First-time buyers 'at fresh low'

m00m00

because you can only compare averages with average to get any kind of meaningful outcome.

in many places in this country average wages price you out of ALL property types in the town.

ruggedtoast

Its okay because house prices only ever go up due to lack of supply and I heard that Gordon Brown has invented a new Super Subprime Mortgage to be issued through the nationalised version of Northern Wreck that will give a woman in Huddersfield enough multiples of her own income working part time in Labrokes to buy the entire Borough of Hackney as a buy-to-let.

Generali

Andy_L wrote: »

Curious, not that there isn't a problem for 1st time buyers, but why does the article compare avergae house price with "average income of first-time buyer households" rather than the average house price of the sort of houses bought by FTB (eg flats/2 bed terrace/fixer-uppers etc)

They dont.

The average price paid by a first-time buyer for a property increased by 15% during this year to £175,093.

It's still a pretty meaningless article though. It doesn't touch on expected future changes in income or availability of credit for example, both of which are important factors for FTBs.

Just another space filler.

Did you know that the BBC used not to have a news program if there wasn't any news? Now they have a 24 hour channel regardless.

free4440273

Kill News24 and you still have the behemoth of the Internet to deal with.

daveyjp

I'm sat in an ideal FTB house - we were FTB when we bought it. We are looking to move but don't have to.

We were looking at testing the market after Xmas, but the imposition of HIPS on 2 bed homes mean we won't be bothering. £300+ up front in an uncertain market is a waste of cash to us - sorry FTBs.

HenryWeston

We were looking at testing the market after Xmas

The good thing about HIPS is that it clears the time wasters from the market.

WTF?_2

daveyjp wrote: »

I'm sat in an ideal FTB house - we were FTB when we bought it. We are looking to move but don't have to.

We were looking at testing the market after Xmas, but the imposition of HIPS on 2 bed homes mean we won't be bothering. £300+ up front in an uncertain market is a waste of cash to us - sorry FTBs.

:rolleyes: You are either serious about selling your house and trading up or you aren't. You'll end up paying thousands in fees and duty when you do sell and move so 300 quid up front is peanuts.

Were you going to put it on the market, see what you could get and then look for a new place? If so, you've done the FTB who might have made the offer a favour as no doubt they'd have been messed around as you nonchelantly looked around for somewhere to move to after you got your offer and then maybe decided not to move after all.

Moving up the housing ladder isn't like going shopping for a new pair of jeans. We're talking about much searching, negociation and borrowing of large amounts of cash.

dolce_vita

I too find it quite pathetic that the £200-400 cost of a HIP is claimed as killing the housing market.

People like EAs, RICS, krusty allslop etc. who campaigned against it are now using it as an excuse for why the market is slowing/crashing.

When everyone knows the real reason is that money is drying up due the credit crunch, which itself is due to us having reached a tipping point in the cycle of boom and bust.

Houses have too long been too expensive for the average person by any conventional measure you choose to use. And when that happens, then a correction is due.


HIP avoidance (or timewasting as it used to be called) will not save us from the crash.


happy christmas to all my readers.

:beer:

Generali

!!!!!!? wrote: »

:rolleyes: You are either serious about selling your house and trading up or you aren't. You'll end up paying thousands in fees and duty when you do sell and move so 300 quid up front is peanuts.

Ah yes, but the HIP is an upfront cost whereas you can pay the other costs of moving out of equity.

dolce_vita

Generali wrote: »

Ah yes, but the HIP is an upfront cost whereas you can pay the other costs of moving out of equity.

And this is why we have arrived at this situation.

"equity" is all that people have now. No savings, nothing but equity. (and debt).

Rampant HPI is supposed to have made us all wealthier and yet some sellers haven't even got £400 to pay for a HIP.

It really is fvcking pathetic.



(have a nice christmas gen)