Rightmove October +2.8%, London records biggest ever indice rise at 6.5%

the_ash_and_the_oak

IveSeenTheLight wrote: »

3.5 * £40k + 10% deposit is pretty nigh on the UK average property

The problem is that you might be competing against joint applications.
HSBC offer 3.5 times joint income at 90% LTV

https://hsss1.hsbc.co.uk/bankinguk/mortgageAIP/ourservice.jsp?Start=true

True but I was referring to London here rather than the UK as a whole (think we're back to this problem about whatever the ave London salary is)

the_ash_and_the_oak

ravenfield wrote: »

I know who they are, majority of rich people from outside the UK or rich parents from overseas. Lots of my GF friends from singapore, malaysia, HK, etc are buying those expensive flats as investments. They get a lot of deposit from their parents like easily £200k in cash. I suspect not many local UK people owns those expensive assets.

If this is true then it looks like perhaps 1bed flats in most of London aren't really a 'first rung on the ladder' or even ftb properties at all

IveSeenTheLight

the_ash_and_the_oak wrote: »

If this is true then it looks like perhaps 1bed flats in most of London aren't really a 'first rung on the ladder' or even ftb properties at all

What are the options then?

a) Rent

b) Increase supply by building more

c) Move to another area where property is afordable

HAMISH_MCTAVISH

IveSeenTheLight wrote: »

What are the options then?

a) Rent

b) Increase supply by building more

c) Move to another area where property is affordable

d) Live at home with mummy and daddy, save all you earn, have no life or relationships, and spend all your time on hpc moaning about house prices as you realise you can't save fast enough to keep up and you should have leveraged up earlier.

















I'll get my coat.....:p

ravenfield

HAMISH_MCTAVISH wrote: »

d) Live at home with mummy and daddy, save all you earn, have no life or relationships, and spend all your time on hpc moaning about house prices as you realise you can't save fast enough to keep up and you should have leveraged up earlier.

Most probably will be the case in few years time including your kids and your grandchildern. Otherwise you'll have to fork out huge deposit to help them onto housing ladder. Even I feel like buying a place in London now and rent it out for Londoners.

the_ash_and_the_oak

IveSeenTheLight wrote: »

What are the options then?

a) Rent

b) Increase supply by building more

c) Move to another area where property is afordable

from an FTBs pov? A or C obv (ftbs wouldnt have control over b!)

wasn't really looking at it from an individuals pov tho tbf - was more curious about whether people exist in such number to buy these things

ravenfield

the_ash_and_the_oak wrote: »

from an FTBs pov? A or C obv (ftbs wouldnt have control over b!)

wasn't really looking at it from an individuals pov tho tbf - was more curious about whether people exist in such number to buy these things

I believe those estate agent guys should have an ideas of the figures since they sell those flats.

A month ago, someone in Malaysia bought two new build flats in London and he has never even been to London before. He wants to let the agent in London to rent out his property. My GF's friend from Singapore just bought a new 2 bed flat for 280k a week ago. Just a couple recent purchases I remember and I don't even have a big circle of friends.

the_ash_and_the_oak

ravenfield wrote: »

I believe those estate agent guys should have an ideas of the figures since they sell those flats.

A month ago, someone in Malaysia bought two new build flats in London and he has never even been to London before. He wants to let the agent in London to rent out his property. My GF's friend from Singapore just bought a new 2 bed flat for 280k a week ago. Just a couple recent purchases I remember and I don't even have a big circle of friends.

If you say its true I have no reason to disbelieve. Looking at the figures of rents and prices posted here recently, Aberdeen would have been a better bet imo

ravenfield

the_ash_and_the_oak wrote: »

If you say its true I have no reason to disbelieve. Looking at the figures of rents and prices posted here recently, Aberdeen would have been a better bet imo

It kinda saddens and !!!! me off as I actually live in the UK and those people is buying houses here like stock market and renting it out at high prices. This means I'll struggle to pay mortgage while those rich overseas people sit and enjoy their life in their big house overseas, while we struggle with expensive mortgages for our tiny flat. I can't really encourage London house price to fall as my GF bought a house in London at £500k with her parents living in it, so I'll be in huge debt if I want to move in with her in London.

IveSeenTheLight

the_ash_and_the_oak wrote: »

If you say its true I have no reason to disbelieve. Looking at the figures of rents and prices posted here recently, Aberdeen would have been a better bet imo

If you are looking at Rental Yield maybe.
If you are believing in capital appreciation, London will always have the greater potential