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Are We Back In 2007? The Return Of The 300 Grand Semi...


JoeDavola
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And why not? There's some weird belief that if you don't buy a house you'll die a failure. Hang in there and wait for the crash. Boom and bust was not abolished, despite what we were told. By a Scot.

Another crash in Northern Ireland? In nominal terms?

I'd love to think that will happen, but everything seems to be stacked against it.

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Indeed it all comes down to preference and how achievable the goal is. Where I moved from the average home (not house and more likely a flat) costs 11 times the average salary. 550k would get you a 3 bed that needs gutting. Young Nurses, Teachers, care workers and anyone else earning less than the average wage (37.5k) has no hope of ever buying any home. They are victims of the Neoliberal lie that working will make you rich. Being from money makes you rich. Choosing 6 winning lottery numbers is as good a plan as working hard.

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Indeed it all comes down to preference and how achievable the goal is. Where I moved from the average home (not house and more likely a flat) costs 11 times the average salary. 550k would get you a 3 bed that needs gutting. Young Nurses, Teachers, care workers and anyone else earning less than the average wage (37.5k) has no hope of ever buying any home. They are victims of the Neoliberal lie that working will make you rich. Being from money makes you rich. Choosing 6 winning lottery numbers is as good a plan as working hard.

+1

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Where I am buying the average price is 112k and 4.5 times average salary so based on mortgage lending multiples the ceiling has been hit. I can not foresee a huge crash (like 2008) even with Brexit but the market has certainly slowed to a crawl. Properties that I would say are heavily overpriced are sitting for ages then reappearing with a new agent and a tiny reduction in price (£1.5k in most cases), as if that is the trick will make it sell.

Brexit is apparently going full steam ahead though so things are going to get a lot more unsettled before long.

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No. Surely picking six winning lottery numbers is a better plan than working hard? Is that not the point?

My point was that this all started to sound like we are all horribly badly done by and that the world is out to get us. To be honest, it was starting to read precisely as this forum was once stereotyped.

It is clear that there are several posters who are doing quite well and really have no place to be paranoid about everything so somewhere along the line you have to decide whether to be a permanently scared hermit or to get on and live your life.

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My point was that this all started to sound like we are all horribly badly done by and that the world is out to get us. To be honest, it was starting to read precisely as this forum was once stereotyped.

It is clear that there are several posters who are doing quite well and really have no place to be paranoid about everything so somewhere along the line you have to decide whether to be a permanently scared hermit or to get on and live your life.

Was this forum not for the fortunate citizens who were delighted at their new found ability to buy a house for half of what it would have cost in 2007? A sort of gloaters anonymous - my name is yada and I like to frolic.

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No. Surely picking six winning lottery numbers is a better plan than working hard? Is that not the point?

I'm still a virgin as far as lotteries go. One in 14,000,000 always seemed to be too much to hope for.

The jackpot is now one in 45,000,000 since they increased the number of numbers to choose from last year.

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The public sector average pay is higher because the need for unskilled staff is lower.

The above statement is a matter of opinion, However;

The important Ratio is the household income for the First Time buyer against the average price of the average First Time buyer house price, regardless of what sector they work in.

Nationwide (who I know have a lower NI share of the market than they used to) gives out info on this.

They have the "First Time Buyer Gross House Price to earnings Ratio" for N Ireland at 3.8 compared to 5.3 for the UK as a whole. Its 10 for London and over 7 for Outer Met areas. N Ireland pushed this ratio to 8 in 2007 and we know what happened then.

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The above statement is a matter of opinion, However;

The important Ratio is the household income for the First Time buyer against the average price of the average First Time buyer house price, regardless of what sector they work in.

Nationwide (who I know have a lower NI share of the market than they used to) gives out info on this.

They have the "First Time Buyer Gross House Price to earnings Ratio" for N Ireland at 3.8 compared to 5.3 for the UK as a whole. Its 10 for London and over 7 for Outer Met areas. N Ireland pushed this ratio to 8 in 2007 and we know what happened then.

Too small a % of the market to offer any real insight to FTB multiples in N.I. IMO.

The NIPPI has it at 4.3 for all buyers, with an average salary of 25.5k.

In 2007 it was 9.1 with an average salary of 21k.

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