Mortgage deal ending

meltonblue said:
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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This is what the Gov uses for a couple of things regarding planning and affordable housing:

House price to workplace-based earnings ratio - Office for National Statistics

Affordability ratios calculated by dividing house prices by gross annual workplace-based earnings. Based on the median and lower quartiles of both house prices and earnings in England and Wales.
www.ons.gov.uk

I don't know why they use Workplace Based instead of Residence based (which they also produce) when looking at "local pressures".

House prices more than doubled when compared to household income in 25 years, however Manchester almost trebled 2.3 : 1 to 6.75 : 1 from 1997 to 2022.
 
Corky said:
He never got his Bank, he seems to operate in the credit union space, but not as high interest or the geographical bond restriction.
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I might subscribe to Netflix just to watch his film. Something tells me just to like the guy. He started with nothing.
 
Houses round us aren’t selling at all, they used to be snapped up within weeks, I think a lot of people are going to be in big trouble soon sadly.
 
This country's obsession with home ownership is the underlying problem. As with so many things in England, it's partly a class thing. Renters, and particularly council house dwellers are looked down on. So everyone wants (in principle) to buy a house, the bigger the better.

We don't buy houses just to live in but to make money. This has been a good gamble for years. My house was 64500 when I bought it and is now, theoretically, worth over 300k. An increase well above inflation, or salary levels. Great, but common sense tells you this cannot go on in perpetuity. There has to be some reasonable ratio between a typical salary and the price of a typical house. We are already stretching things to the limit. Mortgages to age 80? You'd better have a fucking good pension, and such pensions aren't as common as they once were.

We, as a country, invest far too much in houses and not nearly enough in industry. This is a bit like spending £400 a week on bread and 25p on milk. It's just not rational.

The problem is there is a dire shortage of affordable rental properties with secure tenancies. So the only way to be secure is to buy. Until some government cottons onto this and promotes the obvious answer, this impossible spiral in housing will continue.
 
BrianW said:
This country's obsession with home ownership is the underlying problem. As with so many things in England, it's partly a class thing. Renters, and particularly council house dwellers are looked down on. So everyone wants (in principle) to buy a house, the bigger the better.

We don't buy houses just to live in but to make money. This has been a good gamble for years. My house was 64500 when I bought it and is now, theoretically, worth over 300k. An increase well above inflation, or salary levels. Great, but common sense tells you this cannot go on in perpetuity. There has to be some reasonable ratio between a typical salary and the price of a typical house. We are already stretching things to the limit. Mortgages to age 80? You'd better have a fucking good pension, and such pensions aren't as common as they once were.

We, as a country, invest far too much in houses and not nearly enough in industry. This is a bit like spending £400 a week on bread and 25p on milk. It's just not rational.

The problem is there is a dire shortage of affordable rental properties with secure tenancies. So the only way to be secure is to buy. Until some government cottons onto this and promotes the obvious answer, this impossible spiral in housing will continue.
Click to expand...
Rent control should come in as well, people paying more than a mortgage is unreal.
 
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