OT: House Prices....
Discussion
Ok, not much of a Petrolheads topic, but I presume most of us own one?
I'm thinking of moving, my current 2 bed End of Terrace with double garage house in West London I bought for 59.5K six years ago, the estate agent tells me it's now worth 145K, I'm looking at simular houses in Bucks/berks that are 200K.
I know compared to many houses that I'm way down the ladder as far as prices go, but has it all gone a little bit mad?
I'm thinking of moving, my current 2 bed End of Terrace with double garage house in West London I bought for 59.5K six years ago, the estate agent tells me it's now worth 145K, I'm looking at simular houses in Bucks/berks that are 200K.
I know compared to many houses that I'm way down the ladder as far as prices go, but has it all gone a little bit mad?
Yes it has. I bought a shell as an investment in clerkenwell last year, it's gone up 100k in that time. Our house in maldon has doubled in 4ish years too. Everyone in London / SE I know has experienced the same. Pretty stupid situation for my mates that can't get on the ladder in London now. The rates are going up next month so it should stabilise the market to safer levels.
. Well the government are powerless to stop it as the bank of england now controls the interest rates, thank god! This means a bit more stability, supposedly, for the economy. If the goverment did control rates and steamed in there hiking them up to cut house prices we would see a crash in prices '89 style. Good for first time buyers, but bad for my car budget (selfish git!).
quote:
I'm single, and with the prices of houses/rate of split ups, I'm wondering if it's the way to stay?
Classic comment! If the decision on getting 'itched was down to financial viability the species would die out. Whats financially viable about having kids? Wise up!
>> Edited by Nick W on Monday 3rd June 19:13
Yes houses are expensive but whats new?
I carried out a simple calculation based upon the price of a house I purchased new in 1971 and the same house which, many owners later, is back on the market. I used the salary for the job equivalent to the one I had then, fairly easy as I worked for HMG in those days. Interestingly in relative terms the house is now marginally cheaper than when I purchased it.
There are hot spots but even 30 odd years ago you had to look hard for an area in the South East where as a young first time buyer you could find an affordable house.
I carried out a simple calculation based upon the price of a house I purchased new in 1971 and the same house which, many owners later, is back on the market. I used the salary for the job equivalent to the one I had then, fairly easy as I worked for HMG in those days. Interestingly in relative terms the house is now marginally cheaper than when I purchased it.
There are hot spots but even 30 odd years ago you had to look hard for an area in the South East where as a young first time buyer you could find an affordable house.
Cambridge and its environs have gone loopey on the house price front too. I bought my place, 10 miles from Cambridge, for 90k five years ago.
I'm single but self-employed, so needed space, any my 90k got me a 4 bed detached. OK, so two of the rooms are shoeboxes, but what the hey.
Identical houses on the same estate are now up for 190-225k! Of course, the equity is bugger all use as to realise it I have to move somewhere less appealing...
I'm single but self-employed, so needed space, any my 90k got me a 4 bed detached. OK, so two of the rooms are shoeboxes, but what the hey.
Identical houses on the same estate are now up for 190-225k! Of course, the equity is bugger all use as to realise it I have to move somewhere less appealing...
Really don't know how people can afford houses in the South East and London. Our old cottage 3-bed detahced (1820s) in darkest Peterborough (one hour from the smoke on the train) bought for 68k in 1998 – now worth £175k. Mad. In fact, I couldn't afford to buy it now. But there are plenty of people who can. I don't think the market will crash as dramatically as it did in the late 80s/early 90s as the proportion of disposable income spent on the mortgage is nowhere near as high now as then believe it or not. First house I bought cost £26,995 in 1986 and I thought I was pushing the boat out then ... 
Same here in Rugby. Bought 4 bed corner plot for £90k three years ago. Been monitoring prices in the weekly free sheet, they go up in increments almost on a weekly basis. Had mine valued at £140k six months ago, and there are smaller 4 beds now going for £155k plus, so best estimate now would be £165k for mine.
We're on a new estate of probably 3,000+ houses now, there's never more than a handful for sale as they normally sell within a week. Demand is incredibly strong. New 4 beds on the estate are being sold now for £250k+ by the builders.
As long as demand stays as strong as it is I can't see the price rises abating. Sad thing is generally the only people who benefit are estate agents, solicitors and HM Treasury - your next house is going to be just as expensive so any "profit" you are making is illusory.
It's way beyond time that agents and solicitors got a flat fee rather than a percentage. How much more effort does it take to sell/conveyance a £300k property compared to 2 £100k one?
We're on a new estate of probably 3,000+ houses now, there's never more than a handful for sale as they normally sell within a week. Demand is incredibly strong. New 4 beds on the estate are being sold now for £250k+ by the builders.
As long as demand stays as strong as it is I can't see the price rises abating. Sad thing is generally the only people who benefit are estate agents, solicitors and HM Treasury - your next house is going to be just as expensive so any "profit" you are making is illusory.
It's way beyond time that agents and solicitors got a flat fee rather than a percentage. How much more effort does it take to sell/conveyance a £300k property compared to 2 £100k one?
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