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DonnieDarker

You Know House Prices Are Silly When...

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...feel free to add to this observation with your own.

2 things I saw this weekend that made me really really scared/angry/perplexed about the current situation with property in this country.

1 ) Was in Wood Green - one of the least desirable parts of London that is seething with racial tension - and looked in an EA's window:

2 bed flats...asking price £250,000. Yes, one quarter of a million for a flat in a crime ridden area where the best thing it has to offer is lots of shops.

2 ) Went to visit a friend who is renting a house in NE London and the guy was pretty much living in squalor. Seriously, the standard of his accomodation really worried me.

These two anecdotal incidents made me really really aware of just how insane things have got. Sickens me.

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2 bed flats...asking price £250,000. Yes, one quarter of a million for a flat in a crime ridden area where the best thing it has to offer is lots of shops.

Think of the cost of that with a mortgage!! More like 400K plus, when you take interest payments into account over 25 years

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It really reinforced for me the notion that unless you already own property, have been saving religiously for years, earn 80k+ (as a unit or on your own), have rich parents then there is simply no way you could possibly raise a family anywhere in London.

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Yes, one quarter of a million for a flat in a crime ridden area where the best thing it has to offer is lots of shops.

Good kebabs down the road on Green Lane though...

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You know house prices are silly when...

... your income is way above the median, yet somehow you can only afford to buy in the very seediest dives (if at all).

... your parents' house "earns" them far more per year than you get by going to work.

... you feel like orchestrating large-scale civil disobediance cos you're so pissed off.

... websites like this one spring up.

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You know house prices are silly when...

... your income is way above the median, yet somehow you can only afford to buy in the very seediest dives (if at all).

... your parents' house "earns" them far more per year than you get by going to work.

... you feel like orchestrating large-scale civil disobediance cos you're so pissed off.

... websites like this one spring up.

Bang on!

when......you live in the most expensive country in the world

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You know house prices are silly when...

...it costs £700 pcm to rent a house, but £1500 pcm to buy it.

...you have to take a mortgage over 40 years to be able to afford a flat.

...you have to wait 'till 30 to be a FTB.

...your parents have MEW'ed to buy a Porsche and have SKI'ed you at the final turn.

...your mates are clambering to 'get on the ladder' whilst living on credit cards.

...there is a website call HousePriceCrash.co.uk.

This was meant to be funny, but actually it's all rather depressing.

Oh god.

OD

Note to HPC'ers. HPI is finite, in relative terms at least, so hold tight for a payrise or a crash. Either way, unaffordable is unaffordable, so don't lose any sleep over it for now.

Edited by Objective Developer

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I assume it's related to a crazy market and crazy prices, but people I know can't seem to put a chain together, things keep collapsing.

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Note to HPC'ers. HPI is finite, in relative terms at least, so hold tight for a payrise or a crash. Either way, unaffordable is unaffordable, so don't lose any sleep over it for now.

Thats good advice. I did have a panic attack when I saw how expensive N22 was but then I looked on the flipside and it made me grateful for my savings and investments that I have been working on for a few years. How the next gen of graduates will cope is beyond me though.

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Signs that North West prices are beyond silly.......

The city you live in is full of brand new unoccupied flats with signs up saying 'Hurry - last few remaining!'. This sign has been there for six months.

The brand new flat you rent is 550 pcm, but the flat next door is up for sale at the bargainous price of £175,000.

The nice village your parents live in is covered in newly built and unsold Barratt 'executive' shoeboxes at around the 300k mark.

Terraced houses in previously unloved places like Bacup/Burnley, which were being sold for £10k 3 years ago, have been bought, flipped and are back on the market (with 'no upward chain') for 100k.

You laugh openly at the property section of the local paper, which tells you that property prices are on the up again (despite all evidence to the contrary in its adverts, which are all 'reduced'/'new price'/'unexpectedly back on the market')

.......and how now is a great time for FTB's to get on the ladder in Estonia/Bulgaria/Turkey...even though they live/work in Rochdale.

You read an article in the Sunday Times property section (aimed at southerners) about how now is a great time to buy in Salford. As a northerner you are aware that the best time to buy in Salford would be after an atomic bomb had wiped most of it out.

You briefly consider buying a house in an area that you don't like driving through in case the local kids have the tyres off your car faster than a Formula One pit crew (see Salford entry above).

You can't even afford to buy a house in areas popular with inner city rioters/looters.

Edited by Mancghirl

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You live in Plymouth,world famous for it`s lovely views{not} for the first time visitor disembarking at the Brittany Ferry port.Saw a one bed flat in the estate agents window at £400k,yep £400k,mind you the sea views were probally stunning!!!!!!!!!!!!!!!!!!!!!

