| House prices 10:36 - Aug 8 with 5402 views | clive_baker |
I know they’re a national obsession and boring to talk about but does anyone else think they’ve gone absolutely nuts in Suffolk? Anecdotally they seem far higher than the official stats seem to suggest, unless there’s a big gap between marketed price and actual sale price. Maybe it’s that, but I’m seeing things on the market that are far, far higher than I would’ve expected.
Bonkers innit. |  |
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| House prices on 13:31 - Aug 8 with 1281 views | The_Flashing_Smile |
| House prices on 11:52 - Aug 8 by J2BLUE |
Hope he doesn't mind me saying this but to go from where he started to now doing a job he likes and being able to buy a property in London in the middle of a house price spike he's done pretty damn well.
Respect Dollers. |
I certainly don't mind you saying that J2, many thanks! |  |
| Trust the process. Trust Phil. |
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| House prices on 13:32 - Aug 8 with 1281 views | The_Flashing_Smile |
| House prices on 11:57 - Aug 8 by clive_baker |
Well said.
Pretty horrible post if you ask me. Everyone’s circumstances are different and the race is long, and in the end it’s only with yourself. |
Thanks. | |
| Trust the process. Trust Phil. |
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| House prices on 13:37 - Aug 8 with 1259 views | The_Flashing_Smile |
| House prices on 12:39 - Aug 8 by J2BLUE |
Not the same is it? Clearly owning a home is an asset but in most cases you can't see it because you need somewhere to live. |
That's not quite the same as saying "Your house is worth nothing if you live in it."
It's still worth something. You will either sell it or die and leave it to someone, so that value will eventually be realised by someone. | |
| Trust the process. Trust Phil. |
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| House prices on 13:38 - Aug 8 with 1245 views | The_Flashing_Smile |
| House prices on 12:47 - Aug 8 by homer_123 |
You are being a bit of a c*ck today blueas. |
Today? | |
| Trust the process. Trust Phil. |
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| House prices on 13:41 - Aug 8 with 1224 views | Nthsuffolkblue |
| House prices on 12:22 - Aug 8 by mylittletown |
It is not nonsense.
Unless you realise the equity you have in it, it is just a place for you to live in. |
Whilst I can see the point you are making, your property value is always what someone else is willing and able to pay for it. To a large extent, the market is sustained by what lenders are willing to loan. |  |
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| House prices on 13:48 - Aug 8 with 1219 views | The_Flashing_Smile |
| House prices on 13:41 - Aug 8 by Nthsuffolkblue |
Whilst I can see the point you are making, your property value is always what someone else is willing and able to pay for it. To a large extent, the market is sustained by what lenders are willing to loan. |
I think we can all see his point, he's trying to look clever and is over-egging it somewhat. | |
| Trust the process. Trust Phil. |
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| House prices on 13:51 - Aug 8 with 1219 views | tractordownsouth |
I saw a chart a few months ago that showed there are around 10 local authority areas in the whole UK where prices are considered affordable (within 4x local average salary.) They were in the North East, South Yorkshire and South Wales.
As a 22 year-old it's something I worry about a lot. Realistically anyone in my generation who doesn't buy a house (which will be most of us) won't be able to retire given how high rents are. It's also a huge reason for our poor economic performance - given the lack of housing, landlords can name their price and essentially demand their tenants fund more and more of their increasingly luxurious lifestyles, leaving less money for the wider economy. There's an estate agent in town with adverts plastered across the windows boasting of how they "achieved 10% rental growth" last year, in one of the most deprived regions in the country. Grim. Until we build 100k houses per year and stop giving out buy-to-lets to property vultures nothing will change.
It has made me very risk-averse. I have a few potential career plans now I've graduated, but housing makes me feel restricted. For example, I'm going to look into the political journalism grad schemes. If I were to be successful, it would involve being in London, which would be great career-wise and for music, my other hobby. But, part of me thinks that if were to end up settling there or even just spend a few years there and not being able to save due to high cost-of-living there, it may prevent me from ever getting on the ladder.
I've rambled a bit but my point is that as young people, we don't seem to have the time or money to take risks anymore, which is entirely down to housing. And I don't come from a poor family either - we aren't rich but won't struggle for food in the cost of living crisis or anything like that so I'm in a better position than many my age. It must be horrendous for people from the poorest backgrounds. [Post edited 8 Aug 2022 13:53]
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| House prices on 14:01 - Aug 8 with 1199 views | SuperKieranMcKenna |
| House prices on 13:51 - Aug 8 by tractordownsouth |
I saw a chart a few months ago that showed there are around 10 local authority areas in the whole UK where prices are considered affordable (within 4x local average salary.) They were in the North East, South Yorkshire and South Wales.
