to think all this nonsense about house prices being too high is just that - Nonsense!

[RazahFluffy]

DH and I have long been in the property game. We actually met whilst working as Estate Agents back in 1999!

I've seen a lot in my time as an agent - 2008/2009 were a bit of a blip, but overall, there's one thing I've always had faith in, and that's bricks and mortar and that prices always go up. They aren't making more land after all 😁

As well as working in property, we've got a few of our own. We started off as accidental landlords after we got together and kept both our homes to rent out when we decided it was time to move in together and find a place of our own. Over time we've added a few more to the portfolio.

We are lovely landlords. We let our tenants have our houses as their homes, and we like to do little things like send them Christmas hampers, and know their birthdays so we can send a card and usually a Pizza Express voucher.

Anyway, there's a lot of rubbish being written recently about interest rates and the economy affecting the market. Nothing could be further from the truth where we are!

It's still buoyant and the buyers registering at the agency are no different to usual - excited to either 'get on the ladder' or move to their next step towards their eventual forever home😊Vendors are still confident. They agree with us that houses are actually a bit too cheap, all things considered because inflation is quite high.

The one thing I'd have to say is if you can't afford a mortgage at the moment - think about your expectations. You might have thought previously that you could afford a 4 bed, but if you can only get a 3 bed for now is that really so bad? First time buyers especially I feel need to be realistic!

Property always goes up and it's no different now. We're really confident and having seen it all in this game, we really think it's time to believe in the market💪

They didnt save 7k, in the 90s at that age £4per hour was good thats £8350 per year based on 40 hour week minus taxs. So either bank of rich parents as 7k was a lot then or OP took out 100% mortgage.

OP, I'm a gp receptionist in Cambridge and I earn 19k. Do you have any 2 bed semis available for 60k? I'm quite a good saver too...

It’s beyond ridiculous some of you. I earned what I earned and I saved what I saved! God it’s not that tough to save when living at home.

Is what I predict they’ll say 😂

Beyond ridiculous is certainly a good description of this thread.

Yep!

But I couldn’t have posted a better thread to highlight the ridiculous nature of Uk property if I’d done so myself.

It’s funny because when I’d said the market would change with affordability a while ago, people were saying it wouldn’t happen - sentiment has changed fast.

www.bbc.co.uk/news/uk-politics-63024366

Landlords in England will be banned from evicting tenants without giving a reason, Prime Minister Liz Truss has confirmed.
On Tuesday, the government said no decisions had been made on ending no-fault evictions, despite a promise to do so at the 2019 general election.
But asked at Prime Minister's Questions whether she could reassure private renters that the ban would go ahead, Ms Truss said: "I can."
The ban is due to become law next year.

Cannot believe someone’s suggested CGT on every residence including primary residence. Are people being drugged by the government? I semi agree with you OP but it depends on where you live. People forget to take into account that young marriage was much more common back in the day and that resulted in a double income house hold. My salary alone couldn’t afford a house but combined with my partner we can afford around a 300k mortgage with a little deposit we could buy after saving a deposit. However in london and other cities/expensive areas are an entirely different kettle of fish and that price is a joke. So no you’re not entirely wrong.

The government needs to freeze rents and cap prices on £/sqm but they never would, capitalism strikes again!

@SwanBuster

Surley living rent and cost free is the same as being given the money from parents who can afford to but over a period of time.

While the OP saved that was only possible because they had no costs. Unfortunately that is not something that many have the luxury of doing. Add that to the % income to the cost of houses now then it just doesnt add up, something has to give.

I know people who were gifted £200k by their parents. I am 30 years old and they are roughly in my age group. I am one of the few people I know who didn't get such massive help (though I did get help by living with in law's which enabled me to buy at 27 in London)..when you look at how much help so many people are given, the prices of many houses in london don't look so crazy. It's quite easy to see how a young couple from similar backgrounds and good jobs can afford a £1.4 million house. What many people miss in these discussions is that the problem isn't just unaffordability but also inequality. The rich (and their children) have only grown richer. The top 3% in the UK are as rich as their counterparts in the Nordic countries (or perhaps even richer) but the average UK family would be poorer than the average polish family by the late 2020s (reported by FT). So it is impossible for a receptionist to buy a home without a richer partner, parental help or both. Those days are over.

