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Thursday already, my how this week has dragged! Roll on the weekend. Anyway, back to business. I just found out that a COUNCIL FLAT across the road from where I work, with small windows, outside stairs, right beside a busy carriage way that 35,000 cars used daily, in really run down condition, the type of place that a low wage first time buyer would be looking at has gone up for sale. Now the housing market in N.I. has went completely mad climbing 40% last year according to some estimates and leading Europe but imagine my complete astonishment to find out the price of this place is offers over £186,000. I know it's mad, utterly insane in fact and I think you will find that it rivals any property valuation in the UK (excluding the capitals) or maybe the world. Now maybe it does not sound THAT bad but let me break it down for you:
£20,000 - Deposit
£166,000 - Mortgage
Therefore with a 5 times salary mortgage (the highest possible) your wage would need to be £33,200. That's the wage of a top level manager in Northern Ireland and more than £10,000 above the average wage, considering it is the bottom run of the ladder property, how can anyone afford this? Not even taking in to account factors such as, what if interest rates keep climbing, water rates have still to be introduced, raising oil prices, higher cost of living in N.I. because of geographical position, etc! Repossession is just begging on that one!
This has to end, mark my words, the crash is coming...
£20,000 - Deposit
£166,000 - Mortgage
Therefore with a 5 times salary mortgage (the highest possible) your wage would need to be £33,200. That's the wage of a top level manager in Northern Ireland and more than £10,000 above the average wage, considering it is the bottom run of the ladder property, how can anyone afford this? Not even taking in to account factors such as, what if interest rates keep climbing, water rates have still to be introduced, raising oil prices, higher cost of living in N.I. because of geographical position, etc! Repossession is just begging on that one!
This has to end, mark my words, the crash is coming...
TODAY'S LINKS :: Lots of BitTorrent Sites :: N95 The Phone I want but not at this price! :: N95 GPS Maps :: GAD123 PSP Site :: I Forgot 420
REMEMBER KID'S :: "If catapults are outlawed, only outlaws will have catapults."
3 comments:
Interest rates climb because the government of your country controls it.
The government doesn't see low interest as a good thing, they see a balanced economy as a good thing.
Just telling you in case you don't know.
Oh yeah, the government don't see high or low interest rates as good or bad.
It's the balance economy that works to their view.
It's just mad. Thanks for your comments dude! ;)
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