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So 20-25 years for a deposit, then another 25-30 years to pay of the mortgage and student loans. Should be just about ready to saving for a pension in your 70's !!

Looks to me that there aren't enough years in a life to pay for a life any more.

Personally, I took 6 years to save up for a 25% deposit in 1997. Should be mortgage free in 2024. (rented and traded up in the middle).

589c6c8a0dcee925008b4b1c-1080

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30 minutes ago, VeryMeanReversion said:

 

So 20-25 years for a deposit, then another 25-30 years to pay of the mortgage and student loans. Should be just about ready to saving for a pension in your 70's !!

Looks to me that there aren't enough years in a life to pay for a life any more.

Personally, I took 6 years to save up for a 25% deposit in 1997. Should be mortgage free in 2024. (rented and traded up in the middle).

589c6c8a0dcee925008b4b1c-1080

Born at the right time, house prices were falling for most of the 6 six years you spent saving deposit. It ain't so easy now that is for sure. 1996 was the optimum.  

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I saved my deposit up in 1991 in 5 months.£3k deposit.I paid 1.7 times my single persons earnings and paid it off in 3 years and i was out 3 times a week on a bender.The same street has a house for sale now,and if id of been still in the same production line job the house today would be  1.7 times salary the exact same as i paid in 1991.Northern terrace houses have pretty much gone back down to 1991 prices.

This is mainly due to a lot of younger people instead wanting the new house and been sucked into HTB estates.Instead of paying £50/£60k for a decent terrace or ex council house they are paying £130k with HTB for a pile of c@@p.Low interest rates making people ignore the capital side.

 

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1 hour ago, durhamborn said:

I saved my deposit up in 1991 in 5 months.£3k deposit.I paid 1.7 times my single persons earnings and paid it off in 3 years and i was out 3 times a week on a bender.The same street has a house for sale now,and if id of been still in the same production line job the house today would be  1.7 times salary the exact same as i paid in 1991.Northern terrace houses have pretty much gone back down to 1991 prices.

This is mainly due to a lot of younger people instead wanting the new house and been sucked into HTB estates.Instead of paying £50/£60k for a decent terrace or ex council house they are paying £130k with HTB for a pile of c@@p.Low interest rates making people ignore the capital side.

Can you post up some RM example links please?

And maybe give an outline of the areas and what they are like to live in?

Maybe show what those of us on £30K+ have option of buying at 1991 prices.

Many people work and have their lives set out in different parts of the country - friends, family, schools - where house prices are very expensive.

Where BTLers also have grouped to feast on those working.

No doubt it's an option to relocate to such a house in the North, when one has saved enough money.  I know one HPCer has done something similar, buying a house at a very low price.  I like the fact that it's allowed him to have a more balanced life with his growing family, without any big mortgage debt.    It's just work comes into it for me, alongside concerns about some areas and what they would be like to live in.  Also about work/income from living in those areas.

I'm holding out to buy in areas I want to live in, and my landlord owns 5 houses each worth £300,000 - £450,000+.  Extremely expensive housing situation does exist in many parts of the country.

Just wary of so much bullsh1t about how great affordability, and how young have so many options... if someone buys newbuild it's their own preference btw, their own agency and choice.   Can't just cast innocence 'suckered' on all buyers.

On 14/07/2015 at 11:46 PM, BalancedBear said:

I'm sure it is frequently the case that landlords have only outbid other landlords or not outbid anyone at all. Plenty of houses need a bit of tarting-up which many people are not interested in these days.

The so called hogging of houses is a bit of a joke on these forums. Depending on what is flavour of the month it is old people hogging big houses, downsizers outbidding FTBs or landlords outbidding FTBs. If there is too much outbidding going on, it means there are not enough homes, and there is too much easy money about. Making it harder to borrow money would be a much better start.

BTL would be much less successful for those engaging in it if there were more houses than there was demand for. That is how prices would be brought down and that would be fair enough.

Trouble is many people who do buy houses, then want to stop any new houses being built anywhere else once they have their own, in particular to keep the price up.

