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Young Llanelli Families Have Been 'frozen Out' Of The Property Market

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http://www.thisissouthwales.co.uk/news/Buyers-frozen-homes-market/article-3197984-detail/article.html

YOUNG Llanelli families have been frozen out of the property market by a house price boom followed by the recession, it is feared.

A newly published survey shows that prices in the town have soared by more than 160 per cent over the past decade — the highest increase in Wales and ninth highest in the UK.

And while this reflects Llanelli's growing desirability, there are concerns that, with mortgages now harder to come by since the banking crisis and bigger deposits needed, it is becoming impossible for young people to buy a place in their own community.

Town AM Helen Mary Jones said: "Everyone knows that house prices have shot up in Llanelli in the past decade, but to learn that the town had the ninth highest increase in the UK is quite shocking.

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According to the survey by the Halifax building society, which compares 2000 prices with those of 2010, the average house price in Llanelli rose from £46,000 to £120,750, a leap of 163 per cent.

Not been to llanelli for a while, what would the average wage MT, around £18k?

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A spokeswoman for Davies Craddock Estate Department said: "Property prices in Llanelli have increased greatly over the past decade; although the lack of availability at the lower end of the market had a lot to do with this and prices went out of reach for the first-time buyer.

"Over the past two years we have seen the market slowing down resulting in decline in house prices, this has been due to mortgage lenders restricting their lending and increasing the deposits required for first time purchasers.

So there there you go, it's the banks not lending innit.

Edited by Mr. Miyagi

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Not been to llanelli for a while, what would the average wage MT, around £18k?

I thought 50% of jobs in Wales were public sector nowadays.

So no, the average salary is going to be in the region of £50k.

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So there there you go, it's the banks not lending innit.

Problem is, sellers and EAs appear to be in complete denial about this. They blame the banks for not lending but can't understand that in fact the banks do not want to lend, have no intention to lend and actually don't have the resources to lend for ludicrous house prices.

This is the problem that we have going forward - economic ignorance.

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This is the problem that we have going forward - economic ignorance.

Look in the rear view mirror - it's not just economic ignorance in the future...

Anyone want to guess what % of UK adults understand the concept of compound interest?

Edited by rantnrave

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Not been to llanelli for a while, what would the average wage MT, around £18k?

I'd have thought that the median wage in llanelli is about zero

tim

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I'd have thought that the median wage in llanelli is about zero

tim

It's known locally as Llanellski. That reason alone will tell you that there are jobs there. But I wouldn't imagine the average wage is very high at all.

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Come to think about it, I recall watching a BBC Wales programme a few years ago, probably around 2005 as recall still being at uni, and way before I discovered HPC. The programme was partly about a young couple who were purchasing a 3 bed terrace in Llanelli for around £100k and were really stretching their finances.

I think the programme was presented by Lucy Owen.

I recall at the time Mrs Miyagi and I discussing how out of control house prices were getting back then.

edit spelling

Edited by Mr. Miyagi

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Look in the rear view mirror - it's not just economic ignorance in the future...

Anyone want to guess what % of UK adults understand the concept of compound interest?

What's compound interest?

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  • 285 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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