Tuesday, Mar 27, 2007
Stop moaning, just save for ten years, then buy a studio 'apartment'..
Firstrung: First time buyers need on average a £38,000 deposit - Moneyextra
Moneyextra.com has revealed that, according to their mortgage approval data, first-time buyers (FTBs) are having to save an average of £37,632 for a deposit. First time buyers are putting down ever larger deposits. Robin Amlôt of Moneyextra: "Our analysis shows the average mortgage deposit being put down by first time buyers in February 2007 is almost 11 per cent higher than a year ago at an eye-watering £37,632.
Posted by converted lurker @ 12:23 PM (176 views) Add Comment
10 Comments
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1. dohousescrashinthewoods said...
Well, mobile phone bills are down so the inflation basket will be recalculated based on that and most chavs will now have significant extra disposable income.
Inflation down, affordability up and expect to see a strong rise in the price of property, guaranteeing that bris and mortar will never fall.
So says Murdoch, Brown and the man down the pub. ;)
2. george monsoon said...
I loathe the attitude of these idiots :- "lets milk it for everything then when the bu@@ers get wise, we will do a bunk"
Gawd I am so angry at this article!! Where the HELL do they expect me to find 5 grand, let alone 10. I don't even have any debts or credit cards... and I am still strugling to save 100 quid a month.. and that is from two wages... after three years saving I have just short of 3 and a half grand.. so Im nearly a 10th of the way there.. just another 27 years and I will have the full deposit.. wayhay!
Come on and crash already.. I don't care if the country goes to S*** . I would even shovel Sh** if it made enough money to buy a house.!!
3. David20040_0 said...
When will you guys realise that property will not crash?
The attitude of George Monsoon above just illustrates how frustrated we all feel. I too George believe I will never be able to buy a home but we muct all accept now that prices won't fall.
If prices in the United States and Australia are falling why not move there? A better life awaits.
4. Sam said...
More lambs to the slaughter. but look at is like this guys, we are planning to sit this boom/bust out only perhaps to be the ones to start the next cycle.
5. p. o. o. r said...
£38K - That was the size of my Mortgage in 1990, on a 3 bedroom end terrace, that cost me £60K to buy. Those were the days.:-) I live in a small town to the West of London, back on the 29th January 07 I looked at the number of houses for sale through Rightmove - My town, and the neghbouring villages - Anyhow on the 29th Jan there were a total of 118 houses for sale - I have just done the same thing today, and that number has increased by a whopping 44 percent to 170 houses for sale. Whilst prices are not dropping, I have certainly noticed a big increase in For Sale boards around.
We need IR's to go up a few more times, and a few big companies to announce large layoffs, and maybe then prices will start to turn, however with all the investment that is going on in the South, with the 2012 Olympics, and the huge expansion of Heathrow - I find myself thinking that things are going to remain bouyant for some time to come.
6. converted lurker said...
I got an e-mail the other day asking why I was personally not 'pro' shared-ownership, I asked what they "were doing in 2002?" "Sorry?" came back the reply.."Well, you'd be paying double for something now, you could have had for half the price 5 years ago, how can anyone recommend that as a viable option, or opportunity for FTBs? Even if your wage has doubled it doesn't make sense" Prices doubling in 5 years...sad. =;¬(
7. enuii said...
Why do first time buyers need a deposit when they can always go around to their nearest new-build merchant and get a 100% mortgage with £10K cash back, or buy 3/4 of it and Mr Developer keeps 1/4 for himself. You name it these deals are popping up all over billboards on a town near you in the name of shifting over-priced real estate in the less fashionable areas fast.
8. royston said...
David20040_0,
I don't know where you get that idea from. Look around you - residential property is already a busted flush. It is simply that there remain a small few headless chickens, with access to credit, who have not realised that yet. Just watch the market in the next few weeks and months, official figures will show lower prices, the supply of properties will increase and the vested interests/estate agents/banks & building societies will do their damnedest to confuse the situation with meaningless 'growth numbers'. - Mark my words & watch!
9. Scott said...
You need to sound more convincing Royston by being more specific. How fast and how high will interest rates rise? By how much percent do you think house prices will fall? Mark my words tends to fall on deaf ears without numbers. Give us your numbers.
10. sirgoogle said...
Is there a graph of the average FTB deposit over the years. That would be interesting.