House prices

ive always been of the opinion that I had to buy property. after my divorce I managed to buy a 2 bed flat for me and kids. sold it (to investment company for about £20k less than it went on market for) and now rent. Our new family is steadily growing and there is no way we could afford to buy a 4 bed house. so we rent. I have no desire to buy again. Was looking at local property paper the other day and its horrendous how much small family homes cost. the big houses at over £1million seem quite good value for money but to pay £180k for a 1 bed flat or £450k for a 3 bed semi is madness.

I have no savings and am afraid Im going to be one of these live off the system people. Have worked since 16 and have nothing to show for it.

Originally Posted by kitkat

ive always been of the opinion that I had to buy property. after my divorce I managed to buy a 2 bed flat for me and kids. sold it (to investment company for about £20k less than it went on market for) and now rent. Our new family is steadily growing and there is no way we could afford to buy a 4 bed house. so we rent. I have no desire to buy again. Was looking at local property paper the other day and its horrendous how much small family homes cost. the big houses at over £1million seem quite good value for money but to pay £180k for a 1 bed flat or £450k for a 3 bed semi is madness.

I have no savings and am afraid Im going to be one of these live off the system people. Have worked since 16 and have nothing to show for it.

Don't worry, your not alone. We too have not bought. We too can not afford to. We too rent.

I am one of those that live in a housing association house. It's a big 3 bedroom house and is ridiculously cheap for the size. So long as I pay my rent and stay out of trouble, I can live there for as long as I want to. The housing association just upgraded all the windows and doors. They are soon to fit a new kitchen. I have no desire to put myself in hundreds of thousands of pounds of debt and worry.

[timwilky]

Ok, I guess I am lucky. I bought my 3 bed semi in 1985 for £23,000. I was able to put down a deposit of £3,000 so took a mortgage of £20,000. Which at the time was about twice my salary.

Interest rates rose to about 14%. Boy did I struggle. But as the rates decreased I maintained my payments at the higher level. After all I had got use to paying that amount. wife & kids happening did not help. However, by maintaining the higher payments, I was able to pay the mortgage off 8 years early.

It is a nice feeling in these depressing times of job insecurity, negative equity etc. That nobody can take my house off me. The wife and I have that little bit of security in our situation.

I now despair for kids trying to get onto the housing ladder. I have 3. My youngest bought a small semi last year, is now struggling to work (laid off last week) is in negative equity etc. My middle one has a one bedroom flat for her and her 2 yr old son. The housing association tell her that despite her unsuitable accommodation. they have no houses/2 bed flats available as other "emergency" housing is taking priority. My eldest is still at home. Cannot afford to move out whilst trying to pay off professional studies fees. loan for masters degree etc. then the student loan. By the time she can afford to stand on her own feet, we will probably be dead/buried and left her the house.

Yep, house prices are shocking now and it's keeping me up at night. I've no idea how I am going to find an extra £500 - £600 a month when our mortgage renews. That and the fact that when we bought it cost us £160k and is now worth little over £110k. May have to get a 2nd job at Tesco or something to help pay but then of course I will get stung on the extra income while still not earning enough to take me over the higher band (at least I think that's how it works). Welcome to rip-off Britain.

Originally Posted by timwilky

.....My eldest is still at home. Cannot afford to move out whilst trying to pay off professional studies fees. loan for masters degree etc. then the student loan. By the time she can afford to stand on her own feet, we will probably be dead/buried and left her the house.

Just make sure she is not landed with inheritance tax debt or she'll be back where she started!

[Mr Speirs]

Would the last person to leave the country please turn off the lights. We can't afford the electricity to keep it going.

[dizzyblonde]

I've got a tiny house, with a reasonably small mortgage. Desperately need larger premises now Im Indoors has finally decided that he may like to live with me sometime soon.
No chance...house prices are going down...great, but that doesn't make it easier to upgrade, cause theres not much chance of selling this one in the current climate. In the mean time I will go mad, we will fight over sitting on each others shoulders, work too hard for nothing, and the benefit frauds down the street will have a set of twins to add to the 4 they already got, and move into a mansion. While all thats going on the rain will carry on pouring and we'll all end up in Noahs ark.

Originally Posted by Mr Speirs

Would the last person to leave the country please turn off the lights. We can't afford the electricity to keep it going.

I wouldn't worry. In a few years we'll be making 40% less electricity. Good to see labour have planned for this...

[G]

This thread should be closed on the grounds that people may actually commit suicide after reading it.

Originally Posted by timwilky

Ok, I guess I am lucky. I bought my 3 bed semi in 1985 for £23,000. I was able to put down a deposit of £3,000 so took a mortgage of £20,000. Which at the time was about twice my salary.

And now it's worth?!

When people ask 'Where has the money gone?' in the current financial collapse...There's one of your answers.