Matt Green
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Pford75 said:I would also add that for some reason, whenever people are trying to illustrate the challenges of house affordability, they always quote some kind of comparison between average house price and earnings.
That would be because my fathers first house was priced at five times his yearly earnings in 1972 and the same house was priced at nine times mine in 2005. It's a reasonably relevant metric.
Pford75 said:Part of the problem today is that many first time buyers want to move into the 'house of their dreams', seduced by interior design magazines and property programmes.
This might get a little more common now the market is sluggish and falling. speaking as someone who had a fair advantage in wanting to tackle a house with damp/insects/decay: during the boom we were routinely beaten to houses by developers who were helped by crooked estate agents who could see double commission when the house was re-sold and greedy vendors who didn't want the hassle of selling to young non-cash buyers. You are right to some extent though- when we sold our first house a young couple wanted a £6K discount because the walls would need to be completely re-plastered to be as smooth as the new-build they had just seen.
We sold it to a 'lovely' old lady that stole our shed and planted daffs in the French drain.