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R I C S: Couple Need To Save 74% Of Take Home Pay

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Cost of buying a home 'highest for two decades'

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Publisher: Jon Land
Published: 24/08/2006 - 09:08:42 AM print version Printable version
Cost of buying a home 'highest for 20 years'
The costs involved in buying a home and meeting mortgage repayments are among the highest for more than two decades, a study revealed today.
Rising house prices over the past decade mean accessibility is now almost 300% worse than in 1996, dropping to the weak levels seen in 1980, the Royal Institution of Chartered Surveyors (RICS) has said.
Its first accessibility index found a
first-time-buyer couple must save 74% of their take-home pay
to stump up the £29,200 needed to meet the upfront costs on a typical home, including the deposit and stamp duty.
In contrast, a couple would have needed 25.2% of their take-home pay to afford their first home in 1996.

The cost of Gordon's Miracle Economy and overcrowding made worse by irresponsible immigration policies. An utter shambles.

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I'd have to save 453% of my take home pay to get the deposit I need. Only then would I have a deposit big enough to make the loan amount affordable! Thanks to the high cost of living and subsequent small amount I can afford to save each month my deposit will be complete when I'm 81 years old!

Edited by Bingley Bloke

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