The 70% club

IveSeenTheLight

whathavewedone wrote: »

I don't understand why, just because some people on this board want to have plenty of disposable income as well as a house that this should mean that the average house will fall to the levels being talked about (70k).

When I was single and bought my first flat I didn't want to spend all my money on a mortgage and so bought a 1 bed flat with a mortgage less than 3 times my salary. That was in 2003. My desire not to over extend myself did not prevent the housing boom.

Now I am married with 2 children. I have given up work for the time being but intend to work when they start school, not for the money particularly but more because I think I will go out of my mind with boredom if I don't. Horses for courses.

We don't resent the amount of money we spend on our outgoings because now that we have children living in a house that is big enough for our needs, close to good schools and in a nice area is more important than having lots of holidays.

People have different priorities and sometimes people's priorities change as they get older. Not all buyers will have the same mindset.

I just do not understand how people can say well this is what I want to happen so it jolly well will. It's just fantasising dressed up as a serious economic prediction.

I'd like to win the lottery it doesn't mean it's going to happen.

I do think house prices are going to fall further btw, I just don't think the fact that some people would like them to cost whatever it is that they can personally afford so they also have oodles of cash left over each month to buy clothes, go clubbing, have 3 holidays a year etc will have any bearing on what happens in the slightest.

:T Well Said :T

thegibdog

Dithering_Dad wrote: »

I'd be interested in knowing where one could get a reasonable property these days for £77k.

Radciffe, Greater Manchester. 77 (by strange coincidence) properties on Rightmove for under £77k. Quite a number of them are 3 bed terraces, there was pretty much nothing under £80k at the peak of the market.

Dithering_Dad

thegibdog wrote: »

Radciffe, Greater Manchester. 77 (by strange coincidence) properties on Rightmove for under £77k. Quite a number of them are 3 bed terraces, there was pretty much nothing under £80k at the peak of the market.

I dare say there are some even larger properties available in Moss Side and Wythenshawe as well, but I think I'd rather lend against a larger multiple and live in a nicer place. Each to their own I guess.

Cleaver

thegibdog wrote: »

Radciffe, Greater Manchester. 77 (by strange coincidence) properties on Rightmove for under £77k. Quite a number of them are 3 bed terraces, there was pretty much nothing under £80k at the peak of the market.

We live in a lovely flat in Manchester that we bought for just over £75k (and at pretty much the peak of the market - mid 2007). It's a nice old building with big thick walls, we have lovely neighbours, two proper old style big bedrooms, parking and we're not on the ground floor. We have proper security gates, a video intercom system and lovely gardens. It's a 2 minute walk from a tram stop, a 25 minute walk right in to the middle of the city but far enough out that I can drive around for work without always queing in and out of the centre.

Of course, for that type of money it's not in an uber-nice area, it's not the most beautiful building in the world and I'm sure lots of people would turn their nose up and say "Ooh, I couldn't live there." But we love it. And you wouldn't catch me paying £180k for a cardboard new build one bedroom 'smartpad' that are so common around these parts. I guess some people like them though, so each to their own.

HappySad

I am joining the 70%club. I don't mind if my home drops in value as I plan to move to a bigger house in a year & that price will drop even more than my home. As long as I can afford to pay the mortgage I don't really car how much my home is... it is my home .

dopester

Sorry. I think the deflation is going to be a mind-melter, blow away all what you thought was real, and leave you at your pc's typing "I am a fish, I am a fish, I am a fish."

StevieJ

dopester wrote: »

And just because you want house prices to remain anywhere near such astonishing highs - doesn't mean it will happen.




Mix in global manufacturing over-capacity.

Sorry. I think the deflation is going to be a mind-melter, blow away all what you thought was real, and leave you at your pc's typing "I am a fish, I am a fish, I am a fish."

That is where GB Ltd have played a blinder (thanks Mrs T), we have little manufacturing capacity to mix in :beer:

Good to see ya Dopester.

StevieJ

Actually, I have noticed that there are quite a lot of active posters on this board from the Manchester area :T

sabretoothtigger

dopester wrote: »

Sorry. I think the deflation is going to be a mind-melter, blow away all what you thought was real, and leave you at your pc's typing "I am a fish, I am a fish, I am a fish."

Makes me think actually that 70% would be realistic if you included inflation maybe or if you considered it from the position of another currency.

Take the Price of this house in YEN 2007 then 2010 in YEN, maybe that'd be a 70% fall so I cant say this topic is a rubbish or exaggerated suggestion

Of course the idea of yen valuation seems silly in theory but Im just suggesting if you forget the numbers but consider a houses affordability or consumer buying power I think the statisticians call it

RDB

whathavewedone wrote: »

Now I am married with 2 children. I have given up work for the time being but intend to work when they start school, not for the money particularly but more because I think I will go out of my mind with boredom if I don't. Horses for courses.

Can I ask you why you are not working?

We have our first who is now 6mnths old and definately could not manage bills etc without working. When he starts school and if any more come along it will be impossible to live without working.

Unless you mean you are getting us tax payers to take the strain while you sit back and sign on every 2 weeks?