When we bought our first home the most we were permitted to borrow was 2.5 times joint income and I wasn't prepared to stretch our finances that far.
Exactly as I did. And as it should be. Banks have just given folk more money than they can ever , realistically afford to repay.
The unfortunate consequence of historic low interests rates means (at least where I live) it costs more to rent a house than it does to pay a mortgage on one. One of my sons rents and pays £19,000 a year for a 3 bedroom house, my daughter has a mortgage on a 3 bedroomed house and pays a mortgage of £13,000 a year.
Obviously when your rent is £19,000 a year you cant save the deposit .An average 3 bedroomed house here is about £550,000.
Throw in those with money looking for a return on their funds and buy to let has all but priced the kids out of owning their own home.
Capitalism has simply been allowed to go to far in favour of the already well off.
'The power of accurate observation .... is commonly called cynicism by those that have not got it.
Similar in France with house prices rising in areas accessible to Paris via TGV. Loads of Parisians escaping to 2nd homes or holiday cabins or gîtes are looking to make that permanent. The Vendée is already a top destination for retirees looking to relocate.
Fine, but they bring their bad city driving and manners too......
Vendée - 20kms from Atlantic coast.
"The price good men (and women) pay for indifference to public affairs is to be ruled by evil men (and women)."
Yes house prices in my area have been moving ever upwards as we are just the right side of Paris to be in the office in an hour if necessary, but out in countryside in 5 minutes the other direction! Been living here 30 years and never been able to get that sought after deposit!
Marne la vallée, basically just outside Paris 🇫🇷, but definitely Scottish at heart.
Talking of bad manners. What a shame that dandelions and buttercups cannot be a little more circumspect in their attempts at garden domination. They should take a leaf out of the daisy's book and then we might live together in harmony.
London / Home Counties having crazy house prices is nothing new. Well over 30 years ago I was on a course and was chatting to a guy who was in this 30s and still lived at home. He worked in central London and said there was no way he could afford a house in the local area, and if he moved far enough out to be able to afford the property he couldn't afford to commute into London.
My cousin once bought a one bed flat for over £500k might have been a million in London back when a 4 bed house up north was still about £30k in a decent area too. I think it was nearly 40 years ago and was of the shoebox size. Still, when kids came along it got exchanged for a nice Cambridgeshire three or four bed house with a lot of change. Still, two bankers on bankers salary, things were affordable for them.
Why has the BBC become the football channel? They spent the first half of the main news going on about this proposed new super league, then did the same on the regional news. I REALLY DON'T CARE.
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“It's still magic even if you know how it's done.”
The unfortunate consequence of historic low interests rates means (at least where I live) it costs more to rent a house than it does to pay a mortgage on one. One of my sons rents and pays £19,000 a year for a 3 bedroom house, my daughter has a mortgage on a 3 bedroomed house and pays a mortgage of £13,000 a year.
Obviously when your rent is £19,000 a year you cant save the deposit .An average 3 bedroomed house here is about £550,000.
Throw in those with money looking for a return on their funds and buy to let has all but priced the kids out of owning their own home.
Capitalism has simply been allowed to go to far in favour of the already well off.
'The power of accurate observation .... is commonly called cynicism by those that have not got it.
George Bernard Shaw'
Apparently the most searched places on Zoopla are
1, Cornwall
2, Dorset
3, Devon.
Fine, but they bring their bad city driving and manners too......
Not to mention the mumbling speech.