Interest Rates going back up to normal levels again?

Thrugelmir

ukcarper wrote: »

But the UK mortgage market did not cause financial crash.

Foreign investors provided the capital though. Northern Rock didn't materialise from nowhere to dominate new mortgage lending. Without which they never would have been a boom in house prices.

GreatApe

Tiners wrote: »

No, but Greatape seems to be suggesting that 2007 prices are some kind of benchmark of acceptable, sustainable affordability.

You can buy a decent 3 bed terrace house in much of Wales, Scotland, The Midlands, The NE and NW, and Yorkshire&Humber for about £120,000

Put down a 20% deposit and your mortgage payments would be £407 a month which is very cheap and you have a big debt free asset after 25 years

Malthusian

ilovehouses wrote: »

I like the idea the government can manipulate house prices against all the odds but can't make a fuzzy felt slogan stick to a wall.

But don't you see, that's part of the conspiracy. The government stages minor acts of incompetence, like loosely attaching some letters to a wall so they fall off, or calling a pointless election, to make us believe that they're incapable of the bigger conspiracies like manipulating house prices or keeping their underground tunnels hidden where they drink the blood of Christian babies.

Tiners

GreatApe wrote: »

You can buy a decent 3 bed terrace house in much of Wales, Scotland, The Midlands, The NE and NW, and Yorkshire&Humber for about £120,000

Put down a 20% deposit and your mortgage payments would be £407 a month which is very cheap and you have a big debt free asset after 25 years

So wrong on so many levels...

The few isolated areas where you can buy a 3 bed house for £120k are not decent areas and they will not be decent houses and the ability to raise a 20% deposit or pay £407 a month would not be considered cheap and easy when you take into consideration local job opportunities and local wages in those areas.

Tiners

ilovehouses wrote: »

I like the idea the government can manipulate house prices against all the odds but can't make a fuzzy felt slogan stick to a wall.

- Help to Buy was introduced by the government.

- Help to Buy has been proven to have caused an increase in house prices.
(Which anyone with half a brain could see would be the result)

Do please continue explaining to us all how the government have no desire or ability to manipulate property prices...

Drawer_full_of_socks

:A

Tiners wrote: »

So wrong on so many levels...

The few isolated areas where you can buy a 3 bed house for £120k are not decent areas and they will not be decent houses and the ability to raise a 20% deposit or pay £407 a month would not be considered cheap and easy when you take into consideration local job opportunities and local wages in those areas.

£140k buys a semi detatched house in a decent area around much of the NW. You clearly don't know what you're talking about. We have a HH income of 50-60k, we live in the NW we paid £127k for ours in 2011. We've both worked since leaving school in 2002 I've even changed career due to healt reasons without ever needing to claim benefits. So I'm not familiar with the picture you're trying to paint.

Tiners

Drawer_full_of_socks wrote: »

:A

£140k buys a semi detatched house in a decent area around much of the NW. You clearly don't know what you're talking about. We have a HH income of 50-60k, we live in the NW we paid £127k for ours in 2011. We've both worked since leaving school in 2002 I've even changed career due to healt reasons without ever needing to claim benefits. So I'm not familiar with the picture you're trying to paint.

Putting aside the fact that you've increased the purchase price point we were discussing by £20k or 17% (!!)...
I'm also familiar with the NW and even for your more generous figure of £140k I wouldn't describe the 3 bed houses available as decent houses in decent areas... they're usually rather tired and dated houses in need of refurbs with associated 5 figure costs and in less than desirable areas, ex LA estates with a certain reputation or busy main roads.

I'd also hazard a guess that your house is now considerably less affordable than the £127k that you paid for it in 2011... Have local wages in your area risen in line with local house prices?

GreatApe

Tiners wrote: »

So wrong on so many levels...

The few isolated areas where you can buy a 3 bed house for £120k are not decent areas and they will not be decent houses and the ability to raise a 20% deposit or pay £407 a month would not be considered cheap and easy when you take into consideration local job opportunities and local wages in those areas.

Its not a few isolated areas the majority of Wales Scotland northern-ireland Yorkshire&humber The north and the midlands are very affordable

The notion that wages are !!!! in those areas is wrong. Unemployment is close to zero all over the country. Average wages are also good all over the country. Its a misconception that everyone outside the south is on minimum wage

GreatApe

Tiners wrote: »

Putting aside the fact that you've increased the purchase price point we were discussing by £20k or 17% (!!)...
I'm also familiar with the NW and even for your more generous figure of £140k I wouldn't describe the 3 bed houses available as decent houses in decent areas... they're usually rather tired and dated houses in need of refurbs with associated 5 figure costs and in less than desirable areas, ex LA estates with a certain reputation or busy main roads.

I'd also hazard a guess that your house is now considerably less affordable than the £127k that you paid for it in 2011... Have local wages in your area risen in line with local house prices?

The problem isn't the housing market the housing market is fine.
The problem is people like you who turn their noses up at half the housing in this country as not good enough for you. Of course if you exclude half the homes in the country and look at the top half and compare it to a single man on the minimum wage things look expensive but that's stupid.

A first time buyer should be buying the bottom 1/3rd of housing. Movers buy the next 1/3rd and the rich and inherited wealth buys the top 1/3rd of housing.

Housing is very affordable in the regions mentioned and that is before you even consider the fact that a lot of FTBs have gifted and inherited wealth to help them further

Thrugelmir

GreatApe wrote: »

Its a misconception that everyone outside the south is on minimum wage

Around 18% of those employed are now on minimum wage terms.