House prices....

x12yhp

Snoozle wrote: »

I think you have made a lot of really valid points, and I agree with a lot of what you have been saying but I find this post a bit insulting. I have been in the position in the past of working horrendously long hours, in a stressful but ultimately dead end job (although it was a huge company, promotion opportunities were non existent, as they preferred to bring staff in from outside rather than train them). I was paid a pittance. We didn't get paid overtime, we were barred in our contract from taking a second job (so no opportunity to earn extra money) , and even doing voluntary work was not looked upon kindly (so no opportunity to boost my CV through other means). This job effectively trapped me, and since I am female, by the time I escaped the job, I was then catapulted headlong into the world of juggling work with childcare, which doesn't lend itself to high earnings either. So, high earnings? No, I don't have those. Hard work? I've done plenty of that, and will continue to do so. But I don't think I have ideas above my station for wanting to own my own home. I just thank my lucky stars that I am old enough for this to have been possible, whereas people in similar circumstances to me but ten years younger haven't a hope of doing the same at present.

Its good to have something to aspire to which is difficult but achievable. But I really pity anyone who is in their early 20s now and all they have to look forward to is huge student loans, poor job opportunities, higher taxes, less affordable housing, and a pension time bomb at the end of that.

I apologise. I did not mean to offend. As with all these discussions, generalisations are essential. My point was that there are many who are unlike you in their work ethic but still will consider themselves entitled to what you have or want. I appreciate that my generalisation misses out on hard working people who have not got their deserved breaks. My experience indicates you are an unfortunate minority - hence my comments.

Apologies again.

x12yhp

Well the signs of possible armageddon ARE strengthening... CPI up to 3.7%. Banks withdrawing low rate mortgage fixes in preparation for rates rises. Media reporting the potential for £1800 addition of costs for average family over the next couple of years... it is not all set in stone but the concrete is in the mixer and we are waiting to find whether the government is going to let it go hard in there, or pour it and let it set on the ground...

tara747

Very interesting posts guys! Am just going to read through to catch up, back soon

leftieM

Thanks for the views.
Things are rough in 'the field'. Lots of vendors holding out for prices that no mortgage lender will rubber stamp. Anything that's priced well shifts pretty quickly (although 'pretty quickly' now is 2 months after being listed.)

tight_arze

House prices still falling.

http://www.bbc.co.uk/news/uk-northern-ireland-12453332

x12yhp

That is the problem, people do not think what their prices 'mean'. At £150k, someone needs to have £30k deposit and needs to have a salary of £40k+. That either means someone who is earning a very high salary (by local standards) or a couple, both of whom are working and on at least average salary (considering that the 3x multiple goes down for combined salary). That is all well and good but that £150k property is often very middle ground, not much above entry level and owned by people who are in a much worse position than the buyers they need! It is absurd.

leftieM

Actually, banks will still throw money at some people so there is not the restriction of 3x salary. If you get your hands on a deposit you can get 5x salary or more. That's assuming you are in full time permanent employment, you have a squeeky clean credit history and you haven't any children.
There is a rush of people bidding on houses at the moment from what I've seen since we stated looking for a house. If anything is reasonably priced (i.e. around the rateable value) where I'm looking, people are swarming over it. The stuff that's on at that price tends to be probate and 'priced to allow for modernisation'. Owner occupiers still expect a premium of 50k. I don't bother with those houses so I don't know if they get good viewing figures or not.

Freefromdebt_2

I have rented for approx. 5 years after selling a house. I have two kids and work in public sector and know that I wont ever have another chance to buy a house but I dont mind. I think there is too much pressure here to 'buy your home'. This doesn't happen in Europe - the majority of the German population rent long term and only the very affluent actually own their homes.
Why should we pay an over inflated price for some bricks and mortar ?

steveymp

A lot more activity in the housing market in the North West this month:eek: my house has been for sale for a year now and previously had 2 viewers (time wasters). In the past week I have had 3 viewers and 2 offers :eek: granted the offers have been slightly lower than I wanted but they are getting closer to my required price (not asking price) as the days go on:)

Its getting to the point where I may have to go looking for a new house now myself:rotfl:

7% fall in prices last year in general was less than I expected, I really can't explain the current activity in my house to be honest, especially with the shape of our wee country at present:o

ballyblack

If the builders are not building any new houses surely the stock
'for sale' will get scarce and prices will move up eventually. Might take a few years but the prices will edge up