twatmangle

I was listening to the broadcast live and I got the impression that he was clearly saying that a crash is not desired, and the affordability problem will be met with new products and services. 'People can't afford houses, we'll allow them to borrow more'. same old.

You've been unemployed for 18 months.. right?

My sources tell me that those houses were built without all the paperwork being done. Also there is no proper access to the road from them. This might be the reason for the low price.

Pizza delivery round picking up then?

Six weeks rent as a deposit is normal. Fees - additional £200 for all the checks and references (for a couple) Anything more than this, question it. Walk away if necessary. Based only on my experience.

It's a repo, doesn't mean they paid too much, or did anything wrong. Maybe they bought very sensibly and have lost their jobs, or illness, or death etc. You have absolutely no data to make an opinion on the matter. Just because it 'reads' to you, doesn't make it fact. Insufficient data.

All of the people I know who are buying right now, (only a handful) are in their late 30s. It is that 25-year-mortgage thing that is lurking on the horizon which is acting as a fuzzy deadline. Were we luckier with house prices? I'm not so sure it was ever easy. In my case I remember at the bottom of the market, around '95, houses were equally unaffordable. Where I was at the time, I was earning 13K, and the cheapest houses were about 50K. A few years later, I was earning 16K, and starter homes, out of town, were 80k. (1998). But as you say, we didn't have 30k of debts before even leaving Uni.

This is what makes me angry too. One thing I am happy for though, is being in my 30s. Those in their 20's are being beaten with a much bigger stick than the one hitting me.

I think it's more to do with estimating the bank's minimum acceptable offer, rather than estimating the value of the house. Besides, as we've discussed, it's going to be very difficult to work out the outstanding balance based on the information available. It's a bit silly to assume that they were stupid to buy the house, or that they paid too much.

Not enough data for that. Presumably you would also need details of the previous owner's deposit, mortgage details(IO or repay.), details of outstanding arrears or overpayments etc to get a full picture of the balance outstanding. But certainly it would give you a good indication of how much to offer the bank.

What's that got to do with the question I asked?

I don't work in the public sector, I've got a proper job. However, I disagree with you that people in local government shouldn't earn more than 25k. Seems a bit silly.

Do you really think that anyone earning over 25k doesn't deserve it? Is this just public sector or private sector as well?

Closer to £200k.

250k.