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Are They Affordable Yet?

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The front page this morning of the Western Morning News exclusively reveals (where have they been?) that average prices in some areas of the West Country are 13x average incomes, despite a fall of 19% from peak.

They've got a long way to go yet.

Western Morning News Front Page

13x average incomes doesn't bode well.

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Guest มร หล&#3

HP's will continue to fall.

As will incomes and the ability to buy.

They'll still be 13x income having dropped 50%.

This is my worry for HPC'er first time buyers and others.

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small consolation i know, but it's almost refreshing to see the word 'gloomy' in that context. normally the word means 'lack of insane inflation'... the article is almost ground breaking in that sense

13x

jebus. long way to fall

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The front page this morning of the Western Morning News exclusively reveals (where have they been?) that average prices in some areas of the West Country are 13x average incomes, despite a fall of 19% from peak.

They've got a long way to go yet.

Western Morning News Front Page

Average prices in some parts of where I live have always been well over 13x average income. Boom or bust.

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Average prices in some parts of where I live have always been well over 13x average income. Boom or bust.

Yes, 3 to 4 times average income for a 1st time buy....the other 10 times was made from either increased income, savings or magic money made from HPI.

House price drop will come from the top. ;)

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magic money made from HPI.

House price drop will come from the top. ;)

I agree - where I live, FTB places (flats) are almost affordable on a joint multiple basis, assuming that the FTBs have decent salaries(!!!) and thats who has been buying - couples, stretched to the limit etc. But the decent houses can only be bought with the magic money, which is why the market has to crash from the top.

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I agree - where I live, FTB places (flats) are almost affordable on a joint multiple basis, assuming that the FTBs have decent salaries(!!!) and thats who has been buying - couples, stretched to the limit etc. But the decent houses can only be bought with the magic money, which is why the market has to crash from the top.

Also these large houses are falling faster and costing more to maintain. ;)

http://www.youtube.com/watch?v=n5YF9zyTQwE

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You may be happy patting yourselves on the back all boosting each other up but in fact you are in the last month of prices going down. It will only be a tiny drop this month followed by rises.

Basically you've seen your best days. You're going to get priced out.

Hit a nerve. ;)

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You may be happy patting yourselves on the back all boosting each other up but in fact you are in the last month of prices going down. It will only be a tiny drop this month followed by rises.

Basically you've seen your best days. You're going to get priced out.

:lol:

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You may be happy patting yourselves on the back all boosting each other up but in fact you are in the last month of prices going down. It will only be a tiny drop this month followed by rises.

Basically you've seen your best days. You're going to get priced out.

Harry Monk .. another one for your signature ...

So Sibley, what %age falls or rises by the end of the year will make you publicly admit you were wrong ?

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You may be happy patting yourselves on the back all boosting each other up but in fact you are in the last month of prices going down. It will only be a tiny drop this month followed by rises.

Basically you've seen your best days. You're going to get priced out.

Careful Sibbers, if house prices should somehow continue to drop for another few months then that would be the end of your hard-earned credibility on this forum. That would be such a terrible waste..

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Guest มร หล&#3
You may be happy patting yourselves on the back all boosting each other up but in fact you are in the last month of prices going down. It will only be a tiny drop this month followed by rises.

Basically you've seen your best days. You're going to get priced out.

Correct, but not because house prices are rising, rather incomes falling.

I fear that a whole generation has been thrown to the dogs here. When they are old, where will they live?

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Correct, but not because house prices are rising, rather incomes falling.

I fear that a whole generation has been thrown to the dogs here. When they are old, where will they live?

Thailand.

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Guest มร หล&#3
Thailand.

Many do.

But with health insurance unavailable to the over 75's it's not a wise choice.

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You may be happy patting yourselves on the back all boosting each other up but in fact you are in the last month of prices going down. It will only be a tiny drop this month followed by rises.

Basically you've seen your best days. You're going to get priced out.

Hey Sibley, can we have that in writing ?

Oh, we already have.

OK, let`s see......

Unemployment - Rising.

Wages - Static/Falling.

Lending - Still tight.

Spring Bounce - Ended.

Interest Rates - Not going any lower.

Property Prices - Still not "cheap" relative to average incomes.

Mmmmmm, and house prices will rise, will they ? :blink:

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I fear that a whole generation has been thrown to the dogs here. When they are old, where will they live?

I suppose that unless something radical happens, the only people on the housing ladder will be those lucky few that inherited a house already. :(

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HP's will continue to fall.

As will incomes and the ability to buy.

They'll still be 13x income having dropped 50%.

This is my worry for HPC'er first time buyers and others.

incomes down 50% ouch

For many they'll be no equity either.

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Despite having a healthy £100k+ in my STR fund, prices have come nowhere near what I'm willing to pay yet. Still in cloud cuckoo, then again there might be thousands of people in a better position then me who can buy! Yeah right!

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Many do.

But with health insurance unavailable to the over 75's it's not a wise choice.

I was being facetious - at a certain unamed poster's expense.... :rolleyes:

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http://www.guardian.co.uk/politics/2009/ma...-london-housing

Boris Johnson announces plans to cut London housing overcrowding

Londoners to be offered homes outside capital in attempt to free up homes that could accommodate larger families and cut number of people in overcrowded households

Londoners will be offered homes in Cornwall and Shropshire to free up social housing for families in the capital, Boris Johnson said today as he unveiled plans to target serious overcrowding by 2016.

The scheme is designed to tempt people currently living in homes that could accommodate larger families amid a shortage of larger homes in the capital.

This will help. :blink: How can the mayor of london screw the people of Cornwall like this? We have our own housing shortage. :angry:

It won't be long before any second homes around here end up in flames or when you come down for a nice holiday, you get punched in the face!

I may sound ungrateful and I know we all love looking after you when you come down on holiday, picking up your litter, serving your meals, looking after your obnoxious bratt kids and cleaning your rooms. All for minimum wage while living in a rented hovel.

Grovel...... <_<

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