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

[19bluebirds27]

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

People go on about the Interest rates were far higher back then but they were on far far lower mortgage balances.
If you rode it out then you benefiting now from massive equity.

[A Quiet Monkfish]

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

“I bought my 1st house for £14,000.According to Zoopla It sold for £140,000 a couple of yrs ago. I was earning less than £5k.”

That’s what you said. From what you said I assumed it was closer to 5k than 4K, not that it really changes my point. If you were on 4k your house was worth 3.5 years wages, if you were on 5k it was just shy of 3 years wages.

My salary was probably equivalent to high twenties now, say £28,000 today. You can get 4x joint salary mortgages or close to 5.5times for singe. So that works out over £200k for a joint application. Then there's 1.7% interest compared to 15%.

[lardy]

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

My salary was probably equivalent to high twenties now, say £28,000 today. You can get 4x joint salary mortgages or close to 5.5times for singe. So that works out over £200k for a joint application. Then there's 1.7% interest compared to 15%.

So if all that is true, what is your theory on way so few people under 35 are able to get on the housing ladder?

[A Quiet Monkfish]

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

So if all that is true, what is your theory on way so few people under 35 are able to get on the housing ladder?

Not saying it isn't easy nowadays, probably a lot harder, but I don't think some , especially couples, are prepared to start at the bottom and work their way up - they seem to want the whole caboosh - dream house, kitchen, furniture, all straight away. The average spend on a wedding is £20k, so that's a 10% deposit on a £200k home

[lardy]

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

Not saying it isn't easy nowadays, probably a lot harder, but I don't think some , especially couples, are prepared to start at the bottom and work their way up - they seem to want the whole caboosh - dream house, kitchen, furniture, all straight away. The average spend on a wedding is £20k, so that's a 10% deposit on a £200k home

I guess one of two things can be true:

1) there has been a wide change in attitudes since the 1970s. People from all corners of the country simultaneously have developed very different attitudes to their parents

Or

2) there's a mix of attitudes, and people who are educated to a high level, "uneducated" but with a skill, hardworkers, lazy, all of them are having a similar problem getting their first purchase.

Can it really be that so many would rather get their dream house or nothing at all, or may there be some other financial factors?

[Doucas]

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

Not saying it isn't easy nowadays, probably a lot harder, but I don't think some , especially couples, are prepared to start at the bottom and work their way up - they seem to want the whole caboosh - dream house, kitchen, furniture, all straight away. The average spend on a wedding is £20k, so that's a 10% deposit on a £200k home

You've said this a few times about young people wanting it all in a house, where's your evidence for this?

In regards to weddings again what's your evidence to say young people are spending £20,000 on a wedding instead of a house deposit?

The average age of people getting married is about 38 for men and 35 for women so you're hitting the wrong generation there (https://www.statista.com/statistics/...and-and-wales/).

[Rjk]

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

My salary was probably equivalent to high twenties now, say £28,000 today. You can get 4x joint salary mortgages or close to 5.5times for singe. So that works out over £200k for a joint application. Then there's 1.7% interest compared to 15%.

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[delmbox]

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

I don't think some , especially couples, are prepared to start at the bottom and work their way up - they seem to want the whole caboosh - dream house, kitchen, furniture, all straight away.

What's this statement based on?