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Hopeful FTB

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Have been down in s wales this weekend & had a look in the cardiff & area property pages as you do! Anyway, what amazed me about cardiff now is that its more expensive than Brighton in some places - surely this is unsustainability on a massive scale?!

Brighton has always had the london commuters to sustain prices a bit (even though I am not so sure that is even happening so much now) but what is there to sustain prices in an area that has some of the lowest wages in Europe!

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Have been down in s wales this weekend & had a look in the cardiff & area property pages as you do! Anyway, what amazed me about cardiff now is that its more expensive than Brighton in some places - surely this is unsustainability on a massive scale?!

Brighton has always had the london commuters to sustain prices a bit (even though I am not so sure that is even happening so much now) but what is there to sustain prices in an area that has some of the lowest wages in Europe!

We have been looking for a house in Cardiff since last August (sold in Cheshire and decided to return home) we are cash buyers in our 50's. We were also shocked at the prices but even more shocked at the quality of housing stock on the market especially £350K-£450K bracket, we are now looking to buy below this as we feel it represents better value. Many houses in the Cardiff market have been for sale for well over a year with no reduction in price, I would say 50%+ of the property advertised is from speculative sellers who will sell and move only if they recieve the asking price, we have already incurred abortive surveyor's and legal costs on two transactions. There are increasing numbers of apartments being built in the city centre and the Bay area who will buy them I cant imagine. Well presented houses in good areas that are fairly priced are selling, we must recognise that the market does not only consist of FTBs and BTL apartments.

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Two things about the South Wales market:

1. House prices are now as expensive as anywhere in the South East despite the fact that Wales has the lowest average wage and the lowest GDP of any country in the European Union.

2. The quality of what you get - the bang for buck - is simply appalling and when you compare a like for like priced housed in somewhere like Cardiff or Swansea with a property in the Home Counties you are amazed at the difference in what you get.

I often see posts on here of people showing links to houses in the South East that cost such and such and which they consider to be way over-priced. Inevitably, I end up thinking "Gee, I wish I could get that quality of home for that 'little' here in Wales!".

Unlike Eire, which had a massive influx of technology firms when it got Objective One funding from the EU, I am still waiting for any significant business coming into Wales. I have not seen it.

As I have been saying for some time, when the bubble pops the house prices in Wales are going to go through the floor IMPO.

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Two things about the South Wales market:

1. House prices are now as expensive as anywhere in the South East despite the fact that Wales has the lowest average wage and the lowest GDP of any country in the European Union.

2. The quality of what you get - the bang for buck - is simply appalling and when you compare a like for like priced housed in somewhere like Cardiff or Swansea with a property in the Home Counties you are amazed at the difference in what you get.

I often see posts on here of people showing links to houses in the South East that cost such and such and which they consider to be way over-priced. Inevitably, I end up thinking "Gee, I wish I could get that quality of home for that 'little' here in Wales!".

Unlike Eire, which had a massive influx of technology firms when it got Objective One funding from the EU, I am still waiting for any significant business coming into Wales. I have not seen it.

As I have been saying for some time, when the bubble pops the house prices in Wales are going to go through the floor IMPO.

I agree with what you are saying totally- some of the houses that I have seen for sale in cardiff are poxy terraces on streets of terraces that all look the same & yet they are for sale for 200k- its truly amazing.

What I would like to know though is how this has happened in an area that has such low wages etc? I know that really that is asking why has the housing boom happened! But another thing that I always notice in s wales is that there are a lot of flashy cars etc & I wonder what the levels of debt that are subsidising these lifestyles are? S wales has a really terrifying culture of keeping up with the Joneses & it is going to come crashing down!

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Why do you think the phrase "Keeping up with the Jones" came about? :blink:

I suspect, when Wales got Objective One EU funding, a lot of people expected an Eire like boom in Wales and so poured cash into housing expecting businesses to flock to Wales hence creating a demand for property.

Alas, they did not understand the Welsh mentality, unlike Eire which spent the EU money on roads, transportation, high tech buildings, etc, that results in Welsh EU funding going on choirs, the Welsh language... the Welsh language and, ahem, the Welsh language.

If you want to understand Wales just look at what is going on in the Welsh Rugby Union - a microcosum of Welsh Life. Only the Welsh would self-destruct after winning a Grand Slam. Only the WRU would, so it has been reported, decide not to pay the Welsh Coach his bonus in the year that he won the Grand Slam - what else was he expected to do? Win the World Cup in a non-World Cup year!!?

