Sick and tired of chasing dreams of finding a home.

[L00b]

I agree but they are reflective of wages and prices here, obviously the average wage and house price is much lower here but the cap was about the same. I know my 3 bed detached house was 2.5 times my income; the same house is now 10 times my daughters income that kind of growth is unsustainable and as made it more difficult for young people to buy an house.

but what is the differential in wage between what you were doing and earning at your daughter's age, and now?

 

When we bought our 1st place in Rawmarsh, it was about 4 times my wage at the time, and just shy of 3 times our incomes combined. The 4 bed detached I bought in 2009 is about 3 times my current wage. I've changed jobs, employers and even countries in that time, and very extensively trained all along (it's taken me nearly as long as since we 1st bought in Rawmarsh, only fully qualified last year).

 

simple point is your observations are topical, but entirely in keeping with the way it's always been for most everybody

 

IMHO anyway

[Anna B]

I agree, but the legislation could have been changed any time after 1997.

 

The property bubble was orchestrated by Gordon Brown and the Labour party,

They had the power to increase interest rates, they didn't.

They could have given the bank of England the remit to control house prices.

He said he would keep house prices under control.

He also removed housing costs from the inflation figures.

He claimed to have eliminated boom and bust.

They demolished thousands of council houses as well as many private house.

They increased the population by 3,000,000 people but didn’t build houses to accommodate them.

It became profitable for couple to live apart to claim more benefits.

All these things causes the largest property bubble in history which contributed to the banking crisis.

 

Not everyone is poorer, the property speculators which Gordon Brown encouraged are much better off.

 

---------- Post added 09-04-2013 at 20:19 ----------

 

Fun was more important than saving for an house.

 

I agree but they are reflective of wages and prices here, obviously the average wage and house price is much lower here but the cap was about the same. I know my 3 bed detached house was 2.5 times my income; the same house is now 10 times my daughters income that kind of growth is unsustainable and as made it more difficult for young people to buy an house.

 

I agree with a lot of what you say.

 

Whether Gordon Brown orchestrated it or not doesn't matter, it's just another example of bad government, and don't forget the same thing was happening in America.

 

My fiance and I were engaged for three years saving up the deposit on a house, and for all that time we rarely went out or had a holiday. We stayed in in my Mum's or his mum's house and played cards, or watched the telly. I didn't buy clothes or anything much else. We took sandwiches and a flask of coffee to work to save money. He took an extra job in the evenings to add to thhe coffers. It really wasn't easy but we did it. And this was for a run down little terrace house.

 

The differential in house prices is mainly London versus everywhere else, and has all sorts of implications. Couldn't agree more about the property speculators, but again a lot of people who would never have considered entering the property market are doing so to make up for the lack of interest on savings, or to prop up a disappointing return on their pension. People coming iinto this country is certainly an added pressure. All this adds to the upward trend in house prices.

 

I think it's time the government stepped in, but in a free market economy is that likely to happen?

[MrSmith]

but what is the differential in wage between what you were doing and earning at your daughter's age, and now?

She's been working in the public sector for five years and as a well paid job, I'd been in the navy for 4 years, I would say our pay grades would be comparable yet the same house I bought is now 10 times her income and she couldn’t hope to buy it.

 

---------- Post added 10-04-2013 at 07:55 ----------

 

I agree with a lot of what you say.

 

Whether Gordon Brown orchestrated it or not doesn't matter, it's just another example of bad government, and don't forget the same thing was happening in America.

It was part of a global effort to stop global recession after the dot com bust, Gordon brown was a key player.

 

 

 

My fiance and I were engaged for three years saving up the deposit on a house, and for all that time we rarely went out or had a holiday. We stayed in in my Mum's or his mum's house and played cards, or watched the telly. I didn't buy clothes or anything much else. We took sandwiches and a flask of coffee to work to save money. He took an extra job in the evenings to add to thhe coffers. It really wasn't easy but we did it. And this was for a run down little terrace house.

All I am doing is pointing out that my generation didn't have to do that, I didn't have stay in, we could enjoy life and still afford an house, my first house was a three bed detached which was still affordable with interest rates at 17%.

 

 

 

 

 

The differential in house prices is mainly London versus everywhere else, and has all sorts of implications. Couldn't agree more about the property speculators, but again a lot of people who would never have considered entering the property market are doing so to make up for the lack of interest on savings, or to prop up a disappointing return on their pension. People coming iinto this country is certainly an added pressure. All this adds to the upward trend in house prices.

 

That’s the problem, if GB had increased interest rates in 2003/4 he would have stopped house price inflation in its track, but he didn't he dropped it further to continue the house price stimulation.

 

I think it's time the government stepped in, but in a free market economy is that likely to happen?

 

The government controls inflation by increasing interest rates, Gordon removed housing costs from the inflation figure, so whilst they were inflating in price we had no mechanism to stop it, if he had left them in the inflation figure the bubble wouldn't have inflated and we wouldn't be suffering from a banking crisis.

[Jeffrey Shaw]

The government controls inflation by increasing interest rates

No, not lately!

[MrSmith]

No, not lately!

 

Good point, I should have said they used to control inflation by increasing interest rates, now they just fiddle the books to make it look like inflation is low.