House prices!!!

[Cunning Plan]

So, to use an extremly cliché phrase, i am trying to get on the property ladder and I know why prices are so high right now and the fact that although they are stumbling, they are never going to drop like seen in the 80s..

What does annoy me is the sheer price of property and what you get for it.  I would LIKE a garage to store a project so I dont have to pay even more for barn storage etc..  It looks like im asking too much there, im not even looking in popular areas like cmk or something - NORFOLK ffs..  So the first properly I find with a garage at the cheapest price is this
http://www.rightmove.co.uk/viewdetails-19687823.rsp?pa_n=23&tr_t=buy\" target=\"_blank\" rel=\"nofollow\">http://www.rightmove.co.uk/viewdetails-19687823.rsp?pa_n=23&tr_t=buy

My question is this..  What kind of car can you get in that garage???  The bin is nearly as big as the door!!!!!!!!!!!!

Then you have things like this that make me chuckle http://www.rightmove.co.uk/viewdetails-19861370.rsp?pa_n=10&tr_t=buy\" target=\"_blank\" rel=\"nofollow\">http://www.rightmove.co.uk/viewdetails-19861370.rsp?pa_n=10&tr_t=buy

[55starchief]

Well i found a 3 bed with garage in king sutton which is 25 miles ish from CMK for 120k

http://www.rightmove.co.uk/viewdetails-10106541.rsp?pa_n=1&tr_t=buy\" target=\"_blank\" rel=\"nofollow\">http://www.rightmove.co.uk/viewdetails-10106541.rsp?pa_n=1&tr_t=buy

It is shared ownership but if your on your 1st place it might be the easiest way to get a place.

I would give these people a call mate

http://www.bpha.org.uk/\" target=\"_blank\" rel=\"nofollow\">http://www.bpha.org.uk/

They have developments in CMK and my factory managers son has just got his 1st place through them.

[Fieldy]

I wish I could afford A house.....

[Big Mouse]

Quoting: Cunning Plan

prices are so high right now and the fact that although they are stumbling, they are never going to drop like seen in the 80s..

Based on what evidence? prices consistently rose in the 80's, by 1988 they were rising at an average of £1500 per month until they dropped through the floor in 1990-1. In MK alone orices dropped by nearly 45% within 18 months. It can and does happen, the 90's wasn't the first time it happened and won't be the last.

Its true there are elements of the property industry putting out 'warnings' that the market will just continue to grow and so buyers should get on the market now, but in my 25 years of experience in this market, prices will drop back, stabilise for a year or two and then, and only then, when Jo public has rebuilt his trust in the marketplace will it start to pick up again.

I'd wait for a bit - prices are dropping already, the number of new mortgages is down for the 5th month running, repos are running at a high and money is more expensive to borrow. Depending on how much jo public panics and the government response to that, the market could drop by between 10 and 25% on average but a lot more in areas of high new building concentration.

[CJ-IROCZ]

Those houses are cheap.

The cheapest 2 bedroom house in our area is £140,000

[Gator]

big mouse is right house prices were mad in the 80s like they are now i never thought id get my own place at the time then they all dropped like a stone and we bought one

the only difference now is all the immigrants that the labour party is shipping in want housing and middle class people who think they can be property developers

[Cunning Plan]

Quoting: Big Mouse

Based on what evidence?

Totally agree with what you have said, I just based my opinion on the fact that the difference between now and say 20 years ago is the sheer number of immagrants coupled with the young family demographic we see now, not to beat around the bush (hehe i said bush) Im talking about chavs having kids at the age of 5 then those kids having more kids at the age of 1...

So imho of course, I believe this comes back to simple supply and demand.  Although I know their are many other factors that you have to take into account but becuase they are offering shared ownership shows me that homes arent loosing value or wouldnt at a big rate.  

Right now 1st time buyers cant afford to get on the ladder...  So you would think that their would be a lul of buying activity which would lead to a fall in prices as their becomes more homes available than buyers.  Instead what has happened, imho, is the sheer number of people needing a home is at such a point that the house value doesnt demish, instead the finiancial institutions offer shared ownership deals so you dont have to get a mortgage for 100% of the property, just 40 or 50%.  The house is still worth 150k, you just buy 75k of it.  

So I may be looking at it too simply but it just seems that the value is staying high but other means of purchasing a property have come about.  PERHAPS if the whole chav thing didnt happen and we didnt see such an influx of immagrants the housing market would get to the point it is right now, then fall as like I said there wouldnt be the demand.

