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House Price Crash Forum

Average house price SOARS to a record £323,530


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Meanwhile in Blackpool:

https://www.rightmove.co.uk/house-prices/blackpool.html

House Prices in Blackpool

Properties in Blackpool had an overall average price of £128,311 over the last year.

The majority of sales in Blackpool during the last year were semi-detached properties, selling for an average price of £131,344. Terraced properties sold for an average of £94,341, with detached properties fetching £223,353.

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16 minutes ago, Nomadd said:

Or couples with those expensive, smelly little things..

..children, I believe they call them.

Apparently they take a whole second salary to raise.

My sympathies did lie with them, but all the parents I know are milking all sorts of benefits to subsidise their (often part time) wages. Kinda makes me angry as a single tax payer entitled to the grand sum of naff all, who made a conscientious decision not to have children.  

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No more I told you so...

Average house price soars to a record £323,530 as sellers cash in on huge demand during stamp duty holiday

  • Prices rose by 1.1 per cent and are now £16,818 higher than same time last year
  • Experts expect growth to continue until new year and it could peak at 7 per cent
  • Market enjoyed 'mini-boom' due to pent-up demand and removal of stamp duty

https://www.dailymail.co.uk/news/article-8853487/Average-house-price-soars-record-323-530-sellers-cash-demand-stamp-duty-holiday.html#newcomment

Articles like this are actually a bit of a mixed blessing because the may help influence policy in that they say everything is booming and therefore the housing market doesn’t need any more daft props. 

Whereas The BTLetagraph a few ago was calling for SDLT holiday to be extended. 

I must be in a ‘Glass half full’ kinda mood today. 😉

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Or couples with those expensive, smelly little things..

..children, I believe they call them.

Apparently they take a whole second salary to raise.

The biggest source of population growth in the UK.  They come into this country not speaking the Language, expecting an immediate handout, putting strain on healthcare and education, and also being the biggest source of the prison population.

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My sympathies did lie with them, but all the parents I know are milking all sorts of benefits to subsidise their (often part time) wages. Kinda makes me angry as a single tax payer entitled to the grand sum of naff all, who made a conscientious decision not to have children.  

Sure, but you presumably are happy for their kids to pay for your NHS treatment and pensions?

 

The only fair rate of taxation is 0% for everyone.

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I think it depends how you define a house price crash, if we are talking 10 to 15%, that's realistic but anything more than that is unlikely.

I'm looking at some flats in London and they are not going for the prices that they were 12 to 18 months ago so there is definitely an affect but again if we take the counterview that houses with gardens are in more demand it may balance itself overall. 

I can't see house prices taking a fall of more than 30% unless the is significant emigration from the UK.

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I think it depends how you define a house price crash, if we are talking 10 to 15%, that's realistic but anything more than that is unlikely.

I'm looking at some flats in London and they are not going for the prices that they were 12 to 18 months ago so there is definitely an affect but again if we take the counterview that houses with gardens are in more demand it may balance itself overall. 

I can't see house prices taking a fall of more than 30% unless the is significant emigration from the UK.

Or significant interest rates rises (not saying that is likely either).

 

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But we were promised by many on here that Brexshit and Covid would sort out the houseprice madness. 

yes 

 

If someone wants to value their home at £200k or £400k or £600k their choice. Just as its the choice of the buyer to decide how much he wants to pay.... Nobody forces someone to bid. 

agreed

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3 hours ago, Locke said:

Sure, but you presumably are happy for their kids to pay for your NHS treatment and pensions?

More than happy. And I'm more than happy for my taxation to go on current pensions and NHS treatments. But I wouldn't be happy with their kids subsidising my current wages just so I can afford to live basically. Nor would I be happy exploiting their children by cutting my hours down to 16 per week safe in the knowledge they'll make up the shortfall in wages. 

Taxation is a necessary evil, but it's frequently spent in unnecessary and unfair ways. 

Edited by Orb
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So £323,530 is now the price of an "average" house.

An average salary is what..........£30k per year, double this to £60k for a couple, which means that a couple would need to borrow nearly 5 and a half times their joint salaries to buy an average house.

Oh dear.  There was a time where an average house could be bought for 3 times one average salary, but in 2020 everyone likes being robbed blind it seems. 

So, with most salary cash now going on housing costs and monthy bills, it's no surprise that there isn't much left to keep the economy afloat. 

You’ve missed the bit about how fixed rates have halved in recent years so the cost of servicing mortgages is 30-40% lower, making property more affordable. 

Edited by Pmax2020
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You’ve missed the bit about how fixed rates have halved in recent years so the cost of servicing mortgages is 30-40% lower, making property more affordable. 

Which hints at how this will eventually end - with a sterling crisis. It will be a spectacular event.

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Which hints at how this will eventually end - with a sterling crisis. It will be a spectacular event.

I'm pretty sure they will be willing to completely burn the currency to maintain nominal asset values.

Unless of course the inflationary fall-out is big/fast enough to cause dissatisfaction in the electorate.

But it seems to me that most 'homeowning' plebs are happy to be slowly boiled with inflation, rather than see their pride and joy take a hit.

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I'm pretty sure they will be willing to completely burn the currency to maintain nominal asset values.

Unless of course the inflationary fall-out is big/fast enough to cause dissatisfaction in the electorate.

But it seems to me that most 'homeowning' plebs are happy to be slowly boiled with inflation, rather than see their pride and joy take a hit.

Well of course they would be happy the value of their debt inflates away 

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Two new properties on my road have just gone SSTC within two weeks of being listed. The one opposite me is now actually sold as opposed to SSTC, and assuming they got near asking price that identically sized house to mine has gone for £100,000 more than I had accepted back in January, and paid in August. Just leaves one two bed on the market now which has an asking price of only 40k less than we paid for our 4 bed. As per this thread, South London at least is still booming, and this is being repeated all around my area. 

Edited by Twenty Something
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