Jump to content
House Price Crash Forum

Recommended Posts

1. Chicken/egg

2. On yer bikes - benefits should be standard across the country and let people make ECONOMIC decisions.

3. Oh - and no one should be on any benefits whilst in work. At all. If a job is worth doing in the place that they want you to do it, it should pay accordingly.

That way we can take the pressure off London - to the benefit of ALL concerned...landlords and politicians excepted.

This is going to be as much of a shock for the rest of the country as it accelerates the changing face of Britian.

Agreed......what goes around comes around.....some want it all their own way all of the time. ;)

Share this post


Link to post
Share on other sites

From the story:

The hotel is only an emergency, temporary stopgap, but one Newham family – a father with five children aged between 18 and six – have been living there since January, six people sharing two rooms. Jalo (who, like Aisha, requested that his real name should not be published to avoid any risk of complicating their housing situation) was evicted late last year for £200 rent arrears.

"They send us here like animals," he said. "No one has called me or told me how long I should be here."

No-one sent him there. No-one is forcing him to stay there.

He should be thankful for the free housing he's had and continues to have.

Ungrateful sod.

Share this post


Link to post
Share on other sites

No-one sent him there. No-one is forcing him to stay there.

He should be thankful for the free housing he's had and continues to have.

Ungrateful sod.

....our rules have only encouraged this behaviour, like it encourages the taking on of huge amounts of debt for everything from housing to education to buying big businesses......we encouraged people to live here, if we encourage that should we not provide for it by providing/ generating living wage jobs, services and homes, but not only that we have encouraged people with little chance of ever supporting themselves to have more and more children to be paid for by the rest of the community........what was the thinking behind all this I wonder? ;)

Edited by winkie

Share this post


Link to post
Share on other sites

No-one sent him there. No-one is forcing him to stay there.

He should be thankful for the free housing he's had and continues to have.

Ungrateful sod.

The language illustrates the level of infantilisation of many of these people being housed by the council. Instead of making their own decision about where to live and then acting on it, they expect some council employee to tell them where they are going to live out their lives and then assign them a free house in that area.

Share this post


Link to post
Share on other sites
1369557298[/url]' post='909329747']

The language illustrates the level of infantilisation of many of these people being housed by the council. Instead of making their own decision about where to live and then acting on it, they expect some council employee to tell them where they are going to live out their lives and then assign them a free house in that area.

Exactly.

Share this post


Link to post
Share on other sites

So, I can't create a new post, but just saw this on Reuters

House prices to see fastest rise in four years - Reuters poll

..."The price of London homes, long the magnet for rich overseas investors, are expected to soar 5.0 percent this year and next as demand in the capital continues to outrun supply."...

Link to Reuters

Share this post


Link to post
Share on other sites

So, I can't create a new post, but just saw this on Reuters

House prices to see fastest rise in four years - Reuters poll

..."The price of London homes, long the magnet for rich overseas investors, are expected to soar 5.0 percent this year and next as demand in the capital continues to outrun supply."...

Link to Reuters

London bubble 5% closer to collapse....

Sounds like one of the desperate headlines from 2007.

Share this post


Link to post
Share on other sites

Work in the City 2 colleagues looking to buy both mid to late 20's both being funded by the bank of mum and dad ,one to the tune of £120k to buy a 2 bed flat for £250k.Both under the average London wage both have parents telling them to get on the ladder and supporting them with Capital.

Whilst the Bank of Mum and Dad keeps printing and educating kids to get on the ladder prices will stay where they are.For those of us with no parents we have little hope of saving the cash for a deposit whilst renting ourselves.

Share this post


Link to post
Share on other sites

Work in the City 2 colleagues looking to buy both mid to late 20's both being funded by the bank of mum and dad ,one to the tune of £120k to buy a 2 bed flat for £250k.Both under the average London wage both have parents telling them to get on the ladder and supporting them with Capital.

Whilst the Bank of Mum and Dad keeps printing and educating kids to get on the ladder prices will stay where they are.For those of us with no parents we have little hope of saving the cash for a deposit whilst renting ourselves.

Go back thirty odd years....few parents had any spare funds or access to them, but a 20 something London worker could buy a very nice first home with a small saved deposit independently, solo,on their own from their own hard work and effort......now only those with family support have access to certain privileges...how hard they work is a secondary factor.......the gap is visibly growing wider. ;)

Edited by winkie

Share this post


Link to post
Share on other sites

a 2 bedroom flat for £250k in London? Tell me where and I'll get a mortgage asap

So far I haven't seen many 1 bedroom flats for less than £330k

Share this post


Link to post
Share on other sites

Go back thirty odd years....few parents had any spare funds or access to them, but a 20 something London worker could buy a very nice first home with a small saved deposit independently, solo,on their own from their own hard work and effort......now only those with family support have access to certain privileges...how hard they work is a secondary factor.......the gap is visibly growing wider. ;)

Yep, it is almost like the upper class 'landed gentry' were a few decades ago. However hard people worked in the professions only a very very tiny proportion would ever be able to live like the upper class who had it all handed to them by their parents.