As a 22 year-old it's something I worry about a lot. Realistically anyone in my generation who doesn't buy a house (which will be most of us) won't be able to retire given how high rents are. It's also a huge reason for our poor economic performance - given the lack of housing, landlords can name their price and essentially demand their tenants fund more and more of their increasingly luxurious lifestyles, leaving less money for the wider economy. There's an estate agent in town with adverts plastered across the windows boasting of how they "achieved 10% rental growth" last year, in one of the most deprived regions in the country. Grim. Until we build 100k houses per year and stop giving out buy-to-lets to property vultures nothing will change.
It has made me very risk-averse. I have a few potential career plans now I've graduated, but housing makes me feel restricted. For example, I'm going to look into the political journalism grad schemes. If I were to be successful, it would involve being in London, which would be great career-wise and for music, my other hobby. But, part of me thinks that if were to end up settling there or even just spend a few years there and not being able to save due to high cost-of-living there, it may prevent me from ever getting on the ladder.
I've rambled a bit but my point is that as young people, we don't seem to have the time or money to take risks anymore, which is entirely down to housing. And I don't come from a poor family either - we aren't rich but won't struggle for food in the cost of living crisis or anything like that so I'm in a better position than many my age. It must be horrendous for people from the poorest backgrounds. [Post edited 8 Aug 2022 13:53]
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I think there’s also an element of resentment amongst some in my generation at those 50+ year olds who got wealthy off the back of right to buy. No doubt it was conceived as an election bribe, but it does seem inherently unfair that one generation were able to buy a subsidised house. Not only that but it also took away valuable affordable housing stock.
As an aside I also never understood with Council housing why you aren’t continually means tested (apologies if I’m incorrect on this - more of a question). My understanding is once you have one it’s for life, but there seem to be a few round my way with 80k teslas and Range Rovers on the drive. Plus the Bob Crowe’s of the world - surely wealthy people should t be clogging up affordable housing? Again apologies if I’m missing something here - I’m sure there’s something I’m missing? |  | | |
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| House prices on 14:14 - Aug 8 with 1167 views | tractordownsouth |
| House prices on 14:01 - Aug 8 by SuperKieranMcKenna |
I think there’s also an element of resentment amongst some in my generation at those 50+ year olds who got wealthy off the back of right to buy. No doubt it was conceived as an election bribe, but it does seem inherently unfair that one generation were able to buy a subsidised house. Not only that but it also took away valuable affordable housing stock.
As an aside I also never understood with Council housing why you aren’t continually means tested (apologies if I’m incorrect on this - more of a question). My understanding is once you have one it’s for life, but there seem to be a few round my way with 80k teslas and Range Rovers on the drive. Plus the Bob Crowe’s of the world - surely wealthy people should t be clogging up affordable housing? Again apologies if I’m missing something here - I’m sure there’s something I’m missing? |
I don't have an issue with people buying their council house. My girlfriend's Nan bought hers in the 1990s in the valleys so in areas like that it did lift people up the social ladder. It's just the lack of any replacement housing which was the problem because those opportunities aren't available today.
People owning multiple homes is far more of a problem, as is the ridiculous coverage in the right-wing rags. Take the Telegraph for example...
Back in February, they published a defence of Kirsty Allsop saying that young people should move somewhere cheaper and give up Netflix to buy a house - essentially implying that it's the fault of under 30s that they cannot save extortionate deposits.
https://www.telegraph.co.uk/women/life/saving-house-making-sacrifices-bought-min
Yet in June they got the violins out for people with multiple properties, claiming that "Britain betrayed landlords" It even included a quote from someone claiming new government regulation was forcing him to sell his 30 (THIRTY) buy-to-lets and that he would struggle financially as a result.
https://www.telegraph.co.uk/property/buy-to-let/how-britain-betrayed-buy-to-let-
So it's sympathy for people with multiple homes and disdain for those without one. | |
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| House prices on 14:24 - Aug 8 with 1145 views | SuperKieranMcKenna |
| House prices on 14:14 - Aug 8 by tractordownsouth |
I don't have an issue with people buying their council house. My girlfriend's Nan bought hers in the 1990s in the valleys so in areas like that it did lift people up the social ladder. It's just the lack of any replacement housing which was the problem because those opportunities aren't available today.
People owning multiple homes is far more of a problem, as is the ridiculous coverage in the right-wing rags. Take the Telegraph for example...
