ITN News At Ten, right now, house price rises immensely exciting

Fella

Jack_Johnson_the_acorn wrote: »

I think you needed:dance: at the end.

Ooh I forgot to mention I'm also the greatest dancer. That song is about me. probably.

Jack_Johnson_the_acorn

Fella wrote: »

Ooh I forgot to mention I'm also the greatest dancer. That song is about me. probably.

Probably or Definitely

Fella

To be fair the bit about dancing was a joke.

Conrad

ruggedtoast wrote: »

Soon no first time buyer will be able to afford one.

Rejoice.

Ooooh, this will annoy you. A new middle aged boomer client couple came in the other day asking about financing the purchase of a lovely old terraced house in a market town for £280,000 for thier 15 y/o daughter.

They explained it will be just a hold, waiting there for her for when she's older. They wont be letting it out.

Even I think this is a tad immoral and disconnected from the national debate.

Their words echo in my mind as I type "it'll double in value for sure within 10 years so we want her protected from the market rise"

Conrad

Listening to LBC Radio earlier in the week, older people were phoning in to recount their housing journey. Typically they had paid a few thousand in the 1960's, early 70s, and now find their pad is worth 100 times more (London and surrounds).

Please don't post a graph denying this, as I know from many personal examples that the 100 times increase is very common. In my area I encounter examples of houses that were £3000 in 1970 are worth £700,000 now. I know this from client records including original solicitors papers etc.


Could a London house worth £300k now be worth 100 times that in 50 years?

ruggedtoast

Conrad wrote: »

Ooooh, this will annoy you. A new middle aged boomer client couple came in the other day asking about financing the purchase of a lovely old terraced house in a market town for £280,000 for thier 15 y/o daughter.

They explained it will be just a hold, waiting there for her for when she's older. They wont be letting it out.

Even I think this is a tad immoral and disconnected from the national debate.

Their words echo in my mind as I type "it'll double in value for sure within 10 years so we want her protected from the market rise"

Why would that annoy me? If you'd said they'd NIMBYd a development of starter homes 10 miles from them that would be annoying.

My main thought about your anecdote is that if they can't afford to buy it outright, they are a bit mad to not let it out either, at least it would sound like any tenants who did move in would at least get a few years before being moved on.

I'm not sure about the doubling in value though. I'm sure you advised them soberly.

Conrad

ruggedtoast wrote: »

Why would that annoy me? If you'd said they'd NIMBYd a development of starter homes 10 miles from them that would be annoying.

My main thought about your anecdote is that if they can't afford to buy it outright, they are a bit mad to not let it out either, at least it would sound like any tenants who did move in would at least get a few years before being moved on.

I'm not sure about the doubling in value though. I'm sure you advised them soberly.

I thought you'd consider it a terrible waste of real estate to leave it standing empty, given so many can't get a decent home.

Yes I do think they are a bit bonkers not letting it but I do come across this particularly with holiday homes.

Doubling in value in 10 years I'd say is probably about right. I bought in 2001 well past the 1996 trough round here, and it still doubled.

Over my years I find your simple folk that just get on and buy usually do alright. Had a LL yesterday who owns 600 London properties! A simple newsagent turned property tycoon.

Loughton_Monkey

Conrad wrote: »

..... Had a LL yesterday who owns 600 London properties! A simple newsagent turned property tycoon.

The boy done well!

But if it had been me, I'd be richer than him. I would have kept on the newsagent shop!

Vikaroo

Can I just make comment that over recent months I have noticed an increase in nasty comments between folk on these forums. People aren't very friendly and are quick to slap you down even when you come on here for advice because your knowledge is not the best. People need to learn simple etiquette and treat people how they want to be treated. Manners cost nothing. Smug remarks are not helpful and unnecessary and potentially bullying. I thought these boards were a community sharing knowledge and helping each other out. I usually use the competition forum and find the people who use those very friendly and positive but my god people on here come across quite ignorant, insensitive and brash at times. Not nice!

JencParker

Conrad wrote: »

Listening to LBC Radio earlier in the week, older people were phoning in to recount their housing journey. Typically they had paid a few thousand in the 1960's, early 70s, and now find their pad is worth 100 times more (London and surrounds).

Please don't post a graph denying this, as I know from many personal examples that the 100 times increase is very common. In my area I encounter examples of houses that were £3000 in 1970 are worth £700,000 now. I know this from client records including original solicitors papers etc.


Could a London house worth £300k now be worth 100 times that in 50 years?

I would doubt it. Don't forget, we had rampant inflation during the 70's, availability of mortgages and demand increased generally, but particularly as the affordable options in the rental sector (LA and private) became less available and less advantageous for the tenant. We have high house prices because there is more demand than supply and supply will always be an issue, but if it wasn't for the demand, they would not be as high as they are now.