price drops

LillyJ

boinging wrote: »

Yes I'm lying. Maybe if you narrowed your search to:

Houses
Min - 130,000
Max - 130,000
Min Bedrooms - 3

You'll see what I was referring to.

well you clearly can't use rightmove. hardly anyone puts their house on at exactly 130k! Oh dear me, try harder next time.

LillyJ

http://www.rightmove.co.uk/viewdetails-15621916.rsp?pa_n=1&tr_t=buy

This is just an example. First one I came across. Nice area. Not exactly where we are living but I would have easily bought in this street. Why this is a hardship to someone on average wage I don't know. It is hardly slumming it. You must have very high standards indeed.

boinging_2

LillyJ wrote: »

I earn just over average and we are buying at 2x joint income with 10% deposit over 25 years. I think that is fairly sensible, and very affordable, and in fact is similar in monthly repayments to what we are paying in rent (to live in a crumbly miserable house with disgusting decoration, old fashioned boiler system, the list goes on.)

Doesn't compute - £135,000 price
£13,500 desposit
£121,500 to borrow. £121,500 / 2 = £60,750 / 2 = £30,375 (based on you both earning equal amounts). Therefore you earn 27% more than the average.

LillyJ

MrSafeGaz wrote: »

I don't doubt that in your scenario the house you are buying given your earnings is affordable, I am talking in the more general sense. You seem to say that housing is still affordable but I feel that this is entirely situational and looking at the housing market as a whole, using the past 10 years as a comparison, housing is not nearly as affordable as it was back then.

Fair enough, but I am just saying this affordability thing is more of a problem in certain areas. For example back home in herts it is not affordable for people even earning double average wage. However it is very easy to afford housing where I live. If you are willing to live in a rougher part of the city you could afford something as a single person on average wage very easily. Therefore I think affordability is less of a problem here, especially as there is a good jobs market here as well.

Stevenic

LillyJ wrote: »

What I do know though is that after the pub/dinner party I will be going home to my lovely home which I will have made my own, from which no 6 month AST is going to force me to move every 6 months.

I had two pretty awful landlords when I was starting out and vowed that I would scrape a deposit together and buy a home and never rent again. I've never really understood why anyone would care what I paid for my home, it's not important to anyone except me?

LillyJ

boinging wrote: »

Doesn't compute - £135,000 price
£13,500 desposit
£121,500 to borrow. £121,500 / 2 = £60,750 / 2 = £30,375 (based on you both earning equal amounts). Therefore you earn 27% more than the average.

Yes, we earn joint income 60k (28k and 32k). But this house would still be affordable to a couple of average wage.

MrSafeGaz

LillyJ wrote: »

Yes, we earn joint income 60k (28k and 32k). But this house would still be affordable to a couple of average wage.

10 years ago a couple on average wage could probably have afforded a 4 bedroom detached house. Maybe even 5 years ago.

boinging_2

LillyJ wrote: »

http://www.rightmove.co.uk/viewdetails-15621916.rsp?pa_n=1&tr_t=buy

This is just an example. First one I came across. Nice area. Not exactly where we are living but I would have easily bought in this street. Why this is a hardship to someone on average wage I don't know. It is hardly slumming it. You must have very high standards indeed.

I must, this is not exactly what I would describe as a "nice area" anyway good luck with your purchase, you just have different views on affordability than me.

LillyJ

Stevenic wrote: »

I had two pretty awful landlords when I was starting out and vowed that I would scrape a deposit together and buy a home and never rent again. I've never really understood why anyone would care what I paid for my home, it's not important to anyone except me?

Yep exactly. and after 7 years renting and having a good deposit I feel that there is no reason why I should make a home for me, my OH and any future children we may have. We can afford it, and to be honest if it dropped by 50% I couldn't care less. I can afford the SVR if we have to, we have secure jobs. We could also afford it on a single wage if worst came to worst.
People who don't own houses like to boast how clever they are, and people who do like to boast how much they could get if they did sell.

I am not trying to be clever, I am trying to get myself somewhere to live where I don't come home and cry. You only live once, and I have already had 23 of my years on this earth and I feel it is my duty to myself to make the rest as comfortable as possible!

LillyJ

boinging wrote: »

I must, this is not exactly what I would describe as a "nice area" anyway good luck with your purchase, you just have different views on affordability than me.

Have u actually been there? I find that hilarious! Like I said it is not where we are buying (we are more in to harborne) but I think you will find it is full of average families with children (nurses, policeman, plumbers, small business owners - very average indeed) and young professionals, eg young doctors, lawyers and graduates.

Oh god how awful to be slumming it with such people. I suppose you live in Solihull then?

PS if you don't think 2x income is affordable, good luck renting forever.