Nationalism (8 Viewers)

[Alan Dugdales Moustache]

How would that be relevant?

How readily available were loans in the 1960-80s compared to now ?

 

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[Brighton Sky Blue]

Wow. Weren't houses cheap in the 1960s and even the 1970s. I could buy a whole street on today's salary of £20,000 a year. Carpets 2 shillings a square yard an' all.

What is your point?

 

[Brighton Sky Blue]

How readily available were loans in the 1960-80s compared to now ?

Do you mean mortgages or any loans?

 

[Grendel]

The amazing thing is most people on here seem to be envious of those who lived in the thatcher era

 

[Alan Dugdales Moustache]

Take the cost of a house in the 60s and divide by two

What's your point ? Houses were stillexpensive in the 1960s . Everyone had a mortgage.

 

[Alan Dugdales Moustache]

Do you mean mortgages or any loans?

Not mortgages. Most people had a mortgage.

 

[Brighton Sky Blue]

Not mortgages. Most people had a mortgage.

Well that's what I'm on about since we were talking about buying houses

 

[Alan Dugdales Moustache]

Well that's what I'm on about since we were talking about buying houses

You mentioned "credit" which usually refers to non mortgage loans. Credit may be more difficult to come by since 2008, but it was never that easy to come by up until the end of the 1980s.

 

[Brighton Sky Blue]

You mentioned "credit" which usually refers to non mortgage loans. Credit may be more difficult to come by since 2008, but it was never that easy to come by up until the end of the 1980s.

I meant mortgages.

 

[Grendel]

I meant mortgages.

Nearly 40% of people 25 -34 have a mortgage?

 

[Brighton Sky Blue]

Nearly 40% of people 25 -34 have a mortgage?

I'm one of them. What is also awkwardly true is that home ownership among that age group is much lower than in previous decades and more of them rent than buy. You also can't really argue with the fact that house prices have soared and mortgages are not offered on anything like the generous terms they once were.

 

[Grendel]

I'm one of them. What is also awkwardly true is that home ownership among that age group is much lower than in previous decades and more of them rent than buy. You also can't really argue with the fact that house prices have soared and mortgages are not offered on anything like the generous terms they once were.

Bring back thatcher

 

[Brighton Sky Blue]

Bring back thatcher

Deregulation of and over reliance on financial services is what caused 2008. The greed is good mentality she encouraged has helped to foster the vain materialism you and others seem to take issue with.

Or are we now accepting that home ownership has fallen sharply among those under 45 while the % of them renting has increased, concurrent with a surge in house prices among other things?

 

[Grendel]

Deregulation of and over reliance on financial services is what caused 2008. The greed is good mentality she encouraged has helped to foster the vain materialism you and others seem to take issue with.

Or are we now accepting that home ownership has fallen sharply among those under 45 while the % of them renting has increased, concurrent with a surge in house prices among other things?

this is now a low interest society and it has its benefits and its negatives - I think you would be happier now having a mortgage than 1990 - you wouldn’t have coped.

 

[Alan Dugdales Moustache]

Bring back thatcher

I exercised my right to buy under Maggie back in the 80s.

 

[Alan Dugdales Moustache]

Deregulation of and over reliance on financial services is what caused 2008. The greed is good mentality she encouraged has helped to foster the vain materialism you and others seem to take issue with.

Or are we now accepting that home ownership has fallen sharply among those under 45 while the % of them renting has increased, concurrent with a surge in house prices among other things?

What's the population in the UK now compared with 1970 I wonder ? I'm assuming availability of property has not kept pace with population growth. I've always assumed that but never really checked.

 

[Brighton Sky Blue]

this is now a low interest society and it has its benefits and its negatives - I think you would be happier now having a mortgage than 1990 - you wouldn’t have coped.

I wouldn't have needed as large a mortgage in the first place

 

[Brighton Sky Blue]

What's the population in the UK now compared with 1970 I wonder ? I'm assuming availability of property has not kept pace with population growth. I've always assumed that but never really checked.

It'll be a contributing factor that would seem to support what I'm saying. You could also look at the impact on the housing market of around 100,000 divorces a year

 

[Grendel]

I wouldn't have needed as large a mortgage in the first place

Mine was £30,000 and the payments almost doubled in a year And the house value collapsed by 12% negative equity and all that. Lovely entitled days though

Crash course: What we learnt from the 1980s

House prices are falling. Repossessions are up. So are we heading for another recession? Four experts who survived the last big crash explain why 2008 should not be the year of a similar meltdown. Interviews by Phil Thornton

www.google.co.uk

 

[Brighton Sky Blue]

Mine was £30,000 and the payments almost doubled in a year And the house value collapsed by 12% negative equity and all that. Lovely entitled days though

Crash course: What we learnt from the 1980s

House prices are falling. Repossessions are up. So are we heading for another recession? Four experts who survived the last big crash explain why 2008 should not be the year of a similar meltdown. Interviews by Phil Thornton

www.google.co.uk

Mine is £250,000

 

[Grendel]

Mine is £250,000

means nothing though as the house is worth far more. In the end it’s monthly payments to income that matters and just imagine if those rates went to 16%

 

[Brighton Sky Blue]

means nothing though as the house is worth far more. In the end it’s monthly payments to income that matters and just imagine if those rates went to 16%

It does mean something as it took us longer to save for the higher deposit that is generally required now compared to pre-2008. The salient facts are that the % of people below 45 owning a house has gone down sharply, the % renting has gone up. The empirical data would seem to show that it's harder to buy a house now for younger people than their counterparts decades before.

