Average home £1million by 2024

PoorDave

real1314 wrote:

That's a very busy plumber! 1750 days a year!!!

Still probably couldn't come round on a day that suits you, or "get the parts"

PoorDave

richgirl wrote:

Yeh the cycle generally for the UK is between 4.5X and 2.5X earnings.

And for london between 7X and 3.5X

Hence house prices are at a peak now, the next stop is the lows some years forward

Do you have any actual evidence to back this up?

To see a peak you need to see the trough that follows. Until we get that, we can't know this is the peak. People have been saying "this is the peak" since at least 2003, if not further back.

Pricefamily4

A_Fool_&_His_Borrowed_Mon wrote:

The thought of Million pound starter homes by 2024 is up there with Snow White & the seven Dwarfes & other fantasy Fairy-tales.

As a Picture can speak a thousand words, look at this graph to explain what it means!
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Pure Comedy!:rotfl:

Damn you I was getting all excited about one day being a millionaire!! lol :rotfl:

scorpio_princess

It really gets my goat when people harp on about 'saving up' for a deposit. I already have 10k in savings, but after i've paid my rent and bills I will only have about £100 a month (at a real push - if I stop having a life) to put into savings. Now, based on my earnings, I could get a mortgage for 50,000 tops, which means I would need a deposit of at least 50,000 just to buy even a scummy flat in a run-down area. I've just calculated it will take me 41 YEARS to save that kind of deposit!! Which would make me 66 by the time I can afford to buy my first shoebox - still, least it's something to look forward to hey lol

I reckon there should be a housing market for single people

bootman

I have just had a look on https://www.ourproperty.co.uk at a house I can only dream about! It sold in 2004 for £200K. Ok its been done up but is now up for sale at £850K:eek:

lynzpower

scorpio_princess wrote:

It really gets my goat when people harp on about 'saving up' for a deposit. I already have 10k in savings, but after i've paid my rent and bills I will only have about £100 a month (at a real push - if I stop having a life) to put into savings. Now, based on my earnings, I could get a mortgage for 50,000 tops, which means I would need a deposit of at least 50,000 just to buy even a scummy flat in a run-down area. I've just calculated it will take me 41 YEARS to save that kind of deposit!! Which would make me 66 by the time I can afford to buy my first shoebox - still, least it's something to look forward to hey lol
I reckon there should be a housing market for single people

in which case you are heading into retirement, and wouldnt be allowed the mortgage.

scorpio_princess

Exactly - so what's the solution? As far as I can see, i've done everything I can to to put myself in a position to buy, but with odds like that against you, what hope do I, or other future FTBs have? I'm gonna upset a few people here, but IT'S NOT FAIR!!! Boo hoo - but then life never is. I'm sure it does all even up in the end. Sitting here moaning and stressing about it isn't going to change anything - it's out of my control. I'll just keep plodding along, hoping for a turn in the market.
Don't get me wrong, I don't want the market to 'crash' (a lot of home owners seem to think non-homeowners are desperate for this) as a lot of friends and family would lose out. I just wish it would cool and drop to a sustainable level - then everyone will be happy, not just a select few.

Alan_M_2

There's no point worrying about something beyond your control, whatever happens, happens.

So keep saving what you can and things may or may not turn, but don't let it wreck your life.

The majority of Europeans think we're barmy because we have this obsession with owning property anyhow.

Market_Oracle

scorpio_princess wrote:

Exactly - so what's the solution? As far as I can see, i've done everything I can to to put myself in a position to buy, but with odds like that against you, what hope do I, or other future FTBs have? I'm gonna upset a few people here, but IT'S NOT FAIR!!! Boo hoo - but then life never is. I'm sure it does all even up in the end. Sitting here moaning and stressing about it isn't going to change anything - it's out of my control. I'll just keep plodding along, hoping for a turn in the market.
Don't get me wrong, I don't want the market to 'crash' (a lot of home owners seem to think non-homeowners are desperate for this) as a lot of friends and family would lose out. I just wish it would cool and drop to a sustainable level - then everyone will be happy, not just a select few.

The problem is that when houses are 'cheap', there cheap for a reason, that being that even more people cannot afford to buy them due to economic circumstances.

I could throw a spanner in the works here.....

That spanner would be the $1 trillion sat in the Chinease Bank Accounts.... I recall in the 80's how the Japanese went on a world wide buying binge driving prices higher everywhere, there are signs, strong signs given recent activity in Africa, that the Chinease may go on a similar binge for a year or 2 at least, especially since 3 years hence they will have $2 trillions !

wolvoman

Market_Oracle wrote:

I could throw a spanner in the works here.....

That spanner would be the $1 trillion sat in the Chinease Bank Accounts.... I recall in the 80's how the Japanese went on a world wide buying binge driving prices higher everywhere, there are signs, strong signs given recent activity in Africa, that the Chinease may go on a similar binge for a year or 2 at least, especially since 3 years hence they will have $2 trillions !

If your figures of $1 or $2 trillion are approximately correct then this will have negligible impact on the UK housing market.
Even $2 trillion would only buy about 6,000 houses at average UK price of £200K. Over 300,000 homes were sold last year in the UK so 6,000 is a small percentage of that. And that makes the fantasy assumption that every penny saved in China will be spent on UK domestic property - somewhat unlikely don't you think?