Oh Dear

.

you three pair? Luxury sheer luxury!

 

You keep saying young people. I know many who live a comfy lifestyle. And many in poverty. As in the case with every age group.
It doesnt just belong to them. The idea is to get everyone of working class to a decent standard of living. Not berate those who already have achieved it.

 

The thing is though, they’ll get the benefit of that whether they are in it or not.

 

Yep, me and mine went almost the identical scenario other than we were married in 76. I always remember that if the interest rate had gone up just one more notch we would have had to sell up. Fortunately it didn’t and we managed to ride it out

 

LOL. It was a bit hair raising (literally) if I wore them in bed! Nylon sheets and nylon underpants were a combustible combination

 

Great, so you'd be in favour of a house price crash like I am?

 

You keep on banging about mortgages. TVs technology. Cars, holidays etc took up a far bigger slice of our wages than today. My first tv after rental. Basic colour tv. Cost £240 display model at that . In 1985. More than 2 weeks wages.

 

Nice diversion. A price crash will not solve the issue. More affordable housing will. Supply and demand not cost. Increase supply. prices will naturally fall.

 

That shows how bad things are now though. £7.5k in 77 is £42,577.29 now. Even though interest rates were higher, a higher amount on not very much money is way less than a smaller amount on a huge amount of money. The standard variable rate for mortgages now is 7.5%.

15% of £7500 is £1125 (and you presumably didn’t mortgage at 100% so 15% of £6750 is £1012.5)

7.5% of £282000 (average house price but if you know what the house you bought is worth now we can use that figure) is £21150 (presuming same 10% deposit is 7.5% of £253800 so £20260.

£1125 in 1977 adjusted for inflation is £6,386.59 now. People’s interest rates are over 3x higher than the ones that you could only just afford without selling up.

 

But you could better afford to pay that when you weren't getting utterly bvmmed month in month out for the cost of housing

 

Why do people assume mortgages are the only thing to compare over the different eras.

 

It's not the only thing but other than food it's both the most essential item of expenditure and the largest consistent expenditure. Therefore its cost has the single greatest effect on standard of living

 

It’s not a divine right to own your own house,times have changed,learn to adapt

 

It’s the largest single payment out of someone’s wage but probably mainly because that’s what people who bought their house in the 70s always bring up as a thing to be compared, so people then compare them and it turns out like it does every time, that it is harder for young people today.

 

Jesus.

 

I think we're all getting away from the major point, life was hard in the 70s and 80s and it's been hard for 10s and 20s, we can talk about strikes all we like but we've had those strikes again. The hard working NHS staff, ambulance workers as one example. Low paid care workers. Common ground people it's Tory governments that have shafted us time and time again. Now they are creating this illusion that young people hate the old and old people hate the young. Life's absolutely ******* hard if there's little to no money coming. My parents have helped me endlessly when I was unable to work and my Mrs was supporting a young family whilst working in the care sector for peanuts living on a single wage in the early 2010s was near on impossible. Now I'm self employed I'm regularly helping my 79 year disabled grandmother pay for things because my late grandfather was miss sold his mortgage in the 80s and by the time he died had only ever been paying his interest off and she gets **** all on her pension credits.

 

Of course I could afford the mortgage. Borrowings were based on 2.5 times salary. But you make out as though times weren't difficult. None of my friends or acquaintances went for detached brand new properties we had to start at the bottom and worked our way up the housing market. My first house was £4800. (Cost £ 100 pm. Increased to £150 pm when rates were at 15% both include endowment payment which went tits up.) . My wages around £200 per month take home. Wife's same. So £400 pm. So 1 quarter our income when we first bought. I was on £400 pm at its peak wife not working. Whichever way you look at it . 1 quarter or more.
That house now would be worth around
£100k.
If I was working today based on my £25 net salary. forget the wife's. The repayments would be circa £585 per month. Based on 5% over 25 yrs. 1.2 weeks wages. Per month. Less if both working.
So forgive me for saying not everyone has to buy new or summat that stretches em beyond or to the limit.
I'm aware you can purchase over and above 4 times salary but you dont really have to. Nothing is as simple as you make out.
Of course there are people In poverty and i feel for em. And the housing crisis is an issue. But not those who live beyond their means and moan about it.

 

I've tried to use mine as an example in my previous post Jamdrop.

 

Is there a wages comparison between what I started work on in 1972 and what the starting wage is now..We bought our 1st house
for £15,500 on 2 wages in 1980 at 13.5%..
Understand the national average is £282k in the housing market but having done this recently in the family we were looking at large terraced around £120k to £150k obviously depends on region. I have to echo Hooky's opinion that we were taught if ya cant buy it don't get it. I do think looking at my kids growing up that we had a simpler life, we weren't under peer pressure of
"Possession's" which I saw in my children have and obviously Social media dint exist....thank god

 

Your house cost 24 months net combined income. That's utterly ludicrous compared to today.