dudevillaisnice Posted January 13, 2021 Share Posted January 13, 2021 1 hour ago, lapal_fan said: Just looking at some properties.. when you look at the sale history, in the last 10 years house prices have gone up roughly 100%?! So a house that was worth £250k is now £500k? My wages certainly haven't gone up that much, and based on a 6x salary mortgage you'd have to earn £85k to afford it? But the house is still the same as it was, it's just 10 years older, which requires more upkeep. Houses are stupid. Too much wealth tied up in the housing market to allow it to fail or crash. Help to buy, stamp duty holiday etc all have sent the market skyrocketing. It’s wrong but the government won’t allow it to crash like other industries because majority in the commons have tied up interests within it. That’s the reality, it’s why the housing market is still open during a lockdown. I feel sorry for the future generations personally. Link to comment Share on other sites More sharing options...
Genie Posted January 13, 2021 Share Posted January 13, 2021 Many younger people on the housing ladder think it’s great that their house has gone up 10%, the problem is the more expensive house they want next has also gone up 10% which widens the gap in pounds and pence. 150k house 1, next house 180k at the same point in time the 150k House became 165k, the 180k house became 198k. Its £3,000 more than it was before the increase. Link to comment Share on other sites More sharing options...
dudevillaisnice Posted January 13, 2021 Share Posted January 13, 2021 Spot on. Also that are not on the ladder the gap will keep on getting bigger and eventually get to a point where people will give up the dream of owning a house.. personally I see it going the way of Germany. Link to comment Share on other sites More sharing options...
Rugeley Villa Posted January 13, 2021 Share Posted January 13, 2021 The housing ladder in this country is shocking . People being handcuffed to a mortgage for most of their lives isn’t how it should be. The prices new builds go for is laughable as they are built crap and are pretty small for what you’re paying. We jumped on the right to buy scheme where you buy your council house. That in itself is controversial, but I’m **** if I’m paying the prices I’d have to pay if we weren’t council tenants . It was a no brainier really . Link to comment Share on other sites More sharing options...
Genie Posted January 13, 2021 Share Posted January 13, 2021 I’ve actually see a few young people buying new build houses recently. There must be some decent schemes for them. Link to comment Share on other sites More sharing options...
Rugeley Villa Posted January 13, 2021 Share Posted January 13, 2021 2 minutes ago, Genie said: I’ve actually see a few young people buying new build houses recently. There must be some decent schemes for them. There is, but not built to last the test of time and you won’t get much for your money . Link to comment Share on other sites More sharing options...
lapal_fan Posted January 13, 2021 Share Posted January 13, 2021 4 hours ago, Rodders said: £30 MORE should have said Link to comment Share on other sites More sharing options...
lapal_fan Posted January 13, 2021 Share Posted January 13, 2021 1 hour ago, Genie said: I’ve actually see a few young people buying new build houses recently. There must be some decent schemes for them. What's the average grad wage at the moment? 21-25k I've just researched? I was on £18k as starting salary 13 years ago. So a few houses I've looked at, as I've said have almost doubled in price in 10 years, but the grad wage has gone up 15%?! What happens if the interest goes up to 5% as it was 10 years ago? There is absolutely no balance to be seen and we're skating on thin ice.. The average price for a first home in the UK is £200k (outside of london), with a 10% deposit, you're borrowing 180k. Just looked at moneysupermarket and got a 3.05% interest mortgage for 5 years, that's £860 a month. The monthly wage for a grad is £1,500. 57% of your income is gone before insurance, food, car, property upkeep etc etc etc. Whilst you're advised on most house sites like zoopla/right move to *never spend more than 35% of your income on a mortgage*.. I get the argument that not often do people move out of the family home as soon as they're graduated, and not often single people do it on their own.. but.. not many 21 year olds are in serious, long term relationships enough to trust buying a house with another person.. they're usually more focused on having a good time and getting a nice job for themselves. All whilst house prices go up a few % each month, making it even harder for them, or people moving up the ladder. Who the **** is in charge of these prices anyway? 1 Link to comment Share on other sites More sharing options...
Genie Posted January 13, 2021 Share Posted January 13, 2021 12 minutes ago, lapal_fan said: What's the average grad wage at the moment? 21-25k I've just researched? I was on £18k as starting salary 13 years ago. So a few houses I've looked at, as I've said have almost doubled in price in 10 years, but the grad wage has gone up 15%?! What happens if the interest goes up to 5% as it was 10 years ago? There is absolutely no balance to be seen and we're skating on thin ice.. The average price for a first home in the UK is £200k (outside of london), with a 10% deposit, you're borrowing 180k. Just looked at moneysupermarket and got a 3.05% interest mortgage for 5 years, that's £860 a month. The monthly wage for a grad is £1,500. 57% of your income is gone before insurance, food, car, property upkeep etc etc etc. Whilst you're advised on most house sites like zoopla/right move to *never spend more than 35% of your income on a mortgage*.. I get the argument that not often do people move out of the family home as soon as they're graduated, and not often single people do it on their own.. but.. not many 21 year olds are in serious, long term relationships enough to trust buying a house with another person.. they're usually more focused on having a good time and getting a nice job for themselves. All whilst house prices go up a few % each month, making it even harder for them, or people moving up the ladder. Who the **** is in charge of these prices anyway? In the examples I’ve seen it’s been 3 separate couples who have bought. Was it realistic 10/15 years ago that a 21 year old straight outta Uni would buy a house on their own? I don’t think much has changed in that respect. I rented with my OH for 2 years when we got together. Then bought a shared ownership house (50% ownership) on a 100% mortgage (remember those!). After 2 years the value had gone up enough for us to put a deposit down on a fully owned house. We bought the 50% share for £60k and then sold it for £75k or £80k a couple of years later. We bought a 3 bed semi for £138k. The best buy was the house we bought after that. A 4 bed detached fixer upper, bought for £172k and sold 6 years later for £272k. Link to comment Share on other sites More sharing options...
