Tuesday, Sep 12, 2006

House price double!

Daily Mail: House Prices Double in Four years

Yet another VI article. However there is some negative comment in there. Why do they not just say houses currently are not currently good investment!

Posted by the bald man @ 08:50 AM (1513 views)
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8 Comments

1. markd said...

Quite a few comments attached to the Mail article-most of them saying something sensible.

Tuesday, September 12, 2006 10:07AM Report Comment
 

2. george monsoon said...

I notice that one of the comments attached to the article made a valid point.

If house prices have doubled in four years, and energy bills have soared by over 200%, then what is the true measure of inflation?
Gordon Brown can talk all he likes about 2% inflation, but I don't need a degree in economics to see that the cost of living has soared through the clouds in the last few years.

I remain steadfast and will not buy a house until I can afford one on three times my annual salary. If I have to wait a lifetime before I can buy, then I am happy to continue renting for relative peanuts, at least I will have the roof over my head and something in my pocket to spend at the end of the month!!

Tuesday, September 12, 2006 10:25AM Report Comment
 

3. tyrellcorporation said...

Nice one George!

I'm sticking to my guns too. In fact I've now started to train my brain into believing I will never own my own house. This way I accept my predicament and don't get so annoyed/depressed.

The true extent of the landlord generation hit me in the chops last weekend though. I went to a BBQ in St Johns Wood and as you would expect the subject of house prices cropped up. I'm not kidding you, 6 out of 7 people I chatted to had 'extensive' property portfolios and more worryingly they were almost all going to add to them over the coming months. It was then that I realised that unless something major happens to sentiment and/or economic outlook, my chances of being able to afford a house were effectively nil.

Tuesday, September 12, 2006 10:34AM Report Comment
 

4. george monsoon said...

Tyrellcorp, I myself have a few friends who are very fortunate to own several properties. I do however, firmly believe that economic factors will force many of the recent BTL crowd into selling. Then and only then will the added abundance of available property, push prices back down to an affordable* level.


* affordable
adj : that you have the financial means for; e.g."low-cost housing"

Tuesday, September 12, 2006 10:52AM Report Comment
 

5. the bald man said...

Tyrellcorp. As George says when the credit squeeze comes there will plenty of property on the market from those who cannot afford to be holding assets with negative returns. The fact that people are considering increasing portfolios at the top of the market can only serve to to make more properties available when the downturn materialises.

Tuesday, September 12, 2006 11:53AM Report Comment
 

6. Nelson said...

Lots of the comments also talk about the property developers/BTLs - I was out with a friend last night who is selling one of her two properties in Leeds (the first was a home for years before she rented it out and moved out to countryside). All the owners on the street have signed an agreement with each other that they will not sell to property developers - and even though she did have an offer from one, she went for a lower sale to a home buyer. This gave me hope that first time landlords like her do realise the wider social issues and can still make a stand...is this a common practice?

Tuesday, September 12, 2006 12:40PM Report Comment
 

7. inbreda said...

Bald man - as regards your comment on the credit squeeze, please see the article I've just posted about HSBC cutting overdraft limits.

HPC is near - I can smell it !

Tuesday, September 12, 2006 02:05PM Report Comment
 

8. nick said...

herd of a guy who was worth 500,000 in property bought years ago, so he's borowed another 500,000 after winning
he will lose the lot

Tuesday, September 12, 2006 02:09PM Report Comment
 

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