Re-wiring

[MikeJhn]

It looks like the garage entrance is down a ramp so it wouldn't take much frost to make it impassable.

It's not a family home is it? More like a small hotel designed for entertaining.

The heated driveway goes into a stack parking machine that turns the car around when you ask for it again, as you say not really a family home, but the chap who bought it has four others in various parts of the world, and just to complete the story, he paid ...£7M for the internal fittings and furniture, internal doors where all bookmatched in Walnut and if I remember correctly 3.5 meters high, oh yes the chanderlear in the dinning room cost just over £1.5M.

 

[binky]

The heated driveway goes into a stack parking machine that turns the car around when you ask for it again, as you say not really a family home, but the chap who bought it has four others in various parts of the world, and just to complete the story, he paid ...£7M for the internal fittings and furniture, internal doors where all bookmatched in Walnut and if I remember correctly 3.5 meters high, oh yes the chanderlear in the dinning room cost just over £1.5M.

and so many people can't even afford to rent!

 

[MikeJhn]

If they can't afford to rent where are they living?

On the news tonight was a comment that "the mortgage rate had soured to over 6.6%" when I took out my first mortgage is was 8.58% and went up to over 16% at one point my repayments where over 75% of my take home pay.

This will not be popular, but I know people who say they can not afford to rent and live off the bank of Mum and Dad, but have mobile phone and sky packages, it's a question of priorities.

 

[binky]

If they can't afford to rent where are they living?

On the news tonight was a comment that "the mortgage rate had soured to over 6.6%" when I took out my first mortgage is was 8.58% and went up to over 16% at one point my repayments where over 75% of my take home pay.

This will not be popular, but I know people who say they can not afford to rent and live off the bank of Mum and Dad, but have mobile phone and sky packages, it's a question of priorities.

we used to have affodable council houses, until somebody sold them off.

have a read, it's interesting, but currently we are looking at about 10 times the average wage. I could not afford the house we have now.

https://www.schroders.com/en-gb/uk/...us-about-house-price-affordability-in-the-uk/

 

[sirsparkabit]

Eeeee we had hot gravel for tea ,lived in shoebox on side t Road

 

[MikeJhn]

You where lucky, no luxurious like hot gravel for us, or a shoe box, or a Road.

@binky Bit skewed that data, when I took out our first mortgage you where only allowed 2.5time your combined wage, that data does not seem to take that into account and even then the mortgage would generally not be 100% of the house cost.

 

[Geoff1946]

[Bit skewed that data, when I took out our first mortgage you where only allowed 2.5time your combined wage, that data does not seem to take that into account and even then the mortgage would generally not be 100% of the house cost.]

It's not just the starting point of the mortgage though, it's what inflation subsequently does and how the bank rate changes. We had quite a hard time in the 70s, trying to keep up!

 

[binky]

You where lucky, no luxurious like hot gravel for us, or a shoe box, or a Road.

@binky Bit skewed that data, when I took out our first mortgage you where only allowed 2.5time your combined wage, that data does not seem to take that into account and even then the mortgage would generally not be 100% of the house cost.

it wasn't the graphic I was actually looking for, but interesting either way.

When we bought our first house, roughly 30 years ago, we were earning roughly £30k between us, and the house was £50k, 1.6 times our earnings. Mid terrace Victorian 3 bed in a half decent area. Same house is now around £300k, 3.75 times our earnings, and about the most we have ever earned combined is about £80k. We moved about 20 years ago, and current house is now around £350k 4.4 times our earnings. That's a huge difference, and not unique to us.

We always over paid the mortgage and got rid of that around 5 years ago. Trouble is we have had artificially low interest rates for so long peole have got used to it, plus house prices have been fuelled by 'interest only' mortgagaes, lenders offering 30 years to pay and 5 or 6 times earnings, and few government bits of tinckering. The other thing not really mentioned is the increasingly large population of the UK pushing housing demand up. With net legal migration running at a city the size of Plymouth nearly every year for over a decade, it's no surprise there's a housing shortage and therefore increasing prices. UK population when I was born was around 52million, it's now officially 67 million - 28% increase. I'm not against migration per se, but, it certainly explains a lot of the UKs woes in my opinion.

