Welcome... You have highlight the points that I have mentioned ...
Your house buying example and your sons experience ... And the house prices for you both I agree and are good examples of differences... Good facts..
Why house prices have risen to excess... I agree with Neephead with banks over lending beyond a safe norm of affordability... Thus feeding and funding increasing house prices at the time in question.. To a unsustainable level that financially crashed..... House price are still too high.....so many know cannot afford the high deposit and Los cannot afford the high mortgage either as houses have not fallen enough for many to buy yet...
Many also think why would I really want such a high 25 year massive debt for that long... Not a problem like you my new 3 bed semi house cost 8k in 1974 ... a pittance compared to today levels .. And well affordable on my 2.5k salary..
I agree they are much less affordable now...With your price example ... And bigger running costs .. Make very big extra monthly costs, i know i have to pay them now myself like everyone else....thats Before you start paying the high mortgage loan... And if or when rates increase in a few years many will feel the extra expense..
The budget may help with a 20% deposit help... But that still has to be paid back and the high mortgage.. We all know house prices are to high now.. Or they would be selling in bigger numbers...
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