Thursday, Feb 18, 2010
Houses too expensive? Nah, banks just need to lend people more money.
Telegraph: House prices: 60pc of renters are priced out of the market
Six out of 10 people claim they are trapped in rented accommodation because they cannot afford to buy their own place, a survey showed today.
Around 61pc of people who expect to live in a rented property for the coming year said they would like to buy a home but could not afford to do so, according to property website Rightmove.
Posted by flintster1994 @ 01:32 PM (682 views) Add Comment
4 Comments
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1. greenshootsandleaves said...
Serves to underline once again the valuable role played by BTL investors in providing accommodation for those they have helped to price out of the property market.
2. tenant super said...
I was reading the ES on the bus home yesterday and this article depressed the heck out of me.
http://es.homesandproperty.co.uk/property_news/affordable/incentivesforfirsttimebuyers.html
particularly this part:
Management accountant James Rawson, 26, knew he would have extra bargaining power with a 10 per cent deposit, which he managed to save while living with his parents in Twickenham.He was able to negotiate a discount on his flat at Harmony, Isleworth "Prices are bound to rise sooner or later, so I thought I'd better get on the housing ladder quickly," he says. James wanted to stay in south-west London and bought a one-bedroom flat at Harmony in Isleworth, managing to negotiate a discount on the £190,000 asking price and getting a free car parking space, worth another £5,000. He paid £180,500.
It isn't the ftb honey trap that annoys me as much as the people buying into it!
3. markj69 str05 said...
I wonder what his salary/mortgage ration is? About £160k mortgage for his first pad, wow. I hope he's earning a good 'wack'. But then again, it is London! Seems to have its own economic system.
4. tenant super said...
A newly qualified CIMA accountant earns 35-50K and he is 26 so the chance is, he is on 50-60k and is not particularly stretched. But really, he should be able to buy a 2 bedroom freehold house, with storage and a garden, closer to town. I bought a better flat than that in 2000 on a graduate salary of 16K !