How much is an FTB property where you live?

Emy1501

b0rker wrote: »

By refusing to move to less salubrious areas these potential first time buyers are only stoking the HPI fire. The more desirebale properties in the more desireable areas are getting more and more desireable and therefore more and more expensive. The desire not to live in the less attractive areas is only proving to make these areas less and less desireable as no one with a higher income than those who already live there are prepared to live there. We bought in an area that would probably be considered Inverness' 2nd least attractive area. I have had less trouble here than when I lived in what would be considered a very nice place to live in Inverness. In fact all of my close neighbours are pretty much sound. It is total heresay and paranoid snobbery that causes a lot of these rumours.

A lot of the supposed first time buyers on this site are not traditional first time buyers who are prepared to get on the ladder at the bottom rung. These are the 50" plasma/LCD brigade who want a detached 3 bedroom with private parking/double garage...

Meanwhile there is no one to move into the less desireable areas and renovate them so that they are not so undesireable anymore... Those desireable locations are getting more and more out of reach due to all this extra demand.

There is no lack of supply for reasonably priced housing but there is a massive abundance of snobs who know they deserve better as Mummy says so!

Maybe where you live but not where I am. I bought my first property in a not so desirable area it was about 3.5x wage back then. Same property now would be between 6-7X FTB wage now.

[Deleted User]

b0rker wrote: »

By refusing to move to less salubrious areas these potential first time buyers are only stoking the HPI fire. The more desirebale properties in the more desireable areas are getting more and more desireable and therefore more and more expensive. The desire not to live in the less attractive areas is only proving to make these areas less and less desireable as no one with a higher income than those who already live there are prepared to live there. We bought in an area that would probably be considered Inverness' 2nd least attractive area. I have had less trouble here than when I lived in what would be considered a very nice place to live in Inverness. In fact all of my close neighbours are pretty much sound. It is total heresay and paranoid snobbery that causes a lot of these rumours.

A lot of the supposed first time buyers on this site are not traditional first time buyers who are prepared to get on the ladder at the bottom rung. These are the 50" plasma/LCD brigade who want a detached 3 bedroom with private parking/double garage...

Meanwhile there is no one to move into the less desireable areas and renovate them so that they are not so undesireable anymore... Those desireable locations are getting more and more out of reach due to all this extra demand.

There is no lack of supply for reasonably priced housing but there is a massive abundance of snobs who know they deserve better as Mummy says so!

I couldn't agree more!!

We moved out of a nice area in Glasgow (professional working couples) and moved out to a little country villiage with an atrocious reputation in Ayrshire. Anyone in the surounding area that you speak to says it's awful - full of neds.

The house is out of this world - I haven't seen a house I like more for 2, 3 or even 4 times the money. The couple we bought from were lovely - well educated, well spoken and extremely nice. We figured that they wouldn't have lived there so long if it was that bad. Neighbours kids that go to the local primary school are polite and well spoken. We asked shop keepers etc who all said they never had any trouble and some of the nicest people they'd ever met lived in the area. So we went ahead and bought the house.

We've now been here a few weeks.

- Insurance on house and car is drastically reduced because they're substantially less crime than in the city.

- Council Tax is much, much lower.

- On the day we moved in, our very educated, wealthy, nice neighbours (several of them) dropped in with cards, bottles of wine etc. They all call our street "A little bit of paradise".

- We walk the dogs around the villiage at all hours and feel quite safe. Something I'd never have done in the city.

I'm picky about where I live. I'd be afraid to live anywhere rough. I only made this move because I loved the house so much. And as it's turned out there is no downside at all. I'd say to anyone - don't rule out these little places with low cost housing. You might be suprised at just how nice the people living there are. And if you're the first to discover the place you could make a killing when prices to eventually increase in line with the rest of the area.

