House prices to rise 50% in next 10 years, London to double...

nicko31 · Dec 17, 2015

http://www.bbc.co.uk/news/business-35102130

Estate Agents talking their own book up? Interest rates can only go up and income to price ratio's are already at record levels, surely the fuel to the fire is running out..

Deleted member 22389 · Dec 17, 2015

nicko31 said:
http://www.bbc.co.uk/news/business-35102130

Estate Agents talking their own book up? Interest rates can only go up and income to price ratio's are already at record levels, surely the fuel to the fire is running out..

Feel sorry for the people not on the property ladder, it's a sad situation for young people and also people in their 30s and some even in their early 40s who will never be able to afford it.
I just don't see the house prices coming down whilst prices in London continue rising, it's just creating a mass exodus of people selling up there, and buying down here, which in turn has pushing the prices up here, and I just see the trend continuing and spreading out. It doesn't matter how many houses they build, it won't bring the prices down. When I see houses for sale in Peacehaven now for £500,000 it makes me sick. I remember when £160,000 felt like a lot for a two bedroomed bungalow, now your lucky to get one for £250,000

alfredmizen · Dec 17, 2015

nicko31 said:
http://www.bbc.co.uk/news/business-35102130

Estate Agents talking their own book up? Interest rates can only go up and income to price ratio's are already at record levels, surely the fuel to the fire is running out..

I think agents are talking their own book there ,

Deleted member 22389 · Dec 17, 2015

alfredmizen said:
I think agents are talking their own book there ,

They could be right. Personally wouldn't bother me if there was a price crash, bring the prices back to sensible levels and give others a chance, however if we have foreigners happy to splash out £500,000 for a one bedroom shoe box in the center on London I just don't see it coming down. If something did go wrong there are going to be lots of empty properties.

spongy · Dec 17, 2015

That's me ****ed then.

I don't earn a bad wage but it's just not enough to be able to save too. And it really upsets me.

I work an average week of 50 hours. But paying private rents with a missus now working part time and a 16 month old daughter it's impossible to save.

If we freeze house prices as they are now and if by some miracle I can save the £200 a month to put into the government's help to buy ISA and they top up an extra £50 a month then it will ONLY take 9 years to save the £25k I'll need as a 10% deposit to take advantage of the better interest rate.

I'm 37 now. I haven't got a ******* chance have I?

Or I uproot my family and leave our families and friends behind and go and buy a house in sodding Burnley or some other northern shithole!!!!

Sake.

happypig · Dec 17, 2015

Rent control, as seen in other parts of Europe, and far more aggressive taxation on rental income would be a good start in helping to stop this madness.

Moshe Gariani · Dec 17, 2015

On the same day we learn that this Tory government has happily presided over a 55% increase in the number of people forced to sleep on the streets...

And that the UK has come shamefully bottom of a European poll about the percentage of people hypothetically willing to offer a spare room in their house to a refugee.

Big Society? There's no such thing as society.

nicko31 · Dec 17, 2015

bashlsdir said:
Feel sorry for the people not on the property ladder, it's a sad situation for young people and also people in their 30s and some even in their early 40s who will never be able to afford it.
I just don't see the house prices coming down whilst prices in London continue rising, it's just creating a mass exodus of people selling up there, and buying down here, which in turn has pushing the prices up here, and I just see the trend continuing and spreading out. It doesn't matter how many houses they build, it won't bring the prices down. When I see houses for sale in Peacehaven now for £500,000 it makes me sick. I remember when £160,000 felt like a lot for a two bedroomed bungalow, now your lucky to get one for £250,000

5 years ago affordability was returning to the market but the government couldn't leave it alone, the only way they know how to growth the economy is with the housing market and more debt, they had to medal. Essentially they are a one trick pony

What's more is now the rich get to keep it as well with their crazy deform of inheritance to £1 million.

beorhthelm · Dec 17, 2015

spongy said:
Or I uproot my family and leave our families and friends behind and go and buy a house in sodding Burnley or some other northern shithole!!!!

Burnley is taking it too far (in all senses), but you have highlighted half the reason for house price inflation - people dont want to go to other areas where homes are cheaper. and then no one in the south east wants anything built within a mile of them or within sight of a field. put these together and you get a strong upward pressure on prices in the south east, in particular in and around "nice" places to live. London has is own special problems, not least because there are a lot of well paid jobs, and lot of people willing to pay for convenience of shorter travel to work. or to the pubs and clubs. its complicated.

Moshe Gariani · Dec 17, 2015

nicko31 said:
5 years ago affordability was returning to the market but the government couldn't leave it alone, the only way they know how to growth the economy is with the housing market and more debt, they had to meddle. Essentially they are a one trick pony

What's more is now the rich get to keep it as well with their crazy reform of inheritance tax to £1 million threshold.

Keep saying this stuff. It is important.

You would struggle to make up what the current Tories are doing in this country. Bullingdon Club Prime Minister and posh boy chum as Chancellor - is this 2015 or 1815...?

