rjsterry wrote:Rolf F wrote:Surrey Commuter wrote:Rolf F wrote:Surrey Commuter wrote:Rick Chasey wrote:Yeah sure, of course; though if the private shareholders are making outsized returns....but anyway, the care industry is a whole other can of worms. My own experience is quite eye opening, to say the least.
On a tangent; how many people do you think made more money on paper through their house price increasing than they did working? I don't know the answer.
I was thinking more of tesco and Macdonalds being subsidised by the state.
Most people's houses will reflect their earnings so I would think people making more on their house price increase will be the exception.
A stat I saw the other day was that house prices are 8 times people's earnings which sounds about right.
Ahhh, I remember the good old days when a mortgage was 3.5 times your earnings.
still is - there is a lot of equity being recycled
Ahhh, I remember the good old days when a mortgage was 3.5 times your earnings plus a 10 percent deposit.
Not sure that has changed much either. Person buys flat for £130K in 2003 having borrowed £117K. 5 years later they have paid off £15K of borrowing and sell for £170K. They now have a £68K deposit to buy a small 2-bed house for £200K, borrowing the other £132K, and their salary only needs to have risen by £5K in that period.
Indeed, and aren't we lucky who bought houses around then (eg me). I remember those days which was my point. Which is also that I have a middle class job and live in a middle class house that I purchased on my own and now own outright.
I then watched as people following behind me achieved the same only with working class houses (back to backs on the edge of the city centre) and then couldn't achieve it all without dual incomes or parental contributions or silly contrived means to purchase things.
I live in a house that even the Chief Exec of my organisation would struggle to buy on their salary as a first time buyer. That is nuts.