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Fresh Start about House Prices
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Net income ?
Don't forget about hidden taxes !
I.e. Approx 60p of a litre of petrol is tax !0 -
I went to fill up my tank tonight and it was a whopping 89.9p a litre :mad: what the hell happened? Did I miss a petrol price increase? Last time I filled up it cost 86.9p a litre :mad: (which was only 2 weeks ago!)~What you send out comes back to thee thricefold!~~0
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DrStep wrote:Let me tell you and everyone a story.....
At the moment people who just come into about thinking into buying a house (and not been following market trends) are almost conditioned into thinking - "this is how much houses cost"
This is not true - houses are extortionately overpriced (fuelled by the Buy-To-Let (BTL) and investor/renovator boom) Normally, working class people should be able to buy a house at a relatively young age and by saving for a couple years for a 5-10% deposit. The amount of first time buyers into the market back then was about 60% of transactions.
I agree completely. To look at my own experience, I bought my first house in London in 1993 aged 23 for 75K, then 3 times my salary. I sold in 1999 for 150K and bought my next place for 170K, and 4 BTLs for 99K, 118K, 109K and 150K. I've just had these properties "valued" and it would be madness to be buying them now as they're just too expensive (350K, 200K, 225K, 170K and 250K). It seems churlish to seem to be complaining about this situation but in reality, my increase in wealth is not real unless I sell, which I don't want to/can't be doing with the hassle/having to pay the taxman 40% of my profits. I would have preferred house prices to remain affordable. I do not envy those who are FTBers or thinking about BTL
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TUNE INTO BBC Radio FIVE LIVE TONIGHT (Sunday 24/07/2005) at 10.45pm. There is a discussion on the state of the property market on the Stephen Nolan Show...
Listen online at this link
http://www.bbc.co.uk/fivelive/0
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