Interesting discussion though, keep it rolling

Quoting: Big Mouse

prices are dropping already

I hope they come down loads, this tenner is my beer money too...  :beer:

[philoldsmobile]

people constantly moan that they cant get their car in their garage, but a garage door is a largely standard size, at my parents place, it was a typical late 60's standard single garage. my neighbor used to complain her ford ka was too big to easily go in..


i used to keep a thirdgen camaro in the same garage, and my dad had a jaguar XJ6 in there too (obviously not at the same  time)

that was a standard width garage, and about 16ft long, (standard length) both the camaro and the jag used to fit, touching the wall at one end, and with about 15mm at the rear bumper, with maybe 15mm on each mirror going through the door..

[Roadkill]

Don't bank on house prices dropping alot - they won't.

Simply put the demand for houses heavily outweighs how many are actually being built - meaning the demand isn't going away.

The best you can hope for is a 5-10% drop in prices - nothing major.

I'd personally avoid shared-ownship like the plague.  Something about paying rent AND mortgage seems criminal to me.

Most houses built "recently" will have a 8' x 16' garage - with a 7' wide door - ish.

Good for fitting in, for example Plymouth Dusters, Third Gens, Fourth gens (If you're lucky) but not '58 Cadillacs - this will require modifications.

I got on the ladder by "doing time" living in a council $hithole in Stantonbury and then buying it for £18,000 when I was 21.  I sold it 3 years later in 2003 for £72,000.

It irritates the $hit out of me when people constantly moan about how difficult it is to get on the ladder.  

It wasn't easy for me, either, I had to live in a F*cking dump for years, having my cars F*cked about with all the while . . . . . Did I moan ? - No - that's just what I had to do to get a leg-up on the "ladder".

Long story short - if you can't afford your ideal home first time around - then buy a $hithole somewhere and keep working.

EDIT -

Maybe that comes across as a bit negative.

O.K.  My advice, as I've said to a few people - save !  Don't go for a 100% or 99-95% mortgage if you can avoid it !

These are the types of mortgages the "high street lenders" offer and they're sh!te.

It's difficult first time around, but not impossible . . . . It all depends on how much effort you're prepared to put in . . . . . . . And how lucky you are.

[philoldsmobile]

Quoting: Roadkill

Simply put the demand for houses heavily outweighs how many are actually being built - meaning the demand isn't going away.

see, i'm not convinced on that..

there is a new development in bedford, was originally for 1000 houses.. they've stopped building at 400 because they cant sell them.. this has happened a few times in the area recently.

[Cunning Plan]

Quoting: Roadkill

It irritates the $hit out of me when people constantly moan about how difficult it is to get on the ladder.

Well I guess in a way I was moaning about getting on the ladder, but I was more pointing out that garages are rubbish.  Most new builds dont have garages, even if they do they are tiny.  Its all to get the maximum amount of houses in the smallest amount of space and you cant do that if you give people what they want.. driveway and garage space etc..

Think ill buy some land and live in an RV

[Rob]

Quoting: philoldsmobile

in bedford

well that's enough to put anyone off.....

[Roadkill]

Quoting: philoldsmobile

see, i'm not convinced on that..

Trust me.  The numbers speak for themselves.  Hundreds of thousands wanting homes, and only tens of thousands built each year.

If they weren't selling they were building the wrong type / price bracket.

Quoting: Cunning Plan

Most new builds dont have garages

I believe (Ray may know for sure) that new builds in M.K are discouraged from having garages.

Grange Farm is a prime example - hundreds of houses on top of each other, hardly any garages or parking - It's F*cking mayhem.

[55starchief]

Quoting: Cunning Plan

I was more pointing out that garages are rubbish. Most new builds dont have garages, even if they do they are tiny.

mine is a brand new build and the garage is huge its 9'6 wide and 17'10 long it could have been wider if they had the plans right making it amost 11' wide

[Big Mouse]

Government brought in new building regs a few years ago limiting the amount of parking space/garaging given over to new housing under the guise of using limited land to its best advantage i.e. housing instead of parking space.

It doesn't take the brain of britain to work out that this is in fact a crock of shite - if that were the case then they would build on more brown field sites than they currently do; IMO its due to this governments hatred of the motorist and a thinly disguised plan to push us into getting rid of our cars if we have nowhere to put them - again the brain of britain soon sees that this won't work either .

