70PC Posted March 28 Share Posted March 28 Presumably this is also before repair costs and falling prices. "New Halifax data has been released this morning showing that renting is now cheaper than owning a first home in nearly all UK regions. The latest Halifax Owning vs Renting Review shows that the gap between the costs of home ownership and renting has reached its smallest level since 2019. The Owning vs Renting Review from Halifax found the typical monthly cost to first-time buyers of owning a UK home is now £1,231, £27 lower than renting an equivalent property." https://propertyindustryeye.com/renting-now-cheaper-than-owning-a-first-home-in-nearly-all-uk-regions-halifax/ Quote Link to comment Share on other sites More sharing options...
TenYearToGetMyMoneyBack Posted March 28 Share Posted March 28 Did the cost of "owning" include the "mad gainz" from property appreciation ? Quoting the article Given that housing will be one of the issues taking centre-stage at the election, it would be surprising if the government failed to offer any help to first-time buyers.” IMHO by far the biggest help that the Government could offer to first time buyers would be leave things as they are rather than trying to re-inflate the bubble. Quote Link to comment Share on other sites More sharing options...
70PC Posted March 28 Author Share Posted March 28 35 minutes ago, TenYearToGetMyMoneyBack said: Did the cost of "owning" include the "mad gainz" from property appreciation ? Quoting the article Given that housing will be one of the issues taking centre-stage at the election, it would be surprising if the government failed to offer any help to first-time buyers.” IMHO by far the biggest help that the Government could offer to first time buyers would be leave things as they are rather than trying to re-inflate the bubble. Exactly. They have played that card to the point where the consequences could keep Tories out of office for a generation or two. Quote Link to comment Share on other sites More sharing options...
fellow Posted March 28 Share Posted March 28 2 hours ago, 70PC said: Presumably this is also before repair costs and falling prices. "New Halifax data has been released this morning showing that renting is now cheaper than owning a first home in nearly all UK regions. The latest Halifax Owning vs Renting Review shows that the gap between the costs of home ownership and renting has reached its smallest level since 2019. The Owning vs Renting Review from Halifax found the typical monthly cost to first-time buyers of owning a UK home is now £1,231, £27 lower than renting an equivalent property." https://propertyindustryeye.com/renting-now-cheaper-than-owning-a-first-home-in-nearly-all-uk-regions-halifax/ I'm confused. The headline states renting is cheaper than buying but the article goes on to state buying is cheaper than renting? Quote Link to comment Share on other sites More sharing options...
70PC Posted March 28 Author Share Posted March 28 Yup, your comment looks right but lets stick with the headline. There has been more than enough bullsh*t the other way. We are only talking about the price of a post Covid pizza. Quote Link to comment Share on other sites More sharing options...
Stewy Posted March 28 Share Posted March 28 2 minutes ago, 70PC said: . We are only talking about the price of a post Covid pizza. A Food Bank user and his money are soon parted... Quote Link to comment Share on other sites More sharing options...
PropertyMania Posted March 28 Share Posted March 28 3 hours ago, 70PC said: Presumably this is also before repair costs and falling prices. "New Halifax data has been released this morning showing that renting is now cheaper than owning a first home in nearly all UK regions. The latest Halifax Owning vs Renting Review shows that the gap between the costs of home ownership and renting has reached its smallest level since 2019. The Owning vs Renting Review from Halifax found the typical monthly cost to first-time buyers of owning a UK home is now £1,231, £27 lower than renting an equivalent property." https://propertyindustryeye.com/renting-now-cheaper-than-owning-a-first-home-in-nearly-all-uk-regions-halifax/ Not sure about this one, but so often these comparisons don't include maintenance (almost always underestimated by homeowners) and other costs of owning Quote Link to comment Share on other sites More sharing options...
ftb_fml Posted March 28 Share Posted March 28 Title / content contradiction notwithstanding, let's all remember that this is only in terms of immediate affordability, rather than outright outcome (i.e buying actually acquires you something of tangible worth other than just transient shelter). Quote Link to comment Share on other sites More sharing options...
70PC Posted March 28 Author Share Posted March 28 6 minutes ago, ftb_fml said: Title / content contradiction notwithstanding, let's all remember that this is only in terms of immediate affordability, rather than outright outcome (i.e buying actually acquires you something of tangible worth other than just transient shelter). Yes and no. A 90% mortgage, gives you 10% of a tangible asset and 0% or less if prices fall. There are pros and cons with home ownership. In France, renting has always been common and are heading that way. The difference is that we have a dysfunctional BTL culture which is a good reason to buy. If the motive is to hoard wealth, there are better options. Quote Link to comment Share on other sites More sharing options...
