Realistbear Posted August 24, 2006 Share Posted August 24, 2006 http://www.24dash.com/news/1/9626/index.htm Cost of buying a home 'highest for two decades' Back to Social Housing 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. Quote Link to comment Share on other sites More sharing options...
Bingley Bloke Posted August 24, 2006 Share Posted August 24, 2006 (edited) 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 August 24, 2006 by Bingley Bloke Quote Link to comment Share on other sites More sharing options...
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