rantnrave Posted April 28, 2016 Share Posted April 28, 2016 Annual price increases: Luton up 19% Milton Keynes up 10% Reading up 15% Slough up 22% Wokingham up 14% ... Full report: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/519058/March_HPI_2016.pdf Quote Link to comment Share on other sites More sharing options...
Guest BillyNI Posted April 28, 2016 Share Posted April 28, 2016 Annual price increases: Luton up 19% Milton Keynes up 10% Reading up 15% Slough up 22% Wokingham up 14% ... Full report: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/519058/March_HPI_2016.pdf That is a list of places with % I'd least want to live there. How off that the higher ones are the worst ones. Lower starting prices? Quote Link to comment Share on other sites More sharing options...
spunko2010 Posted April 28, 2016 Share Posted April 28, 2016 Monthly house prices have fallen by 0.5% since February 2016. Quote Link to comment Share on other sites More sharing options...
rantnrave Posted April 28, 2016 Author Share Posted April 28, 2016 Not all bad news though: Quote Link to comment Share on other sites More sharing options...
Nabby81 Posted April 28, 2016 Share Posted April 28, 2016 Annual price increases: Luton up 19% Milton Keynes up 10% Reading up 15% Slough up 22% Wokingham up 14% ... Full report: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/519058/March_HPI_2016.pdf As I have posted many times Luton is nuts right now ..massive campaigning to show how close it is to London helping to ramp it up https://www.thinkluton.co.uk/ Anecdotal friend of a friend brought 2 bed flat 2008 110% IO 110k just sold for 180k , was offered 175 which he accepted only for the EA to go back to buyer and tell them the seller had changed mind wanted full price which they instantly agreed ...not all good news for him as same happen to him he offered 315 on a 3bed house was told someone offered 320 so he again just agreed ... I was looking to buy here but given up as not prepared to spend 200k plus on a crummy 2 bed house Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted April 28, 2016 Share Posted April 28, 2016 (edited) Annual price increases: Luton up 19% Milton Keynes up 10% Reading up 15% Slough up 22% Wokingham up 14% ... Full report: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/519058/March_HPI_2016.pdf Yep, and you know what? When a crash happens, it'll be like a 20% drop, but then prices will climb again. In other words, UK property prices are designed to stretch finances to the max for FTBs. It will always be this way. Wanna buy in the UK? Then be prepared to take on 6 figures of borrowing. It will always be the case. Edit: OR, just rent forever. Edit 2: OR rent for a bit, then emigrate. There is no 4th choice of waiting for a crash that creates affordable housing. Edited April 28, 2016 by canbuywontbuy Quote Link to comment Share on other sites More sharing options...
pricesmad Posted April 28, 2016 Share Posted April 28, 2016 Yep, and you know what? When a crash happens, it'll be like a 20% drop, but then prices will climb again. In other words, UK property prices are designed to stretch finances to the max for FTBs. It will always be this way. Wanna buy in the UK? Then be prepared to take on 6 figures of borrowing. It will always be the case. Edit: OR, just rent forever. Edit 2: OR rent for a bit, then emigrate. There is no 4th choice of waiting for a crash that creates affordable housing. Yes that is the conclusion I came to, if a crash happens then all the frustrated locked out will be back in the market, they will then be bidding against each other and the prices will go back up. The only thing which will ever bring prices back to normality is a mass building project like after ww2, but there seems little interest in this happening and everywhere they try to build they are met with groups of people waving banners. They have yet to resort to the 99 year mortgages, I think that will happen at some point here, the other problem being people have replaced the word afford with get. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted April 28, 2016 Share Posted April 28, 2016 ...and when london crashes.... Quote Link to comment Share on other sites More sharing options...
