The hell.....house prices

[Jeros]

Now I am getting older and have the prospect of a good job and maybe buying a place assuming I do not sod off to Oz and have began chatting with my elders about houses.

Now the elders have always cast an air of doom and gloom about house prices saying how they are hugely inflated now.

I was thinking, yeah maybe they are at MOST like twice as expensive now, if you adjust the price paid back when for inflation.

No, I was wrong, the price people paid for homes compared to now, the levels of magnitude, cannot compute....

No wonder I am nearly thirty and can count the number of my peers on one hand who own their own home.

 

[Shagrat]

insane isn't it. there seems to be an obsession with property ownership in the UK.

 

[Raven]

It will crash again within the year. Stupid people over borrowing again and the banks allowing it because they just get bailed out again.

 

[Aoami]

It will crash again within the year. Stupid people over borrowing again and the banks allowing it because they just get bailed out again.

Amazing isn't it. One of my friends is 26, a part time teacher. Her boyfriend works in local government so probably doesnt get paid that much. They are getting a mortgage for a 3 bedroom house in Croydon with just a 10% deposit. After all the shit that went down over the last few years and banks are doing this already. Insanity.

 

[Exioce]

I've got mates who took out 105% mortgages back in '07. Nae thanks.

 

[Chilly]

Well the government is directly financing this particular version of the bubble. Rather than last time where they just ignored terrible mis-selling.

 

[Turamber]

Amazing isn't it. One of my friends is 26, a part time teacher. Her boyfriend works in local government so probably doesnt get paid that much. They are getting a mortgage for a 3 bedroom house in Croydon with just a 10% deposit. After all the shit that went down over the last few years and banks are doing this already. Insanity.

I think you'll find that is because of the Government's new equity loan scheme, it is particularly good for first time buyers. If you're happy to be saddled with a long mortgage there's no reason why people can't go and buy a house. If people can't afford the going rate they should look at some of the affordable housing that now has to be built on all new developments in the UK.

 

[Chilly]

I think you'll find that is because of the Government's new equity loan scheme, it is particularly good for first time buyers. If you're happy to be saddled with a long mortgage there's no reason why people can't go and buy a house. If people can't afford the going rate they should look at some of the affordable housing that now has to be built on all new developments in the UK.

That affordable housing is a joke, though. It gets snapped up immediately and then rented out at full rate and then sold as soon as the lockin agreements expire.

 

[Tom]

Amazing isn't it. One of my friends is 26, a part time teacher. Her boyfriend works in local government so probably doesnt get paid that much. They are getting a mortgage for a 3 bedroom house in Croydon with just a 10% deposit. After all the shit that went down over the last few years and banks are doing this already. Insanity.

What's wrong with that? I bought my house with a 10% deposit and the mortgage was self-assessment too.

 

[Aoami]

I just think theres a lot of risk in a bank loaning £300,000+ to 2 young people who don't earn very much. I worry for them more than anything.

 

[ileks]

Lots of houses down our street are having their basements dug out and converted because the properties are worth so much now. London is just ridiculous. Hackney used to be a shit hole. I can remember avoiding London Fields after school because we always got fucking robbed there. Now it's full of hipsters riding around on vintage bikes.

 

[Scouse]

That graph is no surprise to our governments.

Strange they've never done anything about it, eh? Almost as if they want it to happen...

 

[DaGaffer]

Long may it continue. I could do with the madness continuing for about another year. And if possible for the pound to strengthen massively against the euro. Off you go. Ta.

 

[Chilly]

What's wrong with that? I bought my house with a 10% deposit and the mortgage was self-assessment too.

Yes, but you're a responsible self employed person. There were plenty of people who are not, but still took the piss with self declaring and all that rubbish. As ever, more regulation hurts a lot of legit people (like you and me) but also slows down wankers taking the piss.

 

[MYstIC G]

Yes, but you're a responsible self employed person. There were plenty of people who are not, but still took the piss with self declaring and all that rubbish. As ever, more regulation hurts a lot of legit people (like you and me) but also slows down wankers taking the piss.

Well tbfh you always get bent people taking advantage. The banks could have easily spotted loads of the crap going on but didn't bother / want to imho.

 

[Chilly]

Well tbfh you always get bent people taking advantage. The banks could have easily spotted loads of the crap going on but didn't bother / want to imho.

Because it made them money, of course they didn't bother. Thus the regulations are to inspect self declarations far more closely and generally be a bit more prudent, since the banks rarely, if ever these days, actually keep these loans on their books.

 

[Hawkwind]

So glad I bought back in 95

 

[DaGaffer]

I've just had a look on rightmove and Zoopla. A flat in the same block as mine (similar flat, slightly better decor - would cost me maybe a grand and a couple of weekends to get to the same level) has just gone for fifty grand more than I thought mine was worth. Which is nice.

 

[Ctuchik]

Wait a few more years and the bubble will have popped. Then you can practically get houses for free.

 

[Scouse]

Wait a few more years and the bubble will have popped. Then you can practically get houses for free.

That's what they said about the last house price crash - which didn't actually happen.

 

[DaGaffer]

Wait a few more years and the bubble will have popped. Then you can practically get houses for free.

In the South-East there is very little house-building and a constant influx of new workers. During the worst of the downturn the value of my flight stayed still, but it never went down in value, and now its up 33% on what I paid for it.

 

[Raven]

They keep building houses in the wrong places, they should be far more in the south and far less in the Midlands. Wouldn't want to spoil an MPs back yard though!

 

[rynnor]

That's what they said about the last house price crash - which didn't actually happen.

It wont - too many vested interests.

 

[rynnor]

They keep building houses in the wrong places, they should be far more in the south and far less in the Midlands. Wouldn't want to spoil an MPs back yard though!

They are building everywhere - just not enough.

 

[Chilly]

London is chock full of new flats. They're going up everywhere, constantly. They're all £400k+ tho, and shit.

 

[MYstIC G]

London is chock full of new flats. They're going up everywhere, constantly. They're all £400k+ tho, and shit.

This.

 

[Overdriven]

This.

Unless you want to spend £2,500 a week for a 6 bedroom flat in Farringdon..