Local lass
|
Houseing priceshAS THE HOUSING MARKET GONE TO FAR ?
if the prices stopping people getting on the ladder of the housing market?
|
Attrebates
|
I know this is a bit old but it may be worth resurrecting in view of events in the world financial markets.
A house (or any other commodity) is only worth what people are prepared (or have the ability) to pay for it.
We have ourselves to blame (personal greed) aided and abbetted by the financial institiutions, banks & estate agents (corporate greed).
One of the seven deadlies I'm afraid.
|
Clunk
|
I once enquired for a mortgage in about 2001. I could (at the time) get a mortgage for £57,000. (3 times my then salary). A single bed flat in calne at the time was £68,000. Going by my last salary (single parent at the mo) and still using the 3 times rule, I could get a mortgage for £75,000. A 2 bed property round here is well over £100,000 now. There is no chance for the average worker to buy a house on thier own.
|
Attrebates
|
| Clunk wrote: | | I once enquired for a mortgage in about 2001. I could (at the time) get a mortgage for £57,000. (3 times my then salary). A single bed flat in calne at the time was £68,000. Going by my last salary (single parent at the mo) and still using the 3 times rule, I could get a mortgage for £75,000. A 2 bed property round here is well over £100,000 now. There is no chance for the average worker to buy a house on thier own. |
That is because you and your lending agency used your common sense. Although you were doubtless extremely upset at the time, the sound of chickens coming home to roost may be music to your ears although I, doubt any of us will be cheering, you at least will not have your home taken away from you as many may. Oh and by the way it ain't no diiferent anywhere else.
|
daffy
|
a friend of mine was telling me that she and her partner are getting a morgage and they can borrow 6 times there salary !!! crazy or what ,its not only paying the morgage its all the other bills that go with it ,what if they decide to have kids (they are both 31 ),or there jobs go tits up ,who knows whats around the corner .
Another person i know had there home reposessed 2 yrs ago ,it was a grim time for them having to get a court order to enter there home to collect there personal belongings ,the baylifs was there as well as the locksmiths and all this was going on with there kids in tears and the neighbours watching.
|
Local lass
|
well they have well and truley fallen from the original post :lol:
|
GTB
|
I think they will fall a bit further yet because the market was over inflated anyway. It won't last though because house prices historically always rise.
|
|
|