spunko2010 Posted April 28, 2016 Share Posted April 28, 2016 Yes that is the conclusion I came to, if a crash happens then all the frustrated locked out will be back in the market, they will then be bidding against each other and the prices will go back up. Not this again... All of what you say is based on the current market conditions i.e people can get mortgages; history tells us this is the key driver in house price inflation / deflation - i.e. when people cannot get a mortgage then prices will need to fall and keep falling until they can. If the credit markets dry up, no amount of "pent up demand" will work. Quote Link to comment Share on other sites More sharing options...
pricesmad Posted April 28, 2016 Share Posted April 28, 2016 Not this again... All of what you say is based on the current market conditions i.e people can get mortgages; history tells us this is the key driver in house price inflation / deflation - i.e. when people cannot get a mortgage then prices will need to fall and keep falling until they can. If the credit markets dry up, no amount of "pent up demand" will work. Correct which is why I mention the 99 year mortgage and the fact that people no longer look at affordability it is just whether they can get one. It is not just the current market, it is this countries obsession with property and the attitude towards it as well, I believe people will want to buy regardless of how crazy it is to do that. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted April 28, 2016 Share Posted April 28, 2016 (edited) That is a list of places with % I'd least want to live there. How off that the higher ones are the worst ones. Lower starting prices? A point very well made...I guess you can get some absolutely dream places in rural NI for peanuts. Meanwhile in the UK we pay the most for the shittiest spots. In the E. midlands the hotspots are Leicester, Nottingham and Derby with the very nice rural surroundings becalmed HPI wise...and have been for the best part of 12 years. This is all good news if you don't need a job. Just a few points....... (1) Public setor and quasi public sector jobs causes local rises most especially County Halls, County Hospitals and Universities......these employees are the new rich. (3) People pay a premium to live in crap areas because the salaries are the highest and they spawn BTL with a ready supply of immigration and students. (3) The Gaza strip is one of the most expensive bits of real estate on the planet...war torn and shit but has all the ingredients. Edited April 28, 2016 by crashmonitor Quote Link to comment Share on other sites More sharing options...
rantnrave Posted April 28, 2016 Author Share Posted April 28, 2016 (3) The Gaza strip is one of the most expensive bits of real estate on the planet...war torn and shit but has all the ingredients.I saw an Al Jazeera documentary on the housing situation in Gaza a couple of years ago. A couple were looking at a 2 bed flat which had increased from $15k to $20k. Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted April 28, 2016 Share Posted April 28, 2016 ...and when london crashes.... Well the average house price is £500,000+ in London - what level of crash are we talking about? A 20 or 25% crash wouldn't be enough for most people. I just think it's too much HPI to unwind to get back to affordable levels. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted April 28, 2016 Share Posted April 28, 2016 (edited) Well the average house price is £500,000+ in London - what level of crash are we talking about? A 20 or 25% crash wouldn't be enough for most people. I just think it's too much HPI to unwind to get back to affordable levels. Is it a tribal thing that folk have to stay in London...seriously what's so bad about somewhere like Derbyshire....it aint grim...Luton is grim. Actually voted the most beautiful place in the UK. http://cdni.condenast.co.uk/646x430/o_r/peakdistrict_cnt_19nov09_iStock_b_1.jpg Edited April 28, 2016 by crashmonitor Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted April 28, 2016 Share Posted April 28, 2016 Well the average house price is £500,000+ in London - what level of crash are we talking about? A 20 or 25% crash wouldn't be enough for most people. I just think it's too much HPI to unwind to get back to affordable levels. That sounds like you think that the people messing about with the levers can choose to unwind a little, a lot, or not at all, and then press a button ("Print" maybe?) they have managed to spin the plates up til now, but many commentators now saying things like "CB policy has run out of road" etc. When something big pops in the financial system, and it will, the HPI will unwind like a kite in the wind. See Aberdeen for what happens when the money evaporates. Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted April 28, 2016 Share Posted April 28, 2016 Last places to rise, first to fall? Usually when the hot money starts going to places like Luton and Slough, it means everywhere else has reached peak unaffordability and the bubble is about to pop. Its what seemed to happen last time round, anyway. Quote Link to comment Share on other sites More sharing options...