It is the same thing now, but we are talking about being able to buy small flats rather than country estates.

Share this post


Link to post
Share on other sites

a 2 bedroom flat for £250k in London? Tell me where and I'll get a mortgage asap

So far I haven't seen many 1 bedroom flats for less than £330k

Rightmove are listing thousands in London for under £250k, sometimes a long way under. Granted, they are not where you probably want to live but they are out there.

Share this post


Link to post
Share on other sites

Work in the City 2 colleagues looking to buy both mid to late 20's both being funded by the bank of mum and dad ,one to the tune of £120k to buy a 2 bed flat for £250k.Both under the average London wage both have parents telling them to get on the ladder and supporting them with Capital.

Whilst the Bank of Mum and Dad keeps printing and educating kids to get on the ladder prices will stay where they are.For those of us with no parents we have little hope of saving the cash for a deposit whilst renting ourselves.

This chap would understand the logic of that:

Ponzi.jpg

Mr Ponzi

Share this post


Link to post
Share on other sites

It is the same thing now, but we are talking about being able to buy small flats rather than country estates.

Up to a point - small flat, maybe, but they'll still struggle to get further up the 'ladder'.

Share this post


Link to post
Share on other sites

Rightmove are listing thousands in London for under £250k, sometimes a long way under. Granted, they are not where you probably want to live but they are out there.

Not sure where it is infact it could be more than £250k that was the last price I herd but as he is talking about getting a lodger to help cover the rent perhaps he has gone higher.It is a recent build though.I'll see if I can find the location.

Share this post


Link to post
Share on other sites

a 2 bedroom flat for £250k in London? Tell me where and I'll get a mortgage asap

So far I haven't seen many 1 bedroom flats for less than £330k

A friend bought a 1-bed in colliers wood last year for £130k, another friend bought a reasonable size 2-bed in a fairly new build block for £204k in Streatham, very close to the station.

Not great areas, but not too far out and hardly Baghdad.

Share this post


Link to post
Share on other sites

Not great areas, but not too far out and hardly Baghdad.

:)

I'll have a look, but since I pulled out of my purchase I decided to wait and see.

Today there are so many mixed messages in the media.. the eurozone is now relaxing the austerity measures which could mean foreign money flow to London slowing down.

Share this post


Link to post
Share on other sites

:)

I'll have a look, but since I pulled out of my purchase I decided to wait and see.

Today there are so many mixed messages in the media.. the eurozone is now relaxing the austerity measures which could mean foreign money flow to London slowing down.

Is that good or bad? ;)

Share this post


Link to post
Share on other sites

Just wanted to add my experience of trying to buy for myself in central London in case it is of interest to others on this thread. I joined this forum a couple of years ago as I had just began looking for a home in central London and felt then what I was seeing price-wise was unsustainable in the long-term but was determined to find a home I would be happy to stay in for at least 5 years and hoped I'd find a 'bargain' if I looked hard enough. I have had three purchases fall through and in every case each flat has been remarketed at a higher price than I could meet as the vendor realised they had agreed to sell to me 'too cheap'. Of course I had looked very hard for something I felt was good value but it seems impossible in central London (where I've lived, worked and rented for last 15 years). At present in W2/WC1 and central parts of NW1 at up to 450K I'm seeing the lowest stock levels since I have begun looking and this, I believe, is the major problem in central London and increasingly the proportion of ex-council properties makes up most of the flats available. I am not looking at new builds so not competing with overseas buyers there. My competition seems to be developers and investors (some of the latter from overseas) and a few buyers looking for a home like me.

Agents all moan about the lack of stock and say this is forcing prices up and until this changes I can't see how the market will turn.

On the rental front, two agents I know in W2 area have both said the market for 1/2 bed flats is much quieter and some owners are having to reduce their prices to get a let. One has put this down to the departure of City workers and the slump in hirings there. He said his agency is so quiet (they have 8 properties to sell) and are struggling on the lettings front that he doesn't see how someone isn't going to lose his job soon! I hope this materialises into a solid trend and note the postings about rental falls in other 'prime' areas but I believe investors will just take a reduction and still hang on in there (if they can). I thought I found sellers each time who were genuinely prepared to take a hit for a quick sale but in each case it didn't play out that way. After two years and three failed purchases it all seems much worse (stock and price-wise) than when I started.

