Terrible time to buy a house?

[hairyben]

I could have got my act together and bought in about '01 but didn't as I figured the widening gulf between average/working mans earnings and house prices was unsustainable and that when it did break, panic could cause a cascade. However as people point out -while thats not an unreasonable assumption- while there's an undersupply that won't happen, and politicians of all supposed sides tend to shuffle their feet and do the minimum possible while the working man gets stiffed.

In the few years we've owned(ish) we've saved £40+k in rent alone so should a price correction happen it's all relative frankly.

I do wonder if there was an adjustment and people pulled money out from the alleged vast number of unoccupied foreign investor owned apartments in the city that it could trigger a tumble?

[Welshbeef]

anonymous said:

[redacted]

Taking myself as an example I drive to the Station and park where I can go to Bank/St Paul's/London Bridge via Paddington.
Door to door assuming no delays which touch wood hasn't hit me often - it's a 1hr 15-30min (difference happens when I literally just miss the train then have to wait on platform for the next).
No different to when I drive to Southampton or St Albans or Birmingham
Driving from my house with the normal traffic lights and non congested traffic it takes nearly 30mins to get to J11.... Go figure!

[BoRED S2upid]

I'm surprised you London types aren't using helicopters to get to work. What's all this talk of trains and poxy little flats ? These are week day places to crash right? Weekends spend in the country?

[Blue Cat]

Reading is a nightmare if you have a car, I think the council just hates drivers

And interestingly large scale building in Basingstoke has run into a problem that there just isn't enough water or sewage provision for any more people, it's already causing problems and any major builders will have to come up with solutions before they are allowed to build.

[Welshbeef]

Blue Cat said:

Reading is a nightmare if you have a car, I think the council just hates drivers

And interestingly large scale building in Basingstoke has run into a problem that there just isn't enough water or sewage provision for any more people, it's already causing problems and any major builders will have to come up with solutions before they are allowed to build.

It's the Oxford council who refuse and have done for 30years to allow the A329m to join up to Oxford as such all that through traffic go through Reading and Sonning needlessly. Complete that Bridge suddenly massive additional capacity through Reading PLUS drastically reduced travel time.




Tonker you set in Green Park or Apex Plaza?

[hairyben]

Blue Cat said:

Reading is a nightmare if you have a car, I think the council just hates drivers

I think this is everywhere; a doubling in total number of cars with no new roads- in fact in many areas road capacity is being deliberately throttled, often though bus/cycle lanes or pedestrian/environmental areas, lack of improvement to account for new developments, sometimes restrictions for no real apparent reason other than perhaps a desire to see cars and vans and lorries all jammed up. Londons roads are an absolute joke for a city of it's status. Of a fair number of major cities in america, europe and austrlia I've been in none seem to have such political determination to force road users to stew in havoc.

Then they complain about pollution levels ?!

[okgo]

London is bliss at the minute roadwise - schools are off is why - Kings Road is wonderfully empty, even at the time I commute in (by bike).

Most people do not need to drive, and average journey lengths in London are laughably short, I'm so glad they're making it an utter pain to drive here, it hopefully will force people to do something else.

[hairyben]

okgo said:

London is bliss at the minute roadwise - schools are off is why - Kings Road is wonderfully empty, even at the time I commute in (by bike).

Most people do not need to drive, and average journey lengths in London are laughably short, I'm so glad they're making it an utter pain to drive here, it hopefully will force people to do something else.

thats the kind of delusional smug idiotthink that responsible for this farce.

I travel the city/west end fixing electrics, mostly the lighting in a chain of bicycle shops that sell/maintain/repair said bikes, what would you force me and my half odd ton of tools and equipment to do then?

parking is so difficult because people like you think it should be with your small-minded take on things that I'm seriously thinking I'll need to employ someone soon to drive my van round and round and round the block all day while I work- a lot of people are doing this already!

By the way you'll be paying for me to to pay someone to waste diesel for you to choke on while you cycle everythime you use said bicycle store!

Please try to see a slightly bigger picture.

[turbobloke]

hairyben said:

okgo said:

London is bliss at the minute roadwise - schools are off is why - Kings Road is wonderfully empty, even at the time I commute in (by bike).

Most people do not need to drive, and average journey lengths in London are laughably short, I'm so glad they're making it an utter pain to drive here, it hopefully will force people to do something else.

thats the kind of delusional smug idiotthink that responsible for this farce.

I travel the city/west end fixing electrics, mostly the lighting in a chain of bicycle shops that sell/maintain/repair said bikes, what would you force me and my half odd ton of tools and equipment to do then?

parking is so difficult because people like you think it should be with your small-minded take on things that I'm seriously thinking I'll need to employ someone soon to drive my van round and round and round the block all day while I work- a lot of people are doing this already!

By the way you'll be paying for me to to pay someone to waste diesel for you to choke on while you cycle everythime you use said bicycle store!

