Last edited:
Do you want to discuss boring politics? (25 Viewers)
- Thread starter mrtrench
- Start date
Grendel
Well-Known Member
And now it's 15 times more, so thanks for proving my point
It isn’t though as your comparison makes zero sense.
In 1990 the mortgage maximum was 3 times an average wage if buying from scratch. So the person would have been earning around £60,000 per annum then. That would be around £140,000 now. Now it’s possible to get 5 times - certainly on that wage - so they could buy it now.
This is someone purchasing who’s already high up a property ladder.
Mortgage terms are now totally different. Higher wage factoring and far longer mortgages. Most people would not have afforded in then or now.
Grendel
Well-Known Member
Oh and there are plenty of 4 bedroom detached houses in the CV5 area for £400,000 or less. Also it’s very relative, I bought my first flat for £34,000 - on the same block they are now £109,000 35 years later.
If people want to slum it they can get a brand new house on the new estate near Meriden for £390,000
If people want to slum it they can get a brand new house on the new estate near Meriden for £390,000
Your figures are wrong, because you've got the year wrong.
I've worked it out to be the equivalent of a joint income of around 100k today, and with ZERO monthly commitments, which obviously is bollocks, Barclays would lend around 500k.
The average house price was 59,000 in 1990 - in 2025 it’s £296,000 - a 5 times increase
I'm not talking about 1990
I'm not talking about average house price
Well yes because the conversation at the time was about our parents buying houses, so I added my anecdote. How would you like me to provide evidence, shall I ask my parents if they still have the 25 year old paperwork in the loft? It's factual, the sale price is on the land registry.
Housing is less affordable now. This is a fact, you can try and deny it all you like, but it just makes you look spiteful and vindictive.
Ccfcisparks
Well-Known Member
The fact you were able to get onto the property ladder at all is the difference.
A house? You were lucky to live in a house! We used to live in one room, all 26 of us, no furniture
Grendel
Well-Known Member
I can only go on what I see. One of my children and 3 of her friends all own houses worth £250k plus
Ccfcisparks
Well-Known Member
And I’d imagine they are all in fairly decent careers.
My house is worth 250k+ yet I’m the only one out of my friends to own a house at 27.
I realise I am in a good career and decently paid job, but the reality is for my friends who all have good careers in trade, that without a partner they won’t even be considering the possibility of buying.
Oh so anecdotes are fine now, cool.
Thank god for that imagine the market overheating if people like that got a foot on the ladder.
Not a serious comment.
Skybluekyle
Well-Known Member
Whilst it is true that interests rates have been much higher in the past, but this is only one metric to affordability when it comes to getting a mortgage. The current generation of prospective first time buyers have an almost perfect storm of difficulties when trying to get a mortgage; ever increasing cost of living and high rent costs making it difficult to save for deposits, slow wage growth, levels of student debt, stricter lending criteria and housing prices as a percentage of income.
I don't think it is unfair to say that this is a tough time to try to buy a house, and stating the incontrovertible objective fact that it is more difficult to get onto the housing ladder in the past, whilst not diminishing previous generations hard work to get their house, is not controversial.
I don't think it is unfair to say that this is a tough time to try to buy a house, and stating the incontrovertible objective fact that it is more difficult to get onto the housing ladder in the past, whilst not diminishing previous generations hard work to get their house, is not controversial.
Grendel
Well-Known Member
There won’t be soon according to Labour.
Sky Blue Pete
Well-Known Member
That’s very true I remember someone saying never stretch yourself more than 25% of your income
without doubt the lower borrowing has exacerbated the increase in property values as not enough properties are available
Grendel
Well-Known Member
The other factor as well for people buying then was the great endowment con which lowered payments but the growth never happened and the mortgage isn’t paid.
What I was really trying to hint at was these properties now are around £100,000 and done up to a far better standard then then. Perfectly affordable to most but not considered good enough
Sick Boy
Super Moderator
Even fly into the south east, you realise that the idea that there's nowhere left to build on is just utter bollocks.
shmmeee
Well-Known Member
London is ridiculously low rise for a global city, and quite compact too by some standards. I wish we didn’t centralise the entire productive economy in the South East but we do and until that changes we need to make living there are cheap as possible as the basic life plan for a lot of grads now is school > uni > London then move out if and when kids appear.
Absolutely build up capacity elsewhere with transport and economic development but that stuff takes decades and houses can be built in months.
Sky Blue Pete
Well-Known Member
I think that’s fair but balanced by most property is out of reach
16% interest rates can you imagine
On the right you’ve got some larger self interested developers, in the middle you’ve you’ve NIMBYs, on the left you’ve got ideological planners (I could tell some stories - mostly Labour councils that blocked/delayed developments)…throw in loose migration policies adding millions to the population and you’ve got this shitshow that younger generations will unfortunately have to deal with. Been a disgrace all round
shmmeee
Well-Known Member
100% everyone’s got self interested reasons (property prices or just nostalgia) for blocking development. Was just looking at Ken Loach’s complaint about the new Bath rugby stadium claiming no one visits Bath to see a rugby stadium, and apparently it’s too close to a Beech tree. Just self interested nonsense dressed up in whatever is likely to get traction.
Grendel
Well-Known Member
Yes that’s really relevant given the margin of error Bungee Jumping Ed is as credible for PM as anybody