Alan Dugdales Moustache
Well-Known Member
How readily available were loans in the 1960-80s compared to now ?
How readily available were loans in the 1960-80s compared to now ?How would that be relevant?
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.
How readily available were loans in the 1960-80s compared to now ?
What's your point ? Houses were stillexpensive in the 1960s . Everyone had a mortgage.Take the cost of a house in the 60s and divide by two
Not mortgages. Most people had a mortgage.Do you mean mortgages or any loans?
Not mortgages. Most people had a mortgage.
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.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.
I meant mortgages.
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.
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?
I exercised my right to buy under Maggie back in the 80s.Bring back thatcher
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.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.
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.
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
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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%
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 UKwww.rightmove.co.uk
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.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.
And I bet your landlord is probably on a low interest only deal as well.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.
Some garages, a flat in a boarded up block, a fair few shared ownership...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 UKwww.rightmove.co.uk
I’ve got a mortgage until I’m 68 and had one since I was 26
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
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?
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