what could I buy in the North if I sold my house in the South'

It's quite amazing the range of house prices in the UK

Andrew_Ryan_89

This does not look accurate to me. Most people take out a 25 year mortgage and 2.5% interest rate seems very generous to me. I live in London (not the city) and my mortgage payments alone are £1,425 and I can tell you for a fact there is no way I am getting a mortgage, or be able to afford one, for a house costing £500k+. I purchased my house for £285k.

The housing crisis the news likes to talk about is mainly centered around London where you need a great salary in order to afford a decent house. As a couple, if you have a joint income of £50k and no help from parents in regards to a deposit, you'll find it quite difficult to afford anywhere within Greater London now. However, if you had that salary in the Midlands or somewhere like Blackpool, you'll have a house fit for a King from a London perspective.

Back in my parents day, 2 people could be working minimum wage and be able to afford to buy a house. Not any more.

Thrugelmir

Andrew_Ryan_89 wrote: »

or somewhere like Blackpool, you'll have a house fit for a King from a London perspective.

Been to Blackpool recently? :eek:

Location, Location, Location.

lisyloo

probably true. This was never a problem in Victorian era when your servants lived in your basement..

Ah but now we already live in the basement and sometimes even the coal hole.

lisyloo

But everyone wants to live in London as apparently no jobs are available or worth having anywhere else?

For some people there aren't no.
DH was unemployed for 12 months.
Would you rather he was paid to do nothing or became economically mobile and spread our good fortune?