Back in February, they published a defence of Kirsty Allsop saying that young people should move somewhere cheaper and give up Netflix to buy a house - essentially implying that it's the fault of under 30s that they cannot save extortionate deposits.
https://www.telegraph.co.uk/women/life/saving-house-making-sacrifices-bought-min
Yet in June they got the violins out for people with multiple properties, claiming that "Britain betrayed landlords" It even included a quote from someone claiming new government regulation was forcing him to sell his 30 (THIRTY) buy-to-lets and that he would struggle financially as a result.
https://www.telegraph.co.uk/property/buy-to-let/how-britain-betrayed-buy-to-let-
So it's sympathy for people with multiple homes and disdain for those without one. |
Yes I remember the Kirsty Allsop comments. I can’t believe the daughter of a Peer was so out of touch… | | | |
| House prices on 14:47 - Aug 8 with 1095 views | Steve_M |
| House prices on 14:14 - Aug 8 by tractordownsouth |
I don't have an issue with people buying their council house. My girlfriend's Nan bought hers in the 1990s in the valleys so in areas like that it did lift people up the social ladder. It's just the lack of any replacement housing which was the problem because those opportunities aren't available today.
People owning multiple homes is far more of a problem, as is the ridiculous coverage in the right-wing rags. Take the Telegraph for example...
Back in February, they published a defence of Kirsty Allsop saying that young people should move somewhere cheaper and give up Netflix to buy a house - essentially implying that it's the fault of under 30s that they cannot save extortionate deposits.
https://www.telegraph.co.uk/women/life/saving-house-making-sacrifices-bought-min
Yet in June they got the violins out for people with multiple properties, claiming that "Britain betrayed landlords" It even included a quote from someone claiming new government regulation was forcing him to sell his 30 (THIRTY) buy-to-lets and that he would struggle financially as a result.
https://www.telegraph.co.uk/property/buy-to-let/how-britain-betrayed-buy-to-let-
So it's sympathy for people with multiple homes and disdain for those without one. |
The 'Right to Buy' on an individual level is one thing, and there are no doubt 1000s if little success stories like that you quote, but on an aggregate level it's been disastrous for two related reasons:
1. There's been so little replacement social housing stock built to replace it which fuels demand for private renting (+ universal credit to fill some of the gap for the low paid)
2. A rentier class just gaining an asset base which they have little interest in except maximising rental income. It's one thing to own a single property and let that, but a whole plethora of them is another matter. Changes to the tax system to penalise 'buy to let' are too little too late.
To compound the second, too many high end flats in big cities are sold overseas as an investment by people with no interest in ever living there and just lie empty most of the time. |  |
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| House prices on 14:54 - Aug 8 with 1066 views | tractordownsouth |
| House prices on 14:47 - Aug 8 by Steve_M |
The 'Right to Buy' on an individual level is one thing, and there are no doubt 1000s if little success stories like that you quote, but on an aggregate level it's been disastrous for two related reasons:
1. There's been so little replacement social housing stock built to replace it which fuels demand for private renting (+ universal credit to fill some of the gap for the low paid)
2. A rentier class just gaining an asset base which they have little interest in except maximising rental income. It's one thing to own a single property and let that, but a whole plethora of them is another matter. Changes to the tax system to penalise 'buy to let' are too little too late.
To compound the second, too many high end flats in big cities are sold overseas as an investment by people with no interest in ever living there and just lie empty most of the time. |
I completely agree on that - right to buy without replacing the stock has been a disaster. Think I read that 40% of sold-off council homes are now rented in the private sector. | |
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| House prices on 15:19 - Aug 8 with 1036 views | Jon_456 |
| House prices on 13:51 - Aug 8 by tractordownsouth |
I saw a chart a few months ago that showed there are around 10 local authority areas in the whole UK where prices are considered affordable (within 4x local average salary.) They were in the North East, South Yorkshire and South Wales.
As a 22 year-old it's something I worry about a lot. Realistically anyone in my generation who doesn't buy a house (which will be most of us) won't be able to retire given how high rents are. It's also a huge reason for our poor economic performance - given the lack of housing, landlords can name their price and essentially demand their tenants fund more and more of their increasingly luxurious lifestyles, leaving less money for the wider economy. There's an estate agent in town with adverts plastered across the windows boasting of how they "achieved 10% rental growth" last year, in one of the most deprived regions in the country. Grim. Until we build 100k houses per year and stop giving out buy-to-lets to property vultures nothing will change.
It has made me very risk-averse. I have a few potential career plans now I've graduated, but housing makes me feel restricted. For example, I'm going to look into the political journalism grad schemes. If I were to be successful, it would involve being in London, which would be great career-wise and for music, my other hobby. But, part of me thinks that if were to end up settling there or even just spend a few years there and not being able to save due to high cost-of-living there, it may prevent me from ever getting on the ladder.