 

On 15/07/2015 at 12:38 AM, beccles said:

8wRpCCB.gif

How do you know? Most dont even get the chance.

 

Edited by Venger

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As I’ve said before, anyone who is under 40 and not in a job earning 6 figures in the south east or playing the benefits system like a champ (risky) realistically can only achieve two out of the three basic ‘life goals’ :

* a house

* kids

* retirement

...and it’s looking increasingly like it’s going towards only 1 out of three being achievable, unless they will inherit or managed to scrape themselves a house pre 2001.

FWIW I picked a different option of very early ‘semi retirement’, as I refuse to play the game at all.

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36 minutes ago, Frugal Git said:

As I’ve said before, anyone who is under 40 and not in a job earning 6 figures in the south east or playing the benefits system like a champ (risky) realistically can only achieve two out of the three basic ‘life goals’ :

* a house

* kids

* retirement

...and it’s looking increasingly like it’s going towards only 1 out of three being achievable, unless they will inherit or managed to scrape themselves a house pre 2001.

FWIW I picked a different option of very early ‘semi retirement’, as I refuse to play the game at all.

100% correct.

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1 hour ago, Frugal Git said:

As I’ve said before, anyone who is under 40 and not in a job earning 6 figures in the south east or playing the benefits system like a champ (risky) realistically can only achieve two out of the three basic ‘life goals’ :

* a house

* kids

* retirement

...and it’s looking increasingly like it’s going towards only 1 out of three being achievable, unless they will inherit or managed to scrape themselves a house pre 2001.

FWIW I picked a different option of very early ‘semi retirement’, as I refuse to play the game at all.

Words of wisdom and absolute facts.

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Boris doing his bit and once he gets in No 10, Murdoch will have fun with Sky.

Its not about what you know, its about who you know to succeed in today's Britain.

Me and my chums, yay I can certify my chum is bets suited to run my country as long as I get a cut of the slice.

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In 2003 it took my wife and I under a year to save up enough for a 10% deposit. That was whilst renting (£715 a month). Combined income was roughly £40k, house was £135k.

Same people now would have rent of £1000 a month, income (same jobs) £46k, house £350k.

 

Edited by Timak

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@ Venger

http://www.rightmove.co.uk/house-prices/detail.html?country=england&locationIdentifier=REGION^1203&searchLocation=Shildon&referrer=landingPage

Sold prices.The Henry Street one just gone for £33k i paid £27k in the next street in 1991.

If you look down the list you will see many terrace houses down in half.

One in Redworth Road £100k 2008 just sold £49k so thats down around 70% inflation adjusted.

28 Freville Street went for £27k in 2000 and just sold for £24k.

The north is full of them.In wages terms house prices on a lot of terrace houses are way down and mostly at 1991 levels wage adjusted.

The ones in the £20s/£30s price range will need £8k spending on them,new heating,windows,kitchens and a maybe new plaster,but that still makes them 1991 prices even with a full refurb.

You can buy lots of houses in the North for a mortgage of £150 a month.

 

 

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1 hour ago, Frugal Git said:

As I’ve said before, anyone who is under 40 and not in a job earning 6 figures in the south east or playing the benefits system like a champ (risky) realistically can only achieve two out of the three basic ‘life goals’ :

* a house

* kids

* retirement

...and it’s looking increasingly like it’s going towards only 1 out of three being achievable, unless they will inherit or managed to scrape themselves a house pre 2001.

FWIW I picked a different option of very early ‘semi retirement’, as I refuse to play the game at all.

......yes, don't fall into the trap due to fear, fear of the unknown......anybody can work anywhere if that is what they want.....what is the point of being in the rat race earning money to pay extra in rent, fees, costs and interest on large amounts......earn less, gain more.;)

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32 minutes ago, Dorkins said:

So why is homeownership falling in the North?

_90579613_home_ownership_chart_624.png

http://www.bbc.co.uk/news/business-36943134

Who knows,probably lack of permanent jobs,more people claiming benefits and cant get a mortgage etc.It isnt because houses are out of reach.There are plenty that go for below £40k.A lot of the young seem to be buying the next level up though so perhaps they are buying at 27 instead of 21.

