Queueing For £200K "starter" Homes

[65243]

What a disgrace.

http://www.independent.co.uk/news/uk/home-news/get-on-the-ladder-starter-home-campaign-sees-hundreds-queue-to-buy-a-london-flat-for-199000-a6723306.html

And the woman at the front of the queue is an investor ?

[TheCountOfNowhere]

What a disgrace.

http://www.independent.co.uk/news/uk/home-news/get-on-the-ladder-starter-home-campaign-sees-hundreds-queue-to-buy-a-london-flat-for-199000-a6723306.html

And the woman at the front of the queue is an investor

That's what they used to call an "avdert"....it's to create desperation and fear in people in the hope they'll rush out and join the scam.

When you see this sort of nonsense you know collapse is the next stage.

How could they do this to the country after 2007!!!!

[CunningPlan]

These are the Galliard ones being advertised endlessly on LBC.

The adverts are totally aimed at investors - quotes such as 'area has a captive rental market' and also the quote of how much one sold for recently that was bought last year for lots less etc.

Real nauseating stuff.

[sPinwheel]

Studio for 200k.

[iamnumerate]

I think £200k for a studio in South Kensington or Mayfair would be quite a good price and reasonable in a well run economy. In Hounslow a sign of things being very wrong unless I have just come round from a coma and the average wage is now £90k p.a.

[zugzwang]

That's what they used to call an "avdert"....it's to create desperation and fear in people in the hope they'll rush out and join the scam.

When you see this sort of nonsense you know collapse is the next stage.

How could they do this to the country after 2007!!!!

The Neoliberal Thought Collective is stiil in control.

[mattyboy1973]

I think the fact that a 38 year old dentist is in the queue (along with a load of "investors") says it all. In any vaguely sane society you'd expect a reasonably well paid professional, approaching middle age, to be able to afford a decent family home in a nice part of town. The reality is that he is badly stretched (unless he's got a massive deposit) to purchase a 1 bedder, in a sh!tty area so far out of town it barely qualifies as "in".

[dgul]

Stupid thing is you could stop this sort of thing instantly. There could be loads of approaches - eg, set capital gains tax to taper from 80% to 30% over 5 years (say) - that would stop the “With rising prices I will be able to sell it for £260,000 in a few months" ones. I doubt the letting out out option makes so much sense with the removal of mortgage interest deduction. The fact that they don't set up these kind of dampeners suggests that they don't want to suppress the bubble.

[TeutonicKnight]

Looks like a queue at immigration

[Motor_Blade]

I've just had a look at Galliard's website for more info on this development, jeez - they're absolutely tiny, even the most expensive ones listed......it would be like living in a prison cell (albeit a nicely finished one). If that represents either value for money or quality living then I'm a banana. I can only assume that the architect's brief was to squeeze in as many apartments as possible to maximise the developer's profits & absolutely nothing else.

[azg]

The entire area has gone crazy.

If you head about a mile or so east from there, 2-bed flats on a development a couple of hundred metres downwind from a massive sewage farm regularly go for around £300k.

It stinks on many levels.

[MattW]

It's seriously fvcked up when investors are queuing up for the starter homes.

[Bland Unsight]

The entire area has gone crazy.

If you head about a mile or so east from there, 2-bed flats on a development a couple of hundred metres downwind from a massive sewage farm regularly go for around £300k.

It stinks on many levels.

Great first post!

[olde guto]

I think the fact that a 38 year old dentist is in the queue (along with a load of "investors") says it all. In any vaguely sane society you'd expect a reasonably well paid professional, approaching middle age, to be able to afford a decent family home in a nice part of town. The reality is that he is badly stretched (unless he's got a massive deposit) to purchase a 1 bedder, in a sh!tty area so far out of town it barely qualifies as "in".

Yes, worst of all the "middle classes" in the UK are too compliant and they perceive themselves as having too much to lose (once they get on the ladder) so won't kick-up a fuss. They'll moan and bitch about a £100 parking fine yet accept £200,000 "starter homes", something isn't right there...

I think it's only now, with the roughly sub-45 middle classes, that a fuss is starting to be made. Hopefully enough of a noise is made for the government not to just sit up and listen but to start to worry.

[b w]

I think the fact that a 38 year old dentist is in the queue (along with a load of "investors") says it all. In any vaguely sane society you'd expect a reasonably well paid professional, approaching middle age, to be able to afford a decent family home in a nice part of town. The reality is that he is badly stretched (unless he's got a massive deposit) to purchase a 1 bedder, in a sh!tty area so far out of town it barely qualifies as "in".

I think you are wrong calling Hounslow sh!tty, its much worse, but apart from that spot on.

[Starla]

Same thing here personally as a 'Professional' on a similar salary. I've taken a different outlook though and refuse to bother buying unless something happens. If it doesn't then its immigrate/retire to Thailand.