I've rambled a bit but my point is that as young people, we don't seem to have the time or money to take risks anymore, which is entirely down to housing. And I don't come from a poor family either - we aren't rich but won't struggle for food in the cost of living crisis or anything like that so I'm in a better position than many my age. It must be horrendous for people from the poorest backgrounds. [Post edited 8 Aug 2022 13:53]
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Out of interest, what would stop most people of our generation buying a house?
Totally understand some people are less fortunate and their situation forces them to rent / not able to save for the deposit. But I've seen so many my age choose to leave home at 18/19 and rent, rather than stay at home for an extra 2-3 years and save for a deposit. Obviously once they're renting it becomes extremely difficult to buy, but I remember having those conversations with them back when they chose to rent (they had the option of staying at home) and they're the same ones who moan now they cant buy a house. Perhaps more could be done in schools to educate?
Again, I know not everyone has that luxury but the assumption that most people of our generation cant buy a house is a bit of a stretch in my view. Things are of course getting harder with everything going up but I still think its fairly achievable for our generation to become home owners. | | | |
| House prices on 15:28 - Aug 8 with 1011 views | chicoazul |
House price inflation is how the Govt intend for us all to pay for social care in our dotage ergo will be protected by all governments to their dying breaths. |  |
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| House prices on 15:29 - Aug 8 with 1017 views | itfcjoe |
| House prices on 13:05 - Aug 8 by Illinoisblue |
Even the lower end of the market seems crazy, I occasionally look at prices in the IP2 area and small semi-detached houses in Maidenhall/Stoke are off the scale. Can’t imagine being a first time buyer. |
When I bought my first house, in 2008, was a 3 bed end terrace near Copleston - it was a step up from a normal first house, mostly because we were a bit older and both earned decent money and weren't renting but it was £151k
We sold it 6 years later for £196k which felt mad, an equivalent house in the close (i.e. exactly the same) sold in December last year for £325k, and is now valuied at over £350k and would no doubt get it easily.
It's still just a 3 bed end terrace with a garage between Foxhall Road and Freehold Road, it's still a small family home at best |  |
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| House prices on 15:29 - Aug 8 with 999 views | chicoazul |
| House prices on 14:14 - Aug 8 by tractordownsouth |
I don't have an issue with people buying their council house. My girlfriend's Nan bought hers in the 1990s in the valleys so in areas like that it did lift people up the social ladder. It's just the lack of any replacement housing which was the problem because those opportunities aren't available today.
People owning multiple homes is far more of a problem, as is the ridiculous coverage in the right-wing rags. Take the Telegraph for example...
Back in February, they published a defence of Kirsty Allsop saying that young people should move somewhere cheaper and give up Netflix to buy a house - essentially implying that it's the fault of under 30s that they cannot save extortionate deposits.
https://www.telegraph.co.uk/women/life/saving-house-making-sacrifices-bought-min
Yet in June they got the violins out for people with multiple properties, claiming that "Britain betrayed landlords" It even included a quote from someone claiming new government regulation was forcing him to sell his 30 (THIRTY) buy-to-lets and that he would struggle financially as a result.
https://www.telegraph.co.uk/property/buy-to-let/how-britain-betrayed-buy-to-let-
So it's sympathy for people with multiple homes and disdain for those without one. |
Letting people buy council houses is one of the stupidest things our Govt have done in a long long list of stupid things since 1914. | |
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| House prices on 15:30 - Aug 8 with 1006 views | SuperKieranMcKenna |
| House prices on 15:19 - Aug 8 by Jon_456 |
Out of interest, what would stop most people of our generation buying a house?
Totally understand some people are less fortunate and their situation forces them to rent / not able to save for the deposit. But I've seen so many my age choose to leave home at 18/19 and rent, rather than stay at home for an extra 2-3 years and save for a deposit. Obviously once they're renting it becomes extremely difficult to buy, but I remember having those conversations with them back when they chose to rent (they had the option of staying at home) and they're the same ones who moan now they cant buy a house. Perhaps more could be done in schools to educate?
Again, I know not everyone has that luxury but the assumption that most people of our generation cant buy a house is a bit of a stretch in my view. Things are of course getting harder with everything going up but I still think its fairly achievable for our generation to become home owners. |
“rather than stay at home for an extra 2-3 years and save for a deposit”
On the kind of income most people are earning at that age it’s going to take a hell of a lot longer than that to save a deposit. | | | |
| House prices on 15:41 - Aug 8 with 973 views | Jon_456 |
| House prices on 15:30 - Aug 8 by SuperKieranMcKenna |
“rather than stay at home for an extra 2-3 years and save for a deposit”
On the kind of income most people are earning at that age it’s going to take a hell of a lot longer than that to save a deposit. |
Yeah possibly, and I am basing on couples rather than individuals. I guess its hard to tell because the people I know that made those choices were comfortably earning 25k+ at that age.
