AIBU to ask if you could afford the house you live in?

[IamnotH]

Just had house valued for remortgage and it's transpired that we could actually afford the house we live in!

Bought in 2016 for £185k. Borrowed an extra £50k for building work. House just valued at £380k.

This isn't a stealth boast- we're an average nuclear family, 2 kids, both worlds full time. Our house isn't massive (SE)- just a normal 3 bed. It actually means we're stuck here unless we move areas which we don't want to do.

AIBU to ask if you could afford the house you live in if you were to buy it now?

No. It won’t houses are selling as quick as the signs go up. Government will prop it if it came close. They should have let it crash in 08, but now, it would be even more catastrophic to drop to where it should be

I don't think any government would be prepared to let a significant property price crash happen, tbh. There would be hundreds of thousands of people trapped in their homes for years on end, because of negative equity. If it coincided with a period of rising unemployment, a lot of people could end up losing their homes, too. The government that presided over people losing 6-figure sums, even if it wasn't "real" money, but notional value, would be scared that no-one would vote for them again.

Mind you, that didn't stop people re-electing the Tories in 1992, after property prices in the SE fell by nearly 50% over a few years and repossessions were running at the highest rate ever.

I don't think it's an unreasonable question. I'm currently renting in an aspirational area, and will be buying in a somewhat cheaper area soon if all goes well.

Yes. Bought in 2015 and we’re not in an area that’s gone nuts since then so it’s probably gone up around 20% at most. Our salaries have increased by more than that in the same time period.

Ours has gone up £178k in 18 months, so no! We've been very lucky.

I agree with you, @lightlypoached - obscene and divisive.

And desperately sad for those who will be trapped in private rented properties for their entire lives. No security if your LL decides to sell up and you can't even choose the colour of the walls most of the time.

That's no way to live imo. If we had fair rents and secure tenancies, the demand for houses to buy might fall a bit and put a stop to constant house price inflation. But I suspect it's become a cultural thing now.

Absolutely, it would be terrible for most people.
Arguably it needs to happen. But it can’t, the consequences would be truly catastrophic.

The future will be interesting, as more people rely on inheritance to buy but also the government relying on inheritance to pay for care. Renters with no pensions / not big enough pensions, unable to pay for private rent needing top ups or social housing.

Probably not, or if I could it would be stretching to my absolute max (assuming I had the same deposit as when I moved in).
I couldn't even afford to rent where I live! I never underestimate how lucky i am to have been able to buy when I did.