How far will house prices fall [volume 4]

How far will house prices fall [volume 4]

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WCZ

10,492 posts

193 months

Tuesday 27th June 2017
quotequote all
Thankyou4calling said:
Plenty of them here. I don't know Derbyshire but I'm certain there will be decent paces among the 120+ listed.

And these are houses not flats.

Now of course some (not all) will need varying degrees of work and may not be in the best areas but isn't building a home part of what being a first time buyer is about?

http://www.rightmove.co.uk/property-for-sale/find....
jesus, didn't realize just how dirt cheap property is in derbyshire

p1stonhead

25,489 posts

166 months

Tuesday 27th June 2017
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superkartracer said:
Rovinghawk said:
superkartracer said:
Ultimately if things become really bad they could simply take them off people .
State confiscation of assets- what a great idea.
Happened in the war , and if deemed an emergency i'd not put it past them.
Some people not being able to afford property, whilst others can, is not with the best will in the world, an emergency.

superkartracer

8,959 posts

221 months

Tuesday 27th June 2017
quotequote all
Average house price is 230k plus , most people can't afford that ( i class a single person on 70k PA as someone that can actually afford it ( just )) .

Edited by superkartracer on Tuesday 27th June 14:20

p1stonhead

25,489 posts

166 months

Tuesday 27th June 2017
quotequote all
anonymous said:
[redacted]
Yeah but you didnt say English did you. You said white.

Derek Chevalier

3,942 posts

172 months

Tuesday 27th June 2017
quotequote all
superkartracer said:
I guess there are many methods the GOV could use to flush the BTL system , i guess supplying cheap housing then pushing interest rates to 15% would work well.

Ultimately if things become really bad they could simply take them off people .
Raising rates to ~5% will make enough of a difference - no need to go overboard

okgo

37,860 posts

197 months

Tuesday 27th June 2017
quotequote all
superkartracer said:
Average house price is 230k plus , most people can't afford that ( i class a single person on 70k PA as someone that can actually afford it ( just )) .

Edited by superkartracer on Tuesday 27th June 14:20
£4k per month but they can JUST afford a 900 quid mortgage? Or am I missing something...

superkartracer

8,959 posts

221 months

Tuesday 27th June 2017
quotequote all
okgo said:
superkartracer said:
Average house price is 230k plus , most people can't afford that ( i class a single person on 70k PA as someone that can actually afford it ( just )) .

Edited by superkartracer on Tuesday 27th June 14:20
£4k per month but they can JUST afford a 900 quid mortgage? Or am I missing something...
You most certainly are .

Frybywire

467 posts

195 months

Tuesday 27th June 2017
quotequote all
anonymous said:
[redacted]
Don't worry about it, you'll be dead.

p1stonhead

25,489 posts

166 months

Tuesday 27th June 2017
quotequote all
superkartracer said:
okgo said:
superkartracer said:
Average house price is 230k plus , most people can't afford that ( i class a single person on 70k PA as someone that can actually afford it ( just )) .

Edited by superkartracer on Tuesday 27th June 14:20
£4k per month but they can JUST afford a 900 quid mortgage? Or am I missing something...
You most certainly are .
Well I am too then if you think someone on £70k can only 'just' afford a £230k house.. Thats only just over 3x salary. And if you cant save the rest over a few years on £70k then you are an idiot and probably dont deserve a house.

ClaphamGT3

11,269 posts

242 months

Tuesday 27th June 2017
quotequote all
anonymous said:
[redacted]
Just watch as industrial PRS really takes hold. We'll be back to Victorian levels of owner occupation within a generation

p1stonhead

25,489 posts

166 months

Tuesday 27th June 2017
quotequote all
anonymous said:
[redacted]
What timescales do you reckon Clapham? Is this still on the cards with returns not being what they once were?

Sa Calobra

37,011 posts

210 months

Tuesday 27th June 2017
quotequote all
p1stonhead said:
Well I am too then if you think someone on £70k can only 'just' afford a £230k house.. Thats only just over 3x salary. And if you cant save the rest over a few years on £70k then you are an idiot and probably dont deserve a house.
But your take home isn't 70k. You are NI'd and taxed to the hilt. So you live Uber frugally to save up. Where's the joy in that when a 70k salary comes with pressure and demands. You treat yourself. Many people even on those salaries can buy later plus if you have tuition fees and student debt to pay off first?

p1stonhead

25,489 posts

166 months

Tuesday 27th June 2017
quotequote all
Sa Calobra said:
p1stonhead said:
Well I am too then if you think someone on £70k can only 'just' afford a £230k house.. Thats only just over 3x salary. And if you cant save the rest over a few years on £70k then you are an idiot and probably dont deserve a house.
But your take home isn't 70k. You are NI'd and taxed to the hilt. So you live Uber frugally to save up. Where's the joy in that when a 70k salary comes with pressure and demands. You treat yourself. Many people even on those salaries can buy later plus if you have tuition fees and student debt to pay off first?
How is that relevent? The take home is still over £4k a month. Someone saving appropriately should be saving £1500 of that EASILY (if not £2k) unless they are paying silly rent somewhere.

