The 1960s house

rozeepozee

lush_walrus wrote:

Im sorry but all of the statistics in the world will not turn a market nor stop the reality of what people are actually doing and affording!

I'm not looking at statistics. I'm looking at my single friends and my tenants, none of whom can afford to buy in their 20s and sometimes into their thirties. A reasonable sized terrace around here is about 150K and their salaries do not stack up to those prices. Even the two doctors who rent from me say they are looking to buy but can't find anywhere comparable to the flat they're renting off me at a price they can afford. I've been amazed by how much house prices have gone up. I stopped buying properties three years ago because I thought the rises were unsustainable. It's a gamble and I suppose only time will tell who is right.

lush_walrus

rozeepozee wrote:

I'm not looking at statistics. I'm looking at my single friends and my tenants, none of whom can afford to buy in their 20s and sometimes into their thirties. A reasonable sized terrace around here is about 150K and their salaries do not stack up to those prices. Even the two doctors who rent from me say they are looking to buy but can't find anywhere comparable to the flat they're renting off me at a price they can afford. I've been amazed by how much house prices have gone up. I stopped buying properties three years ago because I thought the rises were unsustainable. It's a gamble and I suppose only time will tell who is right.

Im sure that if they are fully qualified doctors then they will be well able to afford a house for £150,000, out of my medic friends I cant think of one who is on such a low wage!.

There are other factors helping the market, many initiatives coming from the governement are aiding affordability. There has been a huge government incentive to assist key workers to afford property, which many are taking up, the government has also has an incentive running for the past year or so where they are reclaiming large amounts of their council property to renovate and regenerate certain areas. In London for example this has been happening for the past year in Forest Gate, Edmonton, Tottenham along with many others. The upshot for those who are tennants within is that they have been paid anything from £30,000 to £60,000 in money towards buying their own property, so a lot of people who were not considering buying have now been helped on the way.

rozeepozee

lush_walrus wrote:

Im sure that if they are fully qualified doctors then they will be well able to afford a house for £150,000, out of my medic friends I cant think of one who is on such a low wage!

Well, firstly, I'm in the North so wages are a bit different than London and secondly, the flat they rent off me is worth considerably more than £150,000

lush_walrus wrote:

There are other factors helping the market, many initiatives coming from the governement are aiding affordability. There has been a huge government incentive to assist key workers to afford property, which many are taking up, the government has also has an incentive running for the past year or so where they are reclaiming large amounts of their council property to renovate and regenerate certain areas. In London for example this has been happening for the past year in Forest Gate, Edmonton, Tottenham along with many others. The upshot for those who are tennants within is that they have been paid anything from £30,000 to £60,000 in money towards buying their own property, so a lot of people who were not considering buying have now been helped on the way.

I think we are way off thread now and I'll have to agree to differ with you- all I can say is that I remember my friends delight in the late eighties who as a FTBer unable to afford to buy alone was "helped on the way" by a part ownership scheme. Two years later, she was in negative equity to the tune of £30,000, could no longer afford her mortgage payments, had all her shiney new furniture taken away by the bailiffs, was repossessed and had to file for backruptcy. All my friends who bought at this time where, at best, in negative equity for years and unable to move. I do not understand this term "aiding affordability"! No one is giving key workers or any part ownership FTBers a big wad of money to help them on their way, it's just a bigger debt, so they owe more to the bank, or the bank and the government! They will be living in a house they can't really afford. I mayn't be too hot with statistics and economics, but my gut tells me that that ain't a good thing.

Okay I'm.....:silenced:........(I do like these cute little faces

meanmachine_2

There are three certainties in life: 1 death, 2 taxes, and 3 that EAs will always always ALWAYS talk up the market, or at least maintain that everything's fine.

Delighted that business has never been more brisk Lush.

But also a little puzzled given that the recent market figures show that only 8% of sales are by FTBers.

Something doesn't quite add up.

And Lush must operate in the only area in England where house prices continue to soar away, ever higher into the stratosphere. Off they go, weeeeeeeeee!!!

Damn! Missed the boat again. Well, guess that means I'll never be able to afford anything, particularly as I'm not a doctor on £100K.

Maybe those 8% are all millionaires.

Yep, that sounds sustainable to me.

meanmachine_2

lush_walrus wrote:

The upshot for those who are tennants within is that they have been paid anything from £30,000 to £60,000 in money towards buying their own property, so a lot of people who were not considering buying have now been helped on the way.

Hahahaha.

What a curious way of describing part ownership.

I wonder when my cheque for £60K is going to land on my doorstep.

:rolleyes:

rozeepozee

Hello, meanmachine! Sorry we have hijacked your OP! :j :j :j

Robert_Sterling_3

wibble68 wrote:

You obviously get a kick from seeing young people stretching thier finances to the limit.

Far from it.

My point was that prices will rise because of "A Day which if April 6th Next Year". Buy now, or soon, before prices rise.

meanmachine_2

Robert_Sterling wrote:

Far from it.

My point was that prices will rise because of "A Day which if April 6th Next Year". Buy now, or soon, before prices rise.

And if they don't, are you personally going to bail out all FTBers who fall into neg eq as a result?

I hope none of your friends or family have taken your advice.

By the way, how much is in your pension fund?

wisbech_lad

SIPPS will have little or no effect IMHO. I think it may be a good idea for commercial property (e.g. small businessmen/ professionals using their SIPP to buy their business premises, double tax relief-tastic!) but for residential...?

But anyone who puts residential property into a SIPP is badly advised. (unless they have huge SIPP pot) Contrary to popular belief, single, physical properties do not make for a particularly good pension investment.

lush_walrus

meanmachine wrote:

There are three certainties in life: 1 death, 2 taxes, and 3 that EAs will always always ALWAYS talk up the market, or at least maintain that everything's fine.

Delighted that business has never been more brisk Lush.

But also a little puzzled given that the recent market figures show that only 8% of sales are by FTBers.

Something doesn't quite add up.

And Lush must operate in the only area in England where house prices continue to soar away, ever higher into the stratosphere. Off they go, weeeeeeeeee!!!

Damn! Missed the boat again. Well, guess that means I'll never be able to afford anything, particularly as I'm not a doctor on £100K.

Maybe those 8% are all millionaires.

Yep, that sounds sustainable to me.

Meanmachine you seem very well versed on facts and figures, good luck with your very long wait for prices to fall!!!

I think rather than assuming that there is any gain in me misinforming you of how I am finding business at the moment, the best you can possibly do is stop hoping for sweeping statistics to be true and get out there into the areas you are considering buying when the big crash comes and check on what the prices there are actually doing. Far more productive than continually trying to beat me down!

However dismissive you are of what I know to be true, and however hard you try to slap down EAs (even though you have not even ever brought a house to KNOW what agents are actually like) it will not change your personal circumstance and the fact that you are the one who has a bias to trying to convince everyone that the crash is near. If it really is, there is no need to keep drumming against any view contrary to yours, you can just sit pretty knowing what you know, which is what I plan to do from now on. I really can't be bothered giving any more information of my personal experience on here!!