However, given that so much is dependent on bank of mum and dad; as well as lack of other options for investment due to years of low interest rates, it's easy to see how even for people who can afford it would step away. People aren't stupid, if they think house prices would fall, why would they give £200k of their life savings to their civil servant daughter on 40k so she can buy a terraced on the outskirts of Cambridge with her partner on similar income? What if she can't pay the mortgage cos interest rates rise to 8% and then they will lose their hard earned money?

This thread makes me so sad. It’s so tone deaf. So many people are struggling. So sad.

OP’s whole line is that anyone who hasn’t got a home just isn’t trying hard enough. So sad.

The effect on the parent is different..I calculate that my MIL saved me at least £36k in rent. If she wanted to gift me that money, she would have to sell her house as she doesn't earn enough to remortgage her home. She still has her house..

If anyone wondered why estate agents are so universally hated, OP is providing a perfect example

Oh god can you not hear how sanctimonious you sound? Did you not read what you'd written before posting?

Me and my husband (both teachers( bought our house, a 2 bedroom terraced, small front garden, in 97 on 3 x his wage alone (36, 000). We didnt want to go on my wage because we wanted more kids.

Our son (32) is an NHS scientist and his wife a secretary. Even with 3x their wages COMBINED they could not afford a house in this street. We paid their deposit on their current home , a lovely home , but not where they wanted, just what they could afford!

You have said you've had to refinance due to rising costs when in reality it wasnt a massive issue because you could have sold it on, without losing YOUR home, but instead your decision made someone else's more difficult. Yes demand for housing is high BUT ITS BLOODY OUT OF REACH FOR A LARGE PART OF OUR POPULATION!!
This post has really pissed me off! Absolutely no idea how most people have to live!

With the greatest respect I think you have been very lucky timing wise with your investments and career and I’m happy for you. You need to realise things are much harder for people now and drop the superiority and smugness. It’s ugly.

I’m guessing you actually wanted the sarcasm to shine through in this one

"and as I've said before, siblings or friends could buy together and share to get their foot on the ladder"

People.have to share feet, as well as studio flats?

I was at the time working in my first job, as a receptionist at a local GP surgery. I'd left school at 18. I had always dreamed of owning my house, so I put down 7k (I was quite a good saver), and got a 28k mortgage. It cost 35k, was a classic semi detached 2 bed and is in a town near Cambridge.

@RazahFluffy or @SwanBuster I have found a 2 bed terraced house in a town near Cambridge?

www.rightmove.co.uk/properties/126956678#/?channel=RES_BUY

I am keen to follow your example, so I think I need a 20% deposit from my parents which would be £65000,
How much would my salary be in order for me to get a mortgage for the remainder that was 3x my salary?

This is still here??

jgw1

Your salary would need to be 87,000 annually, based on a 25 year mortgage at 4.5% interest your monthly figure is £2200 a month - don’t forget your insurance and council tax and increase utility bills.

Absolute bargain!! Good luck with the move!

Yes, Day 2 of the thread where there's zero empathy and too many exclamation marks.

@Threelittlelambs I was hoping that @RazahFluffy or @SwanBuster would reply or are you them?

Strangely enough I am more than capable of dividing a figure by 3 myself.
The answer is of course more than double the average income of a full time salary in the UK. Quite how that makes it a bargain I am not sure.

Do GP receptionists earn more than twice the average UK salary?

I am a little concerned about your figures. The lowest fixed rate I can find at moneysupermarket.com is 4.7% which would be a monthly repayment of £1453. I hope you are not an estate agent.

I've seen threads that were actually sincere get zapped for less.