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 Topic: Over 50s lockdown ( Topic Closed)
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06/8/2020 at 10:53pm
Location: East Herts
Outfit: 1992 Elddis Wisp 450CT + X Trail
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Joined: 05/11/2013 Diamond Member 
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Quote: Originally posted by Francais on 06/8/2020
To be fair, we have gone backward as a society, getting onto the so called property ladder back in the 70’s and 80’s was a doodle, at 21 in 1981 I got a mortgage on my first house £13k, it recently sold for £180k.
Wages have just not kept up with house prices, and that’s were it has all gone wrong, what we need right now is a major house price crash, with properties going to 25% of there current value, and mortgage rates going back to 15% as they were in the early 80’s in order to keep a cap on house prices.
It would be painful for some, but the dials need to be reset.
I totally agree! The one thing that would do just that would be to build hundreds of thousands of council houses as quickly as possible. That would crash the buy-to-let market resulting in loads of very cheap homes on the market.
You are definitely right about wages not having kept up, not just with house prices but with everything. I was a bus driver in 1975 and a typical council house rent in this area was about 10% of my wage. A supermarket trolley laden to the top was about the same again, 10%. Today they are both nearer 60% of a bus driver's wages.
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Best Regards,
Colin
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 via mobile 06/8/2020 at 11:25pm
Location: Lancashire
Outfit: Volvo X60 Coachman
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Quote: Originally posted by Francais on 06/8/2020
To be fair, we have gone backward as a society, getting onto the so called property ladder back in the 70’s and 80’s was a doodle, at 21 in 1981 I got a mortgage on my first house £13k, it recently sold for £180k.
Wages have just not kept up with house prices, and that’s were it has all gone wrong, what we need right now is a major house price crash, with properties going to 25% of there current value, and mortgage rates going back to 15% as they were in the early 80’s in order to keep a cap on house prices.
It would be painful for some, but the dials need to be reset.
What a great idea so on top of millions of people losing their jobs, we should put interest rates up creating a whirlwind of pain for house buyers, and cause the housing market to collapse.
Millions of people will end up with a house in negative equity and be forced to go bankrupt, what happens then, we ain’t got any council houses left as every Tom dick and Harry snapped them up for next to nowt.
Just easier to stick with The pandemic the housing market will be what it will be
Bessie
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