Having said that the average salary for 22-29yo is £24,600 so I'm not convinced that 'most' will never own their property.
If you're 20-22 earning between 20-25k and looking to buy a house with a partner (whilst having the chance to live at home), then I think its achievable to gather a 20-25k deposit between you in 2-3 years. | | | |
| House prices on 16:33 - Aug 8 with 906 views | Illinoisblue |
| House prices on 15:29 - Aug 8 by itfcjoe |
When I bought my first house, in 2008, was a 3 bed end terrace near Copleston - it was a step up from a normal first house, mostly because we were a bit older and both earned decent money and weren't renting but it was £151k
We sold it 6 years later for £196k which felt mad, an equivalent house in the close (i.e. exactly the same) sold in December last year for £325k, and is now valuied at over £350k and would no doubt get it easily.
It's still just a 3 bed end terrace with a garage between Foxhall Road and Freehold Road, it's still a small family home at best |
Insane really, isn’t it? Prices are equally skyrocketing over here. We bought our place for $298k in 2013. House three doors down, little bit less square footage and smaller garden than ours, sold for $589k earlier this year. The area we’re in is known for good schools which plays a part, but still. And while it’s nice to have some equity it doesn’t really mean anything for us. We’re staying put at least until both kids are done with high school and into college, at which point maybe we’ll downsize - and hopefully make a bit of cash. |  |
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| House prices on 16:51 - Aug 8 with 860 views | J2BLUE |
| House prices on 16:33 - Aug 8 by Illinoisblue |
Insane really, isn’t it? Prices are equally skyrocketing over here. We bought our place for $298k in 2013. House three doors down, little bit less square footage and smaller garden than ours, sold for $589k earlier this year. The area we’re in is known for good schools which plays a part, but still. And while it’s nice to have some equity it doesn’t really mean anything for us. We’re staying put at least until both kids are done with high school and into college, at which point maybe we’ll downsize - and hopefully make a bit of cash. |
America seems to be an absolute disaster for the lowest paid. The working conditions seem awful, the pay seems abysmal and the rents are sky rocketing.
I know this will summon JJJJ to tell me America is paradise but there really does seem to be three sides to it. The ultra rich, the comfortably off and then those on the lowest rung working multiple jobs to pay the extortionate rents. |  |
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| House prices on 16:53 - Aug 8 with 861 views | Veggie |
My sister just bought a house for £1.2m that hasn’t been touched since the 60s and needs a lot spending on it. It’s a nice arts & crafts 5 bedder in a nice town, but seems like a risky buy given the state of inflation and resultant interest rate rises. That’s what will eventually bring prices down. They can’t keep going up as they have been.
V [Post edited 8 Aug 2022 16:58]
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| Only in the UK are people obsessed with owning their own house! on 17:11 - Aug 8 with 799 views | eireblue |
| Only in the UK are people obsessed with owning their own house! on 12:19 - Aug 8 by J2BLUE |
Even if that was true, it's meaningless.
While renting is great for some people, owning gives people a lot more benefits in most cases. |
I wonder if there are any stats on this sort of thing somewhere on the internet.
https://en.wikipedia.org/wiki/List_of_countries_by_home_ownership_rate
Well, that’s awkward for someone. |  | | |
| House prices on 21:54 - Aug 8 with 675 views | Illinoisblue |
| House prices on 16:51 - Aug 8 by J2BLUE |
America seems to be an absolute disaster for the lowest paid. The working conditions seem awful, the pay seems abysmal and the rents are sky rocketing.
I know this will summon JJJJ to tell me America is paradise but there really does seem to be three sides to it. The ultra rich, the comfortably off and then those on the lowest rung working multiple jobs to pay the extortionate rents. |
It is a land of extremes, for sure. You get that everywhere but it is more obvious here. There are subsets between your three examples but it’s broadly as you describe | |
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| House prices on 22:27 - Aug 8 with 651 views | Strimmer |
I’ll say this, I’ve been renting in London about ten years and recently getting near the stage when I can serious think about/plan to buy. But it’s always looked tough obviously and would require talking a hit in quality of house compared to what we can rent here.
Anyway, at the back of my head I’ve always thought ‘ah well if London never becomes feasible I can always go back to Ipswich to buy bigger/nicer’. Well I’ve been following Ipswich house prices and clearly that assumptions in the bin! | |
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