Is There Any Point In Working In The South East?

[LabConH8er]

I think you're being unduly pessimistic. A quick look on Rightmove shows 93 two bedroom properties for sale in Basingstoke. Ranging from shared ownership houses at £80k to a bungalow on a large plot at £330k. There are some reasonable looking houses at £200-£220k in respectable areas as well as two bedroom apartments around £180-£200k. Granted prices ticked up over the last 12 months, particularly at the lower end of the market. Presumably Buy to Lets.

New builds are definitely more expensive, you could also consider looking further west, prices are lower as you go down the M3 towards the South Coast, except for an uptick in prices around Winchester.

What a patronising .... you are.

Firstly why would he want to buy a share of a house?

Secondly you show 2 bed flats at 8 times average salary as something worthwhile.

And why would he want to go to the South Coast when he works about 70 miles from there?

Are you on this website purely to wind people up?

[LabConH8er]

Possibly, but at £40k wage the very cheapest at your £200-220K range is still greater than 5 times income, what is there to be optimistic about? I feel quite aggreived to have to get myself into that sort of debt for a "starter" home. If I am struggling and I earn probably double most people my age then I can't see how others are managing?

BTW I am living in Basingstoke as it is the cheapest place at a point where the commute is not too crazy and the prices aren't on the moon. I can't go any further south and still get to work in under an hour (often way over now and I live 25 miles from work). Basingstoke is the cheapest place I can live and still average an hour or so into work.

I can't say I have seen more than a handful of properties come on the market at less than £180k (non-shared) which weren't in terrible condition, very bad area or 1 bed rabbit hutches where you can't swing a cat. I just can't justify that sum of money for that sort of accomodation. Again, maybe just my frustration boiling over..

Your frustration is perfectly normal, he is clearly on here to wind people up, anyone who thinks 180-200K for a 2 bed in Basingstoke is a complete rs.

People go to work to better themselves once this stops happening they can;t be bothered ... such as in communist states and 3rd world countries where workers just can't be bothered and quite rightly so.

The imbecile who can;t see your problem also happens to be a Buytolet landlord.

[SillyBilly]

Your frustration is perfectly normal, he is clearly on here to wind people up, anyone who thinks 180-200K for a 2 bed in Basingstoke is a complete rs.

People go to work to better themselves once this stops happening they can;t be bothered ... such as in communist states and 3rd world countries where workers just can't be bothered and quite rightly so.

The imbecile who can;t see your problem also happens to be a Buytolet landlord.

Thanks for the reply. To be honest, I'm not sure even if properties here were half the price I'd buy, the town is just a complete non-entity, probably packed full of people like me.

I have a pay review due in September, I think I am going to try and line up a job elsewhere in advance and throw the cards on the table. The funny thing is I don't even think I am worth what I would be asking and I feel bad for the company (good job and lots of potential and training) but if I can't afford a reasonable house in the area then I don't fancy waiting 5-10 years and finding I'm in the same situation. I could have bought a house in Derby with a mortage of about 3.3 multiple of salary. The more I think about it, the more inclined I would be to take the "pay cut" and get as far away from London as possible.

[sleepwello'nights]

Secondly you show 2 bed flats at 8 times average salary as something worthwhile.

And why would he want to go to the South Coast when he works about 70 miles from the

Average wages in Basingstoke are around the £40k mark. So for a single person that makes the cost 4 times average salary. For a couple, like many living in this area a £200k house is affordable.

What a patronising .... you are.

Firstly why would he want to buy a share of a house?

Secondly you show 2 bed flats at 8 times average salary as something worthwhile.

And why would he want to go to the South Coast when he works about 70 miles from there?

Are you on this website purely to wind people up?

I don't think I suggested he should buy a share of a house.

Average wages in Basingstoke are around the £40k mark, therefore the flats are not 8 times the average local salary.

Do you take offence easily, or do you work at it?