12fixer Posted March 28 Share Posted March 28 Check this one out £1450 pcm (high for the area) for this mouldy hell hole, man it looks grim, I hope they get no takers. I have a good mind to report them for trying to rent it without fixing the mould first; https://www.rightmove.co.uk/properties/146221646#/?channel=RES_LET Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted March 28 Share Posted March 28 1 hour ago, 12fixer said: Check this one out £1450 pcm (high for the area) for this mouldy hell hole, man it looks grim, I hope they get no takers. I have a good mind to report them for trying to rent it without fixing the mould first; https://www.rightmove.co.uk/properties/146221646#/?channel=RES_LET https://www.urbandictionary.com/define.php?term=Sadly+Broke Quote Link to comment Share on other sites More sharing options...
The Angry Capitalist Posted March 28 Share Posted March 28 2 hours ago, 12fixer said: Check this one out £1450 pcm (high for the area) for this mouldy hell hole, man it looks grim, I hope they get no takers. I have a good mind to report them for trying to rent it without fixing the mould first; https://www.rightmove.co.uk/properties/146221646#/?channel=RES_LET That's got to be a typo? Put a 1 at the beginning by mistake therefore £450 per month surely? If not, that is truly disgusting and the landlord deserves to go bankrupt. Quote Link to comment Share on other sites More sharing options...
Lagarde's Drift Posted March 28 Share Posted March 28 1 hour ago, The Angry Capitalist said: That's got to be a typo? Put a 1 at the beginning by mistake therefore £450 per month surely? If not, that is truly disgusting and the landlord deserves to go bankrupt. Yew it's disgusting but it will probably get taken by a desperate family who will also sort out the problems for free. https://www.msn.com/en-gb/money/homes-property/bristols-average-rent-revealed-as-city-now-most-expensive-place-outside-london/ar-BB1khoSJ Quote Link to comment Share on other sites More sharing options...
The Angry Capitalist Posted March 28 Share Posted March 28 5 minutes ago, Lagarde's Drift said: Yew it's disgusting but it will probably get taken by a desperate family who will also sort out the problems for free. https://www.msn.com/en-gb/money/homes-property/bristols-average-rent-revealed-as-city-now-most-expensive-place-outside-london/ar-BB1khoSJ I went to Bristol last year for a day to check the place out. There is about 1 square mile at best that is okay which is Clifton. The rest is a $hithole. So why has Bristol gone bat $hit crazy for rents? Who is moving there all of a sudden and why? Are many of the boat people settling there? Any Bristol citizens on here who can chip in? Quote Link to comment Share on other sites More sharing options...
Wampus Cat Posted April 8 Share Posted April 8 On 3/28/2024 at 10:12 PM, The Angry Capitalist said: That's got to be a typo? Put a 1 at the beginning by mistake therefore £450 per month surely? If not, that is truly disgusting and the landlord deserves to go bankrupt. I followed the link and watched the 'seductive' EA video - the garden fence has literally fallen over and it looks like they have made no effort to update the place since it was built. At least in the South East they try to polish the turd or roll it in a bit of glitter before trying to rent it out. Quote Link to comment Share on other sites More sharing options...
muyuubyou Posted April 9 Share Posted April 9 the natural thing would be that renting should have a slight premium on a strict running cost comparison you have improved mobility and flexibility, you take much less risk esp. when you don't have a lot of capital accrued yet the pathological scenario is that people are forced into rent because they have no sensible access to ownership, even when well settled, and to make things worse they may do so at a much higher cost and while being kept off any capital accruing strategy on the way to destitution in older age Quote Link to comment Share on other sites More sharing options...
Innkeeper Posted April 9 Share Posted April 9 Much of Bristol is in a terrible state with streets of Victorian terrace houses that cost a fortune, but are falling to pieces with no one seemingly able or willing to ‘do them up’. Rubbish and abandoned building materials are strewn across streets and gardens but at least the caravans on street corners that used to be omnipresent have mostly been moved on. Unlike London where buyers had the money to renovate a lot of the old houses, Bristol’s new found popularity seems to have left people paying fortunes for property but leaving them no with no money for maintenance. I do quite like the place - even the messy streets but only to visit. Much of it is a bit of a dump to live in except Clifton and Cotham which are very nice. Quote Link to comment Share on other sites More sharing options...