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Mancghirl

That is one of the finest rants ever.

You've hit the nail on the head so hard it's sunk into the woodwork.

Signs that North West prices are beyond silly.......

The city you live in is full of brand new unoccupied flats with signs up saying 'Hurry - last few remaining!'. This sign has been there for six months.

The brand new flat you rent is 550 pcm, but the flat next door is up for sale at the bargainous price of £175,000.

The nice village your parents live in is covered in newly built and unsold Barratt 'executive' shoeboxes at around the 300k mark.

Terraced houses in previously unloved places like Bacup/Burnley, which were being sold for £10k 3 years ago, have been bought, flipped and are back on the market (with 'no upward chain') for 100k.

You laugh openly at the property section of the local paper, which tells you that property prices are on the up again (despite all evidence to the contrary in its adverts, which are all 'reduced'/'new price'/'unexpectedly back on the market')

.......and how now is a great time for FTB's to get on the ladder in Estonia/Bulgaria/Turkey...even though they live/work in Rochdale.

You read an article in the Sunday Times property section (aimed at southerners) about how now is a great time to buy in Salford. As a northerner you are aware that the best time to buy in Salford would be after an atomic bomb had wiped most of it out.

You briefly consider buying a house in an area that you don't like driving through in case the local kids have the tyres off your car faster than a Formula One pit crew (see Salford entry above).

You can't even afford to buy a house in areas popular with inner city rioters/looters.

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You are abroad and find a 'property investment guru' holding a seminar on 'unmissable UK opportunities' is in fact a self interested wide boy from the home counties who thinks a beach hut in Brighton at 50,000 has sound yield potential. I questioned his optimism with some sound economic reasoning to hear ' I see you are just listening to Mr Medicre on your shoulder'. I agreed and splashed out 300,000 for a bedsit in NW4.

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Guest Cletus VanDamme

1 ) Was in Wood Green - one of the least desirable parts of London that is seething with racial tension - and looked in an EA's window:

2 bed flats...asking price £250,000. Yes, one quarter of a million for a flat in a crime ridden area where the best thing it has to offer is lots of shops.

Ah Wood Green, apparently it's been 'up and coming' for years. Still a sh1thole though. Home to perhaps the most depressing shopping centre in London (that honour used to belong to Edmonton Green, but that's now been demolished).

But of course now it's not Wood Green or Turnpike Lane, it's 'Crouch End Borders'. LOL. I remember back in the early 90s when Crouch End was not a des res like it is now, and it was described as 'Highgate Borders'.

So one day, Bowes Park will be 'Wood Green Borders' I guess.

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You know house prices are silly when...

A beachhut near me actually SOLD for £75,000. No electricity, no water (except a communal tap outside), but lovely sea views!

and still the mother-in-law keeps telling me "you can't go wrong with property, only ever goes up"!

Bring on a 50% drop, then let's see who's laughing. :D:D:D

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You know house prices are silly when......

A 1 up 1 down called 'Fantasia' with pink trim in the middle of a carpark can carry an asking price of £175K. Rumour has it that it's under offer. :lol:

Link (click on register later button if not signed up to primelocation)

Here are some wonderful extracts from the agent's particulars:

The lack of a bath or shower in the cottage has ever been a matter of concern for the present owner and visitors who simply made up for this small lack of convenience by a daily dip in the sea although a nod towards modern living was made some time ago when a water closet was introduced in the under stairs cloakroom.

Standing ovation for Ianbe.

That is the worst thing i have ever seen. IN. MY. LIFE.

It hasn't got a bloody bathroom! In the north, it'd be subject to a CPO and bulldozed under the 'Pathfinder' strategy!!!!!

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You Know House Prices Are Silly When...

...you earn twice as much as your dad yet wouldn't even be able to afford the shed in his garden! :angry:

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You Know House Prices Are Silly When...

House prices go up in value quicker than you can save a deposit living with your parents.

Edited by zag2me

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You know house prices are silly when......

A 1 up 1 down called 'Fantasia' with pink trim in the middle of a carpark can carry an asking price of £175K. Rumour has it that it's under offer. :lol:

Cosy. And if you got cold you could always throw your bundles of £50 notes on the fire...

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you see this in a property advert

"Very rare opportunity for 1st time buyers or others for whom limited funds precludes property ownership"

:lol::lol::lol::lol::lol:

:angry:

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Guest Bart of Darkness
You know house prices are silly when......

A 1 up 1 down called 'Fantasia' with pink trim in the middle of a carpark can carry an asking price of £175K.

Who's selling the place, Noddy?

The picture looks like it belongs in an old Toytown annual.

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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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