Curtlink When did you get on as a first time buyer?
In 1975 we bought a £13K house in Barkingside in Ilford on a joint professional starting salary of £8K. That was about 61% of the house price.
A similar property would now be above £380K on an equivalent joint salary of £46.250. This is now only 12% of the house price. I just don't know how people manage. I hope the maths is correct.
This property sold for £69k 12 yrs later in 1987 and we bought a new 4bed detached property in the Potteries area for £75k with a mortgage of £20K. We sold at the height of a London area property boom which hadn't then moved north.
It was purely a question of the right move at the right time. This huge difference in price has evened out a bit since.
As you move up the A50 towards Manchester the prices seem to go up £10k in price for every 10 miles further north.
I cannot see though how this house price inflation can continue if the bottom of the market becomes unafordable.
This weather is getting me down. Is it May or March?
🦞 The Lockdown Gang still chatting 🦞
Sometimes it’s just the small things that press the bruise isn’t it? 😢