You're not the first person to say that. Its a healthy mindset. I'm losing count of priced out London mates who couldn't care less about the price of a studio flat, in a shit town, when they can live like a king/queen abroad. Plan b opens up a whole better life.

I'm not far from Hounslow, but avoid it at all costs, unless I'm desperate and need to use the Piccadilli line. It's a depressing chav ridden shit hole.

[wish I could afford one]

You're not the first person to say that. Its a healthy mindset. I'm losing count of priced out London mates who couldn't care less about the price of a studio flat, in a shit town, when they can live like a king/queen abroad. Plan b opens up a whole better life.

I'm not far from Hounslow, but avoid it at all costs, unless I'm desperate and need to use the Piccadilli line. It's a depressing chav ridden shit hole.

You don't even have to go as far as Thailand to live well. Plenty of opportunities on the continent.

[Starla]

You don't even have to go as far as Thailand to live well. Plenty of opportunities on the continent.

And I've followed your findings on the subject closely. Hat tip.

It comes down to what represents value and happiness in life and for some it's paying 200k, and working X more years, to live in a box shaped studio flat in Hounslow. The value of that to others is zero. It's not even the price that bothers me foremost, it's still just a bad flat in a bad place. Pricing it at 400k, 500k, 700k won't change that.

[Venger]

I think the fact that a 38 year old dentist is in the queue (along with a load of "investors") says it all. In any vaguely sane society you'd expect a reasonably well paid professional, approaching middle age, to be able to afford a decent family home in a nice part of town. The reality is that he is badly stretched (unless he's got a massive deposit) to purchase a 1 bedder, in a sh!tty area so far out of town it barely qualifies as "in".

It was a different article I read on this story.... and the pic they used had a miserable looking lot queuing. No one is dragging them to viewings/bank mortgages for such boxes.

Whereas my family/pals are being told by elderly owners knocking around in mansions worth £700K-£1m+ with empty bedrooms, to buy in rubbish areas for their houses can't fall in value. That was reason one of my pals didn't take a job offer from an elderly MD who wanted to retire and was looking for someone to take over for him. His HPI Riches/Forever attitude, and pointing them towards the area to buy a house around the local tip/waste site. Obviously some HPCers only want to blame the bankers.

Outside London, in any reasonably desirable area, it buys nothing, or very little either.

Was researching some dentist info the other day

http://idhgroup.co.uk/

Dental Foundation Year 1 (DF1) graduates working as vocational dental practitioners (VDPs) start on £30,132 a year.

Most dentists are self-employed contractors, mixing NHS with private work, and earn between £50,000 and £110,000 annually, while wholly private dentists can earn £140,000+.

http://www.prospects.ac.uk/dentist_salary.htm

They've changed/redirected to a new domain.. here was one of the front page pics, for the breakdown squad, with EAs/Developers dragging buyers into homes, and bankers dragging them into jumbo mortgages for tiny boxes.

I know a couple of dentists, they're 'long' property. Like doctors...

[sPinwheel]

Sold out in days.

[“Nasty Piece of work”]

Long before they are finished, if ever, there will be similar queues of people waiting to do a dump in them, therefore doubling their worth.

[SillyBilly]

£45k for a dentist in London at age 38...is that right?

That is a pretty crap wage for such a position I'd say. I'm almost on that and I'm in my 20s outside of London with nowhere near the level of skills or education behind me. And I don't feel flush...

Its a really poor state of affairs. Relative to house prices now unless you're on some serious money (relative to the local area) nothing is value for money.

And those comments from the "investor" made me really angry. Sums up the selfish attitude of people in this country, depriving people of their own home so they can make a few quid. Disgusting.

[pl1]

At least all those boomers who bought houses at 3.5 times income, had job security from the iron curtain, free tuition and grants & now free bus passes are to get an increase in their state pension. So pleased the money that's available for public expenditure is put to this and paying for Eastern European children who dont even live in the UK.

[200p]

£45k for a dentist in London at age 38...is that right?

That is a pretty crap wage for such a position I'd say. I'm almost on that and I'm in my 20s outside of London with nowhere near the level of skills or education behind me. And I don't feel flush...

Its a really poor state of affairs. Relative to house prices now unless you're on some serious money (relative to the local area) nothing is value for money.

And those comments from the "investor" made me really angry. Sums up the selfish attitude of people in this country, depriving people of their own home so they can make a few quid. Disgusting.

Outside of London it's a good wage - junior doctors start on £25k? No wonder they are striking.

[winkie]

And I've followed your findings on the subject closely. Hat tip.

It comes down to what represents value and happiness in life and for some it's paying 200k, and working X more years, to live in a box shaped studio flat in Hounslow. The value of that to others is zero. It's not even the price that bothers me foremost, it's still just a bad flat in a bad place. Pricing it at 400k, 500k, 700k won't change that.

You would be better off living in a motor home, probably more comfortable, far cheaper and the view better and varied.....the cost of parking would be nowhere near the cost of what CT can be......not the ideal solution but sometimes needs must.