Housing Bubble: Take Two
24 November 2011, 01:39 PM
#31
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But if you think you can afford a house and to pay £1000/month mortgage, then that cash must be available to save. 2 years later you have £24,000 deposit (+ measly interest). £1000/month will purchase a £150k house, so £24k = 16% deposit.
Where will the money come from to pay the mortgage if it isn't available to save for a deposit?
Where will the money come from to pay the mortgage if it isn't available to save for a deposit?
24 November 2011, 01:40 PM
#33
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I was talking with my parents about this last night. They said their first property left them penniless. They had an old banger of a car, no washing machine, no holidays, no luxuries at all.
In fact mum said she sold her car to buy a washing machine.
I think todays people couldn't handle living like that. But it used to be the norm. All my parents friends were the same. It was a struggle. Dad used to have to do lots of overtime etc
Today we are encouraged to waste all our money on fancy electronics and the must have stuff and the important stuff like houses seems to be less of a priority.
In fact mum said she sold her car to buy a washing machine.
I think todays people couldn't handle living like that. But it used to be the norm. All my parents friends were the same. It was a struggle. Dad used to have to do lots of overtime etc
Today we are encouraged to waste all our money on fancy electronics and the must have stuff and the important stuff like houses seems to be less of a priority.
24 November 2011, 01:55 PM
#35
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its different today, not really comparable to many years ago imo.
all thats irrelevant is now,
1k per week is a monster mortgage, cant imagine very many being able to affaord that. me and mrs on decent wages between us, but mortgage still only 350 a month but wih the rest of family bills we cover it, and can still affoard the odd holiday ect
suppose its really down to location, i agree some youngsters want it all with zero sacrific of toys/cars lifestyle ect, but not them all.
all thats irrelevant is now,
1k per week is a monster mortgage, cant imagine very many being able to affaord that. me and mrs on decent wages between us, but mortgage still only 350 a month but wih the rest of family bills we cover it, and can still affoard the odd holiday ect
suppose its really down to location, i agree some youngsters want it all with zero sacrific of toys/cars lifestyle ect, but not them all.
24 November 2011, 02:02 PM
#36
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This Dewsbury?:
Sounds lovely! 
http://en.m.wikipedia.org/wiki/Dewsbury
After 2005 Dewsbury was labelled a troubled town after a series of negative press reports[3] and became "the town that dare not speak its name"[4] after high profile crimes brought it into the media spotlight. In June, a girl of 12 was charged with grievous bodily harm after attempting to hang a five year old boy from Chickenley.[5]Mohammad Sidique Khan, ringleader of the group responsible for the 7 July 2005 London bombings lived in Lees Holm, Dewsbury. On 19 February 2008, Shannon Matthews, aged nine, disappeared in Dewsbury Moor. Shannon was found hidden in the base of a divan bed in Batley Carr on 14 March 2008 and Michael Donovan, aged 39, was arrested. The hunt was the largest police search since that for the Yorkshire Ripper 30 years earlier. Donovan was the cousin of Craig Meehan, Shannon's step-father. Her mother Karen Matthews and Donovan were jailed for eight years for abduction and false imprisonment.
http://en.m.wikipedia.org/wiki/Dewsbury
Last edited by JTaylor; 24 November 2011 at 02:10 PM.
24 November 2011, 07:23 PM
#40
My friend at work has a £960 a month mortgage..
He and his wife earn £36k a year between them and seem to manage ok..Range rover and a BMW 3 series outside,and a horse in stables....
Money can go a long way if your sensible with it..
He and his wife earn £36k a year between them and seem to manage ok..Range rover and a BMW 3 series outside,and a horse in stables....
Money can go a long way if your sensible with it..
24 November 2011, 07:29 PM
#41
But if you think you can afford a house and to pay £1000/month mortgage, then that cash must be available to save. 2 years later you have £24,000 deposit (+ measly interest). £1000/month will purchase a £150k house, so £24k = 16% deposit.
Where will the money come from to pay the mortgage if it isn't available to save for a deposit?
Where will the money come from to pay the mortgage if it isn't available to save for a deposit?
24 November 2011, 09:57 PM
#42
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I was talking with my parents about this last night. They said their first property left them penniless. They had an old banger of a car, no washing machine, no holidays, no luxuries at all.
In fact mum said she sold her car to buy a washing machine.
I think todays people couldn't handle living like that. But it used to be the norm. All my parents friends were the same. It was a struggle. Dad used to have to do lots of overtime etc
Today we are encouraged to waste all our money on fancy electronics and the must have stuff and the important stuff like houses seems to be less of a priority.
In fact mum said she sold her car to buy a washing machine.
I think todays people couldn't handle living like that. But it used to be the norm. All my parents friends were the same. It was a struggle. Dad used to have to do lots of overtime etc
Today we are encouraged to waste all our money on fancy electronics and the must have stuff and the important stuff like houses seems to be less of a priority.
mb
24 November 2011, 10:19 PM
#43
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No it doesn't go a long way. On those figures I would say they have substantial savings behind them from somewhere as £36k gives a take home of about £2200. So take off the £960 they have £1240 for bills and a months worth of food shopping. That is not a lot at all and no way pays for a Range Rover or 3 series BMW.