[spunko2010]

"Average wage is around £40k in Basingstoke"

Erm, no it isn't. http://www.basingstoke.gov.uk/rte.aspx?id=486

[spunko2010]

BTW to answer the OP's question, I would be moving back oop north if I were you. I certainly wouldn't sacrifice so much just to earn an extra £5k a year. And even if no one else will say it, Basingstoke is a shit hole.

[SillyBilly]

Average wages in Basingstoke are around the £40k mark. So for a single person that makes the cost 4 times average salary. For a couple, like many living in this area a £200k house is affordable.

I don't think I suggested he should buy a share of a house.

Average wages in Basingstoke are around the £40k mark, therefore the flats are not 8 times the average local salary.

Do you take offence easily, or do you work at it?

£30K is roughly the average from the linked article. I personally don't think its affordable, perhaps if I was mid 40's in my peak earning phase then it would be, I'd like to think at that age I would be looking for a family home not a 1 or 2 bed rabbit hutch. We are talking about STARTER homes for YOUNG people. As I say, most young people will probably be on less than the average £30k for the area so a whole generation is being locked out. And probably a whole load of 30+ people as well at these prices.

[LabConH8er]

£30K is roughly the average from the linked article. I personally don't think its affordable, perhaps if I was mid 40's in my peak earning phase then it would be, I'd like to think at that age I would be looking for a family home not a 1 or 2 bed rabbit hutch. We are talking about STARTER homes for YOUNG people. As I say, most young people will probably be on less than the average £30k for the area so a whole generation is being locked out. And probably a whole load of 30+ people as well at these prices.

Im 40 and most my peers are renting. The ones who did buy after 2002ish would have been evicted had rates been at normal levels.

I've waited 10 years for a crash that hasn't happened, it must be getting closer so at least you have time on your side.

My brother was earning 60K PA in London and left due it affording him no more than a glorified student esq lifestyle .. i.e money to meet his mates with for a drink and bite to eat, and a room in someones house near to Brixton.

[LabConH8er]

Average wages in Basingstoke are around the £40k mark. So for a single person that makes the cost 4 times average salary. For a couple, like many living in this area a £200k house is affordable.

I don't think I suggested he should buy a share of a house.

Average wages in Basingstoke are around the £40k mark, therefore the flats are not 8 times the average local salary.

Do you take offence easily, or do you work at it?

Come back when you get your figures right.

As it has been shown you are way out with your average salary.

[SillyBilly]

Im 40 and most my peers are renting. The ones who did buy after 2002ish would have been evicted had rates been at normal levels.

I've waited 10 years for a crash that hasn't happened, it must be getting closer so at least you have time on your side.

My brother was earning 60K PA in London and left due it affording him no more than a glorified student esq lifestyle .. i.e money to meet his mates with for a drink and bite to eat, and a room in someones house near to Brixton.

Sorry to hear that, I can only imagine the frustration. Where do you live if you don't mind me asking, have you ever considered moving to a cheaper area?

Don't blame your brother. London seems the ultimate hamster wheel.

[LabConH8er]

Sorry to hear that, I can only imagine the frustration. Where do you live if you don't mind me asking, have you ever considered moving to a cheaper area?

Don't blame your brother. London seems the ultimate hamster wheel.

Im looking to buy around Ringwood/Romsey areas.

Sold prices in these area shot up at the start of last year and stayed there, asking prices went utterly insane end of last year but the extreme kite flying prices seem to have came down a bit.

I could buy tomorrow and just have a 40K mortgage but i'd sooner no mortgage at all, but i'm in a position with a kid where i've got to buy shortly so i have stability for her and myself. I'll rent for a year if i have to, thus my waiting time is running out.

If i could buy somewhere like this for 200K or just above i'll bite the bullet -

http://www.rightmove.co.uk/property-for-sale/property-51572534.html

If i was late 20s early30s, single and well educated i'd clear off to Asia for a couple of years and try my luck in Singapore, HK, Bangkok or possibly China ... if it fails at least you can come back.

