Monthly housing costs

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Monthly housing costs
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Downsizer Forum Index -> Finance and Property

How much a month is your rent/mortgage

Less than £100

21%

[ 13 ]

Less than £200

[ 5 ]

Less than £400

18%

[ 11 ]

Less than £600

21%

[ 13 ]

Less than £800

11%

[ 7 ]

Less than £1000

[ 3 ]

Yikes

13%

[ 8 ]

Total Votes : 60

Author

Message

oldish chris

Joined: 14 Jun 2006
Posts: 4148
Location: Comfortably Wet Southport

Posted: Tue Jun 26, 12 6:51 pm Post subject:

[quote="Chez:1265016"]

Shan wrote:

I do think that there has been a lot of speculation in the new-build market - blocks of flats in Manchester, for example, that were bought up by investors and simply held, without being let out, until prices rise. I don't know where that stands now.

and Liverpool, Birmingham and a few NE cities: they've lost a packet apparently. I have read that house prices are being maintained by the mortgage companies. The theory is: you have loaned 90% on several adjacent £100K houses. Fine. One house-holder can't pay, you repossess, it sells for 85K. You've now got several houses with negative equity. That's a problem.

Me? I don't mind, bought house for half its present value, have no mortgage, don't plan moving (other than to local Crem some time in the future).

I have got some shares BTW. They've halved in value since 2004, but the dividend isn't bad (way better than a deposit account).

oldish chris

Joined: 14 Jun 2006
Posts: 4148
Location: Comfortably Wet Southport

Posted: Tue Jun 26, 12 7:41 pm Post subject:

Shan wrote:

PS I do rent and it is in the eye watering category BUT it is a damn sight cheaper than purchasing the same type of property because the rent would not even cover the interest portion of a mortgage with current valuations.

It does depend on timescales. I've been doing some sums. We bought our first house in 1975, moved twice and then downsized in 2002. Our total interest payments over that period was about £100,000. We sold up for £200,000, paid off the remaining capitol (£35,000).

Net housing cost over the period of my marriage = minus £65,000.

jema
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 28111
Location: escaped from Swindon

Posted: Wed Jun 27, 12 7:30 am Post subject:
In my experience kids leaving university today have little optimism on job expectations and don't ever expect to buy a house. They are more pessimistic about prospects than any generation in decades. I can't quickly and accurately work out our cost of housing in 25 years, but I have a feel that in is around negative £100,000. Nice for us but crap for those who will really pay that bill.

marigold

Joined: 02 Sep 2005
Posts: 12458
Location: West Sussex

Posted: Wed Jun 27, 12 9:04 am Post subject:

It's difficult to compare two eras fairly because conditions are so different. People have to budget nowadays for "essentials" that didn't even exist when I left home in 1977. I had no car, mobile phone, TV package, internet or credit costs to pay. I walked to work, saved some of my pay and never bought anything on credit, but food was expensive and we didn't heat our shared house because we couldn't afford to. Still, 4 - 6 boisterous young adults in a three-bedroomed house keep it quite cosy! And we didn't expect to sit round in our scanties in midwinter

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