- Jan 21, 2007
Yes when we bought our 1st house in1979 for £15500 I was earning about £60 per week! We moved in 1982 to a bigger house and paid £23200, we are still here, 39 years in May!
So your wages in 79 allowed you to buy a home 4.5 x yearly salary.
If you are on 30k per year now and could borrow the same i.e 4.5 x salary, you could only get a house worth 135k.
And there in lies the difference. Most houses are probably x10 salary which isn't available to mortgage seekers. And of course, there is the small matter of large deposits.
The modern market is in no way comparable to the market of 30 years ago.
First time buyers are screwed.