Share this post


Link to post
Share on other sites

At present in W2/WC1 and central parts of NW1 at up to 450K I'm seeing the lowest stock levels since I have begun looking and this, I believe, is the major problem in central London and increasingly the proportion of ex-council properties makes up most of the flats available. I am not looking at new builds so not competing with overseas buyers there. My competition seems to be developers and investors (some of the latter from overseas) and a few buyers looking for a home like me.

I feel your pain. I was originally looking around W4ish and I'm now pushed out (living in) the TW postcode area. I'm at the point where I could just about afford to buy in an area I don't even want to live in (ever) and I'm not buying in those sorts of areas at any price. I think a lot of people in London are convincing themselves that hell-hole areas are now suddenly chic because of the price tag. My Rightmove Property alert emails in my price range are the same theme everytime. I scan through them and go "No, bad area, ex council, rough estate, cash buyers only, over-priced/out of my price range, above shops, below shops, new build, tenant in situ BTL only, high maintenance charges, etc etc". Very little flat wise seems to come on the market, and rarely anything that I would describe as "normal" in my price range. I suspect the low stock of decent flats coming on the market has something to do with the massive gulf in prices(£100's of K's ++++) for the potential seller wanting to move up to a house.

Share this post


Link to post
Share on other sites

London parties like it’s 2007

According to the most widely-followed measures, the average London home is now rising in price by $1,000 a day. And the top of the line stuff is doing better than ever.

Knight Frank, a long-established London real estate agency, produces an index of “prime central” property. We’re talking prices in posh neighborhoods like Knightsbridge, South Kensington and Belgravia.

They’re off the map.

Measured in British pounds, prices are now a fifth higher than in the madness of 2007. Even when accounting for the falloff in the British pound, and measured in U.S. dollars, they are basically back to their old peak.

Some of it is due to bargain-basement interest rates and massive, massive quantitative easing. The Bank of England has by now printed so much money that it literally owns one third of the entire British national debt.

Some of it is due to the pressures of immigration, combined with tight building restrictions on new development.

Some of it is due to the influx of money from abroad. Russia. The Middle East. The Far East. London real estate is the new Swiss bank account. It’s where you hide your money if you want to hide your money.

Read more

Share this post


Link to post
Share on other sites

London real estate is the new Swiss bank account. It’s where you hide your money if you want to hide your money.

Which makes me a bit of a tit for stupidly thinking it was somewhere to live so you could get to where you work on time. I'm so old school.

On the plus side, all this was quite frustrating when I was 10k, 20k short of the sort of place I'd be ok living in. Now that I'm about £150k short or borderline for something I'd not want anyway, it doesn't bother me so much. In the same way I don't get hung up about not being able to own a fleet of Ferrari's,because it's not in my financial zone either.

Share this post


Link to post
Share on other sites

I feel your pain. I was originally looking around W4ish and I'm now pushed out (living in) the TW postcode area. I'm at the point where I could just about afford to buy in an area I don't even want to live in (ever) and I'm not buying in those sorts of areas at any price. I think a lot of people in London are convincing themselves that hell-hole areas are now suddenly chic because of the price tag. My Rightmove Property alert emails in my price range are the same theme everytime. I scan through them and go "No, bad area, ex council, rough estate, cash buyers only, over-priced/out of my price range, above shops, below shops, new build, tenant in situ BTL only, high maintenance charges, etc etc". Very little flat wise seems to come on the market, and rarely anything that I would describe as "normal" in my price range. I suspect the low stock of decent flats coming on the market has something to do with the massive gulf in prices(£100's of K's ++++) for the potential seller wanting to move up to a house.

Always interesting to read other people's experiences of trying to buy in the capital - I too need very strong coffee before I can look at RM alerts these days. On your last point, two of the three sellers I dealt with were people who already had homes elsewhere in the country so weren't trading up. Their London flat was their first home which they hung on to as an investment (rented out) and both had outstanding mortgages of less than 100k so they could have afforded to take a hit but after consideration (and wasting my time & £) didn't want to. The third vendor was a company which accepted my offer then decided it could get more at auction so pulled out of the purchase (we'll see as it goes to auction in two months' time). As the areas I'm looking in seem to consist mostly of investment properties (every flat I have looked at in the past two years bar two has been a rental property) my hope is that the fall in rents in the areas I'm looking in consolidates and forces more investor-owned properties onto the market the only other thing that would do this would be an increase in interest rates for those with loans to service.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 293 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.