Stewy Posted April 9 Share Posted April 9 7 minutes ago, Innkeeper said: Much of Bristol is in a terrible state with streets of Victorian terrace houses that cost a fortune, but are falling to pieces with no one seemingly able or willing to ‘do them up’. Rubbish and abandoned building materials are strewn across streets and gardens but at least the caravans on street corners that used to be omnipresent have mostly been moved on. Unlike London where buyers had the money to renovate a lot of the old houses, Bristol’s new found popularity seems to have left people paying fortunes for property but leaving them no with no money for maintenance. I do quite like the place - even the messy streets but only to visit. Much of it is a bit of a dump to live in except Clifton and Cotham which are very nice. Is that due to students? Sounds like the Hyde Park area of Leeds... Quote Link to comment Share on other sites More sharing options...
mynamehere Posted April 9 Share Posted April 9 (edited) people rarely decide move to a living city based on how well maintained the housing stock is. So that’s a poor guide to price Employment wise it has a number of strong sectors., digital, design, , engineering, particular consultancies. A lot of creative employment too, theatre, performcne, circus, music. The universities are very popular both domestic and international and a lot of students stay on. quality of life (housing stock aside) is good. Lots of green space, events, festivals, loads of pubs and food across the spectrum you have to be pretty shorted sighted to write it off based on walking around as a tourist turning up your nose at Russia’s in the streets Edited April 9 by mynamehere Quote Link to comment Share on other sites More sharing options...
winkie Posted April 9 Share Posted April 9 16 minutes ago, Innkeeper said: Much of Bristol is in a terrible state with streets of Victorian terrace houses that cost a fortune, but are falling to pieces with no one seemingly able or willing to ‘do them up’. Rubbish and abandoned building materials are strewn across streets and gardens but at least the caravans on street corners that used to be omnipresent have mostly been moved on. Unlike London where buyers had the money to renovate a lot of the old houses, Bristol’s new found popularity seems to have left people paying fortunes for property but leaving them no with no money for maintenance. I do quite like the place - even the messy streets but only to visit. Much of it is a bit of a dump to live in except Clifton and Cotham which are very nice. Not anymore, hostile environment, no longer wanted, so they went home and are now working hard renovating back in Europe. Quote Link to comment Share on other sites More sharing options...
Innkeeper Posted April 9 Share Posted April 9 2 hours ago, winkie said: Not anymore, hostile environment, no longer wanted, so they went home and are now working hard renovating back in Europe. Not sure that stops people renovating their houses... London’s Victorian streets in many areas (outside of the recent East End gentrification) were greatly improved before the Eastern European labour arrived. Quote Link to comment Share on other sites More sharing options...
winkie Posted April 9 Share Posted April 9 21 minutes ago, Innkeeper said: Not sure that stops people renovating their houses... London’s Victorian streets in many areas (outside of the recent East End gentrification) were greatly improved before the Eastern European labour arrived. Years ago most people did their own DIY both on homes and cars.....there were lots of hire shops about where could hire anything from a cement mixer, wallpaper striper to a JCB. Quote Link to comment Share on other sites More sharing options...
MancTom Posted April 9 Share Posted April 9 On 28/03/2024 at 14:02, 70PC said: Presumably this is also before repair costs and falling prices. "New Halifax data has been released this morning showing that renting is now cheaper than owning a first home in nearly all UK regions. The latest Halifax Owning vs Renting Review shows that the gap between the costs of home ownership and renting has reached its smallest level since 2019. The Owning vs Renting Review from Halifax found the typical monthly cost to first-time buyers of owning a UK home is now £1,231, £27 lower than renting an equivalent property." https://propertyindustryeye.com/renting-now-cheaper-than-owning-a-first-home-in-nearly-all-uk-regions-halifax/ Monthly cost is not the only consideration though. After 25 years the monthly cost drops to zero for home owners (except for maintenance costs), whilst for renters it continues until end of life (unless the cheaper rental monthly cost means they generate enough cash to buy a house without a mortgage after 25 years). Quote Link to comment Share on other sites More sharing options...
MancTom Posted April 9 Share Posted April 9 11 minutes ago, winkie said: Years ago most people did their own DIY both on homes and cars.....there were lots of hire shops about where could hire anything from a cement mixer, wallpaper striper to a JCB. yes my dad did all the home DIY and car fixing. Recall being taken to DIY stores most weekends where he had long chats with the owners about how to do things (not B&Q in those days, local shops owned by someone who knew a lot - guess that's how you learnt before YouTube...) Quote Link to comment Share on other sites More sharing options...
70PC Posted April 9 Author Share Posted April 9 23 minutes ago, MancTom said: Monthly cost is not the only consideration though. After 25 years the monthly cost drops to zero for home owners (except for maintenance costs), whilst for renters it continues until end of life (unless the cheaper rental monthly cost means they generate enough cash to buy a house without a mortgage after 25 years). It not that simple and there are pluses and minuses both ways. Shedding mortgage costs stand to be a very long wait for recent buyers. If they need to relocate for work, transaction costs of selling and buying are punitive. Maintenance costs on a property start rack up after 25 years. "According to the Financial Conduct Authority, two thirds of first-time buyer mortgages have terms that go beyond 25 years. In 2006, it was just one third. This has led to the average mortgage term rising to 30 years, with some mortgage terms going beyond that and up to 40 years." Quote Link to comment Share on other sites More sharing options...
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