BBC house price report

ukcarper

Have we already had house price crash, prices in many parts of country lower than 2007 in real terms.

http://www.bbc.co.uk/news/business-41582755

andrewmp

ukcarper wrote: »

Have we already had house price crash, prices in many parts of country lower than 2007 in real terms.

http://www.bbc.co.uk/news/business-41582755

Aye, in 2007, it made the news at the time.

nkomp18

Bloomberg paints a pretty bleak picture:

https://bloom.bg/2gHlild

GunJack

About time this issue was more widely publicised....I've mentioned it many times, but all those in the South never seem to take it seriously...

I could go on a very long rant, but I won't

GreatApe

House prices in much of the UK are not only affordable but cheap!

In a lot of the country you can buy a terrace house with a repayment mortgage and that mortgage will be less than social rents!

Eric_the_half_a_bee

GreatApe wrote: »

House prices in much of the UK are not only affordable but cheap!

It's almost as if the media don't appreciate that London is not representative of the UK

GunJack

GreatApe wrote: »

House prices in much of the UK are not only affordable but cheap!

In a lot of the country you can buy a terrace house with a repayment mortgage and that mortgage will be less than social rents!

1. I would say cheaper than the South rather than cheap...

2. But often with less of them for sale as there is a now a fair bit of negative equity out there.....

Certainly round our way, prices have nowhere near got back to pre-2008 prices, add inflation onto that, and it becomes a large problem if you need to move/remortgage etc......

GreatApe

GunJack wrote: »

1. I would say cheaper than the South rather than cheap...

2. But often with less of them for sale as there is a now a fair bit of negative equity out there.....

Certainly round our way, prices have nowhere near got back to pre-2008 prices, add inflation onto that, and it becomes a large problem if you need to move/remortgage etc......

Why is it a problem the people in the north Scotland wales etc have had ten years of very low rates and could pay down the debt in fact they are most likely on repayment mortgages so they have indeed been paying down the debt

Houses in much of the country are cheap you can get a £120k terrace in birmingham put 20% down and you have a mortgage of just £407 a month of which just £160 is interest the other £247 is buying the house.

£160 per month interest to live in the UK second largest city is very cheap

That is £1920 a year. A couple who buy a new iPhone each will spend more than that on their mobiles

Some men get their hair cut wekly at £15 a week their yearly hair cuts cost 5 months of mortgage interest

Homes are very affordable in much of the UK

GunJack

GreatApe wrote: »

Why is it a problem the people in the north Scotland wales etc have had ten years of very low rates and could pay down the debt in fact they are most likely on repayment mortgages so they have indeed been paying down the debt

Houses in much of the country are cheap you can get a £120k terrace in birmingham put 20% down and you have a mortgage of just £407 a month of which just £160 is interest the other £247 is buying the house.

£160 per month interest to live in the UK second largest city is very cheap

That is £1920 a year. A couple who buy a new iPhone each will spend more than that on their mobiles

Some men get their hair cut wekly at £15 a week their yearly hair cuts cost 5 months of mortgage interest

Homes are very affordable in much of the UK

Yes, people on repayment mortgages have been paying down the debt, but equity is a function of mortgage amount AND POTENTIAL SELLING PRICE, not just the mortgage debt...and bear in mind the current mortgage debt is potentially (and often is) still higher than the CURRENT valuation of the house because of how low the house price is currently....

Interest rates have been low, yes, but that's only part of the buying picture, all the other costs add up too, and the affordability checks have had an effect also.

In your brum example above, how is someone on £16k salary supposed to get £30+k together for deposit & buying costs, oh, and get a mortgage 5 or 6 times salary these days????

..and yes, more people north of coventry get paid that much for a ft job, it balances all the southern high salaries to give a national average salary of £26k..

no offence, but your argument sucks....

GunJack

oh, and forgot to add...£407 plus £300 for CT/gas/elec/water/buildings & contents insurance, plus £200 for car (fuel, tax, insurance for a 20-ish y.o.) because often no car=no job coz public transport up north (as you seem to see it) is woefully inadequate and a car is essential, pension contributions, NI, tax, and they are then living on around £50-100 a month.....

GunJack

Dammit, did say I wasn't going to rant oh well....