AlwaysAVFC Posted January 13, 2021 Share Posted January 13, 2021 Still waiting for our sellers solicitor to give the go ahead to arrange dates. Thought we were nearly there the other day but an update today was that a couple of enquiries still weren't answered fully Thought we'd be in, a couple of months ago. They are getting lot of pressure the other side now too, so hopefully we can get there soon. Link to comment Share on other sites More sharing options...
Seat68 Posted January 13, 2021 Share Posted January 13, 2021 20 minutes ago, AlwaysAVFC said: Still waiting for our sellers solicitor to give the go ahead to arrange dates. Thought we were nearly there the other day but an update today was that a couple of enquiries still weren't answered fully Thought we'd be in, a couple of months ago. They are getting lot of pressure the other side now too, so hopefully we can get there soon. We are in parallel. This is still where I am. Link to comment Share on other sites More sharing options...
AlwaysAVFC Posted January 13, 2021 Share Posted January 13, 2021 4 minutes ago, Seat68 said: We are in parallel. This is still where I am. Could be worse, apparently she wanted a covenant removed from her purchase but the estate agent told her she'd lose us if she decided to go for it, due to the time it would take to be sorted. Link to comment Share on other sites More sharing options...
Seat68 Posted January 13, 2021 Share Posted January 13, 2021 7 minutes ago, AlwaysAVFC said: Could be worse, apparently she wanted a covenant removed from her purchase but the estate agent told her she'd lose us if she decided to go for it, due to the time it would take to be sorted. Our problem was the chain breaking and restarting, solicitor has been quiet and found out today still an enquiry outstanding. Solicitor is going to look to provide a potential date tomorrow, and I also asked the estate agent to find out what the delays are up the chain. Link to comment Share on other sites More sharing options...
AlwaysAVFC Posted January 14, 2021 Share Posted January 14, 2021 This morning I sent an email to my solicitor and the estate agent to say we needed it sorted ASAP due to September school applications for both our girls. Not sure if it's coincidence or not but the estate agent has said that they are starting to talk dates (a few things just need to be confirmed) and was next Friday suitable for us for completion? I said I'd do tomorrow if that was even possible So, we'll see but hopefully it will be all done next week. Presuming it means exchanging and completing on same day but there's only 3 parties involved so shouldn't be too many issues. It's not like we'll be waiting down the road with a removal van either, I'll be at work. Just need the keys and we'll gradually move in. 2 Link to comment Share on other sites More sharing options...
Demitri_C Posted January 15, 2021 Share Posted January 15, 2021 21 hours ago, AlwaysAVFC said: This morning I sent an email to my solicitor and the estate agent to say we needed it sorted ASAP due to September school applications for both our girls. Not sure if it's coincidence or not but the estate agent has said that they are starting to talk dates (a few things just need to be confirmed) and was next Friday suitable for us for completion? I said I'd do tomorrow if that was even possible So, we'll see but hopefully it will be all done next week. Presuming it means exchanging and completing on same day but there's only 3 parties involved so shouldn't be too many issues. It's not like we'll be waiting down the road with a removal van either, I'll be at work. Just need the keys and we'll gradually move in. Exchanging a compleying on same day is very rare. Because if you cant complete on that day for whatever reason they can sue your solictor. Thats why solictors dont like doing it that way Link to comment Share on other sites More sharing options...
AlwaysAVFC Posted January 15, 2021 Share Posted January 15, 2021 16 minutes ago, Demitri_C said: Exchanging a compleying on same day is very rare. Because if you cant complete on that day for whatever reason they can sue your solictor. Thats why solictors dont like doing it that way We'll see. The estate agent mentioned something about 3 working days. It thought it was in response to me joking about I'm happy to complete today but maybe she meant they need 3 days from exchange to completion. Still waiting for the call to say we are going for it, so will be able to check then. It gets even more frustrating the closer it gets. Link to comment Share on other sites More sharing options...
Guest av1 Posted January 15, 2021 Share Posted January 15, 2021 Had confirmation that contracts have been exchanged today, woo hoo. I phoned the Mrs and she said 'i thought it was ours anyway' no idea of the importance of contracts Being a first time buyer I'm still stressed something could go wrong. Link to comment Share on other sites More sharing options...
Seat68 Posted January 15, 2021 Share Posted January 15, 2021 6 minutes ago, av1 said: Had confirmation that contracts have been exchanged today, woo hoo. I phoned the Mrs and she said 'i thought it was ours anyway' no idea of the importance of contracts Being a first time buyer I'm still stressed something could go wrong. Congratulations. Link to comment Share on other sites More sharing options...
Guest av1 Posted January 15, 2021 Share Posted January 15, 2021 2 minutes ago, Seat68 said: Congratulations. Thanks mate. I'm on call tonight so sadly can't celebrate with a whisky Link to comment Share on other sites More sharing options...
villakram Posted January 15, 2021 Share Posted January 15, 2021 3 hours ago, av1 said: Thanks mate. I'm on call tonight so shouldn't celebrate with a whisky 1 Link to comment Share on other sites More sharing options...
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