How much can house prices keep rising ?

Crashy_Time

https://uk.finance.yahoo.com/news/theres-major-sign-house-prices-123709756.html

AdrianC

Cakeguts wrote: »

I find that all the focus is on how much housing costs in London and the south east.

Because that allows nice easy lazy shock headlines.

"Prices fairly flat since crash" doesn't sell papers.

The population of London has increased because more people can rent now than when the rent acts were in force

TBF, you are talking about more than a third of a century since rent deregulation started...

And, fwiw, home ownership is MUCH higher now than it was then.

westernpromise

hildosaver wrote: »

The whole London focus when discussing house prices is so incredibly boring when you do not live in London - which is actually the vast majority of people in the country.

London and the south-east fund the rest of the country so whether you understand it or not the state of the London economy affects you deeply.

HS2 isn't being built with Mank money for the south's benefit.

westernpromise

Crashy_Time wrote: »

https://uk.finance.yahoo.com/news/theres-major-sign-house-prices-123709756.html

But will they fall by the necessary 130% in your area, Crashy, for your decision to sell to rent 20 years ago to start looking smart?

hildosaver

westernpromise wrote: »

London and the south-east fund the rest of the country so whether you understand it or not the state of the London economy affects you deeply.

HS2 isn't being built with Mank money for the south's benefit.

That was not my point at all - I'm not debating that the economy of London has a big impact on the rest of the country, of course it does.


My point is that the entire narrative about house prices is almost entirely focused on London and to suggest that house prices in the UK are all way beyond most people is just completely wrong. Yet if you were to read the numerous articles and hear the news most days you would think otherwise.


We all know London is unaffordable for most people, it's been like that for a very long time. Most of us do not live there and if folk are anything like me it's incredibly dull to hear the same London focused media bang on about it day in, day out.

Conrad

hildosaver wrote: »

We all know London is unaffordable for most people, it's been like that for a very long time.

And yet the worlds poor head straight for London and I assure you a big proportion end up owning property - just go around areas of high ethnic proportion and get talking to folk, most seem to own a place or two.


I have plenty of East European clients right now that are managing to buy there. Asian and Turkish people have a very strong culture of property ownership - have had many Landlords from these communities that consider tenants a lessor breed - they are quite open about this.


If you want to test this, call a few London Gumtree adverts for rental property direct by owner - you will hear strong ethnic accents.

hildosaver

Conrad wrote: »

And yet the worlds poor head straight for London and I assure you a big proportion end up owning property - just go around areas of high ethnic proportion and get talking to folk, most seem to own a place or two.


I have plenty of East European clients right now that are managing to buy there. Asian and Turkish people have a very strong culture of property ownership - have had many Landlords from these communities that consider tenants a lessor breed - they are quite open about this.


If you want to test this, call a few London Gumtree adverts for rental property direct by owner - you will hear strong ethnic accents.

So 'the world's poor' are magically able to afford to buy a home in London? I'd love to hear actual evidence of this phenomenon. By that logic the people poorer than 'the world's poor' are the vast majority of people in the UK. I hadn't realised we were so poor in relation to all other countries in the world.


I hope you were being sarcastic because if you are correct I'm going to move to a much wealthier country immediately, which is anywhere.

the_flying_pig

Conrad wrote: »

And yet the worlds poor head straight for London and I assure you a big proportion end up owning property - just go around areas of high ethnic proportion and get talking to folk, most seem to own a place or two...

I'm not sure that's quite right, particularly the highlighted bits.

Conrad

the_flying_pig wrote: »

I'm not sure that's quite right, particularly the highlighted bits.

I first worked within the Asian, Turkish and Greek communities of North London back in the late 80's, on leaving education. I was struck by how these entire communities thought packaged investments such as Pensions were not for them. Whether a kebab shop owner or a leather importer they almost to a man had an absolute laser like focus on property.


They were way ahead of us gentiles with our funny pensions and endowment policies. They pioneered what later became known as buy to let.


There were no buy to let mortgages really, and I had great battles with lending designers to get them to appreciate this massive market, but really until about the late 90's this fell on deaf ears.


I recall sitting in meetings with middle and higher managers - all of us white British, with a mix of wonder and bemusement at how these ethnic minorities had property portfolios - it really was an alien concept to most British back then. It tickles me how we soon forget.


Then once b2l lending came on stream, it became quickly normalised, and British people piled in


To this day I see the same thing, immigrants tend to have this DNA level drive to acquire property. They always find a way, often for example clubbing together


A classic case I will see is the Newsagent living above his shop in a pokey flat, but he owns 6 or 7 houses. Often quite humble but behind it all is considerable asset wealth


Takeaway owners (fried chicken shops etc) tend to be particularly ambitious property wise. I have a kebab shop worker (the bloke serving drunks late at night), not a business owner. Well he owns 2 commercial properties and 3 houses - no customer would ever suspect this.


I think a lot immigrants are drawn to the UK on account of the feedback they get back from those already in the UK with millions of pounds worth of property

hildosaver

Conrad wrote: »

I first worked within the Asian, Turkish and Greek communities of North London back in the late 80's, on leaving education. I was struck by how these entire communities thought packaged investments such as Pensions were not for them. Whether a kebab shop owner or a leather importer they almost to a man had an absolute laser like focus on property.


They were way ahead of us gentiles with our funny pensions and endowment policies. They pioneered what later became known as buy to let.


There were no buy to let mortgages really, and I had great battles with lending designers to get them to appreciate this massive market, but really until about the late 90's this fell on deaf ears.


Then once b2l lending came on stream, it became quickly normalised, and British people piled in


To this day I see the same thing, immigrants tend to have this DNA level drive to acquire property. They always find a way, often for example clubbing together

So are you suggesting that people in the UK just don't want to buy a home as much as immigrants do? I was under the belief that the UK was a nation of proud home owners? Or at least we all strived to be?


You also appear to be suggesting that BTL was actually introduced by those bloody foreigners also? No wonder you hate them.