My brother buggered off to Asia and applied once there he got a job in BKK where he gets £800 a month rent allowance on a 2 bed 100m2 brand new flat in the heart of town that costs him £600 ... his wage is similar to what he earned in London.

[LabConH8er]

As for is there any point in working well the seller of this property seems to think there isnt.

Bought for a staggering £220K in January 2015, obviously got in saw it needs too much time and money spending on it so they put it back on the market at £250K

http://www.rightmove.co.uk/property-for-sale/property-52542353.html

These people need to get financially destroyed, that house is not worth more than £60K in a world without QE, 0.5 etc... as if nothing else it'd need £30K spending on it to become habitable.

[worried1]

If you have owned a second home over the past five years, there really is no point in working.

As you say, if that seller gets £250k for that house 6 months after buying it for £220k, he might make £20k after fees. A couple of those each year, and he is earning as much as someone in a £55k a year job does after tax, for doing next to nothing.

Not to say he will sell at a profit of course, but I have seen examples of this in the London suburbs where the sellers have made more than they would have done working in a highly stressful £200k job!

Unfortunately for you, Basingstoke is reasonably commutable so it is a good hunting ground for all of the London workers (like your brother) who earn significantly above the national average wage, but not enough to give a reasonable lifestyle living in the capital itself.

If a single £60k earner can buy a reasonable house for £250k, then that is only just over 4 times salary and not too far away from what reality should be. Of course, that doesn't take into account the massive commute and the fact that the people who actually want to live and work in the target area become completely priced out.

[SillyBilly]

Unfortunately for you, Basingstoke is reasonably commutable so it is a good hunting ground for all of the London workers (like your brother) who earn significantly above the national average wage, but not enough to give a reasonable lifestyle living in the capital itself.

If a single £60k earner can buy a reasonable house for £250k, then that is only just over 4 times salary and not too far away from what reality should be. Of course, that doesn't take into account the massive commute and the fact that the people who actually want to live and work in the target area become completely priced out.

Think you've got it summed up there. Its the London effect supporting the local market prices here. Thus, actual locals who work in the area are struggling to compete.

[SillyBilly]

If i was late 20s early30s, single and well educated i'd clear off to Asia for a couple of years and try my luck in Singapore, HK, Bangkok or possibly China ... if it fails at least you can come back.

My brother buggered off to Asia and applied once there he got a job in BKK where he gets £800 a month rent allowance on a 2 bed 100m2 brand new flat in the heart of town that costs him £600 ... his wage is similar to what he earned in London.

Thanks for the advice. Honestly, nothing is off the table at this stage! I am not sure BK is for me, seems more extreme than London in some cases! I have heard a few success stories from expats in Thailand, Brazil and other such developing nations so that certainly has some appeal.

[LabConH8er]

Thanks for the advice. Honestly, nothing is off the table at this stage! I am not sure BK is for me, seems more extreme than London in some cases! I have heard a few success stories from expats in Thailand, Brazil and other such developing nations so that certainly has some appeal.

The capital cities of these nations are fully developed, all major companies are there looking to hire for normal expats, but not sexpats desperate to avoid going home ... get a start and you're laughing, its getting the start that's the difficult bit.

[Will!]

London seems the ultimate hamster wheel.

I know quite a few people working in London who are paid nominally more than they would be for the same work outside of London and therefore claim that London is the best place for them to work. They don't seem to see that they're paid more in London because the cost of living / commuting is higher (and that this is a vicious circle) and that in real terms they're no better off.

[longgone]

Now I live in Cyprus, another country where the housing market is in freefall. Prices have fallen massively, you can get a holiday flat for 40k euros, a villa with pool for 150k euros. Apparently, it is even worse in Spain.

is there much variation in prices between the districts , always fancied something in limassol or paphos

Edited June 2, 2015 by longgone

[Hectors House]

Basingstoke is a shit hole.

Totally agree, the funny thing is so are most of the Thames Valley/M4 corridor towns

[LabConH8er]

Its just gone totally insane in Winchester.

