Doon frae Troon
Ryder Cup Winner
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House Prices
- Thread starter Crazyface
- Start date
Hendrick likes it
SocketRocket
Ryder Cup Winner
Well put, this is how it is for 90% of people under 40. Older people who bought pre 1996 are quids in whilst younger are fooked. I am mortgaged until I'm 70 for a modest hovel, my mortgage takes up approx 40% of my take home pay, nothing left to save or holiday. It's not much fun really.
Yes it was so easy back then. I bought my first house in 1975, no central heating, no double glazing, no carpets, no fitted kitchen, no dishwasher, no washing machine, damp and woodworm included. Worked 70 hours a week, drove an old banger that I maintained myself, a weeks holiday a year in a caravan in Weymouth and a wife and kids to look after. It was hard work and I was knackered but didn't expect any more and didn't bleat on that I was hard done by. It took another thirty years to get the type of living standards many take for granted these days. I appreciate it's hard to get on the property ladder but believe me life was not easy for the working man back then.
PhilTheFragger
Provider of Entertainment for the Golfing Gods 🙄
Luxury, we ad to lick t'road clean wi our tongues
Different world, it's certainly tough for first time buyers, I fear for my 3 girls as they start to approach adult life, I can see whole generations stuck renting
chrisd
Major Champion
Well put, this is how it is for 90% of people under 40. Older people who bought pre 1996 are quids in whilst younger are fooked. I am mortgaged until I'm 70 for a modest hovel, my mortgage takes up approx 40% of my take home pay, nothing left to save or holiday. It's not much fun really.
I bought a brand new 3 bed semi in mid Kent in 1975. It cost £9750 and the mortgage was about 70% of my take home pay for a period, the rate going up to about 15% for a period and probably averaging 10% during its lifetime!
SocketRocket
Ryder Cup Winner
Luxury, we ad to lick t'road clean wi our tongues
Different world, it's certainly tough for first time buyers, I fear for my 3 girls as they start to approach adult life, I can see whole generations stuck renting
Phil. If you look to most EU countries people tend to rent properties. Renting is not such a bad thing as long as it's regulated to be fair to everyone.
PhilTheFragger
Provider of Entertainment for the Golfing Gods 🙄
The problem with renting is that it is fine until you retire and find that your pension won't allow you to live in the same place, in fact around here a 2 bed flat is £1000 a month before all other expenses, it's going to be a major problem in the future
Old Skier
Tour Winner
Lucky man - you had a road.Luxury, we ad to lick t'road clean wi our tongues
Its funny how expectations have changed through the years.
My parents couldn't even contemplate owning a house.
I had to wait until I was well into my 30s and thought a 35k mortgage was going to kill me back in the back end of the 80s.
It now seems that today's generations want to buy as soon as they leave home.
palindromicbob
Tour Winner
I hate housing, banks etc.
In 2014 I had 20K deposit for a 90K house so needed a 70K mortgage. Dual household income at band 5 in NHS (wife is part time). Only when I was turned down for the mortgage did I discover a default on my credit report. Was £11 for a barclay credit card that I had paid off in full the month prior to the £11 charge. 3 missed payments and defaulted at around £60 every penny of which was charges. I contacted Barclays to query it as I hadn't received any statements since I paid of the balance so had assumed it was all clear. They said that I had signed up to ebilling when I made the payment (i hadn't). Email address registered wasn't one I used anymore. Turned out that I had paid the balance prior to bill date but charges yet to be applied. They wrote of the balance at default. Since it was 6 months after the final default date I couldn't rectify it and that sitting on my credit report like a massive turd. Anyway computer said no despite pleading my case and pointing out that I had paid £450 rent for past 5 years without missing a single missed payment so £340 mortgage shouldn't be an issue at all.
Worked to bring my credit score up, all credit card now on minimum repayment DD etc and last summer it was good in the high 800's about to creep over to 900. Signed up and checked again in March only to find it had plummeted despite the fact my debts have decreased. Then I read a thing about how they have changed how they score you now and certain aspects reflect more negatively such as defaults. Feel like the goal posts have now been moved and I'll never get my own house.
In 2014 I had 20K deposit for a 90K house so needed a 70K mortgage. Dual household income at band 5 in NHS (wife is part time). Only when I was turned down for the mortgage did I discover a default on my credit report. Was £11 for a barclay credit card that I had paid off in full the month prior to the £11 charge. 3 missed payments and defaulted at around £60 every penny of which was charges. I contacted Barclays to query it as I hadn't received any statements since I paid of the balance so had assumed it was all clear. They said that I had signed up to ebilling when I made the payment (i hadn't). Email address registered wasn't one I used anymore. Turned out that I had paid the balance prior to bill date but charges yet to be applied. They wrote of the balance at default. Since it was 6 months after the final default date I couldn't rectify it and that sitting on my credit report like a massive turd. Anyway computer said no despite pleading my case and pointing out that I had paid £450 rent for past 5 years without missing a single missed payment so £340 mortgage shouldn't be an issue at all.
Worked to bring my credit score up, all credit card now on minimum repayment DD etc and last summer it was good in the high 800's about to creep over to 900. Signed up and checked again in March only to find it had plummeted despite the fact my debts have decreased. Then I read a thing about how they have changed how they score you now and certain aspects reflect more negatively such as defaults. Feel like the goal posts have now been moved and I'll never get my own house.
Paperboy
Mini Cam
Well it looks like my best option is to buy some that's run down and still has wallpaper from the 70's on the wall and kitchen and bathroom to match and spend a year or so doing it up.
fundy
Ryder Cup Winner
Paperboy
Mini Cam
http://http://www.rightmove.co.uk/property-for-sale/property-41247480.html
This is one I've seen today. But need to wait til May when I get my dividend before I can even start to look for a mortgage
This is one I've seen today. But need to wait til May when I get my dividend before I can even start to look for a mortgage
SocketRocket
Ryder Cup Winner
Old people in Germany dont get thrown out on the streets. Read the last line of my post again please.
Slime
Tour Winner
I'm just trying to get on the ladder. Think I might just have more then a 10% deposit when I start to look properly.
But £170k doesn't get you much unfortunately, especially as I want 2 bed flat/house with 2 double bedrooms
It gets you most of this Studio Flat in Godalming!
http://www.zoopla.co.uk/for-sale/de...f03d763b1e0a01bd1b533bd36#oo6l3Bc0dQTHfv2O.97
Doon frae Troon
Ryder Cup Winner
Different worlds.
Where would you keep your golf clubs and bike
Forget the pet cat, they won't be able to swing that.
PhilTheFragger
Provider of Entertainment for the Golfing Gods 🙄
So how does the German model work and can it be applied over here?
Doon frae Troon
Ryder Cup Winner
MegaSteve
Tour Winner
Over supply rather than over demand...
But, that ain't gonna happen anytime soon...
But, that ain't gonna happen anytime soon...
Doon frae Troon
Ryder Cup Winner
It seems like the buy to let market is going to implode soon.
No surprise to me, the usual boom and bust housing market in South Britain.
You would think that folk would learn from history.
D
Deleted member 15344
Guest
Why is it going to implode ?
MegaSteve
Tour Winner
Define "soon"....
Been predicted for a while now but, currently, no immediate signs of it happening...
Too many folk have their pensions riding on investment in property for 'busts' to occur as easily as they have in the past I think...
