Mortgage deal ending

Kompany Car said:
That is a very different discussion and limiting the purchase of second homes would be a step in the right direction for cooling the housing market.

The whole problem with the housing market stems from there being little to no social housing these days, which can be traced back to the Tories right to buy Housing Act of 1980.

This has driven the need for private landlords, which caused price inflation in the bottom end of the market which then rippled through to the upper end.

Building more good quality social housing is the key to getting out of this mess, it reduces the need for the new breed of landlords and should stabilise or slightly reduce property prices, without the collateral damage of a crash which would impact many in their late 20s and early 30s.

Just to add, I have a son who is currently at University (19yrs old) so I understand the concerns around affordability, but disagree that those in their late 20s/early 30s should suffer for the benefit of my son.
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100% on the social housing, same with care homes. The government are just clueless, buck passing, shitbags
 
BerkshireBlue said:
only to a very small percentage. it needs a big reset and someone has to take the brunt. I'm man enough to take it are others brave enough to stand up to the banks as well
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To stand up to the banks? Have you any clue what you’re even talking about?
 
BerkshireBlue said:
only to a very small percentage. it needs a big reset and someone has to take the brunt. I'm man enough to take it are others brave enough to stand up to the banks as well
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A small percentage? Look at the stats of who has kids and at what age now in the UK, it would ruin most people between 30 and 50, ok once you are at the latter years of paying a mortgage of £300 a month for a house worth £300k but a bit shit if you are 5 years in on a mortgage costing you £1400 a month for the same house it's a World of trouble.
 
SiMCFC said:
My Parents bought there house at the time for 25k when they were on 19k (1980s).

The same house now is worth £175k... Salaries have not kept up whatsoever.
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The average UK salary in 1980 was £110 per week so £5720 per annum. The average UK salary now, believe it or not is £38600.

Before anyone shouts you need to use the median I know, but there are only average salary values in the ONS data sets for the 80s, so apples with apples and all that...

So your parents were pretty well paid, assuming it was combined salaries, it would be like them each earning £64k per year now, so a combined income of £128k.

As wrong as this sounds, one of the major driving factors in the cost of houses, is the move from only having one bread winner, which was the case in the 60s, to having 2 people working in the 70s and 80s. As the number of double income couples grew, the higher the prices went up.

Of course the other factor is we now have around 11m more people in the country than in 1980 but haven't built the necessary housing stock to cater for them.
 
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Kompany Car said:
The average UK salary in 1980 was £110 per week so £5720 per annum. The average UK salary now, believe it or not is £38600.

Before anyone shouts you need to use the median I know, but there are only average salary values in the ONS data sets for the 80s, so apples with apples and all that...

So your parents were pretty well paid, assuming it was combined salaries, it would be like them each earning £64k per year now, so a combined income of £128k.

As wrong as this sounds, one of the major driving factors in the cost of houses, is the move from only having one bread winner, which was the case in the 60s, to having 2 people working in the 70s and 80s. As the number of double income couples grew, the higher the prices went up.

Of course the other factor is we now have around 11m more people in the country than in 1980 but haven't built the necessary housing stock to cater for them.
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That’s the mean average salary though isn’t it? Tends to be the median that is more used for things like this.
 
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