Non aviation content. Play nice – No religion, no politics and no axe grinding please.

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#1663016
tomshep wrote:Those who own their houses in France pay for them on seven year mortgages so they do not spend half their working lives paying three times for their homes.


Eh??? :scratch:

I have no idea who you got this little nugget from, but its absolutely NOT true...
#1663018
skydriller wrote:
tomshep wrote:Those who own their houses in France pay for them on seven year mortgages so they do not spend half their working lives paying three times for their homes.


Eh??? :scratch:

I have no idea who you got this little nugget from, but its absolutely NOT true...

I guess @tomshep is yet again showing his ignorance on this thread. :roll:

Draws in to question all he has said about his factory colleagues too!
#1663020
I’ve just looked at the property for sale up to £125k within 3 miles of Bristol city centre. Most of them are dumps and/or 1 bedroom flats, tiny or retirement flats (again mainly 1 bedroom).

So yes you can get, something for 3 x average salary, but would you want it?

There is absolutely no doubt in my mind that property has increased more than wages, and therefore there is less choice, for a given budget, than there once was.

The rapid increase in house prices seems to have happened since the 1970s. We are lucky enough to have records for the purchase price of our house going back a long time. For most of its time the purchase price in absolute terms was near enough what was paid for it by the first buyer, and on some occasions, it even reduced. Since the Second World War it has gone upwards and latterly ‘skywards’ (and we had it valued last year as we briefly dabbled with moving).
#1663022
It's the effect of compounded growth, but once you've bought that "dump" you begin to benefit from it too. My first house was in a pit village near Worksop fer crisakes. I couldn't afford to buy anything much, never mind what I wanted in Sheffield at 22.

No amount of moaning gets someone on the housing ladder. What right does anyone have to buy a luxury pad within 3 miles of Bristol city centre?

There's only one bit of common advice that I ever give regarding property (usually to cab drivers who all seem to be nacent landlords) and that is "just buy what you can afford now, and in ten years time congratulate yourself on how clever you were back in the day when houses were cheap".
#1663023
Cowshed wrote:There is absolutely no doubt in my mind that property has increased more than wages, and therefore there is less choice, for a given budget, than there once was.

Happy to agree with that statement. :thumleft:

Cowshed wrote:I’ve just looked at the property for sale up to £125k within 3 miles of Bristol city centre. Most of them are dumps and/or 1 bedroom flats, tiny or retirement flats (again mainly 1 bedroom).

What's wrong with a one bedroom flat, or living more than 3 miles from Bristol? :?
My first property was a 1 bedroom flat on the edge of a town, maybe a dozen miles from Glasgow, it was furnished by donated furniture, deposit partially from sale of car etc, etc, etc…
That's just what was necessary if I wanted on the property ladder.

Cowshed wrote:So yes you can get, something for 3 x average salary, but would you want it?

I think that's largely the point Cowshed. The 'young' today have different priorities, their desires lie elsewhere and the notion of sacrificing (to the extent I had to) would never be contemplated.

It's not wrong, in fact I think many of the outlooks the young have on life today are far 'better', it's just different.

What doesn't sit well is the continual assertion that the poor beggars are on their knees today whilst we had it so easy. :naughty:
#1663025
@eltonioni that price range in Leeds buys the sort of house (small through terrace) we originally bought for £36k and ended up part exchanging a few years later for £30k. That particular house is now in the letting market.

Leeds still has a lot of back to back and through terraces. The sort where you share your heating with your neighbours through the thin walls.

Family homes in our area are rarely sold to families these days. When they come up for sale they are bought by investors and then let out. The bulk of building in Leeds has been small flats which were largely bought off plan by buy to let investors.
#1663026
I did type another response , but strangely it disappeared when I submitted it. Gremlins.

In one of my earlier posts on this subject I suggested the young today face different advantages and disadvantages to previous generations. I’m going to leave it at that.

Anyway, on with life, got to pay the mortgage somehow…
#1663027
I think starter house prices are high for all kinds of reasons, and not all of them will sustain ongoing price increases.

For example:

When I started not so many women worked, and their salaries were discounted anyway for mortgage purposes 'because they would have kids', and so at the lower end there are now twice the salaries chasing each property.

At the middle end, there are more downsizing divorcees "on the property ladder already".

And the short formula for house prices is some factor times "Household Income" divided by "Interest Rates".

I suppose a few more young women might enter the workforce than do now, and the divorce rate might rise, but interest rates fall from here? Seriously?
#1663029
@Leodisflyer I'm really not sure what you're getting at here. Investors and landlords fish in the same pool as owner occupiers and the highest bid wins, not the status of the buyer.
There are literally hundreds of available properties to buy today for less than £125k in Leeds. Or, buy something next door in Wakefield, there are 90 x 2+B houses for sale right now.

Or how about Gleesons, who'll sell you a brand new family house for £95k!!!! https://www.gleeson-homes.co.uk/region/west-yorkshire/

But if your average earning first time buyer insists on only having a 3 bed Edwardian house with garage in Headingly it's going to be a long wait, and t'was always thus.


@spaughty ah yes, you too recall the wonderful days of 14% interest rates and 2.5 combined salary mortgages, we really did have it so much better. :lol:
#1663034
Speaking as an ignorant liar who has owned a main residence in France for more than fifteen years, I have met several who have bought outright on a seven year loan. Housing is cheap enough to allow it. But it is simply NOT true and I'm only showing my ignorance. Then again, all these sub £125,000 houses in Chichester seem to have the same reality as a Brexiteer's unicorn fly-in.
#1663036
tomshep wrote:Speaking as an ignorant liar who has owned a main residence in France for more than fifteen years, I have met several who have bought outright on a seven year loan. Housing is cheap enough to allow it. But it is simply NOT true and I'm only showing my ignorance.

And where is that? Paris? Lyon? Marseilles? Or the arris end of nowhere that leaks young locals like a sieve once they reach 18?
#1663037
tomshep wrote:Speaking as an ignorant liar...
:thumleft: :D

tomshep wrote:I have met several who have bought outright on a seven year loan.

Well done, I have met and know several people who have bought outright…eh…well…outright, here in Blighty. :D

What's your point?
#1663045
Never mind, you green-eyed southerners, There are plenty of terraced back-to backs in Burnley, needing an indoor privy and a few other mod-cons, you'll get change out of 20K YES 20 thousand pounds.


the downside is unemployment there are good motorway and train links to Manchester and Leeds. All those nasty sponging furriners have seen the opportunity and many buy -up these cheap properties, realising that it will quickly repay them, rather than renting

Cheap Landlord mortgages. A total fallacy! About 6 years ago, I attempted to buy a repossession 4-bed detached on a corner plot. Young family, father stiffed by his Ex and barred from mortgage. Interest immediately went from 2.5% to 6% - minimum deposit from 10% up to 30%....
Now take into account that interest -payments by landlords are no-longer subject to tax-relief, That means the rent has to pay the whole mortgage-payment, a return on the capital for the deposit, the costs of wear and tear, refurbishments, replacements, , agent's fees, "voids" (where there's no income due to no tenant...absconding tenants with rent-arrears, costs to evict some.......

There is a mass-exodus from "landlording" only held in check by lack of purchasers.
Properties they'd rent, they don't want to buy. :roll:
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