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Cameron's First Flat

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http://www.telegraph.co.uk/news/politics/david-cameron/10845997/David-Camerons-first-flat-worth-1.4m-as-owner-says-now-hopeless-for-first-time-buyers.html

The flat which David Cameron cited as an example of the “pride” people can feel at earning their first home would now cost a first-time buyer up to £1.4 million, the Telegraph can disclose.

The property could now net ten times the price paid by the Prime Minister as a 25-year-old Conservative advisor in 1992, experts say.

The current value, based on the sums paid for similar flats in the area, would be around 30 times the average income of people purchasing their first properties and seven times the typical price paid by first-time buyers.

The current owner of the flat, in Notting Hill, told the Telegraph it would now be “impossible” for young people to buy the flat without the help of “wealthy parents”

Now even 20 years ago it was not cheap £140K for a one bedroom flat, but now it is crazy. Whether prices crash or not this, is a very sad state of affairs.

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He's just been on the radio. He brushed off the woman putting the £1.4m about his first flat

Wants to help aspiring homeowners who can afford the mortgage but don't have the deposit.

Said house prices 15% below their peak, and started quoting ONS that house prices won't reach peak until 20-something.

Higher house prices, recovery, enabling people to compete and outbid others who do have a deposit.

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These days his electioneering messages are coming across like just another LibLabCon desperado.

He's lost all sense of perspective of the effect of mega bubble house prices on average people.

They used to say that Edward Heath couldn't relate to the average person but Cameron takes that to new levels.

Edited by billybong

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He's just been on the radio. He brushed off the woman putting the £1.4m about his first flat

Wants to help aspiring homeowners who can afford the mortgage but don't have the deposit.

Said house prices 15% below their peak, and started quoting ONS that house prices won't reach peak until 20-something.

Higher house prices, recovery, enabling people to compete and outbid others who do have a deposit.

FFS! How can they possibly justify aiming for peak mega-bubble prices. It's like they treat house prices as GDP. I mean, obviously there is the imputed rentals component, but really? Really?

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FFS! How can they possibly justify aiming for peak mega-bubble prices. It's like they treat house prices as GDP. I mean, obviously there is the imputed rentals component, but really? Really?

In the short-term you can get away with it. The deposits created by new mortgage loans generate economic activity the minute they're signed into law. The problem comes tomorrow when we look for cash flows to validate the price of the assets against which the loans are made. Osborne is gambling that 'tomorrow' in this context is 8th May, 2015.

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In the short-term you can get away with it. The deposits created by new mortgage loans generate economic activity the minute they're signed into law. The problem comes tomorrow when we look for cash flows to validate the price of the assets against which the loans are made. Osborne is gambling that 'tomorrow' in this context is 8th May, 2015.

I think he's losing his bet.

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He wouldn't be able to buy it today, even as Prime Minister. He wouldn't be able to buy 1/2 of it with a Lloyds mtge.

One wonders how he managed to scrape together £140k as a 25yr old frankly.

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He wouldn't be able to buy it today, even as Prime Minister. He wouldn't be able to buy 1/2 of it with a Lloyds mtge.

One wonders how he managed to scrape together £140k as a 25yr old frankly.

I was just abut to post that.

Someone ought to ask him how he would buy a first time buyers flat on a PRIME MINISTERS current income ?

This shows exactly how much out of kilter with reality house prices and the government are

We dont need governments that spend to get re-elected we need government that work hard for our benefit and earn re-election.

The system is wrong...who do I vote for to change it ?

Edited by TheCountOfNowhere

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It's also more than most people's gross lifetime earnings.

For a 1 bed flat.

Hope some bored journo takes a closer look at the initial transaction and where the cash came from.

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FFS! How can they possibly justify aiming for peak mega-bubble prices. It's like they treat house prices as GDP. I mean, obviously there is the imputed rentals component, but really? Really?

That's because house prices are GDP!!!!

