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PGA Pro Q+A: Ask Our Expert For Advice On Improving Your Golf Game ⛳
Housing market
- Thread starter Rooter
- Start date
FairwayDodger
Money List Winner
I'd quite like a new build but they're not in good locations unfortunately. All the old places we've viewed need months of work before we could move in...
Doon frae Troon
Ryder Cup Winner
Our area is very strange...prices going up quite quickly but very few houses selling.
Not many houses on the market.
Lots of extentions/improvements happening. Scaffold businesses must be doing well.
Not many houses on the market.
Lots of extentions/improvements happening. Scaffold businesses must be doing well.
Paperboy
Mini Cam
I'm just waiting on searches and all the chain being ready to go. Hopefully in by February if I'm lucky.
The top of the chain are very keen to complete quickly.
The top of the chain are very keen to complete quickly.
ScienceBoy
Money List Winner
The only problem with selling is you have to buy too, unless you rent.
Throw in the stress of a move and it had to be life changing or significantly financially beneficial.
Having just done a house move I feel like I don't want to ever do it again!
So unless you don't like your house, if is too small or too big or moving would make you much better off why would you move?
Throw in the stress of a move and it had to be life changing or significantly financially beneficial.
Having just done a house move I feel like I don't want to ever do it again!
So unless you don't like your house, if is too small or too big or moving would make you much better off why would you move?
FairwayDodger
Money List Winner
I agree with the this! Part of my current stress is wanting to make sure we get it right because hopefully it's the last move!
V
vkurup
Guest
House prices are mad down south... since we moved here 3 years ago, not many houses ever come up for sale in this area. The house was very run down so spent a FORTUNE to repair it.. still some way to go.. but Zoopla tells me we are nearly into the mythical territory of seven digit paper valuation.. I am not complaining but it is bonkers..
DCB
Well-known member
And, too many people are being way to unrealistic of what they want for their property when selling, even if it does need re-wired, re-plumbed, insulated , new windows and roof repairs. House prices here are back to their unrealistic worst again.
D
Deleted Member 1156
Guest
IanM
Journeyman Pro
- Joined
- May 18, 2009
- Messages
- 14,820
- Location
- Monmouthshire, UK via Guildford!
South East prices are so nuts, one contractor in our team has just sold a Victorian 3 bed terrace in St Albans and bought a "mansion" an hour from Edinburgh... he was staying away in digs on the south coast during the week anyway... now he flies down ... massive increase in the quality of life when he's home, does Mon/Fri from home, reduced his mortgage...the funny bit is there difference in rail v air ticket isn't as much as you'd think..
People in the office are seeing picture of his new house and land...and are thinking hard about doing similar!
People in the office are seeing picture of his new house and land...and are thinking hard about doing similar!
FairwayDodger
Money List Winner
Absolutely. We're looking at places costing bonkers money and trying to work out how much budget we'd need to make them liveable. Trouble is we know literally nothing about refurbishing a house so are quite wary of taking the plunge.
fundy
Ryder Cup Winner
Boredom usually for us, we like to move around both in terms of houses and areas. Think the current one is number 13. Cant see us being in it any more than a year from when its finished, time for another area change
Paperboy
Mini Cam
Nice one Simon, where and what have you bought?
http://www.rightmove.co.uk/property-for-sale/property-58997114.html
Two bed flat not far from the General Hospital in Maybush. It's a pretty reasonable size as well.
SwingsitlikeHogan
Major Champion
Well - my little two bedroom flat (the second bedroom is truly titchy) in Bristol has just been sold for £287k.
http://www.rightmove.co.uk/property-for-sale/property-46372977.html
As first time buyer I bought it in 1986 for £35,000. I put down £3k - and as my salary was £9.5K I could get a mortgage for under a 3.5x multiple. Sold it for £47,500 in 1994 (I think).
It is the perfect flat for a first time buyer with a decent first job (my job was my first post graduation) - but how does an ordinary recent graduate afford £287k? If they somehow have a deposit of more than 10% - say £35k - they still have to find £250k! Even with an income of £50k (not yer normal new graduate salary in most professions) that would require a 5x multiplier.
