How much can house prices keep rising ?

AdrianC

hildosaver wrote: »

So are you suggesting that people in the UK just don't want to buy a home as much as immigrants do?

There's a big difference between wanting to do something and being prepared to sacrifice immediate consumer lifestyle gratification in order to be able to do it.

Add in extended families pooling their incomes, wealth and own accommodation - and it's really not hard to see that Conrad's bang on the money.

Conrad

hildosaver wrote: »

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.

My best Man is a Muslim, by mate next door is married to a Malay / Chinese.


All I am saying is my long experience in business (matched by dozens in my business with the same experience over 3 decades), is that immigrants on balance tend to have a greater drive to acquire property compared with the average 'indigenous' Brit


Go to a London property auction - you will often see the proportion of immigrants (with heavy accents etc) is very pronounced. You see the same if you visit many a wholesaler, particularly in food or booze markets


Turn on Asian radio stations - notice all the adverts around property and property finance - its very different to Capital radio or LBC


Have you been to a food franchise fayre? My mate went on the MacDonald's course (he owns 2 now) and was the only white bloke in the room

hildosaver

Conrad wrote: »

My best Man is a Muslim, by mate next door is married to a Malay / Chinese.


All I am saying is my long experience in business (matched by dozens in my business with the same experience over 3 decades), is that immigrants on balance tend to have a greater drive to acquire property compared with the average 'indigenous' Brit

Well I am glad you do not fall completely into the bigotted steriotype so I apologise for suggesting that. However, surely the problem then is with the mentality and productivity of the average 'indigenous' Brit as you say - not the immigrants. They should be applauded and we should be taking a leaf out of their book.

Conrad

hildosaver wrote: »

Well I am glad you do not fall completely into the bigotted steriotype so I apologise for suggesting that. However, surely the problem then is with the mentality and productivity of the average 'indigenous' Brit as you say - not the immigrants. They should be applauded and we should be taking a leaf out of their book.

That's ok, no offence taken.


I don't think Brits are lazy, after all why would the world migrants be so wanting to come here if we were lazy, as a lazy society would not produce such a great nation.




London - so back to my first point - I do not buy into this 'London is unaffordable' meme too readily as it is at odds with my years of experience of poor migrants pouring into the place and soon managing to acquire property wealth - its just what they do.


The latest change I've spotted is with Africans - they too have this awesome focus on property. Many live above my office here - they arrive with nothing but within a few years have some properties, it's amazing how they do it - it does require a lot of imagination and street smarts.


To give an example they don't buy a property as a couple, instead they use one name only. This then leaves the spouse to buy by themselves later with only a 5% deposit as a FTB - which they then let out.


Now after say 2 years those 2 London properties have gone up say £75k each and they both remortgage, release capital and buy a third place as an official B2L

hildosaver

Conrad wrote: »

That's ok, no offence taken.


I don't think Brits are lazy, after all why would the world migrants be so wanting to come here if we were lazy, as a lazy society would not produce such a great nation.




London - so back to my first point - I do not buy into this 'London is unaffordable' meme too readily as it is at odds with my years of experience of poor migrants pouring into the place and soon managing to acquire property wealth - its just what they do.


The latest change I've spotted is with Africans - they too have this awesome focus on property. Many live above my office here - they arrive with nothing but within a few years have some properties, it's amazing how they do it - it does require a lot of imagination and street smarts.


To give an example they don't buy a property as a couple, instead they use one name only. This then leaves the spouse to buy by themselves later with only a 5% deposit as a FTB - which they then let out

I think it would be difficult to argue that London is not unaffordable to the average Brit today - you have referred back to the 1980's in previous posts and I'm sure you can identify the enormous difference in not just house prices between now and then, but also the multiples of average salary it would take to buy a home in London now compared to then.


Immigrants coming in during the 1970's/80's/80's may well have been in a reasonable position to get themselves a home in London but I do not think that many would be able to today - certainly not the 'world's poor' which you referred to earlier. Wealthy foreign investors can certainly do it and they are a big part of the problem in the city with regards pushing up prices but your average 'man on the street' immigrant I suspect would find it just as difficult today as your average Brit to get a home in London.


I'm no expert though and I certainly do not know the in's and out's of London property so I defer to your knowledge on the subject however I think some of the language you use makes it difficult to take your points seriously at times.


Another point is that to even have a 5% deposit on let's say a £350k flat in London - that is still almost £20,000 in cash they need to get started. That is a lot of cash to find for many people.

Conrad

hildosaver wrote: »

I think it would be difficult to argue that London is not unaffordable to the average Brit today - you have referred back to the 1980's in previous posts

I deal with plenty of newish immigrants buying in London.


Most recent once is a Latvian looking to buy in an expensive borough. He's saved up a 10% deposit. Like many migrants he knows people from his community that says he is an employee of theirs making a decent income. Job done.


NOTE I these days merely help people put together property portfolios and am involved with specialist non regulated finance, but I none the less see what goes on

westernpromise

hildosaver wrote: »

Well I am glad you do not fall completely into the bigotted steriotype so I apologise for suggesting that. However, surely the problem then is with the mentality and productivity of the average 'indigenous' Brit as you say - not the immigrants. They should be applauded and we should be taking a leaf out of their book.

The average indigenous Brit who doesn't own property hates and envies those who do, and feels entitled to be given all that for a lot less money.

System

iantojones40 wrote: »

Incorrect.

Those parts of the country where houses can be found that are ''only 3 times average salary'' are places where the vast majority of the local population are earning nothing close to the ''average salary'' of £26k.

And even those houses that are ''only 3 times average salary'' ie £78k will be run down houses needing large amounts spending on them in the most undesirable areas.

Quite right. I supposedly live in one of the cheapest places in the country. 3-bed semi costs around 130k here in Grimsby, however the average wage is more like half the national average.

System

Lloyd90 wrote: »

Probably one of the big issues, I am 26 and MANY young people I know buy a brand new car and are out drinking 3+ nights a week, eating out a lot of the time, all have the latest iphones, and off on holidays every year.

Maybe I'm just tight but I hate spending money lol, why spend £30+ EACH in restaurant when I can buy the ingredients for £10 for us both (me and the gf) and cook very well (I love cooking)

It's true. I'm only in my mid-thirties and I don't see young couples saving like mad, moving back in with mum and dad to get their first house and first foot on the ladder. I do see, cars on PCP, iPhone 7's, new guitars and amps (I'm a musician). Most of the youngsters I work with have better clothes and equipment than me...£45 phone bills, £1500 on car insurance because they have to have a car and are not happy with a banger on mom and dad's insurance!

Most people who moan about not having a house (expect those in areas where the prices are astronomical) are the ones not prepared to sacrifice their expensive living to do it.

System

teddysmum wrote: »

I've always wondered about the desire to live in London, which seems to rapidly be changing for the worst (crime etc), where everything costs much more than elsewhere and people are crammed in like sardines.


I wonder whether people saying they can't afford a house mean a furnished house. We were very lucky to get help from parents to buy our house, but we had very little furniture for years.


We started out with a carpet, coal fire ( no central heating as it was expensive) a cooker (my husband worked for a manufacturer), donated second hand dining table and chairs, cooking utensils , crockery , my recordplayer/radio and a bed. We got a rented tv paid for by in-laws, as a Christmas present, saved up to buy a three piece suite and were given an old fridge a year later.

There is no make do, only buy and then rag the credit card for 5k for funishings and wonder why they have money problems. People don't want a fixer-upper, they want new build, new stuff, full Sky package and car on PCP now NOW NOW!!