How far will house prices fall [volume 4]

[Pork]

AstonZagato said:

Not really. That house is equivalent in monetary value to a three bed terraced house in Chelsea under the Heathrow flight path, so doesn't exactly confer billionaire bragging rights. Hundreds seem to want to chose that London lifestyle over mine - so I'm in the minority.

Your set up sounds pretty appealing to me.

This being PH, might as well say a few more garages would be nice

[Sheepshanks]

AstonZagato said:

Not really. That house is equivalent in monetary value to a three bed terraced house in Chelsea under the Heathrow flight path, so doesn't exactly confer billionaire bragging rights. Hundreds seem to want to chose that London lifestyle over mine - so I'm in the minority.

Wouldn't running a similar value London house cost significantly less than your current gaff? The boiler would be cheaper anyway!

[Burwood]

AstonZagato said:

All that jazz said:

AstonZagato said:

I have a 7,000sqft house, tennis court, swimming pool, 3 garages and 4 acres. I can't see another house - just trees and fields (most of which I own).

Not really. That house is equivalent in monetary value to a three bed terraced house in Chelsea under the Heathrow flight path, so doesn't exactly confer billionaire bragging rights. Hundreds seem to want to chose that London lifestyle over mine - so I'm in the minority.

You didn't need to explain your post to such a rude individual. Well, pathetic attempt. Completely wrong use of that meme .

[All that jazz]

It was the tone in how it came across, Lording it over all us mere unworthy mortals with his tennis court, swimming pool, umpteen garages and land as far as the eye can see . My meme was meant to be tongue in cheek. I'm sure he's a perfectly nice bloke .

[AstonZagato]

Sheepshanks said:

AstonZagato said:

Not really. That house is equivalent in monetary value to a three bed terraced house in Chelsea under the Heathrow flight path, so doesn't exactly confer billionaire bragging rights. Hundreds seem to want to chose that London lifestyle over mine - so I'm in the minority.

Wouldn't running a similar value London house cost significantly less than your current gaff? The boiler would be cheaper anyway!

Very true.

[mikees]

All that jazz said:

It was the tone in how it came across, Lording it over all us mere unworthy mortals with his tennis court, swimming pool, umpteen garages and land as far as the eye can see . My meme was meant to be tongue in cheek. I'm sure he's a perfectly nice bloke .

No it wasn't. This thread of discussion was about what a certain amount of money buys you in and out of London. Once you get near to London it's all silly money.

[All that jazz]

^ OK. And I agree. Let's get back on topic then.

[anonymous-user]

mikees said:

No it wasn't. This thread of discussion was about what a certain amount of money buys you in and out of London. Once you get near to London it's all silly money.

Been looking post Brexit and whilst the prices certainly look nicer in $ on rightmove if you inadvertently miss out a max price it maxes out at 42 pages and you're still only down to 6 quid! Mental.

[Digga]

My point about infrastructure is that there is a risk some (currently) commutable places become marooned in road and rail congestion, victims of a wider lack of investment. Of course, in theory, the flip side could be true; these places become more commutable and other places also become viable, if transport allows.

[Pan Pan Pan]

For years we have had people complaining about the ever rising prices of homes (a situation which nearly always occurs where demand outstrips supply) Now that it is been reported that house prices could fall, (with some blaming Brexit) we have people complaining that house prices are starting to fall. there is just no pleasing some people?

[superkartracer]

All that jazz said:

AstonZagato said:

I have a 7,000sqft house, tennis court, swimming pool, 3 garages and 4 acres. I can't see another house - just trees and fields (most of which I own).

You could purchase the same house if you really wanted and put the graft in . Personally i thought the total opposite , he simply stated what a rip London ( which it is ) was and what you could purchase with the same £ without the hassle of hellish travel etc.

[V8RX7]

Pan Pan Pan said:

For years we have had people complaining about the ever rising prices of homes (a situation which nearly always occurs where demand outstrips supply) Now that it is been reported that house prices could fall, (with some blaming Brexit) we have people complaining that house prices are starting to fall. there is just no pleasing some people?

Realistically unless you are cashing out (which usually means you're at best moving into a Care Home) then we are all better off with lower house prices.

(I know some use a Mortgage as cheap borrowing and about downsizing etc but they really are a tiny minority)

[Derek Chevalier]

Pork said:

Here's a London-centric article. Interesting etc but most people don't live in London. Brexit could cut London house prices by more than 30%, says bank

"Brexit may be the trigger to end London’s seven-year house-price boom"

Surely 17 year boom?

