Anna Glypta Posted October 1, 2012 Share Posted October 1, 2012 I believe so, but still they are significantly more expensive than they were in the recent past in relation to the ratio between typical price and typical income. I'm not that sure. My parents bought a house for around £35K when average income was around £4.5K. It would probably go on the market at around £250K with average incomes at around £26K. Link to comment Share on other sites More sharing options...
nightrider Posted October 1, 2012 Share Posted October 1, 2012 I'm not that sure. My parents bought a house for around £35K when average income was around £4.5K. It would probably go on the market at around £250K with average incomes at around £26K. Well the data from Nationwide show the ratio is currently above the long-term (1981-2012) average: http://monevator.com/wp-content/uploads/2011/12/house-price-earnings-graph.jpg I have also seen graphs for the last 100 years which show the same trend (in that case I believe the long-term ratio is 3.5 not 4.0 as it appears to be for the last 30 years) Its worth noting a lot of the homeowners I know bought in mid-90's when the ratio was well below the long-term average. So luck with being born at the right time was a big factor, not just working hard (which lots of people do now and cannot afford houses in the same areas similar people bought in the past). Thats why they often admit now they would not be able to buy their own house if they suddenly were a lot younger earning the current typical salary. Link to comment Share on other sites More sharing options...
nightrider Posted October 1, 2012 Share Posted October 1, 2012 Just on rightmove there are loads of properties now in sheffield on the market for £49,999 and below. So you can easy offer less than that even. Many of which are 50% ownership. Link to comment Share on other sites More sharing options...
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tinfoilhat Posted October 1, 2012 Share Posted October 1, 2012 In other news little ed has promised 100k new, affordable homes. They will cheap to buy and rent apparently. As Facebook has pointed out, you can buy a house in Sheffield for about 50k. It will likely be a wreck and definately in a demilitarised zone. These new "affordable" houses will probably be double that. Still cheapish though I guess. But will ed make mortgages available for people who haven't got a 10% deposit (and that's, in the words of the editor of mortgages today, if you are squeaky clean otherwise think 20%) ?? And how is he going to make rents cheap for the houses ? Give them to councils ? Very unlikely. Chances are they'll all get hoovered up by landlords as they will be the only people who can get a mortgage. So more pie in the sky thinking from another politician. Which isn't new. Link to comment Share on other sites More sharing options...
truman Posted October 1, 2012 Share Posted October 1, 2012 In other news little ed has promised 100k new, affordable homes. They will cheap to buy and rent apparently. As Facebook has pointed out, you can buy a house in Sheffield for about 50k. It will likely be a wreck and definately in a demilitarised zone. These new "affordable" houses will probably be double that. Still cheapish though I guess. But will ed make mortgages available for people who haven't got a 10% deposit (and that's, in the words of the editor of mortgages today, if you are squeaky clean otherwise think 20%) ?? And how is he going to make rents cheap for the houses ? Give them to councils ? Very unlikely. Chances are they'll all get hoovered up by landlords as they will be the only people who can get a mortgage. So more pie in the sky thinking from another politician. Which isn't new. Did he say where the land was coming from and who would build them for that price? Link to comment Share on other sites More sharing options...
nightrider Posted October 1, 2012 Share Posted October 1, 2012 And some are not. And that is just rightmove. You can negotiate you know. Hunt for the right deal. Only the very lucky get anything worthwhile handed to them on a plate. There's always a million excuses but the fact remains, a young couple both in employment can afford a house in Sheffield. The fact remains that prices are much more out of reach of FTB now than in previous times. e.g. where I live people on a normal salary could and did afford to buy houses in times gone by. Now this is impossible in the *same* area due to price inflation, even factoring in recent price drops. Of course you can always get something cheap if you look in the most run-down areas, and of the properties that were not 50% ownership on right-move all of them were in places I think a lot of people would not like to live. Link to comment Share on other sites More sharing options...
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poppet2 Posted October 1, 2012 Share Posted October 1, 2012 You can't control when you're born, boom times, bust times. Who knows, in years to come, future generations may say that the people who had a chance to buy now should have done whatever they could to get on the ladder, including a house that might not have been to their satisfaction. You have to start somewhere. But sadly, the real problem is lack of ambition. Do you think when I was 16 it was my ambition to own a 2up 2 down for £70k. Of course it wasn't. People usually get what they aim for, if you aim low, that's what you'll get. And even worse, you've got people walking around saying "I'll never own my own home at ALL", so they never do. But people are being turned down for a mortgage because the deposit is too high, despite the falling prices. It's a catch 21 situation. Oh for the days when a mortgage was just 3 times your salary. Link to comment Share on other sites More sharing options...
Expat owl Posted October 1, 2012 Share Posted October 1, 2012 I think he's probably been banned. I wonder who he will be today. Your comment is crying out for a 'like' button and thanks, I'm glad I wasn't the only one who thought he was being an bit of a .......................... Link to comment Share on other sites More sharing options...
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