Housing market

[mrsblue]

*Waves smugly from the north!*

Pennypincher in cheapo property:winking:

 

[Pubey]

When you stop waving you'll still be in the north.[SUP]​[/SUP]

Indeed, I'm glad southeners haven't cottoned on to the excellent lifestyle, quality of life and affordability of living up here.

I grew up in Leigh - there's no way on my current salary I'd be able to buy a 3-4 bed house in Leigh. I'd also have to commute to London because SE Essex isn't exactly a thriving job market for businesses. But my current salary allows me to comfortably buy a a 4 bed detached house in a village with outstanding schools and a 30 min drive to both Manchester and Liverpool. The job markets are really thriving up here as well as more and more business and industries set up outside of London.

 

[mrsblue]

Indeed, I'm glad southeners haven't cottoned on to the excellent lifestyle, quality of life and affordability of living up here.

I grew up in Leigh - there's no way on my current salary I'd be able to buy a 3-4 bed house in Leigh. I'd also have to commute to London because SE Essex isn't exactly a thriving job market for businesses. But my current salary allows me to comfortably buy a a 4 bed detached house in a village with outstanding schools and a 30 min drive to both Manchester and Liverpool. The job markets are really thriving up here as well as more and more business and industries set up outside of London.

But it's up north though.

 

[Mad Cyril]

Indeed, I'm glad southeners haven't cottoned on to the excellent lifestyle, quality of life and affordability of living up here.

I grew up in Leigh - there's no way on my current salary I'd be able to buy a 3-4 bed house in Leigh. I'd also have to commute to London because SE Essex isn't exactly a thriving job market for businesses. But my current salary allows me to comfortably buy a a 4 bed detached house in a village with outstanding schools and a 30 min drive to both Manchester and Liverpool. The job markets are really thriving up here as well as more and more business and industries set up outside of London.

Cheap heroin as well.

 

[Pubey]

But it's up north though.

Indeed it is. :thumbsup:

 

[Pubey]

Cheap heroin as well.

And better ale.

 

[londonblue]

And better ale.

You can't beat Hawkshead Red, unless you go for a Hawkshead Gold. I had some sent down to give to a friend and his wife for their anniversary. Great stuff.

 

[Smiffy]

It is a total disgrace for anyone trying to buy. The average couple have no hope at the moment. So forced into paying massively inflated rent. Of course once you start renting, it is then very difficult to save for a deposit, so in a word most average renters are donald ducked. There must be hardly any new buyers joining the ladder, with the majority of sales between current owners, landlords and those with rich mummy and daddy's. Something has to give eventually.

 

[Up the Shrimpers]

Yep I cant see how it is possible these days for any first time buyers to actually save any money to buy a property. With property prices still rising and not enough new homes being built the problem is only getting worse.

My son is nearly 19 and I have not heard of anyone his age actually even thinking of moving out of the family home. Going back to when I was that age plenty of my friends had already got their first flat or at least renting and saving money. OK it has never been that easy to get your first home and quite a few lost out big time in the housing market crash which I think was in the early 1990's?

Like quite a few people I'm not sure I would even be able to afford the first house I moved into in the mid 90's if it were priced at todays prices.

 

[Uncle Leo]

House prices are disgraceful.

In my opinion the only solution is a punitive tax on second and subsequent properties.

I imagine several SZs have buy to let's as investments and I don't blame them for taking advantage of the opportunity however there is something very wrong when even modest properties cost 10x the median salary.

It's madness. In 1984, my dad bought a four bedroom detached house for less than his (decent, but not huge) annual salary. Good luck trying to pull that trick now.

I'm keeping half an eye on the market round here (Hemel Hempstead) as we are thinking of moving next year and the prices of some really ordinary properties, in pretty dodgy areas, is just eye watering.

 

[Tommy2holes]

Saw a dump in Pitsea yesterday going for 240k. It needed full refurbishment.

Even dump areas are now beyond us.

As a nurse it's a joke. Still at least my 1% payrise will help.

 

[londonblue]

Admittedly this is over a long period of time, but when my parents-in-law got married my mother-in-law's parents bought them a house for £5000. My in-laws don't live there anymore (and my father in-law died about 6 years ago), but the house is now worth over £2m.

 

[MK Shrimper]

My dad was offered the house my mum lives in still for £750. Didn't take up the offer.....still,my mum has paid subsided rent her entire life.