The joy in that is getting a house at the end of it. Thats treating yourself long term.

Someone spunking £4k a month up the wall wth nothing to show for it at the end probably doesnt care about getting a house anyway.

sc0tt

18,032 posts

200 months

Tuesday 27th June 2017
quotequote all
p1stonhead said:
How is that relevent? The take home is still over £4k a month. Someone saving appropriately should be saving £1500 of that EASILY (if not £2k) unless they are paying silly rent somewhere.

The joy in that is getting a house at the end of it. Thats treating yourself long term.

Someone spunking £4k a month up the wall wth nothing to show for it at the end probably doesnt care about getting a house anyway.
Ooops hehe

I need to buy one now. Aiming for March with the missus.

superkartracer

8,959 posts

221 months

Tuesday 27th June 2017
quotequote all
p1stonhead said:
superkartracer said:
okgo said:
superkartracer said:
Average house price is 230k plus , most people can't afford that ( i class a single person on 70k PA as someone that can actually afford it ( just )) .

Edited by superkartracer on Tuesday 27th June 14:20
£4k per month but they can JUST afford a 900 quid mortgage? Or am I missing something...
You most certainly are .
Well I am too then if you think someone on £70k can only 'just' afford a £230k house.. Thats only just over 3x salary. And if you cant save the rest over a few years on £70k then you are an idiot and probably dont deserve a house.
Thats just etc , it's interesting how it's become so distorted and this is not seen as on the limits of affordability . You people are in for a shock and it will come it always does.

p1stonhead

25,489 posts

166 months

Tuesday 27th June 2017
quotequote all
superkartracer said:
p1stonhead said:
superkartracer said:
okgo said:
superkartracer said:
Average house price is 230k plus , most people can't afford that ( i class a single person on 70k PA as someone that can actually afford it ( just )) .

Edited by superkartracer on Tuesday 27th June 14:20
£4k per month but they can JUST afford a 900 quid mortgage? Or am I missing something...
You most certainly are .
Well I am too then if you think someone on £70k can only 'just' afford a £230k house.. Thats only just over 3x salary. And if you cant save the rest over a few years on £70k then you are an idiot and probably dont deserve a house.
Thats just etc , it's interesting how it's become so distorted and this is not seen as on the limits of affordability . You people are in for a shock and it will come it always does.
Are you from House Price Crash? If you were you would have probably lost a couple hundred grand by now with that thinking.

Why is £230k unaffordable for someone on £70k?

Smoeone earlier in this thread paid £45k while on £15k and I didnt see anyone jump up and down about it then?

matrignano

4,350 posts

209 months

Tuesday 27th June 2017
quotequote all
p1stonhead said:
How is that relevent? The take home is still over £4k a month. Someone saving appropriately should be saving £1500 of that EASILY (if not £2k) unless they are paying silly rent somewhere.

The joy in that is getting a house at the end of it. Thats treating yourself long term.

Someone spunking £4k a month up the wall wth nothing to show for it at the end probably doesnt care about getting a house anyway.
In this scenario, the problem is not so much being able to afford the mortgage, it's the ability to save up enough (and quickly enough) for the 20% deposit required these days.

Up until recently my ability to save a deposit was far outpaced by rising house prices, meaning that every single month I would actually be getting further away from my deposit "goal"!

superkartracer

8,959 posts

221 months

Tuesday 27th June 2017
quotequote all
Crash what ?

Ok , you earn 4k month and currently this 200-230k is costing 1k month @ very low rates , what happens if they move to say 5/6/7/8%+ it then becomes 2k month , what happens if you lose this 70k job? , or you become sick or get injured ( add many other things here ) . There is very good reason the MAX limit for a mortgage payment is 28% ( MAX ) of your income and 10% is classed as easy to afford .

I've seen people earning 50k month become sick and not be able to work again , 4k a month is fk all .

Justayellowbadge

37,057 posts

241 months

Tuesday 27th June 2017
quotequote all
matrignano said:
In this scenario, the problem is not so much being able to afford the mortgage, it's the ability to save up enough (and quickly enough) for the 20% deposit required these days.

Up until recently my ability to save a deposit was far outpaced by rising house prices, meaning that every single month I would actually be getting further away from my deposit "goal"!
Someone I know in a similar position used the deposit they did have to buy off plan oop north. Sold a year later just before completion and the result was a deposit that worked.

Risky, admittedly.

sc0tt

18,032 posts

200 months

Tuesday 27th June 2017
quotequote all
Justayellowbadge said:
Someone I know in a similar position used the deposit they did have to buy off plan oop north. Sold a year later just before completion and the result was a deposit that worked.

Risky, admittedly.
I like that idea.

I'm not in a position to buy down here, my dads bought on a new development. Some 2 bed properties listed for £128k. I rekon a punt of £120k could see it under stamp duty allowance. 5% deposit. Await the rise. Sell in one year for £135k making the shortfall up.

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