Housing in Sheffield - Are you up the creek with the impending crash?

[pete_jim 10]

but do you call that a good level of living, just to afford a roof over your head, how wrong is this country if you cant afford a nice house and foreign holiday/nice car etc

 

There's nothing wrong with this country that you won't find anywhere else to greater or lesser degree. It's people that make life what it is, good or bad. Loads of people have lovely houses, cars and foreign holidays so what on earth are you on about?

[fyy123 10]

There's nothing wrong with this country that you won't find anywhere else to greater or lesser degree. It's people that make life what it is, good or bad. Loads of people have lovely houses, cars and foreign holidays so what on earth are you on about?

 

I do think a lot of people are disillusioned by life, They see others having foreign holidays, nice homes and want the same so they get in debt, One of my friends partners got way over his head in debt and decided the best way out of it was to claim bankruptcy .. which really peed me off a bit.

I had nothing when I left home and worked really hard to get to the top which isn't easy in a mans world. I am lucky that we have no debt problems and never have. I now have people that work for me, I own 2 successful companies as well as holiday property, support many charities and also have time to do my volunteer work. I got to where I am now through hard work and not letting people walk all over me. If you want something bad enough go out and get it. Don't buy things you can't afford thinking that something will come along, as it wont unless you go out and make it happen.

[BertieBasset 10]

how many lamp posts and bus shelters have you hit driving your bus?

 

Personally I have found the so called boom over the last 10 years very strange.

 

How can you be classed as a property owner, when you are on a 100% mortgage deal, and why were people so proud of themselves to be on the property ladder when they were paying anything up to £1000 per month........... all to be on the 1st rung of the ladder.

 

What is your situation now? have you paid off your mortgage, been frugal, saved and are now in a good situation to ride out this impending crash?

 

Or have you been spending with the enthusiasm of a rabbit in a lettuce shop, and are now in the poo poo.

 

What do you think of the boring savers now? do you wish you were in their situation, or alternatively if you were one of the boring savers, do you wish you had spent like a mad man while interest rates were low?

[SimonS 10]

Personally I have found the so called boom over the last 10 years very strange.

 

How can you be classed as a property owner, when you are on a 100% mortgage deal, and why were people so proud of themselves to be on the property ladder when they were paying anything up to £1000 per month........... all to be on the 1st rung of the ladder.

 

What is your situation now? have you paid off your mortgage, been frugal, saved and are now in a good situation to ride out this impending crash?

 

Or have you been spending with the enthusiasm of a rabbit in a lettuce shop, and are now in the poo poo.

 

What do you think of the boring savers now? do you wish you were in their situation, or alternatively if you were one of the boring savers, do you wish you had spent like a mad man while interest rates were low?

 

Life is very expensive for young people. If they were offered a mortgage that was affordable why shouldn't they have took it?

[Claret 10]

May be that is what is wrong with this country. Foreign holidays or nice cars are seen as nessecities rather than the luxaries they are. A lot of people are borrowing on cheap credit to do these sort of things, where instead they could comprimise (not go on holiday or get a less expensive car) and save money.

 

It'd a bit like those loan consolidation advert - consolidate and you could have some left over for a new car or a holiday. Crazy...

 

That's what I thought!! Why are people never grateful for what they have and why do they think it's a god given right that they should have property/car/holidays? What happens when we have everything - what do we aspire to then?

[mrsmills 10]

It's fine when you've got a property with ample equity to scoff at people with 100% mortgages and it's fair to say many have over-stretched and are now over-committed.

 

I am lucky to say neither applies to me. But very many of those people have/had no choice or very little choice. Prices for starter homes were explosive so there is pressure to buy quickly because any savings will be effectively lost by the increase in prices while buyers are saving for a deposit. Buyers also very often followed the acted on the advice of professional advisers who, in reality, seldom had the borrowers interests at heart...or anywhere else.

 

In addition to that most people cannot turn to their parents for example for a deposit or hand up, are still paying pretty significant sums in rent and in the starter homes market are competing against developers and often greedy middle aged people who fancy buying up a couple of terraces and so have to commit themselves even more. Young people also often have debts from their education their parents did not have. Some of those debts might have been fecklessly run up but many are not and finger wagging and smugness don't do this issue justice.

[littlechavsf 10]

Life is very expensive for young people. If they were offered a mortgage that was affordable why shouldn't they have took it?

 

because they will be skint for the next 5-10 years

[LornaF 10]

We all have to live somewhere.If it costs the same to buy as it does to rent then a lot of people take the decision that they would prefer to build up a home for their future rather than fund someone else's pension.

I for one had a 125% mortgage taken out 4 yrs ago, its now 85% of value of property.

If I had not bought I would have either had private rent as there's not much chance of a council or housing association property.

It does concern me about mortgage rates but I have survived worse and know that one day i'll own this place outright.

[Phylis 10]

We all have to live somewhere.If it costs the same to buy as it does to rent then a lot of people take the decision that they would prefer to build up a home for their future rather than fund someone else's pension.

I for one had a 125% mortgage taken out 4 yrs ago, its now 85% of value of property.

If I had not bought I would have either had private rent as there's not much chance of a council or housing association property.

It does concern me about mortgage rates but I have survived worse and know that one day i'll own this place outright.

 

Glad its not just me that takes this point of view. A few years of being skint is worth it to own your own home.

[Korl101 10]

Personally, I am one of the fortunate one's with a miniscule mortgage. One thing that I learnt when I bought my first house was the stretch test. If my mortgage was to rise by 2 percent, would I be able to make the repayments. This dictated the maximum value of property I could afford, and I certainly did not take out a 100% loan. from memory I think it was in the region of 50% or 60% because I had a healthy deposit.

 

Despite all the doom and gloom and the word "crash" being used, I personally think it will be a soft landing and probably no growth for a while, allowing salaries to catch up (to a degree).

[funfamily 10]

We did well selling our first time house last year (Victorian terrace) .. and bought this house (semi in suburbia) quick cheap as it needed (and still needs) gutting of blown vinyl and hideous carpets.... new kitchen and bathroom wouldn't go amiss too!!

 

But.. we only have a 70% mortage which means even if the market falls we shouldn't end up in negative equity.. Our problem is we don't have any spare money to do the house up with - every penny is spent on fuel, household bills and food - all of which have shot up in the year since we moved, and wages haven't:mad:

[Stebbil 10]

We are in a similar position

 

Our mortgage is relatively small compared to many people we know and still have another 19 months left on our fixed rate. Obviously it is a concern when the fixed rate finishes, but our biggest problem at the moment is the simple cost of living. Do you remember the national outcry when fuel went up to a pound a litre? Now everyone has settled for paying £1.05 upwards without even a murmer of disapproval! I payed £1.46 for a loaf of bread the other day - ouch!!!!!!!!!