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 Topic: Over 50s lockdown ( Topic Closed)
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06/8/2020 at 9:23pm
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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.
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06/8/2020 at 10:53pm
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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
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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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07/8/2020 at 1:08am
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what scares me is that very few on here post to say that they are financially well off. or at least comfortable.
what happens when you hit retirement age terrifies me looking at all your posts.
i have what has been described on here by others as a menial job. i dont make loads compared to my last job where i could be paid £600 for working a sunday. yet, ill be honest.... im doing ok.
my missis tells me each week (weekly pay) what i have to give her to cover half the household bills and my own bills (phone, car insurance, tax ect) and whats left is my pocket money.
same for her.
we split the kids bills 50/50.
i come away with about £145 per week pocket money after all my bills are paid. what i see posted here terrifies me as everyone seems to be living on the bread line.
is being old really that bad?
should i be worrying?
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07/8/2020 at 8:37am
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Higher interest rates on mortgages of 15%, will see 100s of 1000s of people loosing their homes, what a ridiculous thing to say.
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Not ALL Newts get p**sed.
“Semper Fidelis”
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