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bugged bunny

Houses Sticking In My Area

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Just had an estate agent round to value my 1-bed flat and take photos, as I'm STRing.

I bought 3 years ago. Back then 1-bed flats in the area were mostly being bought by singletons and BTLers. Couples were buying 2 bed and 3 bed terraces.

HPs have risen by about 25% since then (except for the newbuilds which have stagnated). The EA tells me that the 2-bed terraces have become hard to shift - they now cost upwards of £200K. The 1-beds go for £130 to £150K and are mostly being bought by couples because they can't afford the 2-bed houses any more. Apparently there are fewer investors buying up the flats now too.

The EA told me that most FTBs he's selling to are buying at 4 to 5 times their income.

All signs that affordability is stretched almost to the limit, IMO.

[Edit: forgot to mention, I'm talking about a formerly working-class area, where a manual labourer used to be able to buy a house and support a family back in the good old days! HPs have quadrupled in 10 years.]

Edited by bugged bunny

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So hopeless couples are lumbering themselves with 1-bed flats in the hope that they will work their way up the ladder. The only saving grace will be that they will fall off the ladder and be able to start again when better housing is more affordable in the future! It must be cheaper to rent a swish 2-bed flat in the City centre?

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