fandanman Posted April 28, 2016 Share Posted April 28, 2016 Last places to rise, first to fall? Usually when the hot money starts going to places like Luton and Slough, it means everywhere else has reached peak unaffordability and the bubble is about to pop. Its what seemed to happen last time round, anyway. Yeah and look what happened since that last pop! Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted April 28, 2016 Share Posted April 28, 2016 Last places to rise, first to fall? Usually when the hot money starts going to places like Luton and Slough, it means everywhere else has reached peak unaffordability and the bubble is about to pop. Its what seemed to happen last time round, anyway. Well it got a hell of a lot further than Slough...the entire country in fact and by +200% to boot. And the biggest winners were places like Blackburn, Burnley and Stoke. But you are right, they crashed the most too and are still sub peak by some way. If the HPI cancer does stop now then Cambridge would be carnage. Crashes have generally hit East Anglia and bordering counties substantially too. Quote Link to comment Share on other sites More sharing options...
Amiinsane Posted April 28, 2016 Share Posted April 28, 2016 Yeah and look what happened since that last pop! Wasn't really a pop. The government rushed in to stop things unwinding like in the US, Ireland etc. They've been doing everything they can to keep the corpse upright since then - HTB etc. Quote Link to comment Share on other sites More sharing options...
frederico Posted April 28, 2016 Share Posted April 28, 2016 I don't believe some things written in this thread, The system is fundamentally floored and has reached its peak. The banks are bankrupt, the only thing keeping them going was uncontrolled BTL lending. That is now dead, we have MMR and basically very few buyers in a market that can only expand from here on. Just let it play out, the numbers don't lie. Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted April 28, 2016 Share Posted April 28, 2016 (edited) Edit 2: OR rent for a bit, then emigrate. There is no 4th choice of waiting for a crash that creates affordable housing. But where, there arent many options that are english speaking if you are over 40/50. Edited April 28, 2016 by GreenDevil Quote Link to comment Share on other sites More sharing options...
South Lorne Posted April 28, 2016 Share Posted April 28, 2016 Is it a tribal thing that folk have to stay in London...seriously what's so bad about somewhere like Derbyshire....it aint grim...Luton is grim. Actually voted the most beautiful place in the UK. http://cdni.condenast.co.uk/646x430/o_r/peakdistrict_cnt_19nov09_iStock_b_1.jpg ..we need to move Parliament out of London..it currently creates the the Londoncentric imbalance in the UK ..somewhere central like Leeds or York or a custom built new town ...Australia has Canberra, Brazil - Brasilia, Nigeria - Abuja, US - Washington, Canada - Ottawa ...why don't we move .?..bit late as they have already booked a temp residence while the old building is repaired...... Quote Link to comment Share on other sites More sharing options...
Oliver Sutton Posted April 28, 2016 Share Posted April 28, 2016 Yeah and look what happened since that last pop! It's different this time !!! Quote Link to comment Share on other sites More sharing options...
Parkwell Posted April 28, 2016 Share Posted April 28, 2016 Quite telling to see what's selling. Quote Link to comment Share on other sites More sharing options...
Up the spout Posted April 29, 2016 Share Posted April 29, 2016 ..we need to move Parliament out of London..it currently creates the the Londoncentric imbalance in the UK ..somewhere central like Leeds or York or a custom built new town ...Australia has Canberra, Brazil - Brasilia, Nigeria - Abuja, US - Washington, Canada - Ottawa ...why don't we move .?..bit late as they have already booked a temp residence while the old building is repaired...... Leeds or York are not central, Birmingham, Leicester and Milton Keynes are more so. But just moving parley-a-mental wouldn't persuade businesses to move, just the 'special interests' whose job is to lobby politicians. Quote Link to comment Share on other sites More sharing options...
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