It used to be expected the maximum loan would be 2.5 times earnings, but in the 1990's this went up to 3.5, then 'pop' as unemployment rose. I noticed of late money the amount of money lent was based on a person's lifestyle, oooops.
Didn't the audit commission report a few years ago house building was at its lowest level since 1945, while it was reported developers had planning permission to build more than enough properties?
Is it in the interest of developers to restrict the flow of new housing to increase the number of buyers competing for a property?
Considering the billions banks etc have lost in recent times I find it a bit rich the media seek advice from those institutions for their readers.
It does surprise me there hasn't been a major financial scandal involving a housing association, looks like the checks & balances are working.
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I remember in the 1990's viewing numerous properties in Forest Hill which had been abandoned like the marie celeste. The other thing I remember was the number of homes of empty properties with pink walls which I assumed was because they were reoprocessed.
At that time a reasonable purpose built 2 bed flat in Sunderland Road could sell for ?65,000 a year later you could pick it up for ?45,000 and is probably now around ?200,000.
There's a road in Lewisham which were a reasonable indicator of the average national property price....
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