BBC house price report

ukcarper

Malthusian wrote: »

An alternative fact? Minimum wage for a 19 year old is £5.60 an hour. 40 hours x 52 weeks x £5.60 = £11,648 per year.

Why GunJack thinks his presumably single and childless 19 year old should be buying a 3 bedroom house is the real issue...

Median full time earnings in Birmingham is just under £26k according to ons.

GunJack

Malthusian wrote: »

An alternative fact? Minimum wage for a 19 year old is £5.60 an hour. 40 hours x 52 weeks x £5.60 = £11,648 per year. exactly, for a 19-y-o round here he's not doing badly

Why GunJack thinks his presumably single and childless 19 year old should be buying a 3 bedroom house is the real issue...

...and what is wrong, exactly, with a childless single lad buying a house?? OK, so he'll likely be 20/21 by the time he does, better get on the ladder earlier rather than later....

...he could always buy it as a BTL landlord and still live at home :rotfl:

GunJack

westernpromise wrote: »

in Brum...... GunJack's probably in his early 30s himself.

:rotfl: :rotfl: in Brum? Not unless you paid me a LOT of money

and oh how I wish I was early 30's again

chucknorris

GunJack wrote: »

...and what is wrong, exactly, with a childless single lad buying a house?? OK, so he'll likely be 20/21 by the time he does, better get on the ladder earlier rather than later....

...he could always buy it as a BTL landlord and still live at home :rotfl:

Nothings wrong, it's a good idea, I think he meant that you can't exactly complain that a 19 year old would struggle to afford a 3 bed house, because it isn't exactly a typical FTB property.

Herzlos

GunJack wrote: »

1. I would say cheaper than the South rather than cheap...

2. But often with less of them for sale as there is a now a fair bit of negative equity out there.....

Certainly round our way, prices have nowhere near got back to pre-2008 prices, add inflation onto that, and it becomes a large problem if you need to move/remortgage etc......

Same here, we're still about 20% short on 2007 prices.

Sure very few will still be in negative equity after 10 years, but from an era with 110% mortgages and 40 year terms there will be a few. Plus even with some equity you don't get particularly good deals above about 85% LTV.

You're focusing on a single lad not being able to afford a 3 bed, but the picture isn't much better when looking at a 1 bed, or a couple buying a 3 bed. You're still in the 4+ times salary and needing to live at home in abje t poverty for 5 years to get the deposit.

You're also ignoring the other costs of home ownership for some reason.

What we really need is 20x as much social housing, but that's a bit communist.

antrobus

Herzlos wrote: »

Same here, we're still about 20% short on 2007 prices....

Up 14% in my postcode.:)

ukcarper

Herzlos wrote: »

Same here, we're still about 20% short on 2007 prices.

Sure very few will still be in negative equity after 10 years, but from an era with 110% mortgages and 40 year terms there will be a few. Plus even with some equity you don't get particularly good deals above about 85% LTV.

You're focusing on a single lad not being able to afford a 3 bed, but the picture isn't much better when looking at a 1 bed, or a couple buying a 3 bed. You're still in the 4+ times salary and needing to live at home in abje t poverty for 5 years to get the deposit.

You're also ignoring the other costs of home ownership for some reason.

What we really need is 20x as much social housing, but that's a bit communist.

That's no different to when I bought in the 70s I was earning more that average earnings the house I bought a 3bed terrace was over 5x my salary and I needed to save 10% deposit.

GunJack

Herzlos wrote: »

You're focusing on a single lad not being able to afford a 3 bed, but the picture isn't much better when looking at a 1 bed, or a couple buying a 3 bed. You're still in the 4+ times salary and needing to live at home in abje t poverty for 5 years to get the deposit.

You're also ignoring the other costs of home ownership for some reason.

I think you're confusing me with GreatApe.... I'm not focussed on a 3-bed in Brum, that was him... I was pointing out how not-very-affordable it is, including other costs (CT, utilities, etc)...and deposit of course.....

my lad will be looking at 2 bed round here

ukcarper

GunJack wrote: »

I think you're confusing me with GreatApe.... I'm not focussed on a 3-bed in Brum, that was him... I was pointing out how not-very-affordable it is, including other costs (CT, utilities, etc)...and deposit of course.....

my lad will be looking at 2 bed round here

Those bills will be payable if you buy or rent and gave always had to be paid, in many areas FTB mortgage payments as percentage of take home pay are lower than they have been for most of the last 35 year leaving more to pay those bills.

GunJack

ukcarper wrote: »

Those bills will be payable if you buy or rent and gave always had to be paid,

yes, if someone decides to move out of home and rent, not if they stay at home for a bit longer to get a deposit... I wouldn't recommend renting if avoidable anyway....