House price gravy train may have hit the buffers

[JohnD]

There are some people who thought that house price rises would always rise faster than wages, making it more and more difficult for young people to buy a home.

Among the results have been young people living with their parents, not marrying, and not starting their own family, with the hope that mum and dad will peg out soon and leave them enough to start living like adults.

But house prices seem to be reversing.

Let's hope it is not just the homes of the rich.

 

[Ivor Windybottom]

That's been going on for a long time. Sadly it's just a London thing, prices there had got utterly out of control. Anyone with any sense is abandoning the place for the surrounding areas, cashing in and escaping rapidly rising crime.

I thought UK prices were unsustainable in the early 2000s. Thankfully my other half persuaded me to go along with buying our first house, against my instincts. I remember saying to someone that it was just a place to live, not an investment and there's no way it would ever be worth more than the £200k we were paying. About 15 years later we sold for £350k, although probably half of that rise was the money we spent on the old shack.

So many MPs (including Labour party) have property investments that there's a massive corrupt vested interest in keeping the grazy train going, eating their own young in rent payments.

At some point it has to crash, but I wouldn't ever predict it happening. Although the likely Labour party death of the UK economy will probably make it inevitable.

I hope I get to see it. We own one house, it's paid for and I don't want to sell it. So whether it's worth £1 or £1million doesn't matter in the slightest. But I'd really enjoy watching a few massively indebted all-flash-and-no-cash types face reality.

 

[pete01]

We own one house, it's paid for and I don't want to sell it.

We do too, feels great getting rid of that mortgage doesn't it?

 

[Highway Man]

We do too, feels great getting rid of that mortgage doesn't it?

What's a mortgage?

 

[pete01]

What's a mortgage?

You never had one?

Do you rent?

 

[Brigadier]

You never had one?

Do you rent?

No, lives in Hull

 

[pete01]

No, lives in Hull

Tru dat

 

[Ivor Windybottom]

No, lives in Hull

Ah right, just miss your chips and chip-spice for a couple of days, that will leave you enough to buy a house.

 

[Highway Man]

OMG what a set of barstewards you all are.
Reported

 

[aveatry]

Ah right, just miss your chips and chip-spice for a couple of days, that will leave you enough to buy a house.

Don't they give them away with boxes of sugar puffs

 

[Highway Man]

Don't they give them away with boxes of sugar puffs

Reported

 

[aveatry]

Reported

Sorry please forgive me, it was rice crispy's

 

[Dec27]

There are some people who thought that house price rises would always rise faster than wages, making it more and more difficult for young people to buy a home.

Among the results have been young people living with their parents, not marrying, and not starting their own family, with the hope that mum and dad will peg out soon and leave them enough to start living like adults.

But house prices seem to be reversing.

Let's hope it is not just the homes of the rich.

View attachment 413186

View attachment 413187

London house prices used to carry the house price rise. I’m sure on average it was 11.74% but around me they didn’t see that for over a decade.

So I’m not worried about London prices having a knock on effect.

In fact it might be a good thing.

 

[Murdochcat]

All the time the population was growing faster than home building PLUS people were living longer home prices were always going to rise.

What didn’t help in the 1970’s and in about 2000 were the relaxing of lending meaning people could borrow more and more


And of course youngsters want everything now