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eric pebble

Telegraph: First Mortgage Values Triple In 10 Years

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First mortgage values triple in 10 years

"The average value of mortgages taken out by first-time buyers has nearly tripled during the past 10 years, figures showed today.

In 1996 people borrowed an average of just £39,811 to get on to the property ladder, but this had soared to around £120,500 by 2006, according to online mortgage group mform.co.uk.

The group said this was an increase of 173.6 per cent, or around 10.7 per cent a year. It warned that if borrowing continued to increase at this rate, the average first-time buyer mortgage would be more than £200,000 by 2012.

Francis Ghiloni, marketing and business development director at mform, said: "First-time buyers increasingly need to find huge sums of money in order to get onto the property ladder.

"For a first-time buyer to take out a mortgage that is three times their salary today, we estimate that they would need to be earning £40,190, but by 2012, it would need to be a staggering £66,806.""

http://www.telegraph.co.uk/news/main.jhtml.../nprices130.xml

Says it all. FTBs have been well and truly duped into World's Biggest Ever Pyramid Selling SCAM -- the "housing market". Just sad. Really sad. Ruined lives everywhere.

Edited by eric pebble

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One of the reasons houses cost so much more these days is: everybody's building "posh" places.

The spec is so much higher now.

And as for 2nd hand ones - so many have been refurbished too.

You never used to get that. A house was a house. Not really a posh house until it was a big/posh house proper. And as for refurbishment, you bought the house with the manky wallpaper, stripped it and painted the walls yourself.

So, the standard/quality has risen.

It's a shame. If you're starving with £5, only having the menu for a 5-star hotel restaurant isn't any good ... you need to find a chip shop. But it's like all the chip shops have been refurbished into 5-star restaurants...

Edited by ScaredEitherWay

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ScaredEitherWay Posted Today, 12:42 AM

One of the reasons houses cost so much more these days is: everybody's building "posh" places.

The spec is so much higher now.

Who told you that?

1920's 70ft rule: Houses had to be 70ft apart so houses were 7 - 8 per acre (on a nice bit of land) also the time council houses started. This is when houses were quality and since that time have reverted to what you get today which started in the 80's with high densities of property in small areas, 1990's the same although property sizes were slightly larger and now, since 2002 thanks to John Prescott densities are even greater and houses even smaller. They are all built on brown field sites too, which by definition are crap!

Apart from the uber rich who can build where they want I'd take a 1920's house any day against todays "higher spec".

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