 

[Benfleet A1]

Agreed. I had a one bed flat in an old Victorian block on the border of Stoke Newington & Dalston. Cost me £40K in 1997.

Now valued at over £400K.

The worst thing that ever happened to London was winning the 2012 Olympics. Normal people can no longer afford to live there with luxury apartments built for Russian Oligarchs to hide away their Rubles.

Where dod normal people live before the olympics?

 

[MK Shrimper]

Where dod normal people live before the olympics?

In houses they could afford to buy or rent.

 

[RHB]

My parents moved out of London in 1948 and made the short hop via the Liverpool Street line to Rayleigh. £500 bought my childhood playground and Rayleigh's population was around 5000 people. I guess £500 seemed a lot of money in those days but the eventual selling price when they moved to Rochford and bungalow land was eyewatering. My dad was seriously old school and we had to work hard to talk him out of lowering the price the Estate Agent marketed it for. My kids have absolutely no chance of saving for house deposits unless we help.

 

[Tangled up in Blue]

My parents moved out of London in 1948 and made the short hop via the Liverpool Street line to Rayleigh. £500 bought my childhood playground and Rayleigh's population was around 5000 people. I guess £500 seemed a lot of money in those days but the eventual selling price when they moved to Rochford and bungalow land was eyewatering. My dad was seriously old school and we had to work hard to talk him out of lowering the price the Estate Agent marketed it for. My kids have absolutely no chance of saving for house deposits unless we help.

Ditto.:sad:

 

[Firestorm]

Those wanting to buy, just sit tight for a while longer.

It won't be long before Interest rates go up and every 1 % rise could be close to a 20% rise in mortgage repayments (Average rate is currently about 4%) , we could an increase in repos , people cashing in to save money , drop in demand , all of which may well bring the prices down .

I bought my last place in 85 for 35,700, by mid 88 it was valued at 85,000 . I sold in mid 95 for 49,500....

If anyone out there is doing the shared equity schemes still, they are all well and good at the bottom of a slump and in the early days of a rise, but we appear to be heading towards the peak, and I know of several people who took out shared equity schemes around 87/88 who were left with massive holes in their finances when they sold because the contract had the minimum payable to the "sharer" was the original contribution and not a % of the sale price

 

[londonblue]

Those wanting to buy, just sit tight for a while longer.

It won't be long before Interest rates go up and every 1 % rise could be close to a 20% rise in mortgage repayments (Average rate is currently about 4%) , we could an increase in repos , people cashing in to save money , drop in demand , all of which may well bring the prices down .

I bought my last place in 85 for 35,700, by mid 88 it was valued at 85,000 . I sold in mid 95 for 49,500....

If anyone out there is doing the shared equity schemes still, they are all well and good at the bottom of a slump and in the early days of a rise, but we appear to be heading towards the peak, and I know of several people who took out shared equity schemes around 87/88 who were left with massive holes in their finances when they sold because the contract had the minimum payable to the "sharer" was the original contribution and not a % of the sale price

Indeed. Our house has more than doubled in value since we bought it about 10 years ago, but I'm not deluded into thinking that will actually lead to anything. There'll be a collapse in the housing market sooner or later, and that will be well before I'll be thinking of selling.

 

[Up the Shrimpers]

Those wanting to buy, just sit tight for a while longer.

It won't be long before Interest rates go up and every 1 % rise could be close to a 20% rise in mortgage repayments (Average rate is currently about 4%) , we could an increase in repos , people cashing in to save money , drop in demand , all of which may well bring the prices down .

Although I want cheaper property prices so my children will be able to buy somewhere a massive price fall would be a disaster for most people.

I bought my last place in 85 for 35,700, by mid 88 it was valued at 85,000 . I sold in mid 95 for 49,500....

If anyone out there is doing the shared equity schemes still, they are all well and good at the bottom of a slump and in the early days of a rise, but we appear to be heading towards the peak, and I know of several people who took out shared equity schemes around 87/88 who were left with massive holes in their finances when they sold because the contract had the minimum payable to the "sharer" was the original contribution and not a % of the sale price

I can't see interest rates going up by even 1% soon. If they do go up it will only probably be by 0.25% increments spread over a few years. Still at least 1 year away from any rise and that will depend on the economy.

Although I want cheaper house prices so my children will be able to buy somewhere a massive price drop would be a disaster for quite a few people.