It's grim oop north

nearlyrich

You know what some of us actually live in very nice parts of the North where house prices are holding their own, the big problem in the North and the South and in the Midlands too is that real people with normal jobs can't afford the mortgages required to invest in the property market with house prices at current levels.

There needs to be some dropping of prices, a one off gesture like taking off stamp duty isn't enough, a young professional couple can't afford a one bed flat never mind moving up to the 4 bed detached as the family grows.

But the North really isn't all terraced houses and mushy peas any more than most Londoners live in Mayfair...

kennyboy66_2

Some of the poorest boroughs in the UK are in London.

Turnbull2000

nearlyrich wrote: »

But the North really isn't all terraced houses and mushy peas any more than most Londoners live in Mayfair...

The Newcastle area has, or should that be had, thousands of good quality terraced housing. Open Google Earth, and go to 54 58'10.60 N 140'55.23 W to see an appalling consequence of Labour's housing policy. Check out the half-demolished streets on the left. This was an active policy to reduce supply and increase prices. This was somewhow supposed to reduce poverty and increase wealth, but it instead left communities isolated and looking like they've been through the Blitz

(edit to wording)

Fuchsia_a

Turnbull2000 wrote: »

The Newcastle area has, or should that be had, thousands of good quality terraced housing. Open Google Earth, and go to 54 58'10.60 N 140'55.23 W to see an appalling consequence of Labour's housing policy. Check out the half-demolished streets on the left. This was an active policy to reduce supply and increase prices. Apparently this policy was to reduce poverty and increase wealth, but it instead left communities isolated and looking like they've been through the Blitz

Well, obviously labour wanted all of the residents to move down south, to where housing is so much more affordable, or to be a bit brave and upgrade to un-terraced housing so that everyone could have large conservatories and paths from their front garden to their back garden. We should thank them for their thoughtfulness. :T

I doubt I'll ever understand how reducing the supply of an essential commodity reduces poverty. It's like if they collected up all of the cheap bread in the supermarkets and binned it, and then expected all of the poor people to be able to afford nicer bread.

blisk

baby_boomer wrote: »

Sale prices have almost halved, development land is worthless and those few people who want to buy can't raise the money....

He's not alone. Alex Potter at Collins Stewart talks of the forthcoming "dumping of buy-to-let properties.."

Hardly surprising.

It was always going to happen.

Boom, Crash, Bust.