House Price Crash 5

ReportInvestor

The difference between asking and selling prices has widened to 7% in October November.

Is it the start of the crash?

Or just seasonal ?

Happy Christmas and may you all get the housing market you are hoping for .

CB1979_2

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CB1979_2

hibees1875 wrote:

nurses dont earn a decent wage then cos we cant afford to buy a house. combined nursing income 40k - available mortgage 120,000 - and what is the average house price in the uk at the moment again... oh yes... significantly more!

for 120,000 yeh i can get a 3 bed house where i live.... but its an ex council house !!!!!! and the area they are in is a bit like the lebanon....

Bring on the housing crash! Lets ave it.

correct Nurses don't earn a decent wage you should be on at least £5-10k more than you're on (but unfortunately the govt don't think you warrant it!) personally would like to see nurses, etc not having to pay income tax but that's going down a completely different route

but if you have a £40k combined income and can afford a £120k house then you are in a very good position compared to some!

do you NEED 3 bedrooms? what would a 3.5 x multiple (£140k) get you?

Hereward

hibees1875 wrote:

nurses dont earn a decent wage then cos we cant afford to buy a house. combined nursing income 40k - available mortgage 120,000 - and what is the average house price in the uk at the moment again... oh yes... significantly more!

for 120,000 yeh i can get a 3 bed house where i live.... but its an ex council house !!!!!! and the area they are in is a bit like the lebanon....

Bring on the housing crash! Lets ave it.

Don't forget that the UK’s average house price is skewed by all of those £1m+ houses across the country. You should be looking at the average home in your location, not the UK. £120k near me can buy you a fairly decent terrace house with a large garden, but in theory, you should be able to afford more as you’ll have a deposit.

BTW, who wants and average house, surely everybody is after the perfect house for them, not one that may suit them?

Alan_M_2

Actually that isn't the case, the average house price should actually be named the median house price, becasue that's actually how they are compiled.

Even if it was an average, houses in excess of £1 million account for 0.1% of sales in the entire UK, they wouldn't skew any meaningful amount at all.

Now if you were talking about a regional area, such as London or the south East, the number of £1 million pound homes will be disproportionately high, In fact I'd hazard a guess that 80% of these houses are in London and the surrounding areas. In reality this just means that London in particular as a market is not in the slightest bit representative of the rest of the country.

Where I live (just outside the M25) there are an enourmus amount of homes over the 7 figure mark, 4 bed detached houses in my villiage start at £750K and there's a 4 bed detached a few doors along from my house, where I walk the dog adaily and that's up for £1.5 million.

All telephone numbers really, but if you've got the money and you want to pay that it's fine by me.

The above thread mentions nurses, and although they get a London Weighting, it isn't nearly enough. The cost of living in and around London and the home counties is so high compared to the rest of the country that there is a desperate shortage of keyworkers here.

So whilst the average house price country wide may be in the region of 3.5 - 4 x joint incomes, the average around London and outskirts is approaching £400K, keyworkers are still needed here and don't have a hope in hell of being able to live here.

There's a complex of keyworker homes just gone up close by, it's predominantly empty because the keywrokers can't afford to buy anything there, and the palnning laws won't allow sales to anyone other than key workers. Go figure.

talksalot81

CB1979 wrote:

people who earn a decent wage CAN afford a decent house.

it's as easy peasy as 1-2-3, A-B-C, you-know-me, H-J-P, F-Y-E :money:

well £27k seems a pretty decent salary to me and the best I can afford is a run down terrace or appartment in a questionable area...

CB1979_2

talksalot81 wrote:

well £27k seems a pretty decent salary to me and the best I can afford is a run down terrace or appartment in a questionable area...

yep that's life

obviously you're looking at 1 bedroom places?

Alan_M_2

The following is the eligibility for the Keyworker properties in our area from Tandrdige DC:-

The Council's eligibility criteria
In order to be registered on the Council's Key worker List, applicants must match the definition given above which must be verified by their employer. They must also meet the income criteria for the Housing Register, which is as follows:household income of 39,999 or less -eligible for the Housing Register (rented) and/or the Shared Ownership list.

* household income of 40,000 - 60,000 - eligible for shared ownership and home ownership initiatives only.
* household income in excess of 60,000 - ineligible.

The absolute chepeast on this site, 1 bed property, (which is actually a studio flat) is £120,000, 2 bed £180,000 and I couldn't find a price for the 3 beds.

Now bear in mind if you work in london and annual season ticket in is around the £2500 mark on top of this you can see why no one is bothering to take up the offer.

Alan_M_2

Hereward wrote:

Don't forget that the UK’s average house price is skewed by all of those £1m+ houses across the country. You should be looking at the average home in your location, not the UK. £120k near me can buy you a fairly decent terrace house with a large garden, but in theory, you should be able to afford more as you’ll have a deposit.

BTW, who wants and average house, surely everybody is after the perfect house for them, not one that may suit them?

Out of curiosity I did a search in the Cambridge area on line, there are an awful lot of prefabs (trailer park) type properties for sale arund there, can you get a mrtgage for this kind of thing? I didn't think that was possible.

It is certainly an eye opener, I've spent all my adult life in and around South London/Surrey and as a result you get used to the silly prices people market properties for, It must be nearly 16 years since you could buy anything around here for under £100K even a studio flat.

Just shows how far out of whack we are around here I suppose.

sm9ai

CB1979 wrote:

yep that's life

obviously you're looking at 1 bedroom places?

The problem with houses is there is usually that high starting price.

Where I live you could get a 1 bedroom flat for around £95 - £100 k

And then a 2/3 bed house for around £125k - £130k

So to be honest when we are talking this high 30k not really much difference.

But hey, 27k(although the average where I live is probably near £20 - £25k) couldn't even buy the 1 bed flat so its all irrelevant.