[el_oni]

House prices are awful, and with the current mortgage rates it makes it even harder. Last July when we first started looking at what sort of deposit we would need and how much mortgage payments would be it looked like we would be spending an additional £400 a month (which is fine, I wouldn't have to save for a house after all). But since the catastrophic economic policies of our shortest term prime minisiter we would be paying an extra £1000 a month over our current rent.

The house 2 doors down was last sold for £80k about 20 years ago. The house over the road that has just gone up for sale is asking for £300k. I'm lucky that my salary is over the median, but a 3-bed semi detached is like 10x the median salary (£26k). The same sort of property that my parents generation bought for 5x the median salary back in the 90s.

[monk_e_boy]

And who is hoovering up those expensive houses? Not the middle class.

Rich folk are investing in housing and renting it out. It's crazy.

[tmnvix]

Sometimes not even bothering to rent them out. It's the capital gains game!

[rcarr]

Feudalism 2.0

[blitzar]

> £80k about 20 years ago - asking for £300k.

7% a year assuming they spent £0 (hint: they didnt)

[el_oni]

And that's fine if the median salary increased by 7% a year (hint: it hasn't)

The houses here used to be affordable for a middle income person or family. Now they aren't, that's the issue, not the sticker price.

edit tldr:

At the same time houses have gone up in price, wages have stagnated, rent has increased and inflation has increased. So we earn the same, pay more for rent, utilities and food, and have to save more (10% deposit is usually the minimum).