Also, I think the Welsh - I am Welsh myself - are generally not too bright in the business sense nor, it must be said, in the basic maths sense. Unlike Eire and Scotland, which both have established financial centres and numerous big businesses which then employ people who have to work in a business like way, the Welsh simply do not have this in any realistic number. So I think all the property make-over programmes, etc, etc, have more of an impact on the Welsh because we do not, by and large, have any background in how economies work. It is getting very close to 7 in 10 people in Wales working in the Public Sector.

EDIT:

Oh, and as for the flashy cars - I am constantly shocked by just how many 35K plus cars I see on Welsh roads. Five years ago you could have got a 2 up 2 down terrace in most of Wales for under 50K. These same houses are now the 'poxy' 200K terraces you were talking about and it is no wonder that so many people believe that they have won the jackpot and have MEWed to excess.

As I say, when the bubble pops Wales is going to go into recession big time.

If you think there are flashy cars in S Wales you should go to North Cheshire/South Manchester we noticed a distinct lack of "quality" cars when we moved back. I agree with the Tulip, if you look in the local paper for jobs they will be 80% for the public sector, full page ads and bilingual. We are renting in the Bay area where the new Assembly Building is due to open(£67m for a debating chamber for just over 60 AMs-there are bigger district councils), its next to the Millenium Centre a magnificent building which panders to the cultural (usually Welsh -speaking) elite,they better hope that the subsidy from the Assembly continues Joe public in the valleys and to the West/North will only put up with so much.

ps who is occupying The Exchange Building (remember that), The old Welsh Office, Cardiff City Council Buildings, South Glamorgan Offices--I think we all know!!!!!!!

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Why do you think the phrase "Keeping up with the Jones" came about? :blink:

I suspect, when Wales got Objective One EU funding, a lot of people expected an Eire like boom in Wales and so poured cash into housing expecting businesses to flock to Wales hence creating a demand for property.

Alas, they did not understand the Welsh mentality, unlike Eire which spent the EU money on roads, transportation, high tech buildings, etc, that results in Welsh EU funding going on choirs, the Welsh language... the Welsh language and, ahem, the Welsh language.

If you want to understand Wales just look at what is going on in the Welsh Rugby Union - a microcosum of Welsh Life. Only the Welsh would self-destruct after winning a Grand Slam. Only the WRU would, so it has been reported, decide not to pay the Welsh Coach his bonus in the year that he won the Grand Slam - what else was he expected to do? Win the World Cup in a non-World Cup year!!?

Also, I think the Welsh - I am Welsh myself - are generally not too bright in the business sense nor, it must be said, in the basic maths sense. Unlike Eire and Scotland, which both have established financial centres and numerous big businesses which then employ people who have to work in a business like way, the Welsh simply do not have this in any realistic number. So I think all the property make-over programmes, etc, etc, have more of an impact on the Welsh because we do not, by and large, have any background in how economies work. It is getting very close to 7 in 10 people in Wales working in the Public Sector.

EDIT:

Oh, and as for the flashy cars - I am constantly shocked by just how many 35K plus cars I see on Welsh roads. Five years ago you could have got a 2 up 2 down terrace in most of Wales for under 50K. These same houses are now the 'poxy' 200K terraces you were talking about and it is no wonder that so many people believe that they have won the jackpot and have MEWed to excess.

As I say, when the bubble pops Wales is going to go into recession big time.

Edited by The Masked Tulip

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Why do you think the phrase "Keeping up with the Jones" came about? :blink:

I suspect, when Wales got Objective One EU funding, a lot of people expected an Eire like boom in Wales and so poured cash into housing expecting businesses to flock to Wales hence creating a demand for property.

Alas, they did not understand the Welsh mentality, unlike Eire which spent the EU money on roads, transportation, high tech buildings, etc, that results in Welsh EU funding going on choirs, the Welsh language... the Welsh language and, ahem, the Welsh language.

If you want to understand Wales just look at what is going on in the Welsh Rugby Union - a microcosum of Welsh Life. Only the Welsh would self-destruct after winning a Grand Slam. Only the WRU would, so it has been reported, decide not to pay the Welsh Coach his bonus in the year that he won the Grand Slam - what else was he expected to do? Win the World Cup in a non-World Cup year!!?

Also, I think the Welsh - I am Welsh myself - are generally not too bright in the business sense nor, it must be said, in the basic maths sense. Unlike Eire and Scotland, which both have established financial centres and numerous big businesses which then employ people who have to work in a business like way, the Welsh simply do not have this in any realistic number. So I think all the property make-over programmes, etc, etc, have more of an impact on the Welsh because we do not, by and large, have any background in how economies work. It is getting very close to 7 in 10 people in Wales working in the Public Sector.

