inthe late 1970's when we had Mortgages at 15% and commensurate interest rates for everything else.
Worth remembering though that it was 15-17% on a mortgage 2.5x your salary, not 4.5X which is the average these days (with as much as 7X in certain circumstances)
Therein lies one of the problems. When the government released the 2.5x threshold, house prices shot up almost immediately. Some benefited, others lost out. Now many first time buyers want the big tv, all the other household comforts, whereas back in the 60s we made do with anything we could lay our hands on. We had two armchairs from a neighbour of my parents that had been diverted from the tip, with a tea chest as the coffee table. No tv to start with.
Average salary in the UK is £36,000. Can't get anything for £90K (2.5x). Can't get much for £162K either (4.5). If you've got dual average income then it's more likely you can buy something.. However the chances of saving a 5-10% deposit when you're paying £1000+ a month in rent is tricky. Most of the prospective buyers I know just want to get on the ladder. Virtually impossible for many, unless they have wealthy parents. My two younger colleagues (in their 30's) have been able to buy recently due to receiving substantial inheritances. They are both sh1tting themselves at the moment due to increases in fuel/shopping/energy costs as they are already right on the limit financially. Remember, starting salary for teachers is £28K.
You can pick up a big 50" telly for under £250 these days, fraction of the price you'd have paid in the 60's.
"Y mae dafad ddu ym mhob praidd" 1972 4/4, 1981 MGBGT, 1984 FLHT1340, 1980 XLH1000, 1990 ZX10