[walm]

gibbon said:

the real cost of commuting i think is often softened to help justify.

My wife and I agreed that if we had done the numbers properly we probably wouldn't have moved:
Train £5,500.
Tube £800.
Parking £1,000.
Petrol £1,600.
Car depreciation £2,000.
Tax £300.
Insurance £300.
Service £500.
Tyres £200.

Roughly £12k, so £20k pre-tax.
We only needed one car when in London so ALL the second car costs are purely for commuting.

Not to mention the insane cost of heating and maintaining a larger house.
Oil was about £3-4k last year.

Mind you we did save a bunch by having the kids in the local primary for 3 years.

[Derek Chevalier]

gibbon said:

and a zone 2 flat for 3 or so nights a week.

I'd be extraordinarily surprised if your Mrs gave you signoff for that.

[Derek Chevalier]

Digga said:

My point about infrastructure is that there is a risk some (currently) commutable places become marooned in road and rail congestion, victims of a wider lack of investment. Of course, in theory, the flip side could be true; these places become more commutable and other places also become viable, if transport allows.

One of my colleagues suffers with this

http://www.telegraph.co.uk/news/2016/07/04/london-...

[SunsetZed]

XJ40 said:

Thankyou4calling said:

XJ40 said:

...I haven't mentioned it for a while but I still think this thread title is a misnomer even despite the current uncertain outlook. I just had a look when this vol 4 post was kicked off, 2012. My property has gone up 38.2% in those last 4 years, according to Zoopla... I did start a "How far with house prices rise vol 1" thread but it didn't take off, I guess the worry of declining prices makes for a more interesting heading...

I don't know your personal circumstances but there are a hell of a lot of places in the UK where prices are still not yet back to 2008 levels so that is quite a fall in real terms.

Fair point. I admittedly tend to look at either the UK average price figures or those for my local area, so I can forget that the picture can be quite different in other parts..

It sounds like you just acknowledged that you missed something in a rational manner, I'm not sure that Pistonheads is the right forum for you

[superkartracer]

walm said:

gibbon said:

the real cost of commuting i think is often softened to help justify.

My wife and I agreed that if we had done the numbers properly we probably wouldn't have moved:
Train £5,500.
Tube £800.
Parking £1,000.
Petrol £1,600.
Car depreciation £2,000.
Tax £300.
Insurance £300.
Service £500.
Tyres £200.

Roughly £12k, so £20k pre-tax.
We only needed one car when in London so ALL the second car costs are purely for commuting.

Not to mention the insane cost of heating and maintaining a larger house.
Oil was about £3-4k last year.

Mind you we did save a bunch by having the kids in the local primary for 3 years.

How much time did/do you spend travelling out of interest ( each ) .

[p1stonhead]

walm said:

gibbon said:

the real cost of commuting i think is often softened to help justify.

My wife and I agreed that if we had done the numbers properly we probably wouldn't have moved:
Train £5,500.
Tube £800.
Parking £1,000.
Petrol £1,600.
Car depreciation £2,000.
Tax £300.
Insurance £300.
Service £500.
Tyres £200.

Roughly £12k, so £20k pre-tax.
We only needed one car when in London so ALL the second car costs are purely for commuting.

Not to mention the insane cost of heating and maintaining a larger house.
Oil was about £3-4k last year.

Mind you we did save a bunch by having the kids in the local primary for 3 years.

Ouch. Painful numbers just to get to work.

But other than cost, is your quality of life at home better? I suppose that can overrule the cost issue?

[gibbon]

walm said:

My wife and I agreed that if we had done the numbers properly we probably wouldn't have moved:
Train £5,500.
Tube £800.
Parking £1,000.
Petrol £1,600.
Car depreciation £2,000.
Tax £300.
Insurance £300.
Service £500.
Tyres £200.

Roughly £12k, so £20k pre-tax.
We only needed one car when in London so ALL the second car costs are purely for commuting.

Not to mention the insane cost of heating and maintaining a larger house.
Oil was about £3-4k last year.

Mind you we did save a bunch by having the kids in the local primary for 3 years.

Exactly. Factor in lost time too, the fact the price gap in many areas has been narrowing in very recent years, and seemingly the costs of commuting seem to be ever increasing, the trade currently for me is not worth it. As i say, i can understand how this changes, but currently, im happy with my smaller zone 2 family house.