https://www.thetimes.co.uk/article/o...sopp-dpt9q3v3c
Quote:
Young people could afford to get on the property ladder if they gave up luxuries such as their gym membership and foreign holidays and looked at cheaper areas, according to Kirstie Allsopp.
The Location, Location, Location presenter said she felt “enraged” when people claimed they could not afford a home. Some graduates and school-leavers could consider moving back in with their parents, she added. Allsopp, 50, bought her first property with family* help at the age of 21
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For comparison, we bought a small 3 (2.5 really) bedroom house in Leeds for £27k in 1985, and last year the next door but one house (same size, same layout) was sold for £281k - an over 10 times increase in price.
I was earning £11k per year at the time, so could get 2.5 times salary mortgage, with a small deposit we had from selling our first house in Thatcham - pretty sure anyone in the same job I was in at the time (software programmer) isn’t earning £110k per year in Leeds at the present time…
Even worse Down South - our first house was in Thatcham, near Newbury (in 1984), and I earned £10k and the 2 bed semi cost us £26k; it’s now on the market at £306k…
I believe the most of the current mortgage lenders are basing their offers on four to five times annual salary, with a deposit of at least 10% - so for our previous little 2.5 bed semi in Leeds, a deposit of nearly £30k and an annual salary of £50k would be needed.
*
her father, Charles Henry Allsopp, 6th Baron Hindlip, was Chairman of Christie’s at the time…