Why no house price "bubble" in Burnley?

westernpromise

If low interest rates are making housing unaffordable for the young people, why hasn't there been a house price bubble in Bolton, Burnley, or Hanley, where interest rates are the same as in London?

molerat

House price bubbles only appear in places where people actually want to buy houses ?

westernpromise

But people don't want to buy houses in London either. The good folks of HPC are always telling us that, so it must be true.

kabayiri

westernpromise wrote: »

If low interest rates are making housing unaffordable for the young people, why hasn't there been a house price bubble in Bolton, Burnley, or Hanley, where interest rates are the same as in London?

Easy

Young people with good jobs in Burnley (or even averagely good jobs) do the clever thing...they buy outside Burnley in a nicer place like Clitheroe.

People living inside Burnley either don't have that choice, or live near family for cultural reasons.

It's called a functioning housing market.

Down in London young people are desperate to buy any bit of housing tat just because the agent has labelled the area "up n coming". They may pay more for it, but in the cold light of day it will still be a pokey little flat.

cells

a lot of the house price crash its all a bubble crew think there is a universal problem of house prices. Even stoke on trent is overpriced and needs to crash 50% after its crashed 50%

kabayiri

cells wrote: »

a lot of the house price crash its all a bubble crew think there is a universal problem of house prices. Even stoke on trent is overpriced and needs to crash 50% after its crashed 50%

Stoke on trent itself has levels, being made up of a set of towns.

The good people of Newcastle Under Lyme look down on the people of Hanley....who in turn look down on the people of Cobridge.

..and the people of Cobridge...ahh, well, that's a tricky one

Generali

kabayiri wrote: »

..and the people of Cobridge...ahh, well, that's a tricky one

They look down at their Special Brew...?

https://m.youtube.com/watch?v=il0W2crWPWc

kabayiri

Generali wrote: »

They look down at their Special Brew...?

https://m.youtube.com/watch?v=il0W2crWPWc

When I started work I offered to give a lift on a night out to an Irish girl who worked with me.

She was living in Cobridge, not far from a pub called The Americans.

She had, let's say, a bright taste in tights.

Not knowing my car, another car slowed down, and she nearly jumped straight in, until she realised it was a guy looking for the "girls offering business"! :rotfl:

Narrow escape.

It was an interesting place, but a good source for your knock-off car stereos (if yours had been stolen on a previous night out).