24 November 2011, 10:37 PM
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24 November 2011, 10:51 PM
#45
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I was talking with my parents about this last night. They said their first property left them penniless. They had an old banger of a car, no washing machine, no holidays, no luxuries at all.
In fact mum said she sold her car to buy a washing machine.
I think todays people couldn't handle living like that. But it used to be the norm. All my parents friends were the same. It was a struggle. Dad used to have to do lots of overtime etc
Today we are encouraged to waste all our money on fancy electronics and the must have stuff and the important stuff like houses seems to be less of a priority.
In fact mum said she sold her car to buy a washing machine.
I think todays people couldn't handle living like that. But it used to be the norm. All my parents friends were the same. It was a struggle. Dad used to have to do lots of overtime etc
Today we are encouraged to waste all our money on fancy electronics and the must have stuff and the important stuff like houses seems to be less of a priority.
We used to have a couch with those dangly bits on the bottom that were sort of threaded in (hundreds of them). My mum used to collect up the ones that had fallen out and spend hours on her knees sewing them back in so they looked the same. She found time to do things like that while she had a full time job and did pretty much all the housework, dealt with the bills, etc, etc. It seems like no one would do that now. If furniture looks a bit shabby, just throw it away and get something new. A lot of mums now would probably prefer to sit and vegetate in front of the tv.
24 November 2011, 11:31 PM
#46
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That is what you would have on 36k a year and a 960 a month mortgage.
Also on that combined salary how they got a mortgage of that value is beyond me.
25 November 2011, 08:22 AM
#48
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His is an old p38 with collapsed suspension, hers an e36 with replica m3 alloys and DTM exhaust circa Max Power 1995 and horse? Looks more like a donkey to me.
That is what you would have on 36k a year and a 960 a month mortgage.
Also on that combined salary how they got a mortgage of that value is beyond me.
That is what you would have on 36k a year and a 960 a month mortgage.
Also on that combined salary how they got a mortgage of that value is beyond me.
not quite the same as the picture painted
25 November 2011, 10:13 AM
#49
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25 November 2011, 10:23 AM
#50
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You just never know about other peoples finances. Its all about appearances. I was joking BTW, there has to be more money there for that sort of lifestyle or huge card bills.
Some can look on the bones of the **** and be absolutely loaded and others can have all the trappings of a TOWIE wannabe and be living from credit card to credit card.
One of our most wealthy clients drives about in a 2002 fiesta and takes caravan holidays but hardly ever ventures outside West Wales.
Another well off client is covered in tattoos and hair to his **** and has a Ferrari - guy in an Aston Martin asked him for directions and when the conversation got on to cars and he said he had a Fez the guy just laughed at him.
Another guy has a big house, cars no more than 3 years old and an internet Thai bride and in debt up to his eyeballs - he says at 72 he really doesn't care because he isn't going to live long enough to pay it all back!!
And finally the property millionaire on £1000 month with an ex wife card bill in excess of £100K.
The more someone talks about it, the less they have.
Some can look on the bones of the **** and be absolutely loaded and others can have all the trappings of a TOWIE wannabe and be living from credit card to credit card.
One of our most wealthy clients drives about in a 2002 fiesta and takes caravan holidays but hardly ever ventures outside West Wales.
Another well off client is covered in tattoos and hair to his **** and has a Ferrari - guy in an Aston Martin asked him for directions and when the conversation got on to cars and he said he had a Fez the guy just laughed at him.
Another guy has a big house, cars no more than 3 years old and an internet Thai bride and in debt up to his eyeballs - he says at 72 he really doesn't care because he isn't going to live long enough to pay it all back!!
And finally the property millionaire on £1000 month with an ex wife card bill in excess of £100K.
The more someone talks about it, the less they have.
Last edited by EddScott; 25 November 2011 at 10:24 AM.
25 November 2011, 10:35 AM
#51
I bought my first house in 1967 .
A new 3 bedroom 1 bathroom semi detached in Crawley - Ifield Green
It cost GBP 5500
I was earning 41 GBP a week - say 2000 GBP a year.
So the ratio of earnings to house cost say 2.8
The above ratio is about 8 ffs !
It must be very difficult for young people.
A new 3 bedroom 1 bathroom semi detached in Crawley - Ifield Green
It cost GBP 5500
I was earning 41 GBP a week - say 2000 GBP a year.
So the ratio of earnings to house cost say 2.8
The above ratio is about 8 ffs !
It must be very difficult for young people.
25 November 2011, 10:41 AM
#52
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I was talking with my parents about this last night. They said their first property left them penniless. They had an old banger of a car, no washing machine, no holidays, no luxuries at all.
In fact mum said she sold her car to buy a washing machine.