EDIT:

Oh, and as for the flashy cars - I am constantly shocked by just how many 35K plus cars I see on Welsh roads. Five years ago you could have got a 2 up 2 down terrace in most of Wales for under 50K. These same houses are now the 'poxy' 200K terraces you were talking about and it is no wonder that so many people believe that they have won the jackpot and have MEWed to excess.

As I say, when the bubble pops Wales is going to go into recession big time.

I am also welsh but I come from mid wales. A lot of the public sector jobs that exist in wales actually exist in south wales & the rest of wales doesnt see a lot of the funding that comes in from the EU, hence the millenium centre & new parliament in cardiff. However, house prices in mid wales are on another planet but there is a very real shortage of decent work and lack of investment.

In terms of MEW'ing, I have friends in cardiff that have mew'd at least 90k out of their house and have lived the life of riley in the last 5 years but there is this assumption that it is "wealth" forgetting that the money has to be paid back- They have a very nice car etc but a very very big interest only mortgage! Went to a pub in Miskin & the car park was full of mercs, audis, bmw's etc etc- its amazing on the lowest wages in europe!!

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Alas, they did not understand the Welsh mentality, unlike Eire which spent the EU money on roads, transportation, high tech buildings, etc, that results in Welsh EU funding going on choirs, the Welsh language... the Welsh language and, ahem, the Welsh language.

Can you let us have some evidence to back these claims?

p

...despite the fact that Wales has the lowest average wage and the lowest GDP of any country in the European Union.

I believe that the Baltic states have the lowest average wages and GDP. Where do you get your figures from?

I see that you are comparing Wales - a minor province of the UK - with 'any country in the European Union'. How about comparing Wales to another minor, ex-industrial, corner of some full EU member state such as, say, Poland or the Eastern part of Germany?

What's your problem with Wales?

p

p.s. Yes, I agree, the house prices are stupid.

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Can you let us have some evidence to back these claims?

p

I believe that the Baltic states have the lowest average wages and GDP. Where do you get your figures from?

I see that you are comparing Wales - a minor province of the UK - with 'any country in the European Union'. How about comparing Wales to another minor, ex-industrial, corner of some full EU member state such as, say, Poland or the Eastern part of Germany?

What's your problem with Wales?

p

p.s. Yes, I agree, the house prices are stupid.

Have a look at this

http://icwales.icnetwork.co.uk/0100news/02...-name_page.html

47% earn less than £10,700 per year.

70% have no savings.

So there's very little holding house prices up.

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Have a look at this

http://icwales.icnetwork.co.uk/0100news/02...-name_page.html

47% earn less than £10,700 per year.

70% have no savings.

So there's very little holding house prices up.

(I can't get into that site either.)

I agree with your suggestion that "there's very little holding house prices up". But, how did they get up there in the first place?

p

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(I can't get into that site either.)

I agree with your suggestion that "there's very little holding house prices up". But, how did they get up there in the first place?

p

I guess that question could be asked about all areas of the uk where house prices have rocketed in relation to low incomes! Can we hold estate agents responsible for hiking up prices?!

And if there is very little holding house prices up, what is going to be the trigger for tipping the balance so that the slide down into realism begins?

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average salary in slovakia (eastern europe) is about £2400 -> £3000 per year, which is alot less than wales.

Edited by moosetea

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Masked Turnip,

You've gone very quiet. Where are the facts and figures to back your nonsensical utterances regarding your Wales? Were they just errors or were they deliberate?

p

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Masked Turnip,

You've gone very quiet. Where are the facts and figures to back your nonsensical utterances regarding your Wales? Were they just errors or were they deliberate?

I am burying my Mother tomorrow as she fought for 12 weeks to stay alive in the local intensive care unit. Perhaps that is the reason why!

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Just going over again what I mentioned in the main forum.

As I'm sure everyone in Wales knows that the Council Tax bands were re-evaluated the other year. If I remember correctly there will be no transitional relief this year for those that saw a 2 or more band change in their CT banding. This means that on top of whatever annual increase in CT there will be this year for a fairly large amount of people there will also be the final jump in property bands.

I suspect that this will hit FTBs the hardest as chances are they'll be living in a place that has gone up several bands. For example the place I live in at the moment (which would be a typical FTB buy) has gone up two bands. Add this to the increases in Electricity and Gas bills, life is going to get increasingly hard particularly for those that bought recently (I bet they never even though about CT).

If IRs go up at all this year I think we could well begin to see house prices crashing around our ears in 2006.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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