"Housing Market Slumps"

economic

ukcarper wrote: »

Median household wealth was £225k in 2014 with just 10% over £1m

who cares?

BikingBud

economic wrote: »

indeed. i find this whole housing debate really silly and i question if there really is a crisis in london. humans can adapt and im sure they can adapt to not being able to afford to buy.

now i know its very easy for me to say this as i guess im in a bit more fortunate position then those who cant afford. however lifes what you make it and its all relative really. as you say its pretty much all luck. theres no point beating yourself up or feeling angry about the world about an issues such as housing. and not forgetting uk is quite generous with social housing and benefits. maybe i should be angry at my hard earned taxed going to subsidise housing for those who are too lazy to better themselves?

Yes humans can adapt; to live on the streets or in cars or under bridges.

So share with us your fortune and tell us what you do that you are so proud of and how wonderful your life making these easy steps forward. I would love to be able to earn an extra £100k a year as the first lot simply won't stretch.

BikingBud

GreatApe wrote: »

There is no clear answer to this as it will depending on the individual and their situation. However if you look at the image I posted a few posts back it shows that for 8 regions buying a house costs less than 15% of their joint income which is clearly cheap

But anyway let me pick a number just for arguments sake 30% (its just a random figure)
Your problem is that you feel you need to change the local housing stock to fit this figure when the reality is that you need to move and find a place/home that fits this 30%

This about affordability not where. I asked:
"As a basic principle what percentage of your wage is it reasonable to pay for housing?"

Why did you pick a random figureI asked you?

But as you quoted 30% does that mean anything over 30% is excessive or OK? At some point it must become excessive, 35%, 40%, 50%, 80%?

economic

BikingBud wrote: »

Yes humans can adapt; to live on the streets or in cars or under bridges.

So share with us your fortune and tell us what you do that you are so proud of and how wonderful your life making these easy steps forward. I would love to be able to earn an extra £100k a year as the first lot simply won't stretch.

but you dont have many homeless people so why bother saying that?

im not proud of myself. i just worked hard and sacrificed a lot to build up an ok nest egg. some like to party everyday and live lavishly. i never did. but most of all luck came into it. i guess i was lucky to be brought up this way and to have had the desire to do well in school so i can get a good paying job.

chucknorris

BikingBud wrote: »

Yes humans can adapt; to live on the streets or in cars or under bridges.

So share with us your fortune and tell us what you do that you are so proud of and how wonderful your life making these easy steps forward. I would love to be able to earn an extra £100k a year as the first lot simply won't stretch.

First of all, I wouldn't say that I was particularly 'proud' and I certainly wouldn't describe it as 'easy', and I can't answer for economic. But I can tell you what I did, I was working full time as a chartered quantity surveyor, which in itself involved working late quite regularly. Outside of that I started and ran two businesses which involved working almost every weekend (both days), every bank holiday and also most evenings, after about 10 years (during which I had had no holidays, apart from one weekend to be best man at a wedding) both the businesses had flourished and individually exceeded my professional salary, and I retired from my professional career, although I did return to work 10 years later as a university lecturer (lecturing in quantity surveying), by then I had sold one of the businesses. As I tell my students, the only thing limiting you, is your belief in yourself, if you believe in yourself and have ambition, and you are willing to put the effort in, then the world is at your feet.

BikingBud

Chuck Norris you should be lauded for that as you have fortunately had the intellect and ability and subsequently you put the graft in over many years and reap the rewards. How many?

With that I have no issue but I am also sure that you invested with luck in the property market. Would you could you achieve the same again with the same start and the same outcome?

However the other contributors espouse it's simply GOYA and the world will be all sunny and shiny, where the world of gifts and hand outs make life a much easier place.

chucknorris

BikingBud wrote: »

Chuck Norris you should be lauded for that as you have fortunately had the intellect and ability and subsequently you put the graft in over many years and reap the rewards. How many?

With that I have no issue but I am also sure that you invested with luck in the property market. Would you could you achieve the same again with the same start and the same outcome?

However the other contributors espouse it's simply GOYA and the world will be all sunny and shiny, where the world of gifts and hand outs make life a much easier place.

