House prices!!!

[HardRockCamaro]

I'm in NE London on the Essex border (literally).
It's a nice area as London suburbs go but not as expensive as the Docklands or the city itself of course.

I just fail to see why I should have to hand over (if I had it) almost a quarter of a million pounds to get a 1 bedroom flat...

[EDGE]

gemma and I bought a house a year ago... 3 bedroom with a garage in cheshunt, not the greatest part of cheshunt admittedly but far better than it could have been.  We looked at new build houses and the garages were JUST big enough to fit the car in... can't work on the car mind, and most garages were "en bloc" which means "around a corner with the others somewhere"

Our garage is probably about 1 1/2 garages worth, its 20odd foot long by 12 foot wide.  Only problem is, in my opinion, its at the back of the house and has a 7foot door.  This means that you cant swing the saleen though the gap easily.  It just needs a wider door on it, but thats an extra expense at the moment.... you'd be shocked at what proper doors cost.

Luckily when we bought the house we got a REAL low rate on the mortgage and fixed it for 2 years... no idea what'll happen in 11 months though, intrest rates could be sky high and we could be £300 out of pocket each month.  Between the 2 of us the mortgage is payable, but the extra bills suck, council tax, phone, gas, electric.... it all adds up to about £1700/month....  

Our financail advisorrecommended that we should budget in thirds of our combined wage income.  1/3 on mortgage, 1/3 other bills, 1/3 on living expenses..... even this to$$er doesnt want me to have a couple of quid n the pocket to map the saleen.... they're all against me i tell ya !!!

Then add in to the mix that I have 3 cars, Gemma has one... thats 4x road tax, 4x insurance and 4x mots !!!  Gotta reduce the fleet......

[Big Mouse]

Quoting: HardRockCamaro

I just fail to see why I should have to hand over (if I had it) almost a quarter of a million pounds to get a 1 bedroom flat...

could it be because you chose to live in the most expensive city in the world?

Its simple market forces - land is more expensive in London than in, say, Grimsby. Building materials have gone up a lot on the last few years as have labour costs - gone are the days when you could get a chippy for £50 a day, its £150 a day now if you can get one one.

[Roadkill]

Quoting: Big Mouse

gone are the days when you could get a chippy for £50 a day, its £150 a day now if you can get one one.

When on site our labour costs were £100-£110 unskilled, £120 labourer, £160 specific skilled, £175 Foreman, £250-£300 Project manager (me ).

Materials aren't *actually* that dear . . . in fact, the hikes in steel prices (which, in turn effected most others) recently only put them where they should've been anyway . . . before then steel prices were stupidly low.

[art b]

Quoting: Big Mouse

gone are the days when you could get a chippy for £50 a day, its £150 a day now if you get a russian one .

i remembered this from the last property dive in the 90's...

http://www.youtube.com/watch?v=2t8YTvdYXws&feature=related\" target=\"_blank\" rel=\"nofollow\">http://www.youtube.com/watch?v=2t8YTvdYXws&feature=related

[Fieldy]

Quoting: EDGE

even this to$$er doesnt want me to have a couple of quid n the pocket to map the saleen.... they're all against me i tell ya !!!

excuses excuses......

[EDGE]

shut it : fieldy :

[philoldsmobile]

when my brother bought his first house in 91 ( i think) he paid £47,000 for it.. that was a reasonable 3 bed semi with garage and garden. without having to do lots of deals, and live in a crap area, mr average could buy a house on one wage, and still have change for a life.. this also applied when my parents bought a house in the early 70's..

why should that have changed? wages haven't trippled, so why should house prices?  if an average person on an average wage cant buy an average house, there is a serious problem..

[Cunning Plan]

Quoting: reuters

LONDON (Reuters) - Surveyors reported the most widespread fall in house prices last month in the 30-year history of their RICS market survey, suggesting the property downturn is gathering pace.

http://uk.reuters.com/article/businessNews/idUKL1414066020080415?feedType=RSS&feedName=businessNews\" target=\"_blank\" rel=\"nofollow\">http://uk.reuters.com/article/businessNews/idUKL1414066020080415?feedType=RSS&feedName=businessNews

Comments please?

[Roadkill]

Quoting: Cunning Plan

Comments please?

Expensive property tend to drop first . . . Didn't the interest rates just drop ?

[Kenny]

Our flat has been on the market for over 2 weeks now, and peeps arn't even bothering to look any more

Looks like we wont be moving this year (or next for that matter)

http://www.rightmove.co.uk/viewdetails-10205775.rsp?pa_n=1&tr_t=buy\" target=\"_blank\" rel=\"nofollow\">http://www.rightmove.co.uk/viewdetails-10205775.rsp?pa_n=1&tr_t=buy

Quoting: Roadkill

Expensive property tend to drop first

There all expensive.  Thats the problem!

