1997

[aussielong]

The average 1st time buyer property was £52,674 and the repayments were 12% of the average working household's income in 1997.

So why the **** didn't we all buy huge houses as our 1st homes?

I don't recall having 88% of my pay left after paying the mortgage, do you?

i remember trying to buy a little 2 bed flat in east london for 99K in about 1998... probably 300K now...i couldnt get the 100% mortgage i requried at the time

[sasguru]

i remember trying to buy a little 2 bed flat in east london for 99K in about 1998... probably 300K now...i couldnt get the 100% mortgage i requried at the time

I'll buy in it 2 years for a fiver.

[Moscow Mule]

i remember trying to buy a little 2 bed flat in east london for 99K in about 1998... probably 300K now...i couldnt get the 100% mortgage i requried at the time

Should have gone with mortgage express - they gave me one in 2000 with no bother.

[dude69]

The average 1st time buyer property was £52,674 and the repayments were 12% of the average working household's income in 1997.

So why the **** didn't we all buy huge houses as our 1st homes?

I don't recall having 88% of my pay left after paying the mortgage, do you?

Lack of excess credit. Lack of a culture of buying any house at any cost.

[Pickle2]

Lack of excess credit. Lack of a culture of buying any house at any cost.

No sarah Beeny.

[DimPrawn]

I bought my first house around 1995 and remember the banks were loath to lend more than 2.5 times income and would demand at least 20% deposit if you wanted a reasonable rate.

My first house was a 3-bed semi costing £55K.

[Archangel]

In '99 I was looking for a house for approx 140k, I saw one on a nice new estate, which was a 4 bed box. Also on the estate was a huge 5 bed 3 bath L shaped one. The saleswoman told me that the company yearend was approaching and they had to offload a couple of the big ones to balance the books. The original asking price was £219,000, but I could have one for £180,000 if I could complete in a month. I streched myself with a bit of creative accounting and paid the £180,000 but got them to carpet it.

Sold it in 2003 for £325,000.

[sasguru]

In '99 I was looking for a house for approx 140k, I saw one on a nice new estate, which was a 4 bed box. Also on the estate was a huge 5 bed 3 bath L shaped one. The saleswoman told me that the company yearend was approaching and they had to offload a couple of the big ones to balance the books. The original asking price was £219,000, but I could have one for £180,000 if I could complete in a month. I streched myself with a bit of creative accounting and paid the £180,000 but got them to carpet it.

Sold it in 2003 for £325,000.

Good move. It'll be worth about 20K soon.

[Moscow Mule]

Sold it in 2003 for £325,000.

If only you'd waited another 2 years you could have had £500k

[DimPrawn]

A house I was looking at last year priced at £750K was last sold in 2003 for £305K according the the Land Registry.

It has now been reduced to £699K.

They are dreaming/taking the piss.