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The Masked Tulip

Sky News Discovers House Prices 29 Times Higher Than Wages

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No idea what this is but Sky News just headlined this as a Sky News investigation.

Just overheard a bit - one EA said that such price rise talk would stop people walking through the door/think about buying.

Sky journo pointing out that 3 to 4 times LTV mortgage is normal but that 5 times is considered "severely unaffordable" but that we are well above that.

Edited by The Masked Tulip

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No idea what this is but Sky News just headlined this as a Sky News investigation.

Narrative has changed. HTB2 is over.

At what point do we see a collective stampede of boomer liquidations?

Our local BBC evening news had a piece earlier this week 'house prices up but is that good when most people couldn't afford them last year?'

Not sure they're going to keep this ponzi going until the election now.

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I was talking to an EA this week who is selling two BTL properties for a 25% loss. I could not believe it. I had to ask several times if I was hearing right.

Yep, decided it is better to take the hit now and get out.

Edit: typo.

Edited by The Masked Tulip

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I was talking to an EA this week who is selling two BTL properties for a 25% loss. I could not believe it. I had to ask several times if I was hearing right.

Yep, decided it is better to take the hit now and get out.

Edit: typo.

We've gone from boom to bust in a day!

:unsure:

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I was talking to an EA this week who is selling two BTL properties for a 25% loss. I could not believe it. I had to ask several times if I was hearing right.

Yep, decided it is better to take the hit now and get out.

Edit: typo.

the EA's own BTL's ?

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the EA's own BTL's ?

Yep. The EA told me that he/she had made quite a bit of money over the years buying houses and selling them on. Made 90K on one house during the boom apparently. But surprised me by saying that these two BTLs would be completed on today at a 25% loss.

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Perk of the job. ;)

Ah, EAs get plenty of perks - well, some do.

Some of the things I have heard about certain EAs allegedly picking up certain properties for a fraction of their price and then quickly flipping them.... well, if true then I have nothing but contempt for some EAs I meet.

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Yep. The EA told me that he/she had made quite a bit of money over the years buying houses and selling them on. Made 90K on one house during the boom apparently. But surprised me by saying that these two BTLs would be completed on today at a 25% loss.

A 25% loss must hurt! :blink:

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Ah, they are looking at Chelsea which has the highest house prices in the UK but that the average salary there is 40K - so almost 29 times salary to buy a house.

And yet apparently there is no bubble.

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Why is the media talking about the dangers of the possibility of a bubble 10 years after it started?

Because good journalism died a long time ago?

Edited by The Masked Tulip

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caught a bit of this and was astounded to hear the pundit opining that the bank of england should restrict (how) house price rises to 5% a year. that will work out just fine. I found myself shouting atr the TV - why not just get base interest rates up a bit and scrap all the 'help' initiatives' :o

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