The interest rates have gone down, but the last drop hasn't found its way to the customers yet, and probably wont.

[F Body]

Quoting: Roadkill

Didn't the interest rates just drop ?

Yeah the Bank of England rate dropped but the high st banks put theres up to try and claw back the money they are not making from mortgages they are not handing out



The big four banks are now discussing raising extra revenue by additional account charges, with No.1 being no free  cash withdrawls

Muppets

[Roadkill]

Quoting: Kenny

There all expensive. Thats the problem

That's an ill-informed comment.

When the average family car costs £25,000, new and is worthless within 8 years a property, typically, in the same time period would've doubled.

I think property is fair.  Car prices are expensive.

But that's just my take on things.

[55starchief]

Quoting: Kenny

Our flat has been on the market for over 2 weeks now, and peeps arn't even bothering to look any more

Looks like we wont be moving this year (or next for that matter)

Yup, if your lucky. I paid 2 mortgages for 6 months when i was selling my other place, it was valued at 150k so put up for 145k and droppped and dropped until it eventualy sold for what i paid for it and then it sold to the agent as a buy to let

[F Body]

Houses ain't too bad, running a large capacity V8 is OK.................

It's Children that are EXPENSIVE

[55starchief]

Quoting: F Body

It's Children that are EXPENSIVE

you read that kenny

[Kenny]

Quoting: F Body

It's Children that are EXPENSIVE

Quoting: 55starchief

you read that kenny

yep... thats the one reason why not being able to move is will be a good thing.  A smaller mortgage.

Quoting: Roadkill

That's an ill-informed comment.

I think your mixing up Expensive and Investment.  compared to a car a house is Expensive, but a good Investment (in the long term).

Houses are expensive. it takes half my wages for half my life just to buy a 2 bed flat.  that, in my book, is expensive.  but I do it as its a good investment.

[Fieldy]

The simple fact is. I am working nearly 60 hours A week on A half decent wage, My housemate is also working on A higher wage per month than me, yet, if we put our wages together, we can't afford to buy the smallest, shittiest flat......That in my eyes makes houses too expensive.

[Cunning Plan]

Quoting: Kenny

Our flat has been on the market for over 2 weeks now

Nice pad dude

Quoting: Fieldy

The simple fact is. I am working nearly 60 hours A week on A half decent wage, My housemate is also working on A higher wage per month than me, yet, if we put our wages together, we can't afford to buy the smallest, shittiest flat......That in my eyes makes houses too expensive.

Absolutely spot on.

[Roadkill]

Well the house I want is £750,000.

I could whine that that's expensive and that it should be cheaper.  Maybe.  So what ?

I want a £750,000 house but can't have it - I have to make do with one worth much less.

I'll keep aiming for the £750,000 house and make do with what I've got.

Whatever rung of the ladder you're on (or not) that same thing applies.

It takes planning, research and hard work.  But it's do able.

[Gator]

Quoting: F Body

Houses ain't too bad, running a large capacity V8 is OK.................

It's Children that are EXPENSIVE

but condoms aint

[F Body]

Quoting: Gator

but condoms aint

Two bricks are cheaper

Worked for me, but Sat 28th Sept 1996 will for ever be etched into my brain

[Fieldy]

Quoting: Roadkill

Well the house I want is £750,000.

I could whine that that's expensive and that it should be cheaper. Maybe. So what ?

I want a £750,000 house but can't have it - I have to make do with one worth much less.

I'll keep aiming for the £750,000 house and make do with what I've got.

Whatever rung of the ladder you're on (or not) that same thing applies.

It takes planning, research and hard work. But it's do able

I only want A roof over my head that I can call mine mate, but can't even get that regardless of size and affordability.....

[FUBAR]

Quoting: Fieldy

I only want A roof over my head that I can call mine mate [Ed: and a roof for the IROC]

welcome to my biggest hangup

[Roadkill]

I appreciate it's difficult to get on the "ladder" (I hate that term) but it's not impossible.

I was always told what is and isn't possible by someone on my wages (I brought the house I'm in now while on £15,500pa).

All I can say is things are possible.  They take dedication, believe me, but it's do-able.

The best advice I can give anyone (on the ladder or not) is to speak to a mortgage advisor.

By this I do NOT mean go to your bank and speak to the chimp who, trust me, knows less about mortgages then me.

Find an independant advisor and if he's good, and you're willing to make sacrifices, he'll be able to make things happen.

Also.  Ignore what the "papers" say.  If you do your research you'll notice that certain headlines eg "house price crash expected" circulate the rags regularly - a crash has been """predicted""" for the last X-years.

Don't be ignorant.  Read, research and ask questions.

If you don't I gaurantee you'll still be whining about house prices in 10 years time.

I'm not having a go - merely offering some advice.