Concrete over the greenbelt. Generation Rent is at breaking point

ukcarper

seven-day-weekend wrote: »

So what's wrong with a two-bedroomed house, a bungalow or a non-retirement flat?

Nothing wrong with bungalows just very expensive, two bedroom houses are still on 2 floors which I don't want and most non retirement flats in this area don't have a garage.

seven-day-weekend

ukcarper wrote: »

Nothing wrong with bungalows just very expensive, two bedroom houses are still on 2 floors which I don't want and most non retirement flats in this area don't have a garage.

Our bungalow, two bed s/d with garage and large garden, nice area, was £138k. Not everyone lives in the south east.

Can't you get a bungalow for the price of your house? We could, (just) and we only had a terraced house to sell. We have had to do quite a lot of work on the bungalow however.

Oh.... and my son's flat has a garage. However, his is an older flat, I agree the newer ones don't.

ukcarper

seven-day-weekend wrote: »

Our bungalow, two bed s/d with garage and large garden, nice area, was £138k. Not everyone lives in the south east.

Can't you get a bungalow for the price of your house? We could, (just) and we only had a terraced house to sell. We have had to do quite a lot of work on the bungalow however.

Oh.... and my son's flat has a garage. However, his is an older flat, I agree the newer ones don't.

I do live in south east the cheapest 2 bed semi bungalow within 5 miles of me is £325k and it's not ideal, house like mine just sold for £350k so by the time you take out fees etc it would not be worth it.

seven-day-weekend

Our house (3 bed terrace) has an offer on it at the moment for the same price as we paid for the bungalow. We have also used a lot of our savings to renovate the bungalow. We have not made any money on the downsize.

We thought it WAS worth it, to get the home we wanted, where we wanted it, but each, of course, to their own.

ukcarper

seven-day-weekend wrote: »

Our house (3 bed terrace) has an offer on it at the moment for the same price as we paid for the bungalow. We have also used a lot of our savings to renovate the bungalow. We have not made any money on the downsize.

We thought it WAS worth it, to get the home we wanted, where we wanted it, but each, of course, to their own.

I don't want to be out of pocket and the £325k property is quite isolated no bus route or shop within walking distance. Wife still working so will probably reassess when she retires, she would like to make a bit on downsize so she could retire early but that looks unlikely.

CLAPTON

seven-day-weekend wrote: »

Our house (3 bed terrace) has an offer on it at the moment for the same price as we paid for the bungalow. We have also used a lot of our savings to renovate the bungalow. We have not made any money on the downsize.

We thought it WAS worth it, to get the home we wanted, where we wanted it, but each, of course, to their own.

hope you will be very happy in your new home

seven-day-weekend

ukcarper wrote: »

I don't want to be out of pocket and the £325k property is quite isolated no bus route or shop within walking distance. Wife still working so will probably reassess when she retires, she would like to make a bit on downsize so she could retire early but that looks unlikely.

Oh I wouldn't want to move anywhere inaccessible like that, I quite agree with you. Our bungalow is on a very frequent bus route and there are shops and a pub within a few minute's walk. There is also a filling station, Drs with a pharmacy, dentists, church and takeaways near the shops and a post office and cashpoint in the co-op. That was one of the reason we snapped it up as soon as we saw it!

I don't blame you for staying in your house.

ukcarper

seven-day-weekend wrote: »

Oh I wouldn't want to move anywhere inaccessible like that, I quite agree with you. Our bungalow is on a very frequent bus route and there are shops and a pub within a few minute's walk. There is also a filling station, Drs with a pharmacy, dentists, church and takeaways near the shops and a post office and cashpoint in the co-op. That was one of the reason we snapped it up as soon as we saw it!

I don't blame you for staying in your house.

Sounds great just the kind of thing I'm looking for. Property market is terrible in my area nothing for sale and anything half decent going very quickly.

cells

Cornucopia wrote: »

That's a good question, and one that I've asked property bears before (and received no response).

The difficulty in coming to an answer for a 3-4 bedroom house, is that that purchase, for most people, is some way down the line from their first purchase, which is the one linked more directly to earnings.

We can come up with a purchase scenario, though:

FTB: 4x Salary = £100k (in many areas), with a £5k-10k deposit

Owned for 5 years with 3.5%pa HPI = £118k, £28k equity.

New mortgage: 3x Both Salaries (£27k+£22k) = £175k + additional savings, maybe £10k = purchase price of £185k

These figures (£100k for a 1-2 bed flat, and £185k for a 3-bed House) are not far off the figures in my area (Medway Towns) which is still commutable (at a cost) to London.

its dam stupid to link the price of a product to the wage of a person

should computers get more expensive over the years to match wages?


what is more sane is that house prices should cost what it costs for a efficient business to build decent homes in a market which does not place quotas or unreasonable regulations.

of course your system is the system we have as we are divvying up the existing stock amungst the population rather than building whats needed

PixelPound

CLAPTON wrote: »

I don't think the reason that bungalows aren't built is to do with the economics
but rather with planning targets

Judging by 2-3 bed new builds I've seen, it definitely is the floor space - not a high enough population density. One development near us is for 156 semi and detached houses, all with driveways and planned green space to be built in an area that was cleared of 1930's housing in 1990's, under a hundred houses were demolished. They are so much smaller than the originals.