The emergence of Corbyn is a natural response. I notice there wasn't much media publicity this week about his highly competent and dominant showing in PMQs...

severnside gull · Dec 17, 2015

With wages likely to rise by only around 20% over the decade and restrictions on borrowing criteria being maintained there must be a real possibility that it will become almost impossible for people to get mortgages with the result that house building which is essential for both social and economic wellbeing will shudder to a halt.

This does not include those employed in financial services of course............ Their bonuses alone will easily outstrip house price inflation.

StonehamPark · Dec 17, 2015

For anyone savvy with these possible rises, please feel free to offer your two cents.

I'm a young potential first time buyer.

I've got a mortgage agreement in principal with my bank which is approx £140k.
I've got the deposit required.

Should I pretty much go out and find something ASAP?
If yes to the above, would you advise getting the best I can in Brighton & Hove or get something a little bigger/nicer further out towards (or in) Worthing?

Cheers!

severnside gull · Dec 17, 2015

StonehamPark said:
For anyone savvy with these possible rises, please feel free to offer your two cents.

I'm a young potential first time buyer.

I've got a mortgage agreement in principal with my bank which is approx £140k.
I've got the deposit required.

Should I pretty much go out and find something ASAP?
If yes to the above, would you advise getting the best I can in Brighton & Hove or get something a little bigger/nicer further out towards (or in) Worthing?

Cheers!

My advice would be:
Buy now (and if not now, then yesterday)
Speak to agents to find the areas with biggest increases in the last couple of years and the areas that they consider up and coming and focus on those.
Look for a house not a flat and choose the area and house you want to actually LIVE in.

StonehamPark · Dec 17, 2015

severnside gull said:
My advice would be:
Buy now (and if not now, then yesterday)
Speak to agents to find the areas with biggest increases in the last couple of years and the areas that they consider up and coming and focus on those.
Look for a house not a flat and choose the area and house you want to actually LIVE in.

Thing is, being a dashing young bachelor on a single income, £140-£150k is my budget.
There aren't any houses available between Saltdean and Worthing - Flats are my only option, and fairly grim ones at that.

There's one that I'm hoping to view soon, opposite Victoria Park on Old Shoreham Road - that's pretty much my only option within B&H unless I look at Studios, which is a total no-go.

Notters · Dec 17, 2015

StonehamPark said:
For anyone savvy with these possible rises, please feel free to offer your two cents.

I'm a young potential first time buyer.

I've got a mortgage agreement in principal with my bank which is approx £140k.
I've got the deposit required.

Should I pretty much go out and find something ASAP?
If yes to the above, would you advise getting the best I can in Brighton & Hove or get something a little bigger/nicer further out towards (or in) Worthing?

Cheers!

Is £140k your total budget or the mortgage amount? You can't even get much in Worthing for that now.

I've certainly had no regrets about making the move to Newhaven... and have noticed a lot of other young people moving the same way. A few things have been done up in the last year since we moved, including the Ark which is now a cracking pub. They're opening an "fine dining" fish restaurant on the quay. Hopefully the town will follow eventually. But it's a good place to live and easy to get to Brighton for work. (much easier than Worthing I would imagine). Though prices have already gone up 10%+ since we moved here.

Arthritic Toe · Dec 17, 2015

It is utter bollocks. If you read the article, they have just taken the rise from the last few months and interpolated forward 10 years. It takes no economic factors into consideration at all.
We had similar forecasts in 2007 after similar steep rises just before the credit crunch.

StonehamPark · Dec 17, 2015

Notters said:
Is £140k your total budget or the mortgage amount? You can't even get much in Worthing for that now.

I've certainly had no regrets about making the move to Newhaven... and have noticed a lot of other young people moving the same way. A few things have been done up in the last year since we moved, including the Ark which is now a cracking pub. They're opening an "fine dining" fish restaurant on the quay. Hopefully the town will follow eventually. But it's a good place to live and easy to get to Brighton for work. (much easier than Worthing I would imagine). Though prices have already gone up 10%+ since we moved here.

£140k total budget (£130k mortgage).

Just had a look in Newhaven and there's slim-pickings on Right Move with my budget.

Notters · Dec 17, 2015

StonehamPark said:
£140k total budget (£130k mortgage).

Just had a look in Newhaven and there's slim-pickings on Right Move with my budget.

It's not a good time of year to be fair (though might suit a buyer?) Very little happens in the winter I don't think. Good idea to have a look at the sold prices (and properties) on Rightmove.

Chicken Run · Dec 17, 2015

StonehamPark said:
For anyone savvy with these possible rises, please feel free to offer your two cents.

I'm a young potential first time buyer.

I've got a mortgage agreement in principal with my bank which is approx £140k.
I've got the deposit required.

Should I pretty much go out and find something ASAP?
If yes to the above, would you advise getting the best I can in Brighton & Hove or get something a little bigger/nicer further out towards (or in) Worthing?

Cheers!

My eldest son seems to be in a similar position to you, all he's likely to get in Brighton & Hove is a studio flat of which many don't meet many lenders criteria. He's decided to look at Worthing and Lancing for a more desirable home.

Herr Tubthumper · Dec 17, 2015

nicko31 said:
http://www.bbc.co.uk/news/business-35102130

Estate Agents talking bollocks as usual

Fixed for you.

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