£1.4m for a 1 bed flat, still more jam for London.

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As I posted in another thread - sometimes it can take something like this to put a situation in to perspective for a leader - it's much more powerful than carefully crafted civil service charts.

Just because he's brushing it off in interviews - doesn't mean it's not been a shocker for him.

A married pair of top surgeons could not now get a mortgage on Cameron's FTB flat.

You have to ask yourself where the fk the opposition are on all this - they could surely be making a bigger deal out of it - especially as I'm pretty sure there a few other topics of conversation around Islington dinner tables right now.

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snip

You have to ask yourself where the fk the opposition are on all this ?

probably them that made the offer on the flat.

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As I posted in another thread - sometimes it can take something like this to put a situation in to perspective for a leader - it's much more powerful than carefully crafted civil service charts.

Just because he's brushing it off in interviews - doesn't mean it's not been a shocker for him.

A married pair of top surgeons could not now get a mortgage on Cameron's FTB flat.

You have to ask yourself where the fk the opposition are on all this - they could surely be making a bigger deal out of it - especially as I'm pretty sure there a few other topics of conversation around Islington dinner tables right now.

As I posted in another thread - sometimes it can take something like this to put a situation in to perspective for a leader - it's much more powerful than carefully crafted civil service charts.

Just because he's brushing it off in interviews - doesn't mean it's not been a shocker for him.

A married pair of top surgeons could not now get a mortgage on Cameron's FTB flat.

You have to ask yourself where the fk the opposition are on all this - they could surely be making a bigger deal out of it - especially as I'm pretty sure there a few other topics of conversation around Islington dinner tables right now.

I agree 90% on this. Surely the opposition - apart from UKIP - can't make a big deal out of this about 60-80% of the rise happened under Labour!

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http://www.telegraph.co.uk/news/politics/david-cameron/10845997/David-Camerons-first-flat-worth-1.4m-as-owner-says-now-hopeless-for-first-time-buyers.html

Now even 20 years ago it was not cheap £140K for a one bedroom flat, but now it is crazy. Whether prices crash or not this, is a very sad state of affairs.

It was a lot of money tbh. My father was a chartered accountant, a professional, moved to the UK after working overseas as an expat in 1992. They bought a big 4 bed detached, at age 40, for £165k (this wasn't their first house to be clear).

£140k wasn't a starter home then, and with inflation it's £250k now. Which apparently is.

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He wouldn't be able to buy it today, even as Prime Minister. He wouldn't be able to buy 1/2 of it with a Lloyds mtge.

One wonders how he managed to scrape together £140k as a 25yr old frankly.

A 25 year old ex-Etonian with millionaire parents thanks to his dad's expertise in off-shore tax-dodging?

Somehow I'm sure dish-face coped.

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A 25 year old ex-Etonian with millionaire parents thanks to his dad's expertise in off-shore tax-dodging?

Somehow I'm sure dish-face coped.

Yes, even 20 years ago, that was a rather expensive flat!

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He wouldn't be able to buy it today, even as Prime Minister. He wouldn't be able to buy 1/2 of it with a Lloyds mtge.

One wonders how he managed to scrape together £140k as a 25yr old frankly.

He's got 3 kids as well. In 15 years or so I guess they'll just have to starting saving for a £280k 20% deposit. Then bag a job with a similar salary, just to get the 4x multiples for the mortgage on their starter flat (inflation adjustments needed). Otherwise they might have to move to Hull.

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He's got 3 kids as well. In 15 years or so I guess they'll just have to starting saving for a £280k 20% deposit. Then bag a job with a similar salary, just to get the 4x multiples for the mortgage on their starter flat (inflation adjustments needed). Otherwise they might have to move to Hull.

Now that would prove there is a God!

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He sold it in 1995 for £137,000. Two years later Brown became chancellor and promised not to let house prices get out of control...

Shhhh...keep it down...there is no bubble

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