BitterAndTwisted

I'm with b0rker and scarter: I live in a very dodgy post-code but luckily my neighborhood and my neighbours couldn't be faulted really. I'm very happy here and when the creeping gentrifications happened I wished it would reach us. It hasn't so far but maybe it will come eventually. I can travel to Oxford Circus in the centre of London in 25 minutes after locking my front door. I'm very lucky

HAMISH_MCTAVISH

Emy1501 wrote: »

Maybe where you live but not where I am. I bought my first property in a not so desirable area it was about 3.5x wage back then. Same property now would be between 6-7X FTB wage now.

WHich is exactly what you'd expect when growing population causes shortages of housing.

The best locations rise in price first. Then the cheaper ones as people move further out. Then the even cheaper ones as the previous ones become more expensive. etc.....

A classic ripple effect.

Whereas if it was purely a credit bubble, with no underlying supply and demand imbalances, then prices would rise equally everywhere. But of course they didn't. You can still buy an average house for less than 3 times average income in parts of this country. Just not the parts where most people want to live, and where the employment exists to support them.

Mr.Brown_4

HAMISH_MCTAVISH wrote: »

You can still buy an average house for less than 3 times average income in parts of this country. Just not the parts where most people want to live, and where the employment exists to support them.

Does that seem reasonable to you? Or is it perhaps a signal of a malfunctioning overpriced market?

ginandtonic1988

amcluesent wrote: »

Peterborough has this one-bedder on at £55K. The area is 'diverse', shall we say.



You'd need to double that you get somewhere that is acceptable

St Martins street, diverse, thats a polite description. If you think that Pyhill and Langley are acceptable in your opinion what/where would be the next rung up in Peterborough?

sammyjammy

Sheffield £42,500 1 bed flat 10 mins from City Centre, not a bad area either

or

Sheffield £45,000 1 bed house 10 mins from City Centre , not good area where they had Darnall riots a few years back!!!

HAMISH_MCTAVISH

Mr.Brown wrote: »

Does that seem reasonable to you? Or is it perhaps a signal of a malfunctioning overpriced market?

Not just reasonable, but an absolutely inevitable consequence of a genuine supply and demand problem.

Or rather....

Supply and demand always find equilibrium. Only the price changes...;)

[Deleted User]

I think the market is a result of underying trends.

When employment levels are high in an area house prices tend to go up. If the main source of emplyment in the area closes down prices drop and people flock out of the area.

What you have in the South East is a situation where there are lots of jobs. So many that there isn't enough housing to go around. Obviously house prices will go sky high as a result. It's not possible to build enough houses to satisfy demand and reduce prices. There isn't enough building land and what little there is is highly priced because there's so much demand for it.

The only solution is to move jobs (and workers) out of the area into places where it's possible to build affordable housing.

If house prices in the South East dropped by 95% tomorrow do you think everyone would suddenly have a place to live? Of course they won't - because there aren't enough houses. So who will get the few houses that are available? Probably those willing and able to pay the most. And before you know it house prices are sky high again. Supply and demand.

Entertainer

Deleted_User wrote: »

I think the market is a result of underying trends.

When employment levels are high in an area house prices tend to go up. If the main source of emplyment in the area closes down prices drop and people flock out of the area.

What you have in the South East is a situation where there are lots of jobs. So many that there isn't enough housing to go around. Obviously house prices will go sky high as a result. It's not possible to build enough houses to satisfy demand and reduce prices. There isn't enough building land and what little there is is highly priced because there's so much demand for it.

The only solution is to move jobs (and workers) out of the area into places where it's possible to build affordable housing.

If house prices in the South East dropped by 95% tomorrow do you think everyone would suddenly have a place to live? Of course they won't - because there aren't enough houses. So who will get the few houses that are available? Probably those willing and able to pay the most. And before you know it house prices are sky high again. Supply and demand.

I wouldn't say there are lots of jobs in the SE given the number of people that I know who have been made redundant here in the last 18 months. Unemployment is still rising in the SE. What you have is a lack of land and high population density.