House Prices Surge again...Sky News..

matt1234

From parliament.co.uk:

15.08.2013Unemployment - Regional: Economic Indicators page
Over the period March 2013 to May 2013, the North East had the highest unemployment rate, at 10.3% of the economically active population. The lowest rates over the same period were 6.0% in the South East and the South West.

CLAPTON

matt1234 wrote: »

Income distribution across UK regions

Office for National Statistic 2007[23] UK region Gross income London £27,868 South East England £21,109 East Anglia £19,469 Scotland £19,282 North West England £19,236 West Midlands £18,801 South West England £18,629 Yorkshire & the Humber £18,614 East Midlands £18,321 Wales £17,651 North East England £17,594

I hope you aren't comparing London wages with Sheffield house prices.

looks like yorkshire is about 18k average

90% mortgage on 120k is 108k

only requires income of about 27k with multipier of 4

so that's £13.5 k each for a young couple.
so all seems totally doable even on close to the minimum wage

wotsthat

Percy1983 wrote: »

Didn't you keep saying they would never crash before the... you know... crash...?

I think it was Sibley's strategy all along. He allowed a small crash giving the HPC crew a glimmer of hope. He's a cruel creature though and only allowed this because he knew when he increased prices the snubbing out of all hope would make his victory all the sweeter.

He just needs to deal with his arch rival Bruce Banner. He won't be hard to find seeing as he's renting a mansion at a reasonable price in a part of the South-East where after years of falling prices they show no signs of recovery.

matt1234

CLAPTON wrote: »

looks like yorkshire is about 18k average

90% mortgage on 120k is 108k

only requires income of about 27k with multipier of 4

so that's £13.5 k each for a young couple.
so all seems totally doable even on close to the minimum wage

That's if they can find jobs. About a quarter of under 24's are unemployed across the country, and it gets much worse the further north you go, see below links for evidence.

http://www.parliament.uk/briefing-papers/sn05871

http://www.thejournal.co.uk/news/north-east-news/nick-brown-calls-north-east-5828158

Edit: the point I'm trying to get at is that prices in Sheffield are lower than in the South East for a reason, the economic situation up North is much more dire than in the South, so house prices are reflected accordingly.

CLAPTON

matt1234 wrote: »

That's if they can find jobs. About a quarter of under 24's are unemployed across the country, and it gets much worse the further north you go, see below links for evidence.

http://www.parliament.uk/briefing-papers/sn05871

http://www.thejournal.co.uk/news/north-east-news/nick-brown-calls-north-east-5828158

that would seem to show that the majority of young people are not unemployed.

whilst I would agree that it relatively unlikely that unemployed people would buy properties, I don't see how this affects your prediction of worsening of the 'affordabily' of properties

in Sheffield 6 they seem pretty affordable for people on modest incomes.

chucknorris

wotsthat wrote: »

I think it was Sibley's strategy all along. He allowed a small crash giving the HPC crew a glimmer of hope. He's a cruel creature though and only allowed this because he knew when he increased prices the snubbing out of all hope would make his victory all the sweeter.

Indeed, Sibley could be likened to a cat playing with a mouse.

Sibley

matt1234 wrote: »

Second part is wrong. Hopefully most people who have benefitted from HPI have the sense to remortgage at the peak and can see out the invevitable crash that will follow.

I'm no fan of hpc.co.uk, im practically banned there, but you are equally as deluded if you think there will be no crash after the 2/3 year boom we are going to see. It is just an opportunity for the boomers/BTLers to cash in or downsize, I hope they see it as it couldn't be made any clearer.

Oh no not again..

HPC.net coming.

A new dawn

chucky

matt1234 wrote: »

If prices rise by 20% in the next couple of years, and wages are going up by less than inflation in that time, where do you suppose people will find the money to pay the higher mortgage costs? Every household has a limit on how much they can spend servicing their mortgage, once that ceiling is reached, house prices have no where to go but down.

You do realise that not everyone is able to buy a house so why are you taking a national wage average to see if people can afford to buy property?