Quote Originally Posted by A Quiet Monkfish View Post
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%.