Daft.
http://www.rightmove.co.uk/property-for-sale/property-46372977.html
As first time buyer I bought it in 1986 for £35,000. I put down £3k - and as my salary was £9.5K I could get a mortgage for under a 3.5x multiple. Sold it for £47,500 in 1994 (I think).
It is the perfect flat for a first time buyer with a decent first job (my job was my first post graduation) - but how does an ordinary recent graduate afford £287k? If they somehow have a deposit of more than 10% - say £35k - they still have to find £250k! Even with an income of £50k (not yer normal new graduate salary in most professions) that would require a 5x multiplier.
Daft.
londonlewis
Tour Rookie
cheers for sharing and highlighting a really big issue.
I feel like I got on the property ladder at the right time. It was 2011, I was 28 years old and I bought a 3 bed terraced-house in Surrey for £270k. I bought it with my now-wife. We had saved a 20% deposit, borrowed £216k and were sensible with our money.
We've just sold it. For £403k. 6 years later. To first time buyers. I don't know how big their deposit was but assuming 10% (they've borrowed £360k), assuming 20% (they've borrowed £320k). For a first house!
They are similar to us in that they are late 20s and have been working for a number of years in order to get the money together to buy a house but how on earth would a recent graduate get a house based on securing their first job? They can't. No chance. There will be some that live under different circumstances, but typically people are going to have to work solidly for up to a decade just to be able to get on the property ladder.
And some people say the youth of today walk around like they are entitled!
jp5
Q-School Graduate
That flat would be worth ~£95k if house prices had followed regular inflation.
Quite clearly the youth of today need to forego their £600 iPhones so the shortfall to today's flat value is only £191.4k instead of £192k!
Also not good news for students in that the recent inflation will push their student loan interest up to 6.1% - on the average loan of £45k that's £2.7k a year
- you'd have to be earning £75k just to cover the interest! Got to feel debt accruing like that is going to come back to bite someone at some point.
With the drop in home ownership rates among the young you wonder how they will plan for their retirements? I imagine the state will have a big job on its hands to pay rent for those without homes. Not the problem of today's politicians anyway I guess!
SwingsitlikeHogan
Major Champion
That flat would be worth ~£95k if house prices had followed regular inflation.
Quite clearly the youth of today need to forego their £600 iPhones so the shortfall to today's flat value is only £191.4k instead of £192k!
Also not good news for students in that the recent inflation will push their student loan interest up to 6.1% - on the average loan of £45k that's £2.7k a year
Got to feel debt accruing like that is going to come back to bite someone at some point.
With the drop in home ownership rates among the young you wonder how they will plan for their retirements? I imagine the state will have a big job on its hands to pay rent for those without homes. Not the problem of today's politicians anyway I guess!
This though isn't a problem of the dim and distant future - there are a lot of folks in their 40s and 50s currently renting in the private sector, and in 20-30 yrs most of them will not have a job that pays enough to pay their rent.
jp5
Q-School Graduate
True - that will be tip of the iceberg.
Will give the Govmt a chance to warm up for the 25-34 and 16-24 cohorts with an even more pronounced difference in home ownership - that will be when the fun really starts!
Rooter
Money List Winner
I'm just so glad i bought when i did, i was the first of all my mates to buy my own place in 2005 ish, flat cost me 130k! i was earning about 25k at the time and had a 95% mortgage. The rest is history! managed to put 20% down on the current place, only through the profit i made on the previous moves. Not a chance in hell i could afford my house im in now. I'm 38 years old and have 29 years left on my mortgage!! 
U
User62651
Guest
Prospects for the young are pretty awful wrt property, so wish I'd got in property early 90s befor prices started soaring. Instead stuck with a hefty mortgage running for decades after overpaying for a home we dont particularly like as so little was/is available or affordable. Not a great life situation to be in but could be much worse. I'd happily consider emigrating but mrs wont. Just got to make best of things in life, no one said it'd be easy.
