How Far Will House Prices Fall? [Volume 6]
Discussion
House prices fall ? Nah.
This time in 2032*, they'll be 150% up on today.
This time in 2032*, they'll be 150% up on today.
- 2032 being the point I pay off a BTL and a 2nd home mortgages and retire with the rentals paying for life's luxuries. Or Sell them and live off the interest.
Shnozz said:
Pit Pony said:
It's weird. Perceptions on pay.
My wife thinks anyone on more than £45k is mega rich.
Lucky man then. Particularly if she thinks anything more than 5” is mega long. My wife thinks anyone on more than £45k is mega rich.
If you're single and live in rural wales or a tired northern mining town £45k would buy a great life, if you're trying to support a family of 5 on that wage and live inside the M25 thats a whole different kettle of fish and would lead to a pretty horrible standard of life.
kiethton said:
Its all relative though isn't it.
If you're single and live in rural wales or a tired northern mining town £45k would buy a great life, if you're trying to support a family of 5 on that wage and live inside the M25 thats a whole different kettle of fish and would lead to a pretty horrible standard of life.
Wholly appreciate that. But in an Instagram influenced world where even those in rural Wales get the internet, many young women of today look to the Kardashians and thing every young person wears Gucci, drives a leased Merc and drinks Starbucks daily. If you're single and live in rural wales or a tired northern mining town £45k would buy a great life, if you're trying to support a family of 5 on that wage and live inside the M25 thats a whole different kettle of fish and would lead to a pretty horrible standard of life.
Someone mentioned earlier that a “Decent” 3 bed terrace in London is well over a million.
Whilst there are plenty like that there are a whole lot more that are less, a lot less.
It’s also interesting to look at London houses in a bit more detail because you often find all is not what it seems. You’ll often have extensions, loft conversions, high end kitchens and bath rooms that you simply don’t know about.
Walk past a terraced house in Twickenham and it will look very similar to a terraced house in Kettering.
Go inside and you’ll see they aren’t comparable in any way.
Whilst there are plenty like that there are a whole lot more that are less, a lot less.
It’s also interesting to look at London houses in a bit more detail because you often find all is not what it seems. You’ll often have extensions, loft conversions, high end kitchens and bath rooms that you simply don’t know about.
Walk past a terraced house in Twickenham and it will look very similar to a terraced house in Kettering.
Go inside and you’ll see they aren’t comparable in any way.
Thankyou4calling said:
Someone mentioned earlier that a “Decent” 3 bed terrace in London is well over a million.
Whilst there are plenty like that there are a whole lot more that are less, a lot less.
It’s also interesting to look at London houses in a bit more detail because you often find all is not what it seems. You’ll often have extensions, loft conversions, high end kitchens and bath rooms that you simply don’t know about.
Walk past a terraced house in Twickenham and it will look very similar to a terraced house in Kettering.
Go inside and you’ll see they aren’t comparable in any way.
Depends on what part of London surely?Whilst there are plenty like that there are a whole lot more that are less, a lot less.
It’s also interesting to look at London houses in a bit more detail because you often find all is not what it seems. You’ll often have extensions, loft conversions, high end kitchens and bath rooms that you simply don’t know about.
Walk past a terraced house in Twickenham and it will look very similar to a terraced house in Kettering.
Go inside and you’ll see they aren’t comparable in any way.
If you think that London only extends to zone 2 then you may have a point but in the outer environs it’s perfectly possible to get a decent gaff in a non stabby part of London for well under a million (but will still be extortionately expensive compared to a similar house in the Midlands for example).
kiethton said:
Shnozz said:
Pit Pony said:
It's weird. Perceptions on pay.
My wife thinks anyone on more than £45k is mega rich.
Lucky man then. Particularly if she thinks anything more than 5” is mega long. My wife thinks anyone on more than £45k is mega rich.
If you're single and live in rural wales or a tired northern mining town £45k would buy a great life, if you're trying to support a family of 5 on that wage and live inside the M25 thats a whole different kettle of fish and would lead to a pretty horrible standard of life.
vonuber said:
As an aside I think Brexit will also boost them massively.
Again, I highly doubt it. Top civil & structural engineers have been flying out to overseas already. UAE, Australia, Canada even U.S.A has better prospects (if you intend to stay in construction). The ones who changes industry, moving to finance or business stay here perhaps or also move to U.S.APersonal knowledge; I had three mates who graduated from Imperial college (Meng) back in 2006. All left U.K. for good. (Singapore, Japan, Australia)
vonuber said:
Civ Eng grad will pull in around £31k at the moment to start with. Civ Eng salaries are getting better, which is about time.
As an aside I think Brexit will also boost them massively.
I hope so! I'm an electrical engineering Grad and started on 28k in the midlands... They paid for my degree though so not too bad I guess. As an aside I think Brexit will also boost them massively.
ooid said:
Again, I highly doubt it. Top civil & structural engineers have been flying out to overseas already. UAE, Australia, Canada even U.S.A has better prospects (if you intend to stay in construction). The ones who changes industry, moving to finance or business stay here perhaps or also move to U.S.A
Personal knowledge; I had three mates who graduated from Imperial college (Meng) back in 2006. All left U.K. for good. (Singapore, Japan, Australia)
Exactly - therefore there is scarcity. We already struggle to recruit, and losing easy access to European engineers will make it worse.Personal knowledge; I had three mates who graduated from Imperial college (Meng) back in 2006. All left U.K. for good. (Singapore, Japan, Australia)
Although if I had taken the offer to get into finance when I graduated back in 2002, maybe I'd be able to afford a 3 bedroom house in London
MX-6 said:
Interesting talk of salaries in this thread, some of those grad level incomes mentioned are an eye opener though I guess I shouldn't be surprised any more, London is a completely different game to elsewhere as well. It makes me feel like I didn't make the best career choices in terms of renumeration (senior design engineer), but work and live outside London and the city commuter blast radius and you can have a decent family house and life without the mega-bucks. A quick google search suggests that the average London salary is £38-40k, so that would suggest there are quite a lot of people in London with "a pretty horrible standard of life", though a couple could obviously have double that as a household income.
You have to remember a huge number of people in London live in rooms and work in shops/bars/etc. Or are people from abroad doing the same etc. And of course the average also covers graduates/young people (hundreds of thousands of them) that will be living in rooms with mates etc. Some of those people will make enough one day to look into buying, lots won't, lots have no intention and are here for a laugh/sending money home etc etc.The average salary of a London home-owner would be quite an interesting stat.
NickCQ said:
z4RRSchris said:
you maybe able to very quickly borrow half a million quid, but do you have the 100k + deposit you need, how can you save that without BOMD
Putting away 3-5 years variable comp would do it on the numbers we are talking about.One shed car between us, PAYG mobile phones, no Gym memberships, no debt, very rarely drink and rarely eat out. I am not sure how many people would be happy to live a life like that to save a deposit.
That was to buy a 2 bedroom mid terrace in zone 6, crazy when you think about it.
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