Garagesizes and door sizes are set by the mainstream garage door manufacturers, Garador, Cardale etc who haven't changed standard door sizes since the 50's - builders tend to buy the cheapest i.e. smallest when building hence small doors/small garages

[Fieldy]

Quoting: Roadkill

If they weren't selling they were building the wrong type / price bracket.

This is the problem here PhilO, my grandad built some houses not long ago, problem was they were too large for 1st time buyers, too small for A new family....

[Jo]

Our first house in 1999 was shared ownership 60% mortgage which was £52,000 and 40% rent, we had this house for 6 years, 2 bed and no garage Pod kept the stang at work lol, the house was nice the area hmmm had it's moments, like bricks through windows, kids trying to break in, car being vandelised but we did it, then moved here to a 3 bed with a garage just big enough for the stang, which we bought for £135,000 damn scary but we put up with the shite and now we have something we like.

It's hard and scary but it's part of life.....

[55starchief]

Quoting: Fieldy

This is the problem here PhilO, my grandad built some houses not long ago, problem was they were too large for 1st time buyers, too small for A new family....

Well he needs to take that up with the person who designed them, sounds like some one didnt research or more likely could see the £££ in the homes built rather than the reality of the homes sold

[Fieldy]

Quoting: 55starchief

Well he needs to take that up with the person who designed them, sounds like some one didnt research or more likely could see the £££ in the homes built rather than the reality of the homes sold

Exactly what I said, it was him.....

[art b]

im glad i started my house buyin in the 80's,

mind you interest rates were scary in the early 90's,  was a challenge when they hit 15%..

[HardRockCamaro]

Prices for first time buyers are *way* out of whack.

A humble first time buyer may have to go for a 1 bedroom flat with no garage.  That costs £200,000 where I live.  To allow for 4x salary only (I will not entertain these 6x mortgages) that means you need to be earning £50,000 a year.  I'm not even close and I don't know anyone who is.

A typical 3 bedroom house with garage would cost about £400,000.  That's £100,000 a year salary.  Forget it.

So the best I can hope for is a part share of a 1 bedroom flat and paying rent on the rest of it.  Woopee!!!    Plus the maths still don't work.  If you own say half of it and pay a mortgage on that you still have to buy rent on the other half which is still a lot of money a month and is money down the drain too.  Part ownership is a crappy scheme encouraged by the government so they don't actually have to do anything and instead make banks and property developers even more money...


And why are they so damned expensive anyway?  A turn-key 3 bedroom kit house built for you by pros costs from £90,0000 all-in.  So why are flats so expensive?  Yes I know plots of land costs loads but they're getting loads of properties on said plot.  And 2 years before the boom they didn't cost anything like that much so did the wages of the builders double overnight?  No.  Did the cost of materials double overnight?  No.  Did the greedy builders just charge more for flats/houses that cost the same to build as before.  Damn right they did.


Obviously home owners are thrilled that their house has trippled in value since they bought it, but the reality is that so have all the other houses so they're no better off, in fact the gap between the rung they are on and the next has also tripled...

Something is going to have to be done to produce genuinely affordable housing for first time buyers.  If you're earning say 30 or 35k a year and still can't buy a flat then there's something intrinsically wrong somewhere...

[Roadkill]

Quoting: HardRockCamaro

Obviously home owners are thrilled that their house has trippled in value since they bought it, but the reality is that so have all the other houses so they're no better off

That's not entirely true.

[Rocky]

We got ours 3 years ago for around 170k 3 bed with garage and room to extend, good area and views but was run down and now we have to commute further.
I only need another 800k to buy the house ive always wanted.

[Kenny]

Quoting: HardRockCamaro

1 bedroom flat with no garage. That costs £200,000 where I live.

Quoting: HardRockCamaro

A typical 3 bedroom house with garage would cost about £400,000.

I'm guessing you live in the centre of London?  we're looking to buy a 3 bed with garage in MK and there's loads available for around £175k and detached ones for under £200k.

Don't get me wrong though, I totally agree that house prices are ridiculous. It takes well over half of my wages just to pay for the mortgage on our 1.5 bed flat in Leighton.
unfortunatly, as long as people continue to buy, the prices will continue to rise.

it just pisses me off that i'm going to have to spend half of what i earn over the next 30 yrs of my life on buying a crappy house.

[Cunning Plan]