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TheCountOfNowhere

New homes 'unaffordable for eight out of 10 locally'

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New homes 'unaffordable for eight out of 10 locally'

 

" Nearly eight out of 10 families "

http://www.bbc.co.uk/news/education-39128037

 

And if you are single, what is it, 9.9/10 ?

 

People can't seem to ( or dont want ) realise these prices are at an extreme level now and the BoE made up cash is to blame.

Will they fix it...Will they ****

Not do they seem to equate house prices at extreme levels with risk and potential for loosing a log of money/everything

Edited by TheCountOfNowhere

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It does beg the question, well who is going to buy them?

£300K for a 3 bed semi. I am 35 and out of the people I know my age I can't think of many who could find the 60K deposit required plus pay the £1250 a month mortgage.

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40 minutes ago, doomed said:

It does beg the question, well who is going to buy them?

£300K for a 3 bed semi. I am 35 and out of the people I know my age I can't think of many who could find the 60K deposit required plus pay the £1250 a month mortgage.

It is a good question....non locals would be my answer.

 

People who have been gifted hunders of 1000's of untaxted unearned £££s moving out of London and into YOUR AREA.

Paying double, sometimes triple what locals were unwilling and unable to pay 4 years ago.

Now ask yourself, when the magic money stops...who are they going to sell to ?

 

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44 minutes ago, doomed said:

It does beg the question, well who is going to buy them?

£300K for a 3 bed semi. I am 35 and out of the people I know my age I can't think of many who could find the 60K deposit required plus pay the £1250 a month mortgage.

TPTB have created a system that requires us to compete and fight with each other over shelter Hunger Games style...those that buy these houses will be the few prepared to sacrifice the most...children, all their income, a future, a life etc.  But no matter the established wealthy that own the housing stock are doing just fine...

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They will change the rules on buying,

 

40/50 year mortgages, multi-generational mortgages, higher wage multiples officially. HtB 3,4,5 etc... 

 

Thats how they will get around the "cannot afford"

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3 minutes ago, TheCountOfNowhere said:

It is a good question....non locals would be my answer.

 

People who have been gifted hunders of 1000's of untaxted unearned £££s moving out of London and into YOUR AREA.

Paying double, sometimes triple what locals were unwilling and unable to pay 4 years ago.

Now ask yourself, when the magic money stops...who are they going to sell to ?

 

Of course London/SE based BTLers and HMO daddies!

And since this has now priced the average property out of reach of the average buyer or renter the Tory boys and their rent-seeking sponsors are being obliged to construct houses and apartments with ever smaller proportions. Notwithstanding the fact that UK homes are already the smallest in Europe, if not the developed world.

Lilliputian even.

IMG_0244.JPG

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3 minutes ago, Monkey said:

They will change the rules on buying,

 

40/50 year mortgages, multi-generational mortgages, higher wage multiples officially. HtB 3,4,5 etc... 

 

Thats how they will get around the "cannot afford"

Likely won't work if the cohort that have anything like the earnings capacity are already in their 30's/40's, peak earnings on the way down after 45 so that segment already stuffed both in time/earnings unless huge savings built up. They will be looking at a one time buy in a market segment that is a few rungs out of their league, unless of course they are already financially cleansed of children for good and are looking at a one bed flat that can be their one time purchase that will see them through to retirement.

 

 

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1 hour ago, Shea VanHaven said:

It won't stop 'till it's 10 out of 10 families..

Almost correct. It won't stop till it's 10 out of 10 families and 10 out of 10 landlords and investors. 

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1 minute ago, Sajid the Taxmeister said:

And TPTB look upon this as achievement, rather than a huge cluster-fuq which will come home to roost shortly.

TPTB are profitting from it !!!!!

 

Why do you think they are kicking back on BrExit.  

 

Everything depends on more sheep in the pen.

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2 hours ago, doomed said:

It does beg the question, well who is going to buy them?

£300K for a 3 bed semi. I am 35 and out of the people I know my age I can't think of many who could find the 60K deposit required plus pay the £1250 a month mortgage.

 

£300k.....that is half price in some savory places......only the rich in birth, and the gifted will in future able to  buy close to where they work.....or others that live/work in other places that require a high demand, safe place of storage......the rest will rent from them....innit.;)

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44 minutes ago, Sajid the Taxmeister said:

And TPTB look upon this as achievement...

So do the buyers and home owners. They (think they) are sitting on something worth a quarter of a million, half a million, a million. And it's jumping in value by tens of thousands of pounds. Annual gains more than they earn. It's a sign that life is fabulous. 

And unaffordability for local families is fabulous news for landlords. Can't buy? They'll have to rent. 

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A timely quote from the UN human rights expert on housing. Certainly fits here...

“Housing has lost its social function and is seen instead as a vehicle for wealth and asset growth. It has become a financial commodity, robbed of its connection to community, dignity and the idea of home.” “The financial world has essentially operated without any consideration of housing as a human right and States are complicit: they have supported financial markets in a way that has made housing unaffordable for most residents.” - See more at: http://www.ohchr.org/EN/NewsEvents/Pages/DisplayNews.aspx?NewsID=21253&LangID=E#sthash.dbX67tAW.dpuf

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5 hours ago, TheCountOfNowhere said:

And if you are single, what is it, 9.9/10 ?

Aye. This house I linked in Frizzers' new overpriced sh!thole thread has an asking price of more that 10 x what I earn. A former factory worker's house, ffs!!

3 br house in NR2

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