The state of Cardiff's housing market as prices grow twice as fast as wages

[A Quiet Monkfish]

So you're saying everyone who is employed can get a mortgage easily? Is this a joke?

Where are you getting this information from that people want a forever home right away? You're talking nonsense.

Just take a read of this - https://uk.finance.yahoo.com/news/uk...060042411.html

Also did you take a look at the average wage vs house price graph I posted earlier? https://images.app.goo.gl/P1NT2ZDTC8VgKis98

I bought my 1st house in The Hawthorns [Pentwyn], in 1976/7. for £14,000.According to Zoopla It sold for £140,000 a couple of yrs ago. Interest rates were 14%. Mortgage rates 16% at least at times. I was earning less than £5k. I'd saved for 4yrs with the Woolwich B.S. to get the deposit.
No help from f*cking anyone. Today a mortgage on that house would cost not far off what I was paying with a less than £5k salary. All furniture borrowed or begged.
It's never been easy buying a house, the differences between know and then are exaggerated..

[lardy]

I bought my 1st house in The Hawthorns [Pentwyn], in 1976/7. for £14,000.According to Zoopla It sold for £140,000 a couple of yrs ago. Interest rates were 14%. Mortgage rates 16% at least at times. I was earning less than £5k. I'd saved for 4yrs with the Woolwich B.S. to get the deposit.
No help from f*cking anyone. Today a mortgage on that house would cost not far off what I was paying with a less than £5k salary. All furniture borrowed or begged.
It's never been easy buying a house, the differences between know and then are exaggerated..

Well you had some f**king help from the f**king bank.

Out of interest, is it easier to save money when interest rates are 14%?

[tomcat]

Well you had some f**king help from the f**king bank.

Out of interest, is it easier to save money when interest rates are 14%?

I'm a mortgage broker of 35 years experience and what surprises me is how much personal credit youngsters have. So many low paid people have huge car finance/loans/hp and hefty credit card bills. If they are able to buy (4.75 times income common at 90% or less) then all the furniture needs to be Instagram perfect and all new. Many of those coming back after 2 years have to stay with their current lender on a new product as their affordability (credit taken after purchase) won't allow them to go elsewhere. Managing with old furniture, making do and saving seems a think of the past......

[Doucas]

I bought my 1st house in The Hawthorns [Pentwyn], in 1976/7. for £14,000.According to Zoopla It sold for £140,000 a couple of yrs ago. Interest rates were 14%. Mortgage rates 16% at least at times. I was earning less than £5k. I'd saved for 4yrs with the Woolwich B.S. to get the deposit.
No help from f*cking anyone. Today a mortgage on that house would cost not far off what I was paying with a less than £5k salary. All furniture borrowed or begged.
It's never been easy buying a house, the differences between know and then are exaggerated..

You're repeatedly missing the point like many in your generation.

You had a mortgage, many people my age who are working full time and always have done and have no hope of ever getting a mortgage. Home ownership for your generation at age 30 was 50%, for millenials its 30% and that figure is going to become rapidly smaller for gen z (https://abcfinance.co.uk/blog/generation-rent-study/)

Your house was less than 3x your wage, that is basically unheard of these days.

'A couple of years ago' so that price is already massively out of date, it's increased by at least 25% now.

Is it just me or are the boomers completely out of touch with modern life?

[A Quiet Monkfish]

You're repeatedly missing the point like many in your generation.

You had a mortgage, many people my age who are working full time and always have done and have no hope of ever getting a mortgage. Home ownership for your generation at age 30 was 50%, for millenials its 30% and that figure is going to become rapidly smaller for gen z (https://abcfinance.co.uk/blog/generation-rent-study/)

Your house was less than 3x your wage, that is basically unheard of these days.

'A couple of years ago' so that price is already massively out of date, it's increased by at least 25% now.

Is it just me or are the boomers completely out of touch with modern life?

People don't start small any more and build up, they want to move in to their dream home straight away. A mortgage cost 3x what it does today - try a calculator with 1.7% and then 15% which I and others were paying. It's harder today, but that's to ignore that it wasn't exactly a bed of roses in the 70's 80's and early 90's

[Canton Kev]

I bought my 1st house in The Hawthorns [Pentwyn], in 1976/7. for £14,000.According to Zoopla It sold for £140,000 a couple of yrs ago. Interest rates were 14%. Mortgage rates 16% at least at times. I was earning less than £5k. I'd saved for 4yrs with the Woolwich B.S. to get the deposit.
No help from f*cking anyone. Today a mortgage on that house would cost not far off what I was paying with a less than £5k salary. All furniture borrowed or begged.
It's never been easy buying a house, the differences between know and then are exaggerated..

So you bought a house for 14k when you were earning 5k and it sold for 140k a few years ago. Do you not see why this is an issue for younger people?
For someone to have bought that house with 3 years salary they’d need to be earning ~50k a year, nearly double the average wage. Not accounting for the fact house prices have continued rising since the house sold so I wouldn’t be surprised if it was closer to 160k-200k.
I don’t know anyone under 30 even close to those sort of wages. Most are earning 20k-25k and dealing with a much higher cost of living than back in the 70’s and with interest rates closer to 1.4% than 14%.

[Doucas]

So you bought a house for 14k when you were earning 5k and it sold for 140k a few years ago. Do you not see why this is an issue for younger people?
For someone to have bought that house with 3 years salary they’d need to be earning ~50k a year, nearly double the average wage. Not accounting for the fact house prices have continued rising since the house sold so I wouldn’t be surprised if it was closer to 160k-200k.
I don’t know anyone under 30 even close to those sort of wages. Most are earning 20k-25k and dealing with a much higher cost of living than back in the 70’s and with interest rates closer to 1.4% than 14%.

Don't bother, he doesn't understand. He seems to think because interest rates were higher then nothing else matters. He completely ignored the fact the young people are struggling more than ever to even get a mortgage despite doing everything right.

[A Quiet Monkfish]

So you bought a house for 14k when you were earning 5k and it sold for 140k a few years ago. Do you not see why this is an issue for younger people?
For someone to have bought that house with 3 years salary they’d need to be earning ~50k a year, nearly double the average wage. Not accounting for the fact house prices have continued rising since the house sold so I wouldn’t be surprised if it was closer to 160k-200k.
I don’t know anyone under 30 even close to those sort of wages. Most are earning 20k-25k and dealing with a much higher cost of living than back in the 70’s and with interest rates closer to 1.4% than 14%.

No. I didn't say that.