Average UK house price to rise 50% in just 9 years
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I hope it does crash for my own personal circumstances in around 5 years I will be ready to buy
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What about the economic reason for keeping house prices at 0% inflation like the pricedout campaign advocates?
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Been waiting for a housing crash for years but not happened. Just keep thinking won't be for a very long time now.
Original post by paul514
The average house price is set to rise by 50% in the uk by 2025
The average London house price is set to be 934k
How will you seriously be able to afford to buy a home?
When will young people start being politically active on this issue on mass??
The average wage is 26k rising about 3% a year so it will be just over 30k by the time house prices will be at this level.
Even with two median wage earners that's no more than 300k as a mortgage a third of what you will need in London! To be average.
Discuss
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The average London house price is set to be 934k
How will you seriously be able to afford to buy a home?
When will young people start being politically active on this issue on mass??
The average wage is 26k rising about 3% a year so it will be just over 30k by the time house prices will be at this level.
Even with two median wage earners that's no more than 300k as a mortgage a third of what you will need in London! To be average.
Discuss
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where did u get ur stats from??
some parts of uk have recorded a FALL in price over last 12 months
london is a unique economy not representative of UK
the crux of all this, is that wages have surpressed for far too long
banks have been willing to lend 11 or 12 times salary in past becuase they know that properties are increasing on av 8% each year so they wont lose out if you default. problem comes when government forces them to tighten lending criteria ( as they are now doing) meaning you will only borrow 3 or 4 times so you will not buy anything in london
Original post by Chakede
where did u get ur stats from??
some parts of uk have recorded a FALL in price over last 12 months
london is a unique economy not representative of UK
the crux of all this, is that wages have surpressed for far too long
banks have been willing to lend 11 or 12 times salary in past becuase they know that properties are increasing on av 8% each year so they wont lose out if you default. problem comes when government forces them to tighten lending criteria ( as they are now doing) meaning you will only borrow 3 or 4 times so you will not buy anything in london
some parts of uk have recorded a FALL in price over last 12 months
london is a unique economy not representative of UK
the crux of all this, is that wages have surpressed for far too long
banks have been willing to lend 11 or 12 times salary in past becuase they know that properties are increasing on av 8% each year so they wont lose out if you default. problem comes when government forces them to tighten lending criteria ( as they are now doing) meaning you will only borrow 3 or 4 times so you will not buy anything in london
The stats are the official ones.....
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Original post by united2000
Been waiting for a housing crash for years but not happened. Just keep thinking won't be for a very long time now.
Original post by paul514
I hope it does crash for my own personal circumstances in around 5 years I will be ready to buy
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Problem is when a crash occurs few things tend to happen
1. Lots of lay offs, job losses. For every 10% property falls you lose 30% more jobs.
2. Liquidity dries up - banks don't tend to lend as they have major losses on their books
3. People involved in property go into turmoil since they're usually leveraged too
But i don't personally see one happening especially outside of London. But give it a few more years. But regardless you need a house when you need a house!!
Hence why more are getting married later and having children later.
(edited 8 years ago)
Original post by Bill_Gates
Problem is when a crash occurs few things tend to happen
1. Lots of lay offs, job losses. For every 10% property falls you lose 30% more jobs.
2. Liquidity dries up - banks don't tend to lend as they have major losses on their books
3. People involved in property go into turmoil since they're usually leveraged too
But i don't personally see one happening especially outside of London. But give it a few more years. But regardless you need a house when you need a house!!
Hence why more are getting married later and having children later.
1. Lots of lay offs, job losses. For every 10% property falls you lose 30% more jobs.
2. Liquidity dries up - banks don't tend to lend as they have major losses on their books
3. People involved in property go into turmoil since they're usually leveraged too
But i don't personally see one happening especially outside of London. But give it a few more years. But regardless you need a house when you need a house!!
Hence why more are getting married later and having children later.
Yea but personally for me that's good I didn't mean for the rest of you
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Original post by paul514
Up or down it's all good news for me Paul.
Original post by united2000
Been waiting for a housing crash for years but not happened. Just keep thinking won't be for a very long time now.
The people that actual matter have a significant vested interest in house prices being as high as possible and staying that way. Add to that it's a nice little way to fluff up economic figures means you're right, there is no slump coming.
Original post by GO97
pffft houses are overrated anyway, double decker bus>house
Funnily I have known at least 3 people who lived in buses for extended periods of their lives (as well as a collection of medium-to-large vehicles), all seemed pretty cool in my childhood.
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