Please try to see a slightly bigger picture.

Sound advice. Traffic managers and planners also need to wake up, they share the same disease in thinking they know better than other people which mode of transport is best for journeys made by those other people.

The person making the journey is better placed than a bureaucrat who is essentially trying to save money and have an easier working life while scapegoating private transport to bend a knee to the false green god.

As your example points out, the so-called 'work' of local authority transport totalitarians often backfires.

[scenario8]

Let's not derail a thread that itself is an offshoot of the real property price thread, guys. Pretty please.

[turbobloke]

scenario8 said:

Let's not derail a thread that itself is an offshoot of the real property price thread, guys. Pretty please.

Two posts make for a siding not a derailment

Sometimes some things just need saying.

[okgo]

hairyben said:

thats the kind of delusional smug idiotthink that responsible for this farce.

I travel the city/west end fixing electrics, mostly the lighting in a chain of bicycle shops that sell/maintain/repair said bikes, what would you force me and my half odd ton of tools and equipment to do then?

parking is so difficult because people like you think it should be with your small-minded take on things that I'm seriously thinking I'll need to employ someone soon to drive my van round and round and round the block all day while I work- a lot of people are doing this already!

By the way you'll be paying for me to to pay someone to waste diesel for you to choke on while you cycle everythime you use said bicycle store!

Please try to see a slightly bigger picture.

Where did I say about people driving for work? I said about people making pointless journeys, as made obvious by the fact roads are currently good because there is no school run mums clogging the place up.

I pay for all sorts of pointless st I can't stop so one more jobsworth won't make any odds. I don't use any bike shops you'll be working on so don't worry about me.

Edited by okgo on Wednesday 29th July 15:48

[turbobloke]

It's not such a terrible time to buy a house, what say you?

[Neil H]

Let’s not forget that a drop in prices is only an issue if you are planning to sell – if you bought your property to live in, did your homework on the area and did not stretch beyond your means financially, then the worst case scenario is you stay in the property longer than planned.

[TommoAE86]

Probably been said but can you push outside of the city limits? We were looking to buy in Winchester, but that's a special bubble of insane prices so we went 7 miles outside and bought a house the same size but £60k cheaper, area no less desirable/safe etc and same standard of construction with the houses too so not losing anything there.

[markcoznottz]

scenario8 said:

Let's not derail a thread that itself is an offshoot of the real property price thread, guys. Pretty please.

Cmon mate give a bloke a break, Welshie thought he had actually made some friends on this thread and that people were actually listening to him....

[westhamtim]

jdw1234 said:

westhamtim said:

jdw1234 said:

• Basel 3 likely to result in mortgage rates for BTL materially increasing.

I've seen this mentioned in other house price threads. Which aspect of Basel 3 is going to drive this increase?

As I understand - Potentially risk weighted as a "specialist loan" rather than resi so will need more regulatory capital put aside = more cost to bank = interest rates up.

Page 2 of this article:

http://www.ftadviser.com/2015/04/27/mortgages/mort...

Can't read the article but Basel iii (crd iv) is already in place and specialised lending is a classification of lending to companies, not individuals, and generally applies to lending for large infrastructure projects. I don't know enough about the industry to comment on how much btl property is held NY corporates that could fall in this definition but I don't see it hitting individuals with btl.

[jonny70]

Dont you know houses cant fall in price !
Its not possible .Gordon Brown abolished " boom and bust " That means that houses only go up and never fall!

[Welshbeef]

jonny70 said:

Dont you know houses cant fall in price !
Its not possible .Gordon Brown abolished " boom and bust " That means that houses only go up and never fall!

Well when over the last 12 months 70% of purchases have been cash purchases it looks very promising.

[jonny70]

Welshbeef said:

Also another star in the area well over 65% of all houses are owned outright... So the remaining 35% are anywhere from brand new mortgages to one payment to go and of course includes Buy to let.

65%?

Ty more like 50%

"However, for the first time since the early 1980s, more households were living mortgage-free. While 7.4 million households were outright owners, the figures for mortgaged-owners was 6.9 million. The majority of outright owners, 4.5 million households, had a resident aged 65 and over."

http://www.theguardian.com/money/2015/feb/25/owner...

The facts also tell you nothing. As most people 50/60 plus own their house whilst its the young generations that struggle/hihgly mortgaged.

My parents and inlaws are both 60ish .They own their houses outright and so do most of their contemporaries.( Infact most own several BTL mostly in limited companies )Fact is their 5 bedroom houses are worth 10 times what they paid for them 30 odd years ago . Their children and most of their children contemporaries cant afford to buy such houses even with huge maxed out mortgages.

The fact is the vast majority of property wealth is owned by 50/60 plus whilest the youngsters of today cant afford to buy or if they do its with huge mortgagees. (talking of prices going up 20% a year as has been done in this thread negates any saving).