 

[binky]

[Bit skewed that data, when I took out our first mortgage you where only allowed 2.5time your combined wage, that data does not seem to take that into account and even then the mortgage would generally not be 100% of the house cost.]

It's not just the starting point of the mortgage though, it's what inflation subsequently does and how the bank rate changes. We had quite a hard time in the 70s, trying to keep up!

I remember the day interest rates hit 16%, fortunately that was only for about 2 days. The only good thing about inflation, provided wages kept up, was that it undermined the value of your debt. Now it seems the Bank of England regards pay keeping up with inflation as something to be punished. I could understand that if everyone was out buying Range Rovers and loading debt on credit cards to but Gucci handbags, but as todays inflation pressures come from outside the UK (plus Brexit), I really don't see how they justify this blunt tool the hurts working people who are striving for a (better) life. Causing a recession helps nothing that I can think of for the vast majority of people in the UK. The only sensible explanation I have heard was some economist on the TV pinting out what the banks are really doing is expecting far more defaults on loans and mortgages, so they charge us all money to cover their losses - thanks banks, who bailed you out in 2008?

 

[Murdoch]

we used to have affordable council houses, until somebody sold them off.

The UK has had a few governments since those days and none of them have reversed the policy - so from where I sit they are ALL to blame.

House prices really took off after the GE of 1997 when the lending rules were relaxed massively

Around here its about £200K for a 1 bed flat - so most people have absolutely no hope of buying

 

[Andy™]

The UK has had a few governments since those days and none of them have reversed the policy - so from where I sit they are ALL to blame.

if its not going to be a benefit to them, of course they won't do anything

 

[binky]

The UK has had a few governments since those days and none of them have reversed the policy - so from where I sit they are ALL to blame.

House prices really took off after the GE of 1997 when the lending rules were relaxed massively

Around here its about £200K for a 1 bed flat - so most people have absolutely no hope of buying

yep, we've basically had 40 years of the same old *****, the correct term for which is neo-liberalism - google it, it sums up what's happened.

Found this, which is interesting as many in the Labour party regard Blair as basically right of centre

https://thelabourcampaignforcouncil...lenders,productive investment in the economy.

 

[Murdoch]

yep, we've basically had 40 years of the same old *****, the correct term for which is neo-liberalism - google it, it sums up what's happened.

Found this, which is interesting as many in the Labour party regard Blair as basically right of centre

https://thelabourcampaignforcouncil...lenders,productive investment in the economy.

And I suspect nothing is likely to change anytime soon, and dare I say in my lifetime .............. despite the likely change of Government next year

They are ALL useless muppets without a clue

 

[MikeJhn]

The old adage that an "Englishman's house is his castle" fuelled families to aspire to own their own house, the majority of over the pond Europeans rent.

 

[binky]

The old adage that an "Englishman's house is his castle" fuelled families to aspire to own their own house, the majority of over the pond Europeans rent.

I totally get the desire to own your own home, a fella I see out walking our dogs has just been given an eviction order by his landlord. He's been in the flat 17 years and is now trying to find somewhere to rent that will take dogs - it's going to be very hard for him.

Not sure if europe has lots of 'council homes' to rent?

 

[Andy™]

has just been given an eviction order by his landlord. He's been in the flat 17 years and is now trying to find somewhere to rent

meanwhile the landlord has probably had the mortgage paid off and the house is fully his, yet the one paying for it has nothing

 

[MikeJhn]

Landlords can not just evict someone, either the tenant has miss behaved or the legal process is not being followed.

Main land Europe is a leader in social housing.

 

[binky]

Landlords can not just evict someone, either the tenant has miss behaved or the legal process is not being followed.

Main land Europe is a leader in social housing.

Section 21, eviction notice, it's all legal and above board. Landlord may well just want to retire by selling off his property portfolio. Simple fact is we don't know why they want the tennant to leave, but many down here have worked out Air B&B is far more lucrative.

So mainland Europe still has lots of affordable rental properties, very sensible in my opinion.

 

[MikeJhn]

So mainland Europe still has lots of affordable rental properties, very sensible in my opinion.

It's also where the majority of European riots happen, which seem to be on the increase recently, and nothing to do with housing.

 

[binky]

It's also where the majority of European riots happen, which seem to be on the increase recently, and nothing to do with housing.

That's immigration issues, the few coming over here in boats are the tip of the iceberg in the rest of Europe.