The millionaire binman

chucknorris

ukcarper wrote: »

In real terms prices were very similar in the early 70s late 80s and mid 90s so you could argue that the people who have benefited the most are those that already own or were in a position to buy in the mid 90s. Also remember earnings have also outstripped inflation over that period.

Nice graph, it confirms (not that I need it confirmed) that I bought at a very good time (early to late 90's). Do you have a link?

ukcarper

chucknorris wrote: »

Nice graph, it confirms (not that I need it confirmed) that I bought at a very good time (early to late 90's). Do you have a link?

Funnily enough it's on HPC
http://www.housepricecrash.co.uk/indices-nationwide-national-inflation.php

duchy

My aunt bought a house in what was then considered grotty Clapham Junction. The houses had previously been quite grand -high ceilings etc and the road apparently at one time had gates. The road led from Northcote Road with a thriving street market -mainly fruit and veg and Clapham Common at the other. Most of the houses were converted into flats by the fifties and early sixties when she bought. She did the same herself-she and her sister lived in one flat upstairs and her sister and sister's husband lived downstairs - although they never legally divided the house or completely partitioned it.

She made a good but not exceptional living as a milliner and had a tiny basement shop in Belgravia and over the years made hats for many famous and well connected people- Not bad for the daughter of an immigrant who arrived in London with nothing and worked his socks off .

That house now iis considered to be in a very nice rather than grotty area and most of the houses have been reconverted from flats back to family houses -and current value is £1.6 million. Postcode SW11 6EQ

She had really wanted to buy a little flat in Chelsea but chose to live "further out" so her family could also be housed. She wasn't wealthy and lived modestly -but I think she'd be thrilled that the house regained its former glory and would be gobsmacked at the value today.

Not quite a dustman - but a working class woman who worked hard to buy a home for her family on one wage and the value of the property rocketed as the area improved.

Cyberman60

wotsthat wrote: »

Could a refuse collector really afford to buy a £80k house in 1988.

£80k was some way above the average house price in 1988.

Not in the South-East. I bought my current house in 1987 for 100K and I'm in a cheaper area.

chucknorris

ukcarper wrote: »

Funnily enough it's on HPC
http://www.housepricecrash.co.uk/indices-nationwide-national-inflation.php

Now that is funny! Don't they look at info on their own website?


When I do eventually sell up, the market will be a major factor, considering graphs such as this will assist in making that decision.

Crashy_Time

ChopperST wrote: »

My god Crashy why can't you just be happy for the guy? You really are a glass half empty kind of person aren't you?

Before you say it I am not a HPI ramper, I totally agree that housing needs to become more affordable but I am not at the HPC scale of the spectrum either. We live in a capitalist state where markets function. Perhaps you are more suited to live in a communist society or some other social utopia?

And will you stop misusing the Ponzi analogy? Housing is a marketplace dictated by supply and demand. I have no doubt in the future that house prices will fall at some point. Ponzi schemes collapse when new investors do not enter at the bottom as the supply has essentially been exhausted. This would never happen with respect of residential property as people always need somewhere to live. What would happen is if / when FTB can no longer afford to buy there would be downward pressure on prices until seller and buyer agree a price. The current cycle due to various factors has been the opposite in that house prices have risen because of a abundance of buyers and a low volume of suitable property on the market.

Markets are cyclical and will continue to be so.

Please start adding something useful to threads you post in as it is boring listening to the same old tripe time and time again with very little substance to back your arguments up, except randomly selecting properties from rightmove with a massive selection bias as they suit your side of the argument as opposed to looking at the bigger picture.

Lets revisit your supply and demand argument in the near future shall we? Oh, and stop trying to pretend to be intelligent by writing loads of paragraphs, it is obvious from a line or two that you have no idea what you are talking about.

Generali

Crashy_Time wrote: »

Lets revisit your supply and demand argument in the near future shall we? Oh, and stop trying to pretend to be intelligent by writing loads of paragraphs, it is obvious from a line or two that you have no idea what you are talking about.

It's not like you post much beyond, "Ha! House prices will fall and you'll all be sorry. Bwa, Bwahaha". I paraphrase.

Crashy_Time

Generali wrote: »

You reckon. 50 years of work. That's only £20k on the side each year even if you're incompetent enough to manage to dodge receiving compound interest at all.

If you were frugal, spent 7 years in the millitary to build a pot then started flipping houses doing the work yourself I reckon even a blinkered fool could get there.

He would have had to start work at 8 though, and have been earning massive money for someone his age at the time? More likely someone with too much credit/equity/BOMAD money, and too few brains, gave him an eye wateringly stupid bubble price for his house? He might have had some savings to tip him into millionaire status. Could never have happened without the masses being allowed access to too much cheap credit. Won`t happen again for the people on here who think their gains are locked in.

BJV

Jason74 wrote: »

I don't have much to add to this topic beyond saying that if the story is true, good luck to the bloke . . .although perhaps he's had plenty of that already

Good on him!

Crashy_Time

Generali wrote: »

It's not like you post much beyond, "Ha! House prices will fall and you'll all be sorry. Bwa, Bwahaha". I paraphrase.

My position is that I don`t believe there is a physical shortage of property, and that price is a function of supply and demand for credit. There are other factors, sentiment being a main one, but this is my main position. I find posters who write lengthy posts often want to appear like they are in some way knowledgeable, when in fact they just swallowed the "must get on the ladder" meme from family/media, and due to borrowing large amounts to facilitate this feel obliged to desperately defend their decisions at every opportunity.