House Prices and the economy - according to the boe

Dis86 said:
Not even that, it simply rewards those who existed in the past and weren't even productive. So many people hit up right to buy and now have ex-council houses worth hundreds of thousands.
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Right to Buy has been one of the biggest disasters of social policy in my lifetime, it beggers belief they are continuing with it, let alone extending it
 
Not so easy, as I run a Ltd company that has been trading less than a year, so they won't accept that as stable income.

Also flats are fine for us, but we have a dog, so we need our own garden.

There's some affordable houses down a place called Meadgate, but it's the worst area of Chelmsford. You would not want to live/bring up children there.
 
Freakbro said:
Right to Buy has been one of the biggest disasters of social policy in my lifetime, it beggers belief they are continuing with it, let alone extending it
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Completely agree even thiugh some of my family have benefited from it. All too often those that benefited were the ones that didn't need the help.
 
antijoke said:
Those of us who can’t afford to get a deposit are eternally ******.
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I remember when I bought my first house in 2001 (I think), the bank I got a mortgage with had a product where they gave you a loan for the deposit and made the mortgage interest only for the first 3 years while you paid that off. It's crazy the stuff that banks used to get away with, but it certainly made 'getting on the ladder' easier.
 
antijoke said:
Those of us who can’t afford to get a deposit are eternally ******.
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as broken as the housing market is, this just isn't an issue with 95% mortgages and/or shared ownership. which is why prices continue to rise. it really isn't that hard getting a deposit together when you need so little.

there's even 100% mortgages if your parents can put 10% "deposit" into a savings account for 3 years.
 
Glaucus said:
as broken as the housing market is, this just isn't an issue with 95% mortgages and/or shared ownership. which is why prices continue to rise. it really isn't that hard getting a deposit together when you need so little.

there's even 100% mortgages if your parents can put 10% "deposit" into a savings account for 3 years.
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A shared ownership property I looked at for £109,000 (50% share) required a 10k deposit. This was a little over 12 months ago from memory.

FishFluff said:
I remember when I bought my first house in 2001 (I think), the bank I got a mortgage with had a product where they gave you a loan for the deposit and made the mortgage interest only for the first 3 years while you paid that off. It's crazy the stuff that banks used to get away with, but it certainly made 'getting on the ladder' easier.
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Indeed, I wish I would've jumped then, but sadly I wasn't in the job I am in now.
 
antijoke said:
A shared ownership property I looked at for £109,000 (50% share) required a 10k deposit. This was a little over 12 months ago from memory.
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5% are available for shared ownership and 10k is not hard to save up over a few years especially with the lifetime isa.
 
Glaucus said:
5% are available for shared ownership and 10k is not hard to save up over a few years especially with the lifetime isa.
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Well my cirumstances the best the mortgage advisor could get was a 10% deposit, yes I could've gone to different ones to see what they could've offered but I didn't as I didn't have 10K.

The way things are with cost of living increasing it would longer than a few years to save that amount, kids and family aint cheap these days, and costs of everything else are rising.
 
Glaucus said:
as broken as the housing market is, this just isn't an issue with 95% mortgages and/or shared ownership. which is why prices continue to rise. it really isn't that hard getting a deposit together when you need so little.

there's even 100% mortgages if your parents can put 10% "deposit" into a savings account for 3 years.
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Parents lol :D

Glaucus said:
5% are available for shared ownership and 10k is not hard to save up over a few years especially with the lifetime isa.
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You can't say it isn;t hard for people to save up when you don't know their circumstances.

I'm trying to clear 3k of debt (which is nothing in the grand scheme of things) and even doing that is going to take me a while, let alone save up 10/20k
 
Glaucus said:
5% are available for shared ownership and 10k is not hard to save up over a few years especially with the lifetime isa.
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Ability to save and reality of saving are two very different things that are unique to each and every individual. I earn well above the average, and very well for my age, yet due to my personal circumstances I can't exactly say I'm swimming in money at the end of every month...
 
Glaucus said:
so you are only looking at 400k houses then.
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Not at all, I'd happily live in a 2 bedroom house with a garden but mortgage companies won't accept a director of a company that hasn't filed first year accounts yet so they want a 15-20% deposit.

I also have a 9K car loan for another 3 years, so they take that off what they would lend.
 
VincentHanna said:
Not at all, I'd happily live in a 2 bedroom house with a garden but mortgage companies won't accept a director of a company that hasn't filed first year accounts yet so they want a 15-20% deposit.

I also have a 9K car loan for another 3 years, so they take that off what they would lend.
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both of these points don't require a large deposit, it requires a bit of forethought. you could just wait a couple of years until you have filled a few years.
 
According to Rightmove, house prices in my area have risen 26% since 2014. They are going up faster than I can save.

In "a few years" they will be even further our of reach.
 
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