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56 minutes ago, zugzwang said:

The cheap stuff is being snapped up by BTL parasites from London and the South East?

 

Houses which were up for £100k last winter in outskirts of Manchester are now going for £140k.

One colleague was telling me she almost cried when she was outbid in Basildon whenever she placed an offer on a house.

In the end, she and her husband had no choice but to place an offer £45k more than asking price to get the house in Basildon.

I asked her do they only wanted to buy in Basildon. She said they liked the area, so wanted to buy there only.

If she had searched other towns, may be she might have got better options but its up to people's preferences.

If only people are willing to an extra mile and see other places, it would save a bit of money.

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23 hours ago, durhamborn said:

I saved my deposit up in 1991 in 5 months.£3k deposit.I paid 1.7 times my single persons earnings and paid it off in 3 years and i was out 3 times a week on a bender.The same street has a house for sale now,and if id of been still in the same production line job the house today would be  1.7 times salary the exact same as i paid in 1991.Northern terrace houses have pretty much gone back down to 1991 prices.

This is mainly due to a lot of younger people instead wanting the new house and been sucked into HTB estates.Instead of paying £50/£60k for a decent terrace or ex council house they are paying £130k with HTB for a pile of c@@p.Low interest rates making people ignore the capital side.

 

Bit of a generalisation there. Guess it depends on the exact area. The North West of England (which is still the North :-) ) in Preston, average terraces used to go for around 35K in 1998. They now go for circa 75-90K as far as I can tell.

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On Wednesday, October 04, 2017 at 8:32 AM, VeryMeanReversion said:

 

So 20-25 years for a deposit, then another 25-30 years to pay of the mortgage and student loans. Should be just about ready to saving for a pension in your 70's !!

Looks to me that there aren't enough years in a life to pay for a life any more.

Personally, I took 6 years to save up for a 25% deposit in 1997. Should be mortgage free in 2024. (rented and traded up in the middle).

589c6c8a0dcee925008b4b1c-1080

Doesn't help that you don't get settled into a job these days until your mid twenties, a lost decade over previous generations. It all seems slightly a sledge hammer to crack a nut, getting the degree as a golden ticket to work, interspersed with gap years etc. 

Seems to go down well with students as an enjoyable rite of passage and BTL investors and academics that have created a learning for learning's sake economy. But hey Blair must be proud of what he started.

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1 hour ago, dpg50000 said:

Bit of a generalisation there. Guess it depends on the exact area. The North West of England (which is still the North :-) ) in Preston, average terraces used to go for around 35K in 1998. They now go for circa 75-90K as far as I can tell.

Yes some are going for more in other northern areas outside the north east,,but in 19 years thats still not a huge rise inflation/wage adjusted.Minimum wage was £3.60 in 99,its £7.50 an hour now.The north has suffered with HPI in areas,and in certain house types,family semis/detached in good areas etc,but its nothing compared to the south.

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12 minutes ago, durhamborn said:

Yes some are going for more in other northern areas outside the north east,,but in 19 years thats still not a huge rise inflation/wage adjusted.Minimum wage was £3.60 in 99,its £7.50 an hour now.The north has suffered with HPI in areas,and in certain house types,family semis/detached in good areas etc,but its nothing compared to the south.

You probably get a slight bias as to where house prices have gone over the last decade on here. Probably because a lot of the commentary comes from employment hubs, areas of BTL and high immigration that have faired well...Home Counties, Manchester, London etc. Cut to the actual figures from Halifax and prices have fallen in inflation adjusted terms over the last decade. Value of my house not dissimilar to where it was 10 years ago in nominal terms....use a  price calculator engine for my area and it agrees.

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To look back 10 years is to compare with the previous mad peak in 2007. Some areas in the North West I've been monitoring are "only" 10-12% up on 2007, but up 27-30% in past 5 years. Past 12 months have seen prices level off, and given that my target area is one of the most indebted (personal debt) in the UK, will be interesting to see how much of an effect the coming downturn has on the market.

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  • 293 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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