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rogerthelodger

First-time Buyers In Deposit Delay

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http://www.eveningtimes.co.uk/hi/news/5046535.html

FIRST-time buyers in Scotland are taking a year longer than before to save for a deposit thanks to the nation's soaring property prices.

National Savings and Investments, the government-backed savings and investment provider, says Scots have seen the largest rise in the time it takes to save for a 5% deposit.

It now takes four years and six months, which is 12 months longer than this time last year.

Scotland has experienced a strong growth in property prices over the year.

The cost of an average first-time buy home in the region rose by 12% over the year from £94,853 to £106,259.

This is one of the highest percentage growths recorded across all UK regions and almost twice the UK average of 6.5%.

Average first time buyer incomes have also risen over the same period, however they have risen at the slower rate of 9.3%.

Publication date 07/12/05

:blink::blink::blink:

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http://www.eveningtimes.co.uk/hi/news/5046535.html

FIRST-time buyers in Scotland are taking a year longer than before to save for a deposit thanks to the nation's soaring property prices.

National Savings and Investments, the government-backed savings and investment provider, says Scots have seen the largest rise in the time it takes to save for a 5% deposit.

It now takes four years and six months, which is 12 months longer than this time last year.

Scotland has experienced a strong growth in property prices over the year.

The cost of an average first-time buy home in the region rose by 12% over the year from £94,853 to £106,259.

This is one of the highest percentage growths recorded across all UK regions and almost twice the UK average of 6.5%.

Average first time buyer incomes have also risen over the same period, however they have risen at the slower rate of 9.3%.

Publication date 07/12/05

:blink::blink::blink:

Yep, I saw these figures for places all over the UK. Here in London, it's about 5 years. Young people must be crazy. I'm buggered if I'd waste the best years of my life sitting at home each night just so I could save all my money for a pile of overpriced bricks...

Nomadd

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Absolutely, Nomadd.

We're not just giving away our money.

The economy will come to "price in" the spending spree of 20 somethings, plus their UNI debt plus the tightening of credit that has already happened since 2004! Boy are sellers in for a nasty shock when they discover all of this.

But it's very very early days, even still.

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Yep the system is well overdue it's enema, however once the inevitable happens and the casualties are carted of to the bancrupcy or reposession courts. The better it will be for those left standing, which will be most people.

OK, some home owners will woefully miss the "perceived" loss of wealth, a wealth they never actually had because they never cashed it in. Those who Mewed will regret it even more so, but the biggest losers will be those youngsters who bought in the last few years. So it will in most cases be FTB'ers on large percentage mortgages, with houses stuff with of credit card purchases, and all those other must have lifestyle possesions, who will suffer the most in the coming correction.

Anecdotal:

In fact I looked at a house last week for a friend [you can only advise you cannot dictate] bought 6 months ago for 143.5K now on at 150K, and it was filled with all new furniture. I asked the agent [who incidently sold our house back in March] why it was back on the market so soon. She raised her eyes skywards and moaned.....ooooh you've been doing your home work again .......answer was......they are going their seperate ways :(

Edited by Catch22

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Yep, I saw these figures for places all over the UK. Here in London, it's about 5 years. Young people must be crazy. I'm buggered if I'd waste the best years of my life sitting at home each night just so I could save all my money for a pile of overpriced bricks...

Nomadd

good point, but hopefully if one was to embark upon such aggressive saving now, in 5 years time one might be able to put down a 50% deposit <dreams>

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Absolutely, Nomadd.

We're not just giving away our money.

The economy will come to "price in" the spending spree of 20 somethings, plus their UNI debt plus the tightening of credit that has already happened since 2004! Boy are sellers in for a nasty shock when they discover all of this.

But it's very very early days, even still.

Don't forget to factor in future major price reductions due to Global 'energy shocks'

Unemployment, part week working, petrol rises/rationing

We have only had a mini 'taster' of what is to come - just imagine the Xtra costs for food, heat, light, clothes, petrol etc

Do you want a massive mortgage round your neck when faced with that inevitable scenario??

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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