 

[Grendel]

It does mean something as it took us longer to save for the higher deposit that is generally required now compared to pre-2008. The salient facts are that the % of people below 45 owning a house has gone down sharply, the % renting has gone up. The empirical data would seem to show that it's harder to buy a house now for younger people than their counterparts decades before.

That’s mainly because of scrutiny of lenders so repossessions are a lot less which is surely a good thing - some houses in Coventry look really cheap?

Rightmove.co.uk

Search over a Million properties for sale and to rent from the top estate agents and developers in the UK

www.rightmove.co.uk

 

[Brighton Sky Blue]

That’s mainly because of scrutiny of lenders so repossessions are a lot less which is surely a good thing - some houses in Coventry look really cheap?

Rightmove.co.uk

Search over a Million properties for sale and to rent from the top estate agents and developers in the UK

www.rightmove.co.uk

We were paying £875 a month in rent for a 2 bed terraced house in Stoke. Renting generally costs a higher % of people's income than mortgage payments which makes it more difficult to put money aside for a deposit. It's a good thing that daft mortgages are a thing of the past but it's just one part of the picture of fewer people in permanent employment, high house prices and more people privately renting than before

 

[Alan Dugdales Moustache]

I'm one of them. What is also awkwardly true is that home ownership among that age group is much lower than in previous decades and more of them rent than buy. You also can't really argue with the fact that house prices have soared and mortgages are not offered on anything like the generous terms they once were.

I wonder what percentage of those who rent actually do not want a mortgage and are quite happy to rent. I suppose back in my dad's day everyone wanted to buy. Renting was far less common than it is now.
With less jobs for life and lower security there must be a fair number who actually prefer to rent and perhaps some who could even afford to buy but don't want to.

 

[Brighton Sky Blue]

I wonder what percentage of those who rent actually do not want a mortgage and are quite happy to rent. I suppose back in my dad's day everyone wanted to buy. Renting was far less common than it is now.
With less jobs for life and lower security there must be a fair number who actually prefer to rent and perhaps some who could even afford to buy but don't want to.

I'm happier paying my own mortgage than someone else's.

 

[Alan Dugdales Moustache]

I'm happier paying my own mortgage than someone else's.

And I bet your landlord is probably on a low interest only deal as well.

 

[Brighton Sky Blue]

And I bet your landlord is probably on a low interest only deal as well.

I don't know if he was, I do know he charged nearly £900 a month for a small house with a mouse infestation

 

[Deleted member 5849]

That’s mainly because of scrutiny of lenders so repossessions are a lot less which is surely a good thing - some houses in Coventry look really cheap?

Rightmove.co.uk

Search over a Million properties for sale and to rent from the top estate agents and developers in the UK

www.rightmove.co.uk

Some garages, a flat in a boarded up block, a fair few shared ownership...

 

[Sky_Blue_Dreamer]

I’ve got a mortgage until I’m 68 and had one since I was 26

Because you've chosen to change your house to a bigger, more expensive one. You've made the choice to continue having a mortgage. What age would you have paid the mortgage of your very first house off by?

 

[clint van damme]

can't believe the last couple of pages of this thread haven't enticed Astute to break cover.

 

[Sky_Blue_Dreamer]

means nothing though as the house is worth far more. In the end it’s monthly payments to income that matters and just imagine if those rates went to 16%

So the mortgage is over 8 times larger than yours. So are his wages over 8 times more than yours were at the time? Can't do a direct comparison without asking personal information of you both regarding earnings so if we take the average annual income of £35k for today, that would mean wages would have to have been around £4,200 at the time you bought your house to be equivalent. Now I don't know what age you are so I've no idea when you got your first mortgage but you seem to be talking around the Thatcher era so I looked it up and the average UK salary in 1980 was £5,720 and in 1985 was £8,890 (non London)

So if you bought in 1985 the average earnings were over double what the equivalent house price rise has been.

Or put it another way the equivalent mortgage as a percentage of average wages would've been £41k in 1980 and £63,500 in 1985

 

[Brighton Sky Blue]

So the mortgage is over 8 times larger than yours. So are his wages over 8 times more than yours were at the time? Can't do a direct comparison without asking personal information of you both regarding earnings so if we take the average annual income of £35k for today, that would mean wages would have to have been around £4,200 at the time you bought your house to be equivalent. Now I don't know what age you are so I've no idea when you got your first mortgage but you seem to be talking around the Thatcher era so I looked it up and the average UK salary in 1980 was £5,720 and in 1985 was £8,890 (non London)

So if you bought in 1985 the average earnings were over double what the equivalent house price rise has been.

Or put it another way the equivalent mortgage as a percentage of average wages would've been £41k in 1980 and £63,500 in 1985

Average annual salary is £27k I think.

 

[Grendel]

Because you've chosen to change your house to a bigger, more expensive one. You've made the choice to continue having a mortgage. What age would you have paid the mortgage of your very first house off by?

No I used an extended mortgage for other reasons and cashed an endowment in for an investment - all about choices

 

[Evo1883]

My dad purchased his house for 16,000 and sold it for well over 200,000 about 18 years later... That kind of equity will rarely be made again