>

A house, a house, my kingdom for a house (well its close enough)

May 5, 2008

finance

In today’s current climate, how is a first time buyer (FTB) meant to get onto the housing ladder. Recent reports have shown that the average FTB is looking for a mortgage of over £135k and earns £38,533 with couples having a second income of £22,485.
Quite frankly I find these figures astonishing! I left college a few years ago and have had several jobs in retail and financial institutions, which make up a large proportion of the British employment sector, and yet the percentage of people I know earning over £20k is extremely small compared with the number of FTB’s I know. It seems to be the norm that to get on the property ladder you have to exaggerate your income and so saddle yourself with huge long-term debts to add onto anything you may have if you went to college. The cost of housing is just rediculous.
I am glad the increase in house prices is supposedly slowing down, but it needs to either go in reverse or workers wages in the lower paid industries, needs to significantly increase before most of us stand a chance of owning our own houses without being financially crippled up until our retirement, when we will have even less money due to not having a state pension anymore.

Ahh, grumble, grumble, rant, grumble.

Share

No related posts.