No more boom and bust........

  Ho-Lin-Sok 16:03 17 Apr 2007
Locked

....not a major crisis but inflation is now at a 15 year high, the pound is nearly at the $2.00 mark and houses are earning more a year than most of their occupants, looks like a dose of interest rate rises this Summer, buy all your kit in US dollars if you can. I only hope house prices do not collapse and plunge many into negative equity.

  lisa02 16:42 17 Apr 2007

I might be able to afford one if they did!

  MichelleC 18:21 17 Apr 2007

Methinks it'll all end in tears, just like the late 80's.

  riiverstock 22:46 17 Apr 2007

Don't think so.

As more and more people are attracted to living and working in our small island then the demand for housing will always be great.

  Stuartli 09:29 18 Apr 2007

We bought our three-bedroomed Victorian semi-detached (they don't build them like this these days!) for £2,300 in 1965 and the mortgage repayments were £14 19s 6d a month.

Doesn't sound a lot, but my wage was then only £20 a week before tax, plus the other half's contribution....:-)

The mortgage was paid off about a quarter of the way through the 20 year loan period, but even then the Government had its share by demanding £40 repayment for the tax relief over the period from the start of the tax year.

If we had repaid the mortgage over the full 20 year term, we would have paid back four times what had been borrowed. Even so it was to prove a sound investment.

Today the property is worth about £200k, but we would struggle to find a property as good for similar or less and in a similarly pleasant area of the town.

  Stuartli 09:32 18 Apr 2007

>>Methinks it'll all end in tears, just like the late 80's.>>

But it didn't really. The market eventually recovered and prospered again.

If you buy a property merely to make a handsome financial killing, as many did, then you can't complain if things go pear-shaped for a time.

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