Who can afford to buy a house in central Brighton/Hove .........

[Sea]

i dont think im ever going to be able to afford to buy my first house, i can see it now-50 and still living with my mum and dad!! need to find a rich man!

 

[Bozza]

Is the answer to this quandry, simply:

dwayne

 

[tedebear]

need to find a rich man!

as long as you don't mind being arm candy and having no relationship then go for it!!

 

[Westdene Seagull]

We also the problems of a universal interest rate: what we need is a low one in the north and a high one in the south (to dampen house price inflation) but, of course, that won't happen.

Why the hell should I pay more for my mortgage than some up North ?

Alot of people in the North ( and Wales for that matter ) already benefit from having more disposable income then those of struggling to pay for high house prices here. By creating a tiered interest rate you'd bankrupt people in the South and give those up North even more disposable income. It's a far more complicated matter than playing with interest rates - you've got to take into account wages differences, different Council Tax rates, general cost of living etc.

 

[Sea]

Is the answer to this quandry, simply:

dwayne

i think ill give that a miss!

 

[zefarelly]

our quality of lif and disposable income would be fantastic If I went up north, better and more work as well . . .but I'm from Sussex and intend to stay here . . .I'd rather move south than North !

 

[Trotster]

yes, renting is dead money but how else can you get your own place? i looked into a mortage before i decided to rent, the amount i was offered to borrow wasnt even enough to buy a studio flat in worthing- so although it may be cheaper repaymentswise to get a mortgage than rent - its no bloody good if you cant borrow enough to buy a home in teh first place!!!

 

[Deleted User X18H]

simple answer . . . dont live in Brighton, its over priced, move out, get on the ladder somewhere more sensibly priced and most importantly STAY on the ladder, it gets easier as you get a few years under your belt then you can start to afford to pick and choose . . . .after 12 years of mortgage I've done ok, we couldnt afford the same house in central Brighton, but frankly if you paid me I wouldnt live in central Brighton.

the biggest problem is people trying to make a quick buck by moving, you wont, end of story, the only people who make money out of that are agents, solicitors and developers

Why shouldn't I - I'm born and bred.

 

[Highfields Seagull]

the really stupid thing is that Rents are more than a mortgage. So i *can* afford a mortgage, with a couple of % raise in interest rates too. Worried about negative equity? renting is 100% negative.

Indeed, a friend of mine has just bought her first house, just a modest 2 bed. I can actually afford to pay her mortgage, its slightly less than my rent now, but apparently I don't have the salary to borrow the same amount that she did.

 

[beorhthelm]

point is, the current method of calculating mortgage limits is half the problem. Rather than 3.5x or 4x salary, it should be based on disposable income and what an *informed* buyer is willing to repay. Combine this with longer term fixed rates, say 10, 15 or even 25 years to avoid people overstretching themselves.

And (from someone from the right of politics) there should be some form of tax on second homes/investment property. Its the only way, other than building new stock which is a whole other can of worms.

 

[beorhthelm]

(opps, double post)

 

[ziggy]

Is the answer to this quandry, simply:

dwayne

Dwayne Dibbley?

 

[Shegull]

Things are pretty much the same in Ireland. My son is 20 and wants to buy somewhere but all the building society will lend him is about €100,000. Cheapest place he will is likely to get (that is in one piece and not likely to fall down around him) is €240,000.

 

[Gwylan]

Why the hell should I pay more for my mortgage than some up North ?

Alot of people in the North ( and Wales for that matter ) already benefit from having more disposable income then those of struggling to pay for high house prices here. By creating a tiered interest rate you'd bankrupt people in the South and give those up North even more disposable income. It's a far more complicated matter than playing with interest rates - you've got to take into account wages differences, different Council Tax rates, general cost of living etc.

Why should you pay more? Because you earn more.

If the situation that you suggest really came about then the system would be working: if more people in the north had more disposable income then it might be more attractive as a place to live. The UK is the most centralised economy in the western world, where all economic power is concentrated in the south east; we have the jobs and the high income - isn't right that people with higher incomes should pay more?

But the point of the differing interest rates is that, ultimately, it will even out the discrepancy so that there's not such a huge gap. They're selling houses at 50p where my mother lives, with few takers (as they can't afford the building work that's to be done) and people are living in the shadow of negative equity as all the jobs have gone. By a more even distibrution of jobs and income, houses become more affordable for all.

 

[Marshy]

i can afford it....lucky timing in the housing market i suppose.

Bought when i was 18, paid 60k for my house.
Sold it last year for 175k.

Bought the new one for 250k, and still have a relativelty small mortgage.

Its just good luck i bought when i did, feel sorry for people these days, my brother earns 35k a year and still cant afford more than a 2 bed flat really.

 

[zefarelly]

Why shouldn't I - I'm born and bred.

whats that got to do with it . . . .I know its nice and all that but property ownership is a big business . . .if you where offered a council house in Moulsecoomb you'd probably turn your nose up even though its in Brighton (no offence intended either way)

being born somewhere doesnt stand for anything these days and I dont suppose it ever did . . . . look at places like Chelsea ? even Clapham was a cheap shit hole not so long ago.

I've lived in shit areas and it just made me more determined to make sure I never had to go back there.

 

[Westdene Seagull]

Why should you pay more? Because you earn more.

If the situation that you suggest really came about then the system would be working: if more people in the north had more disposable income then it might be more attractive as a place to live. The UK is the most centralised economy in the western world, where all economic power is concentrated in the south east; we have the jobs and the high income - isn't right that people with higher incomes should pay more?

But I already pay more - house prices are considerably more in the South than up North. There is no reason I should then pay more to borrow an amount that is already greater the the national average for a higher priced house. In that way I get double whammyed.

 

[JJ McClure]

Getting out of Brighton, or in my case Hassocks is the only way to get on the ladder. I had to move to Uckfield to actually be able to afford a house. It's gone up a decent amount in the year and half I've been there but unfortunately so has everything else. Despite the extra equity it would be difficult to get the same thing in Brighton or mid sussex.

 

[Lammy]

The problem is not a shortage of housing. The problem is too few people owning too many houses. Thus creating a shortage of saleable housing.

This will not be cured by uping inflation.

It can be cured by taxing to high heaven people buying second homes.

If it were up to me I would get rid of stamp duty for forst time buyers and make it 10%+ for people buying more than one home!

Especially these wankers with "crash pads" in London and a second home in Sussex.

 

[Lammy]

ps I rented in Brighton for a while but ended up having to buy in Newhaven. My mortgage is now only about £70 a month more than the rent I was paying. Also my house has gone up about £20,000 in the last four months.

people who rent are feeding high house prices as if people didn't rent then people wouldn't buy up all the houses to rent.

Another problem of course is that people don't trust their pensions anymore and see housing as another form of investment. Especially if you can pick up rent as well. It will never change though as most MPs own several houses and are well and truely on the band wagon. Mrs Blair for example!