This house was up for auction yesterday, i put in a cheeky 215K offer prior to the auction which was turned down (if you don't ask for sweeties you don't get) i was told they'd already had an offer of £230K.

Anyway its a small 3 bed semi in need of lots of work and can be viewed here.

http://www.rightmove.co.uk/property-for-sale/property-51827588.html

An identical one sold in 2011 for 230K but this was not in need of a refubishment.

http://www.rightmove.co.uk/house-prices/SO23-7HD.html?backListLink=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DPOSTCODE%255E801169%26minPrice%3D200000%26maxPrice%3D260000%26minBedrooms%3D3%26radius%3D0.5

Now below is the price that it went for ... a staggering £317,500

http://auctioneertemplates.eigroup.co.uk/LotDetails.aspx?LotID=779485&a=638&c=pea

There truly is no point in working when the only people who can afford such houses are the top 1% of wage earners.

[SillyBilly]

Its just gone totally insane in Winchester.

This house was up for auction yesterday, i put in a cheeky 215K offer prior to the auction which was turned down (if you don't ask for sweeties you don't get) i was told they'd already had an offer of £230K.

Anyway its a small 3 bed semi in need of lots of work and can be viewed here.

http://www.rightmove.co.uk/property-for-sale/property-51827588.html

An identical one sold in 2011 for 230K but this was not in need of a refubishment.

http://www.rightmove.co.uk/house-prices/SO23-7HD.html?backListLink=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DPOSTCODE%255E801169%26minPrice%3D200000%26maxPrice%3D260000%26minBedrooms%3D3%26radius%3D0.5

Now below is the price that it went for ... a staggering £317,500

http://auctioneertemplates.eigroup.co.uk/LotDetails.aspx?LotID=779485&a=638&c=pea

There truly is no point in working when the only people who can afford such houses are the top 1% of wage earners

Astonishing really. You almost have to laugh that a person has just paid £320K for that, rather them than me.

[LabConH8er]

Astonishing really. You almost have to laugh that a person has just paid £320K for that, rather them than me.

Yes the agents usual market at the about the right price for this kind of place, maybe 10% under but certainly not 40%.

I hope it was the wall that the lucky winner outbid.

[Fairyland]

May be some cash back.renovation offer?

[Shamus]

I live in Basingstoke - poor me Until the start of this year it seemed that the town's poor reputation was applying some brakes to house price rises. Now after the general election it appears that the brake lines have been cut. I'm in an established quiet area called Cranbourne to the south of the town centre and prices for semi detached have gone up by £100k since the start of 2014.

I think people who would have bought in Reading or Guildford are looking this way. Also people priced out of slightly closer places like Fleet, Hook and villages around Basingstoke must now be looking here. I doubt people priced out of Winchester are coming here - they will be looking at South Wonston and maybe south to Chandlers Ford.

PS - I'm am totally astounded by the housing market. I've been a member on here for many years. It feels like a final blow off phase of a crack up boom. I think it will end with a whimper as I cannot see rates rising very quickly for a long long time - finishing with a long drawn out depression and joe public being able to win chocolate bars with £50 notes inside under the wrapper - like the golden ticket in Willy Wonkas Chocolate Factory!

Edited June 4, 2015 by Shamus

[Venger]

Yes the agents usual market at the about the right price for this kind of place, maybe 10% under but certainly not 40%.

I hope it was the wall that the lucky winner outbid.

Anyway, no one dragged the buyer to the auction room, or forced them to bid so high.

There's not much on market within a 1/2 mile RM search from that postcode, and much of what is listed, is Sold STC.

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=POSTCODE^801169&radius=0.5&includeSSTC=true&_includeSSTC=on

PS - I'm am totally astounded by the housing market. I've been a member on here for many years. It feels like a final blow off phase of a crack up boom.

Yes. Although if it can go this far and severely disadvantage productive earners (including high-income earners), to reward the owner side to this extent.... it can turn hard the other way, imo. Just need the market to run out of willing/able/proceedable buyers.