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Can you afford to buy a house?

  • No problem, I already have one and im financially comfortable

    Votes: 0 0.0%
  • I cant afford to buy a new house, im still renting!

    Votes: 0 0.0%
  • I can afford it, im just waiting for the right property...

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  • Buy? House? No way, thats impossible for me...

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  • Im still at home with my parents, lifes cheap and my washing is done. Sorted :)

    Votes: 0 0.0%
  • I have a house, its darn expensive. Im struggling to make ends meet :(

    Votes: 0 0.0%
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Discussion Starter · #1 ·
As from BBC.co.uk

Every town in the UK has an average house price above £100,000 for the first time ever, according to Halifax.

The town in Britain with the cheapest property is Lochgelly in Fife, where the average home costs £104,738.

The average house price for the whole of the UK passed £200,000 for the first time in February this year.

A north-south divide has re-emerged, with London prices rising 14.9% over the past year while average houses in the north of England have risen 5.6%.


For more about the story go to: http://news.bbc.co.uk/1/hi/business/6581737.stm

This is the reason why I still live at home! There is no way I can afford a house, especially at these prices. How is everyone else finding it?

Poll time again :D
 

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Discussion Starter · #3 ·
LOL I should have added that option in the poll,

Im really interested to see what the majority of people that use the forum say, there are a lot of people with good jobs roam around :D I have a good job, I still cant afford it though :(
 

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You need an option of

'Own house but really can't afford it and might have to sell'

That would be me, brought the house 3 years ago and unfortunately have alot of debt and no equity and am struggling to pay the bills each month, despite working two jobs
 
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Did you watch the rich list last week I am sure it had the UK's most expensive garage at £300,000

Think the most expensive house was £30 million
 

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Discussion Starter · #7 ·
Did you see that house bought in the 60s for £10k, and sold in 2005 for £2.2M?

Somewhere in Dorset, talk about profit! I think its sad because most of our wages are not high enough to cover inflation. I think its going to get to a stage where people just arent buying anymore as its just not possible. Unless we all live in Bulgaria LOL
 

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I've made over £120k on my place since I moved in 5 years ago! :D Been making over payments on the mortgage too, should have it paid off in about 6-7 years :D

So by the time I'm 35, I'll be mortgage free on a ~£300k house!! Woohoo!

By then I'll be in a position to buy another 2 or 3 houses. Your cash is more secure in 'bricks & mortar' than any kind of pension scheme ;)
 

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Sort of a cross between two for me, I have a house and it's hard work affording it although if I hadn't bought the LCR it wouldn't be! (20k service, 4 Goodyears and tax this month). I also moved my parent's in downstairs a few years back so that they could sell their place and enjoy the cash instead.

So I get the washing and cooking done some of the time and have the novel experience of chasing my dad for his keep once a quarter :biggrin9gp: instead of him chasing me which happened for years!
 

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I managed to get a flat 2 years ago with my partner and we make a good profit off plan too. We now have a medium two bedroom house but its costing us a lot.

I just don't see how people are meant to start out these days!

Good luck to those out there trying.

Si
 

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Have to admit, although I am comfortable affording my property now, I'm lucky I bought it when I did.

If I were just starting out in the property market, to buy my house now I'd need a £75k deposit with a £150k (most I could borrow... I think!) mortgage, which would be impossible!

I'd more likely be looking at a 2 bed semi, or a 3 bed semi in a 'cheaper' area :(

I guess it doesn't help that there aren't many decent paid jobs around these days either. Plus, there's no such thing as 'job security' these days, not like 30 years ago where you had a 'job for life'.
 
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My Dad bought a ex council house down the road from me for £66,000 in 2003 and its now worth £104,000 not bad loL!
 

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I bought my first house about 5 years ago and paid £140k for it. I sold that house and moved to a house that cost £200k just over two years ago. My neighbour has just sold his house (exactly the same as mine). Was on the market 4 days and they got the asking price of £250, so hopefully my house is worth about the same.

I have about £130k mortgage left and that takes a chunck of cash every month but I think we are pretty comfortable.
 

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There was program the other day about city boys and the large bonuses they get. They mentioned an interesting fact. The top 1% of Britains wealthiest own a quater of all property in England.
And they have had a major hand in soaring property prices in and around London, as they try to 'out do' each other, as they can afford to spend millions.
 

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We bought our place for £96.5k 5 years ago, and now its worth £150+. We're currently comfortable financially, but will be looking to buy a new place worth around £250k sometime at the end of this year or next. A bit more a stretch than it is now, but should be do-able and that will then become our 'home for life' unless we need to move if we change jobs, so like our current house, it'll be a bit of a push for the first year, but should be fine after that. Dunno what we'd be doing now about a house if we hadn't bought when we did though :(
 

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Discussion Starter · #16 ·
I feel left out :( The way house prices are going I wont be able to afford anything when its my time to buy. I dunno whether to move somewhere else in the country that pays better wages, but then I suppose your in the territory of everything costing more...
 

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The housing market will slow down shortly I think, interest rates are almost certainly going up next month and more than likely the month after. Thats going to hit people hard who have stretched themselfs on variable rate mortgages. I don't think the market will crash however.

We've just sold our house making a scary profit in the 30 months we lived here however it is all imaginary as the "profit" needs to be fired into the deposit on the next house which will have went up a similair value over the period. Our plan is the current house we are moving to is going to hopefully be the last one we buy for life.

In my area there is still plenty of houses/flats available for under 100k however they do sell quickly. A lot of reports say that houses are less affordable now however I read a interesting article that showed that the cost of a mortgage today even although for a much higher amounts is still costing the same as 10 years ago with around 25-35% of the total house hold income going towards the mortgage payments due to lower interest rates and higher wages.
 

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A lot of my family are now mortgage free thanks to crazy interest rates back in the 80's, when they went up to around 15%. Obviously they struggled for a while, but got used to paying a higher amount. When the interest rates dropped, they carried on paying the higher amount and paid it off early.

Kinda what I'm trying to do - I have better things to do with my money than give the bank tens of thousands in interest! Once it's all paid off, my money is all mine! :) That's the plan anyway :p: lol

At the beginning of the year I had to increase my over payments again :( When I took out my mortgage (variable rate, capital repayment) I had an £85 p/m overpayment, which over the last few years, has been eaten up by the ~3% increase in interest rates.

At the end of the day, interest rates are going up, but they're still only half of what (most of) our parents had to pay back in the 80's.
 

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We bought our place in Plymouth just under a year ago for £113500. 100% mortgage with HSBC on a special graduate service (we're both teachers). A house 1 street across that is identical sold for £125000!!! £11.5k in less than 12 months.
 
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