Quote Originally Posted by Doucas View Post
I don't know why people keep bringing up this interest rate nonsense. House prices were a fraction of what they are today so it's irrelevant.

Boomers when they were the same age as millenials had about 30% of the countries wealth, millenials have about 4%..
That's a silly remark
Houses were cheaper but so were wages lower and then you could only borrow 2.5 x salary for a mortage, plus interest rates were a lot higher. Interest rates of 11% were not unusual.
As an example when I got married in 1972 I had the opportunity to buy a 4 bedroom house for just over £10,000.00 but although I was on a good wages I couldn't afford the repayments. That same house today is worth over £1/4 million.
So people then were using a much larger percentage of their disposable income to buy a house than you have ever experienced. But as you have never known any difference you expect it to last for ever. It doesn't sadly. We all wish it would.