Todays events...Any FTBs feeling poor? I do

b0rker

twirlypinky wrote: »

Why the hell should i live somewhere grim just because I've not found "the one". It's bloody daft.

Move to America. I hear that you get a free house with every happy meal there now. Then again America is not a tiny Island with finite land resources. Even in the fairly sparsely populated Inverness area where I am from we are running out of land to build on. Mostly because once you get a certain distance outside inverness you hit large hills/"mountains". The local construction companies were busy trying to squeeze the last of the new builds out of what was left of the available housing land before the credit crunch hit. Now all building has completely ceased.

jay3_2

twirlypinky wrote: »

I'm 27, single and sick to death of people telling me that i can really only expect to buy a bedsit, studio flat or a maisonette. Just because I'm single, why should I. Why the hell should i live somewhere grim just because I've not found "the one". It's bloody daft.

50 years ago my Grandad bought a 3 bed semi in south london for £6.5k. On his wages alone, my nan's wages weren't taken into consideration. So someone please tell me why these days singltons are expected to live in a tiny space?? The ratios are not right anymore, and they haven't been for a long time.

I'm in the situation now where I'm going to have to find a partner or wait for a relative to die before i can buy a home. I think it's a very sad world we live in.

Yes, there's been a lot of speculation that has driven prices artificially high. History tells us that house prices tend to return to a broad average in relation to income, so don't despair totally yet (though I absolutely know how it must feel). Perhaps "normal service" will be resumed at some point...

I'm a homeowner, but I'd be glad to see prices return to something approaching normality. Houses shouldn't be about investment, they're our homes!!

b0rker

jay3 wrote: »

Yes, there's been a lot of speculation that has driven prices artificially high. History tells us that house prices tend to return to a broad average in relation to income, so don't despair totally yet (though I absolutely know how it must feel). Perhaps "normal service" will be resumed at some point...

I'm a homeowner, but I'd be glad to see prices return to something approaching normality. Houses shouldn't be about investment, they're our homes!!

I totally agree that house prices needed to come down from peak and in fact they already have. Unsustainably high loaning from banks were proping up those prices. The UK's size and it's facination with property ownership may well see the prices reduce far less that is being predicted by some of the uber bears on this site mind you. Certainly some areas will be less affected than others.

lukekelly_2

Well as a first time buyer I'm not feeling poor at all. The house I can get for my cash increased massively last year and looks like doing the same thing this year. The falling market and being a first time buyer puts me in a strong negotiating position. Falling prices and low interest rates are both excellent for first time buyers.

So first time buyers stop whining and enjoy it!

:beer:

jay3_2

b0rker wrote: »

I totally agree that house prices needed to come down from peak and in fact they already have. Unsustainably high loaning from banks were proping up those prices. The UK's size and it's facination with property ownership may well see the prices reduce far less that is being predicted by some of the uber bears on this site mind you. Certainly some areas will be less affected than others.

Agreed - I still detect that the fascination with property ownership is alive and well, and my best guess is that prices won't quite hit the historical average. It's the lack of mortgage availability that is the primary factor at the moment, would you agree?

ModernSlave

b0rker wrote: »

London per chance?

Yep, Wandsworth

surfinsfree

Surely if a house price drops by 50% then my deposit has effectively doubled in a few years. You don't get that sort of interest in any bank even when credit wasn't crunchy.

treliac

lukekelly wrote: »

Well as a first time buyer I'm not feeling poor at all. The house I can get for my cash increased massively last year and looks like doing the same thing this year. The falling market and being a first time buyer puts me in a strong negotiating position. Falling prices and low interest rates are both excellent for first time buyers.

Spot on! And it will get even better before house prices bottom out.

LittleMissAspie

The average price of a 1-bed flat here is £156,710. Though I think a couple of studios may have slipped in there, I hate it when studios are advertised as 1-beds. So I guess FTBs need to earn about 50k. My boyfriend and I don't even earn 50k in total.

The average 3-bed semi is £242,480.

(Based on current asking prices on Rightmove)

treliac

LittleMissAspie wrote: »

The average price of a 1-bed flat here is £156,710. Though I think a couple of studios may have slipped in there, I hate it when studios are advertised as 1-beds. So I guess FTBs need to earn about 50k. My boyfriend and I don't even earn 50k in total.

The average 3-bed semi is £242,480.

(Based on current asking prices on Rightmove)

Prices have got a long way to drop yet.