How Much More Can House Prices Increase?

[dave50]

With wages not keeping up there must come a point where first time buyers can no longer afford to get on the property ladder, consequently those who wish to sell cannot move up, so the whole thing will come crashing down.

[roadman]

I get it now if you dont actually use your wage to live properly and just fester at home being a loser wasting your early 20's maybe you could afford a house by the time you're 30 oh and not to mention find a life partner in that time so they can bring in another income

[youngmafbog]

//mortgage company actually lent them that amount with no proof they could pay//

Yes, the Nationwide.

Of course there was proof they could pay. Didn't you know that lenders have to do that now?

And you dont leave Uni at 18. Perhaps I can see why you are so bitter, lack of education?

[Thisoldbird]

House prices in south east are crazy prices.
Family with 2 children renting at £1300 a month will never get on the housing ladder. Greedy landlords will see to that.

[pastafreak]

The average salary down here is mid 20s (women) to low 30s(men). There are plenty of minimum wage jobs available.
The average house price £222,000 or thereabouts.
Maybe the thing to do is WFH for a London-based company...and buy a big Victorian or one of the 19thc refurbished loft type flats.

[curlygirlies]

bednobs 12.49
if your income is three times greater than your house price, why wouldn't you just buy a house outright?

The example was set in the 1970's very different from now. That was the whole point of the example. The average wage in 1974 was £3,500 -£4,000. At the start of the 70s the average house price was £4,057.

[bednobs]

tht doesnt make sense (to me at least) if your dad earned £9k and houses were £3k why get a mortgage at all?

[curlygirlies]

bednobs is it really not sinking in or are you just out for a fight? Everyone was in the same boat 40 years ago. House prices were much cheaper, wages were lower. Go look it up, I can't be bothered with cranky folk like you.

[bednobs]

im not being cranky (i promise!)
your dad earned (according to you) 9k per year, and house cost 3k
that is the equivalent of someone buying an average house now of say £250k while they earn £750k
All im asking is if you earn per year 3x the price of your house, why on earth would you get a mortgage? paying interest over a long period, why would you?

[youngmafbog]

Ah Redman, no argument so off to the good old insults.

You have been told by more than one person it is possible, yet you choose to effectively call us liars. Why?

[roadman]

“You have been told”


Lmao who are you to tell me im the one telling you others on this thread know the score they know its a bad situation at the moment in the housing market just look at the statistics wage price compared to mortgage price you dont know what your on about big boy do you just trying to have a show with people arent you well im not up for the dance im sorry you take care now oh and have a look at those statistics then come back to me

[curlygirlies]

Bednobs, you are right (sorry). I suffer from dyscalculia and got mislead by PP and went off track. What I meant was he bought a house with a mortgage of £9000. At the time he was making £70 a week and my mum had a part time job. I remember it because we moved from a terrace to a semi and at the time I think they over-stretched themselves as we never had much money whilst growing up. His Mortgage was about 2.5 times more than his annual wage. My brother recently bought a house, and the mortgage is around 6 times his annual wage. That was the point I was trying to make, sorry .