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What Are Other People Seeing That We Don't?


Timak

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HOLA441

So typically 150k in 2000 and now 450k in 2015 so three times the prices? what have wages done? Say 30 to 40%. Even a 35% fall will still only bring the price down to 300k whereas with a 30% rise in wages the property should cost 200k .... so still 50% over valued even with a 35% fall from today's prices.

Sadly you could have said the same in 2007 and prices are now 30% up on those and many now regret not buying at the so-called peak. Does not look sensible but buying a terrace for 500k in 2015 may be a fantastic decision ... especially if Labour or the Tories form the next government (need HPI to feed the GDP growth).

50% overvalued only if you think that house prices have to rise in line with wages.

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HOLA442

Bring on the crash,

I find it morally abhorrent that someone can work really hard, build a business or career, save and be responsible and yet they are expected to hand over everything including 25 years of labour to someone who by circumstance owns a house. The "hardworking" of Britain are expected to graft to fund the lifestyle of the banker and the looter. Dont even get me started on BTL which is a parasitic tumor on young people. Young for working shit no hope jobs to pay inflated rents to old greedy *****.

It is for this reason that even although I can easily afford a home now at even these prices I completely refuse to buy. I protest by living and consuming at a low level, renting well below what I could afford and feeding as little into the machine as I can. Why the ****** should I graft for 20 years building a life for myself only to hand my efforts to someone else?

Sorry to rant but for me it isn't even about the money anymore its about greed and it makes me sick.

I know so many people running themselves into the ground just to get by while feckless wonders congratulate themselves on how "clever " they are because they rent out a house there parents gave them.

Renters are always looked down upon, squeezed but I know now my landlord is really hurting and I have all the power. I know a few landlords who are hurting, its changed days and we haven't even got to the rate rises yet.

Bring the crash, I am a House price nihilist now.

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HOLA443

Bring on the crash,

I find it morally abhorrent that someone can work really hard, build a business or career, save and be responsible and yet they are expected to hand over everything including 25 years of labour to someone who by circumstance owns a house. The "hardworking" of Britain are expected to graft to fund the lifestyle of the banker and the looter. Dont even get me started on BTL which is a parasitic tumor on young people. Young for working shit no hope jobs to pay inflated rents to old greedy *****.

It is for this reason that even although I can easily afford a home now at even these prices I completely refuse to buy. I protest by living and consuming at a low level, renting well below what I could afford and feeding as little into the machine as I can. Why the ****** should I graft for 20 years building a life for myself only to hand my efforts to someone else?

Sorry to rant but for me it isn't even about the money anymore its about greed and it makes me sick.

I know so many people running themselves into the ground just to get by while feckless wonders congratulate themselves on how "clever " they are because they rent out a house there parents gave them.

Renters are always looked down upon, squeezed but I know now my landlord is really hurting and I have all the power. I know a few landlords who are hurting, its changed days and we haven't even got to the rate rises yet.

Bring the crash, I am a House price nihilist now.

Stop gobbing off and get back to work serf :ph34r:

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HOLA444
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HOLA445

Bring on the crash,

It is for this reason that even although I can easily afford a home now at even these prices I completely refuse to buy. I protest by living and consuming at a low level, renting well below what I could afford and feeding as little into the machine as I can. Why the ****** should I graft for 20 years building a life for myself only to hand my efforts to someone else?

I`m with you on that one and in a similar boat,but value is not a million miles away in my neck of the woods,the repos that are coming to the market are almost there but are gone in the blink of an eye (volumes on the market are@all time lows) and are marketed with the offers over blag ...never getting in too a a bidding war on the upside

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HOLA446
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HOLA447

Well I guess most people buy property using wages, well UK people buying in UK do rather than foreign investors. But then again isn't it so much better when property prices rise by 20% per year as per London and wages rise by 2% as in a few years no one who works in UK (wage earning, paying tax) would be able to buy anything. 20% for 10 years will cause prices to rise by 600% so the average UK property will cost £1,750,000 with the average wage of say 40k.

Yes they will be able to buy something. Maybe not a whole house but maybe a house that has been subdivided into flats, or bedsits, or maybe a space on the floor in a room with 10 other people. How many people do you think can cram into an average sized 2-bed London flat.

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HOLA448

There will always be the people that only look to buy the worst house on the best street....in the past there would be a noteable price differntial between the worst house and the best all things being almost equal......today in the best areas these are few and far between, value has already been added, in a time of growing prices homes are improved, well looked after and cared for by owners......although in some high rental areas this is not always the case.

I found one in 2010, just south of Cambridge. Best house on street went for £500K. A few months later, I bought the dump down the road at under two thirds of that. It had more land and an outbuilding suitable for conversion into a large bungalow.

It wasn't much more than another plot on the road that is not much more than a wreck on what looks like a bomb site.

My valuation metrics appear to be quite different to other people. I use "Is it just about liveable while I work on it" and "how much per sqft and per acre".

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HOLA449

I'm guessing that most of the madness is due to the location. Cambridge is a London dormitory, a prosperous light-industrial town ('Silicon Fen') and a world-class university town. It's also one of the nicest, most beautiful cities in England (IMO). So you've got wealthy Londoners, wealthy locals, and wealthy foreign students' parents/landlords all pushing up prices beyond belief.

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HOLA4410

I'm guessing that most of the madness is due to the location. Cambridge is a London dormitory, a prosperous light-industrial town ('Silicon Fen') and a world-class university town. It's also one of the nicest, most beautiful cities in England (IMO). So you've got wealthy Londoners, wealthy locals, and wealthy foreign students' parents/landlords all pushing up prices beyond belief.

But it was all those things 10-12 years ago when the same houses were about 35-40% of their current going rate.

Or even 3 years ago when they'd have cost about 70% of their current value.

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HOLA4411

But it was all those things 10-12 years ago when the same houses were about 35-40% of their current going rate.

Or even 3 years ago when they'd have cost about 70% of their current value.

Indeed

Aa's points sound v similar to the assertions surrounding high apartment prices in the north of England 8 years ago. Sure Leeds Manchester etc have tech legal public and financial sectors, sure it's still the case but prices are well down.

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