Don’t panic first time buyers of Brighton and Hove, house prices are plummeting at a rate of £150 a day. In only another 1281, or so, days the average household will be able to afford to get a mortgage on a house to hold.
If the economy collapses at its current rate it will be only three and a half years before our dreams of homeownership will come true. Of course if the economy continues to collapse at this rate we will all be living like Mad Max. The final vestiges of humanity locked in constant battle with roving gangs of punks determined to steal the last drops of oil.
Even if your first home will be a fortified stronghold built on the Lower Lea Valley made out of the reclaimed debris of the never finished Olympic stadium, well, a foot on the ladder is ever so important nowadays.
So cheer up and continue to pay your ever increasing rent our day will come.
(Calculations based on a 3 x salary mortgage for an average household and average property price. Opinions of anyone that has done any maths in the last 5 years may vary wildly)
I realise this is an over symplification of the situation and does not factor in deposit etc, so you have a go.
Please feel free to step up to today’s challenge. If properties were to fall at £150 a day how long before the average household in central London would be able to get a mortgage and what kind of dystopia will we be living in then? |
