Affordable Housing Development Farce

[salus.populi]

So we have worked out it's still possible to get a house for about 5x your salary.

But can't get a mortgage 5 times your salary

The same as it was 20 years ago

In 20 years house prices have risen 259% whilst wages have only risen 68% and that's not taking into account huge price rises in the 1980s and early 90s https://www.ons.gov.uk/peoplepopulat...les/1997to2016

, but now it's a bigger issue than it was then,

Yes

Even though interest rates have been historically low for years. Good job they weren't trying to get a mortgage when the rate was getting up towards 20%.

Whilst mortgage interest rates are now a lot lower it doesn't wipe out the widening gap between house prices and wages.

It's always been difficult to get on the property market, and it's always become easier as you go through the 25 years of owing that money.

But with wages rising slowly the burden doesn't ease as much as it did when wages rose at a much higher rate
https://www.ons.gov.uk/economy/gross...eries/kgq2/qna

[silver fox]

https://www.zoopla.co.uk/for-sale/ho...ource=for-sale


If you can't earn £10 a hour £20,000 p/a , Should you really be looking at buying a house?

Firstly you need a fairly secure employment, not that easy these days, secondly I think the statement was house prices now approaching 8x average salaries, average salaries are now £27,600 8x that is £220,800 OK, but what will lenders lend against that property? minimum deposit on that price property £22,080, plus of course legal fees a substantial sum is needed up front, that is where the difficulty rises.

I'm not suggesting 100% or 110% mortgages that is one reason for the financial crash, a report out today now states that it is cheaper to buy than rent in all areas, even in London, apart from raising the initial deposit which is of course a substantial sum.

Sure there are cheaper houses about, they are cheaper because no-one wants to live there due to various factors. Look at Southport house prices, even little flats are around the £100 mark.

Try looking at the economic factors for governments. local and national, I'm not pleading poverty, but now retired we could not possibly afford to rent our home based on income, now just for instance if we didn't own our home then we would be a drain on the benefits system for housing benefit etc, which would most probably be making it's way into a private landlords pocket thus fuelling and maintaining out of proportion rents.

[Ceam]

Firstly you need a fairly secure employment, not that easy these days, secondly I think the statement was house prices now approaching 8x average salaries, average salaries are now £27,600 8x that is £220,800 OK, but what will lenders lend against that property? minimum deposit on that price property £22,080, plus of course legal fees a substantial sum is needed up front, that is where the difficulty rises.

I'm not suggesting 100% or 110% mortgages that is one reason for the financial crash, a report out today now states that it is cheaper to buy than rent in all areas, even in London, apart from raising the initial deposit which is of course a substantial sum.

Sure there are cheaper houses about, they are cheaper because no-one wants to live there due to various factors. Look at Southport house prices, even little flats are around the £100 mark.

Try looking at the economic factors for governments. local and national, I'm not pleading poverty, but now retired we could not possibly afford to rent our home based on income, now just for instance if we didn't own our home then we would be a drain on the benefits system for housing benefit etc, which would most probably be making it's way into a private landlords pocket thus fuelling and maintaining out of proportion rents.

"Firstly you need a fairly secure employment, not that easy these days, "

So no chance of getting a mortgage. Nothing to do with the price of the houses.

"secondly I think the statement was house prices now approaching 8x average salaries, average salaries are now £27,600 8x that is £220,800 OK"

£220,000 for a fist time buyers house.... Really!.... There are plenty of "first time buyers houses for around £100,000. Even in Southport. So going off that £10,000 deposit. and less that 4x salary. If you can't afford that, Then quite frankly your not committed enough to owning a house, and are probably still ******* your wages up against a wall and buying £1,000 iPhone 10s.

It's a little thing I call priorities. Jesus my Son has already saved over 3k and he's only 11 years old. Saving for a car/house. His choice to save not ours.