I think todays people couldn't handle living like that. But it used to be the norm. All my parents friends were the same. It was a struggle. Dad used to have to do lots of overtime etc
Today we are encouraged to waste all our money on fancy electronics and the must have stuff and the important stuff like houses seems to be less of a priority.
In fact mum said she sold her car to buy a washing machine.
I think todays people couldn't handle living like that. But it used to be the norm. All my parents friends were the same. It was a struggle. Dad used to have to do lots of overtime etc
Today we are encouraged to waste all our money on fancy electronics and the must have stuff and the important stuff like houses seems to be less of a priority.
TX.
25 November 2011, 10:43 AM
#53
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You can pick up a 2/3 bed semi in Derbyshire for under £60K. Plenty of jobs going round and about and to be honest at very good rates of pay. The problem is, the "yoof darn London" aren't prepared to get off their backsides and look beyond the end of their noses.
25 November 2011, 10:58 AM
#55
No it doesn't go a long way. On those figures I would say they have substantial savings behind them from somewhere as £36k gives a take home of about £2200. So take off the £960 they have £1240 for bills and a months worth of food shopping. That is not a lot at all and no way pays for a Range Rover or 3 series BMW.
So sorry its not the scoobynet massive of an M3 and blinged up RR sport you all summised..
They are very careful with money...Everything is worked out and budgeted for..
They have no savings but no debt apart from mortgage..The house is large,but that was there decision.The spare money that they used to earn now gets sapped up in the mortgage..
25 November 2011, 11:03 AM
#56
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...and there's the next problem, I want a house AND I want it here, where I can't afford it.
You can pick up a 2/3 bed semi in Derbyshire for under £60K. Plenty of jobs going round and about and to be honest at very good rates of pay. The problem is, the "yoof darn London" aren't prepared to get off their backsides and look beyond the end of their noses.
You can pick up a 2/3 bed semi in Derbyshire for under £60K. Plenty of jobs going round and about and to be honest at very good rates of pay. The problem is, the "yoof darn London" aren't prepared to get off their backsides and look beyond the end of their noses.
25 November 2011, 11:25 AM
#57
Im sure you can get a small run down home in many places for around 60k..
Not in the best area's,but if thats all your personal finances allow then that is the choice thats presented to you..No use hankering for something that you can never afford..
Many people move away from there "native" home and have never looked back..They settle and find a better place to live..
Not in the best area's,but if thats all your personal finances allow then that is the choice thats presented to you..No use hankering for something that you can never afford..
Many people move away from there "native" home and have never looked back..They settle and find a better place to live..
25 November 2011, 11:31 AM
#58
I bought my first house in 1967 .
A new 3 bedroom 1 bathroom semi detached in Crawley - Ifield Green
It cost GBP 5500
I was earning 41 GBP a week - say 2000 GBP a year.
So the ratio of earnings to house cost say 2.8
The above ratio is about 8 ffs !
It must be very difficult for young people.
A new 3 bedroom 1 bathroom semi detached in Crawley - Ifield Green
It cost GBP 5500
I was earning 41 GBP a week - say 2000 GBP a year.
So the ratio of earnings to house cost say 2.8
The above ratio is about 8 ffs !
It must be very difficult for young people.
People on the lower incomes need to aim for the smaller more affordable homes..That will then let the present occupier move up the ladder..
Thats how it used to be!...
25 November 2011, 11:33 AM
#59
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Here's a £60k terrace in sunny Ilkeston:
http://www.oxfordmail.co.uk/homes/ho...list/26777176/
So, a quick google should reveal a bit more about the location, location, location:
http://www.thisisderbyshire.co.uk/Pa...ail/story.html
Well, where do I sign? 
http://www.oxfordmail.co.uk/homes/ho...list/26777176/
So, a quick google should reveal a bit more about the location, location, location:
http://www.thisisderbyshire.co.uk/Pa...ail/story.html
PARTS of Derby and Ilkeston are considered some of the most deprived areas in the whole of England.
New Government figures show that Arboretum, Sinfin and Hopewell, an area in the north of Ilkeston which includes Cotmanhay, are in the worst 3% of deprived areas.
New Government figures show that Arboretum, Sinfin and Hopewell, an area in the north of Ilkeston which includes Cotmanhay, are in the worst 3% of deprived areas.
"There are few local jobs and few that would be suitable for the people there. I particularly feel for the young unemployed. As things are at the moment, it is a little bleak but I know that when there is an opportunity, people in Cotmanhay will be fighting for jobs as hard as people from anywhere else."
25 November 2011, 11:41 AM
#60
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Im sure you can get a small run down home in many places for around 60k..
Not in the best area's,but if thats all your personal finances allow then that is the choice thats presented to you..No use hankering for something that you can never afford..
Many people move away from there "native" home and have never looked back..They settle and find a better place to live..
Not in the best area's,but if thats all your personal finances allow then that is the choice thats presented to you..No use hankering for something that you can never afford..
Many people move away from there "native" home and have never looked back..They settle and find a better place to live..