Halifax September 2017 +4.0% YoY +0.8% MoM

HPC_Ghuol_Hunter

Another month and another year goes by and the great House Price Crash (as predicted monthly by a certain website since 2003) is cancelled. Meanwhile it's time to pay the rent and another month of the landlords mortgage, and another month to pretend to your crashaholic online friends that you're moving to France. :money:

LdnFtB

I'm not sure what's worse - being an obsessive misanthrope trying to time the market, or being obsessed with the obsessive misanthropes.

GreatApe

Houses prices in large parts of the UK are actually cheap not just affordable but cheap

Take this for instance, £120k for a larger than average uk house plus garage
http://www.rightmove.co.uk/property-for-sale/property-47636838.html
A five year fixed mortgage at 1.99% and a £20k deposit means the interest portion on the mortgage only costs £166 a month which is a lot cheaper than even social homes!

Or say something like this
http://www.rightmove.co.uk/property-for-sale/property-68904698.html
3 bed end of terrace for £120k in the UK second biggest city
The mortgage interest is about half that of social rents!

What is there to complain about when houses bigger than the average property cost less than half social rents
Something like half the country is cheap very affordable

GreatApe

It isn't necessary and wouldn't be what I would do as I dont think there is a housing problem, but the government could just buy such houses for £120k each and resell them for £20k with 125 year leases (with terms saying only original leaseholder or their family to live in the property so no renting out) with ground rents of £4000 per year + inflation

That way poorer people or people with low credit or even people in social homes who want to move to ownership homes could buy these properties for £20k and ownership would go up.

The government could buy up 100,000 such properties a year or 1 million over a decade.
The state pays < 1.5% interest fixed on the 10 year gilts while it gets 4% return on the ground rent + inflation so able to pocket the difference of 2.5% + inflation annually.

katebl

Great comment on the BBC website, if Halifax is 4%, Nationwide 2%, and inflation inbetween, then that's stagnation and should be named as such

ruperts

GreatApe wrote: »

Houses prices in large parts of the UK are actually cheap not just affordable but cheap

Take this for instance, £120k for a larger than average uk house plus garage
http://www.rightmove.co.uk/property-for-sale/property-47636838.html
A five year fixed mortgage at 1.99% and a £20k deposit means the interest portion on the mortgage only costs £166 a month which is a lot cheaper than even social homes!

Or say something like this
http://www.rightmove.co.uk/property-for-sale/property-68904698.html
3 bed end of terrace for £120k in the UK second biggest city
The mortgage interest is about half that of social rents!

What is there to complain about when houses bigger than the average property cost less than half social rents
Something like half the country is cheap very affordable

Just the 14 lanes of high speed traffic buzzing yards past your window in that last one.

First one looks reasonable value on the face of it though.

HPC_Ghuol_Hunter

I'm more of the belief that not everyone is cut out to be a homeowner as we are not all cut from the same cloth so to speak.

[Deleted User]

We are sort of thinking of moving to the Cumbrian coast and the value for money property there would make southerners weep, we have seen superb 2 bedroom cottages for less than 90k with little price movement in the last 10 years. I assume its because there aren't too many jobs available but thats ok as we don't work.

westernpromise

Places tend to be cheap for a reason. If somewhere is cheap now and has been for 10 years it is probably because almost nobody wants to live there. This becomes a consideration when you or your heirs try to sell it.

Personally I wouldn't take on a property in Cumbria or Scotland unless I were paid to do so. Houses in that part of the world have negative value - to me.

Crashy_Time

GreatApe wrote: »

Houses prices in large parts of the UK are actually cheap not just affordable but cheap

Take this for instance, £120k for a larger than average uk house plus garage
http://www.rightmove.co.uk/property-for-sale/property-47636838.html
A five year fixed mortgage at 1.99% and a £20k deposit means the interest portion on the mortgage only costs £166 a month which is a lot cheaper than even social homes!

Or say something like this
http://www.rightmove.co.uk/property-for-sale/property-68904698.html
3 bed end of terrace for £120k in the UK second biggest city
The mortgage interest is about half that of social rents!

What is there to complain about when houses bigger than the average property cost less than half social rents
Something like half the country is cheap very affordable

Why have they not sold then? Is it because social rents are paid by the taxpayer, and why would someone in that position want to pay their own mortgage on a s*hithole? :rotfl: These houses are worth 50k...TOPS.

GreatApe

Crashy_Time wrote: »

Why have they not sold then? Is it because social rents are paid by the taxpayer, and why would someone in that position want to pay their own mortgage on a s*hithole? :rotfl: These houses are worth 50k...TOPS.

That s is the problem of many of the crash cheerleaders they want a mansion in a prime area they can never afford so they sit in their small crappy rentals and bedsits crying that an average terrace is beneath them.

Those homes are worth whatever people are willing to pay for them which is £120k for those homes in those areas. £120,000 for a 3 bedroom house is very affordable. A couple even on the min wage could clear the mortgage within 10 years. That's what people are doing buying houses and clearing the mortgages while you sit in a bedsit and year after year crying that prices are in a bubble about to crash 130%

Good luck to you