BBC house price report

GunJack

Crashy_Time wrote: »

Is there a time in history when property prices stagnated instead of booming or busting?

Who let the Troll out?
Who,whowhowho?

westernpromise

GunJack wrote: »

I think that single people should aspire to buying a house...irrespective of relationship status they can't be expected to live in the parental home forever

I sat him down and worked through the total monthly costs with him, and he could afford the monthly mortgage/bills/transport, he just needs to save a bit more for buying costs (inc. deposit)...luckily where we are he will only need 4x salary mortgage so more do-able than a lot of places, but harder than in others, like the NE for example where he could buy at 2-3x salary.

The BTL scenario above I have put to him as a serious proposal..

Perhaps he could mow the lawn, wash your car and tidy his bedroom to earn extra pocket money.

westernpromise

ukcarper wrote: »

There have been plenty of times when prices increased or fell slowly complete stagnation probably not.

Plenty. Late 70s to early 80s, early to late 90s, and in London, the last 3 years, I would say.

If you adjust for inflation they were flat for most of the 60s and went sideways or backwards during the 70s.

GunJack

westernpromise wrote: »

Perhaps he could mow the lawn, wash your car and tidy his bedroom to earn extra pocket money.

:rotfl: :rotfl: :rotfl:

why d'ya think we're trying to get him to buy his own place???

Malthusian

GunJack wrote: »

Question....why are people making a big issue over 2 or 3 bedrooms?? Round here there's virtually no difference in price for 2 and 3 bed terraces, can I assume in the areas you are familiar with there's a bigger differential??

If I hadn't had help from my parents I would have been looking to buy a 1 bedroom or studio flat rather than the 2 bed terrace I have in reality. And maybe trading up one day when I had higher earnings, or had met someone with whom I could pool my earnings / savings.

If a 19 year old can't afford a 3 bedroom house then you have to ask why he wants one. If he can afford a 3 bed, then great, but that wasn't clear on page 1.

GunJack

Malthusian wrote: »

If I hadn't had help from my parents I would have been looking to buy a 1 bedroom or studio flat rather than the 2 bed terrace I have in reality. And maybe trading up one day when I had higher earnings, or had met someone with whom I could pool my earnings / savings.

If a 19 year old can't afford a 3 bedroom house then you have to ask why he wants one. If he can afford a 3 bed, then great, but that wasn't clear on page 1.

So round your way I take it there's 1. lots of flats & studios and 2. a marked difference in prices of flats>2-bed terrace>3-bed terrace?

Not many flats round us, and not much difference in 2/3 bed terraces, it kinda negates the "why would a 19-y-o want 3beds" thing, it's still a house. It seems to be more of an issue in cities with higher population density than in, I suppose you could call it semi-rural..

Gwendo40

Back to the BBC article, their calculator doesn't seem very accurate to me, in my postcode properties are definitely selling for 10-15% higher than 2007 prices, yet according to their calculator they're down 22%.

caronoel

Gwendo40 wrote: »

Back to the BBC article, their calculator doesn't seem very accurate to me, in my postcode properties are definitely selling for 10-15% higher than 2007 prices, yet according to their calculator they're down 22%.

I think they are in real, rather than nominal, terms.

Around my way, prices have roughly doubled since the previous peak but the Beeb says they have only risen 38% in inflation adjusted terms

Malthusian

GunJack wrote: »

So round your way I take it there's 1. lots of flats & studios and 2. a marked difference in prices of flats>2-bed terrace>3-bed terrace?

Yep, typical large city, as you probably guessed.

Not many flats round us, and not much difference in 2/3 bed terraces, it kinda negates the "why would a 19-y-o want 3beds" thing, it's still a house. It seems to be more of an issue in cities with higher population density than in, I suppose you could call it semi-rural..

He's 19 and he wants to live in a semi-rural area? Now we're talking a really unusual case.

Young people who grow up in semi-rural areas usually move to a city - not just because cities have flats, but because they're bored of cows and want the social life - and return to the semi-rural area when they have more money and want more space for their children than their funds would buy in the city.

If he doesn't want to live in a city then fair enough, but that doesn't translate into it being impossible for young people to get on the housing ladder.

GunJack

We're in an area that's best described as "semi-rural" already !! What's the obsession with moving to cities?? Nasty full smelly places, ok for the odd visit but couldn't ever live in one...okay, maybe one the size of St. Davids possibly....