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Debate House Prices
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The property market and reality
Comments
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It's so funny that Carolt used this street as an example
I used to live on this steet, but moved out in May 2005.
The flats are really exactly the same. The houses are I think 30. houses divided into 2 flats - ground floor and 1st floor. Each of the flat has a separate entrance and it was bonus for us at that time.
They all look like this: http://www.foxtons.co.uk/search?property_id=696686&resource=thumbnails&search_form=map&search_type=SS&submit_type=search0 -
Thanks, Bonia - my near ex-neighbour.
Very helpful post.
The entrance was handy with a pushchair. But the flats were too small with more than 1 child - we moved out shortly after no 2 was born.0 -
The FT article is simply a statement of the obvious. Your response to this is clouded by your personal needs and wishes.
A modest semi detached today costs £250k. How can a person on average income and modest equity contemplate buying such a place. With each passing year the home owning generation grows older and the number of younger people who cannot afford to buy increases. As for the younger people who do own property, they have little or no equity for trading up. The fragile matrix of high property prices is being held together by loose credit (again), low interest rates, reckless BTLs and misguided owners who believe that prices always go up.
Gordon Brown has intervened to defer a full house price correction in the UK. The bill for this however has been a massive bail out for the banks, quantitative easing on a biblical scale and interest rates remaining at 0.5%. As an economic model, this is wholly unsustainable. It is like pouring petrol directly into carburettor when the fuel line is empty. This is why people are now talking about a double dip recession for the UK. When the second dip comes we will see the 70% falls in house prices.
.....owners who believe that prices always go up...........
That statement is a FACT not a belief. It may not be true in the short term but it is a definite fact over the long term.0
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