It wasn't many years over the 10 years that I referred too, what helped me was that I had no academic qualifications, people shouldn't confuse intelligence and education, although at the time I did, so when I started my degree and also subsequently working in industry I was definitely on a mission to turn my life around. I graduated at 32 years old, and felt that I had to catch up, for those 10 years.

Yes I did have some luck with property, but my original analyses were correct, and I started with property investment in 1991, quite a few years before it became popular. Also it was when the market was dire, most were selling, not buying. I've come to trust my judgement. So if I was starting out now, I probably wouldn't do it in property (the tide has changed), I would probably start an electrical contracting business. Which was my original idea, in fact, I did start to do it, but I was only 18 years old (an apprentice electrician) and my parents told me that I had to stop (their house, their rules, my parents are completely different to me).

EDIT: Although it all turned out well in the end, there was one moment when we left the ERM in the early 90's (base rate looked like it would rocket) that could have wiped me out. So it wasn't all a bed of roses along the way. But I was aware of the risks that I was taking, and I was willing to accept the risk of financial ruin if things went wrong.

Windofchange

Me six posts earlier

Windofchange wrote:

Myself and others on this forum have done this to death and you still just hear what you want to hear. You (and a couple of others) then extrapolate a one bed flat that isn't in the murder and mugging hotspot of Croydon to me demanding everyone have a Bugatti and a Kensington penthouse, just hear what you want to hear, and call me a raging lefty socialist. Round and round we go. You dont get it. You never will. Mr bagofwind - it's like talking to a toddler.

You trying to make a point.

GreatApe wrote: »

Nurses should and can afford to buy a home, with a partner, just not in expensive areas.
A nurse can afford to buy a second hand Ford but not a new BMW.
Mr Wind and Co do not realise that they are crying that a nurse should be able to buy the new BMW.

For them a house is a house no matter where it is so the nurse should be just as able to buy a 3 bedroom semi in Kensington as she is able to buy a 3 bedroom semi in stoke. Which of course completely misses the point that they are not the same thing.

Yourself and economic are incapable of having an adult discussion. Absolutely incapable. This pretty much perfectly sums up why I have given up with you both.

GreatApe

Windofchange wrote: »

Me six posts earlier

You trying to make a point.

Yourself and economic are incapable of having an adult discussion. Absolutely incapable. This pretty much perfectly sums up why I have given up with you both.

If a person on £35k can buy in half the country, which they can, then I see no issue

If you took the least to the most expensive councils and listed them I would guess the London councils would come mostly in the top 15% and when you look at average London prices you are looking at the top 10% of all homes in the country.

Saying a nurse or whatever can not afford one of the top 10% of the properties in the whole of the UK does not make for much of a convincing argument.

This is what you completely miss. As I said to you previously neither of us expect a nurse or someone on £35k and with nothing else to buy in Kensington the top 1% of all the homes are there. So would you expect them to be able to buy in Westminster where the top 2% homes are? No. Keep going and going and going and you will likely come to the reasonable conclusion that it is unreasonable for a Nurse or someone one £35kpa to purchase the average London home

Windofchange

GreatApe wrote: »

If a person on £35k can buy in half the country, which they can, then I see no issue

If you took the least to the most expensive councils and listed them I would guess the London councils would come mostly in the top 15% and when you look at average London prices you are looking at the top 10% of all homes in the country.

Saying a nurse or whatever can not afford one of the top 10% of the properties in the whole of the UK does not make for much of a convincing argument.

This is what you completely miss. As I said to you previously neither of us expect a nurse or someone on £35k and with nothing else to buy in Kensington the top 1% of all the homes are there. So would you expect them to be able to buy in Westminster where the top 2% homes are? No. Keep going and going and going and you will likely come to the reasonable conclusion that it is unreasonable for a Nurse or someone one £35kpa to purchase the average London home

Make comment, get called out, ignore and continue with some more made up stuff. Rinse and repeat. It's all you do. Someone on £35kpa can't afford any London property let alone the average one. But there is no bubble hey. 14 x £35,000 salary for a new build one bedder. This will end in tears. You and economic are unfortunately too busy sipping champagne with your millionaire buddies to get any of this. Please go buy your next investment property in central London - it'll make me chuckle in the coming years.