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May 26 2022 2.12am

London Property Market

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View Rudi Hedman's Profile Rudi Hedman Flag Caterham 07 Apr 22 3.40pm Send a Private Message to Rudi Hedman Add Rudi Hedman as a friend

Originally posted by BlueJay

It certainly hasn't done many favours for the average working man both in terms of being priced out workwise and having somewhere to live. It's still a salvageable situation to an extent if have a national house building program, but I don't trust our government or other parties to deliver on that. There are too many advantages to them not bothering. Making us a nation of renters (and expensive to rent at that) was the plan all along in my view.

Blair started the higher educated but lower paid trend along with importing workers and throwing youngsters on the scrap heap.

 


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View cryrst's Profile cryrst Flag Chatham 07 Apr 22 3.43pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by BlueJay

It certainly hasn't done many favours for the average working man both in terms of being priced out workwise and having somewhere to live. It's still a salvageable situation to an extent if have a national house building program, but I don't trust our government or other parties to deliver on that. There are too many advantages to them not bothering. Making us a nation of renters (and expensive to rent at that) was the plan all along in my view.

Which would be fine if prices were sensible. In europe I think a certain size property command's x rent. In the UK the reason rents are high is because there are so many owners and its drilled from day one " you must buy"

 

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View BlueJay's Profile BlueJay Flag UK 07 Apr 22 3.48pm Send a Private Message to BlueJay Add BlueJay as a friend

Originally posted by cryrst

Which would be fine if prices were sensible. In europe I think a certain size property command's x rent. In the UK the reason rents are high is because there are so many owners and its drilled from day one " you must buy"

It's a tricky balance as I certainly believe that there's nothing wrong with renting, but at the same time if people want to own and are forced to rent due to the market conditions that's not a great situation, regardless of whether the rent seems reasonable or not. But I do take your point that, if rent was lower it would give people options that didn't break the bank.

Also, to me it only seems right to take years renting as evidence that a person is able to and can be trusted to pay a mortgage, rather than it solely being linked to income in the 2 or 3 years prior.

 

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View Rudi Hedman's Profile Rudi Hedman Flag Caterham 07 Apr 22 4.10pm Send a Private Message to Rudi Hedman Add Rudi Hedman as a friend

A life of renting in the private sector isnít the best preparation for retirement on a pension and a housing allowance in Britain.

 


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View Wisbech Eagle's Profile Wisbech Eagle Flag Truro Cornwall 07 Apr 22 4.47pm Send a Private Message to Wisbech Eagle Add Wisbech Eagle as a friend

Originally posted by Rudi Hedman

If only we could all leave this developing pit and start again in a warmer country and swap place with huge numbers of economic migrants.

If you are retired, or earn an income from working at home, there is nothing to stop you living in a warmer place. There are plenty of options, often where the housing costs are a tiny fraction of the UK. You have to balance that against the quality, availability and cost of health and security. Things we tend to take for granted, until they aren't there.

I owned a beach front home in the Philippines for several years, which was modern, well equipped, aircon throughout and with ensuites for each of the 4 bedrooms. It cost the equivalent of £120,000 when I bought, probably £200,000 today. Among my friends, there was a software developer who worked full time for a games developer in Bristol, doing all his work online. So he would work from mid-afternoon to midnight to match UK time, and spent the mornings on the beach or in his boat. Another worked as a diver on oil rigs, 3 weeks on, 3 off. Another owned and operated a call-centre business.

It can be done, if you want it enough.

 

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View BlueJay's Profile BlueJay Flag UK 07 Apr 22 4.53pm Send a Private Message to BlueJay Add BlueJay as a friend

Originally posted by Wisbech Eagle

If you are retired, or earn an income from working at home, there is nothing to stop you living in a warmer place. There are plenty of options, often where the housing costs are a tiny fraction of the UK. You have to balance that against the quality, availability and cost of health and security. Things we tend to take for granted, until they aren't there.

I owned a beach front home in the Philippines for several years, which was modern, well equipped, aircon throughout and with ensuites for each of the 4 bedrooms. It cost the equivalent of £120,000 when I bought, probably £200,000 today. Among my friends, there was a software developer who worked full time for a games developer in Bristol, doing all his work online. So he would work from mid-afternoon to midnight to match UK time, and spent the mornings on the beach or in his boat. Another worked as a diver on oil rigs, 3 weeks on, 3 off. Another owned and operated a call-centre business.

It can be done, if you want it enough.

It can sometimes be more than wanting it though. House prices are staggeringly high compared to previous decades and as such many people are scraping by rather than in reach of buying a home or preparing for their retirement, even though they've worked as hard and are as motivated as us.

I do take your point about those working from home though, which is true of a very significant amount of people (more so post pandemic), and so it can be an option for some. A good way to explore the world for those its a good fit for.


Edited by BlueJay (07 Apr 2022 4.54pm)

 

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View Philís Barber's Profile Philís Barber Flag Crowborough 07 Apr 22 5.32pm Send a Private Message to Philís Barber Add Philís Barber as a friend

Originally posted by Rudi Hedman

Iíve been wondering when the next housing crash might happen. Hereís a view from The Independent [Link]

It is certainly an interesting article and I believe there is a lot in it. Iíve read counter arguments that the market will remain strong but I just donít see it personally. The effects of inflation, the cost of living crisis, interest rate rises, uncertainty in the jobs market. I do think there will be a correction in the housing market in the coming months.

 

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View BlueJay's Profile BlueJay Flag UK 07 Apr 22 5.43pm Send a Private Message to BlueJay Add BlueJay as a friend

Originally posted by Philís Barber

It is certainly an interesting article and I believe there is a lot in it. Iíve read counter arguments that the market will remain strong but I just donít see it personally. The effects of inflation, the cost of living crisis, interest rate rises, uncertainty in the jobs market. I do think there will be a correction in the housing market in the coming months.

I missed the actual article itself initially. Good read. On one hand I definitely see sense to this, as in these conditions realistically how can prices go up much more. To counter it, we could say that in not building enough houses it's hard to see how a collapses could happen (as the monied would very quickly swoop in to take advantage of lower prices). I can see a scenario perhaps where prices remain static for a good while. That wouldn't be a bad thing. Time will tell; strange times where little is certain!

 

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View cryrst's Profile cryrst Flag Chatham 07 Apr 22 5.58pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by Philís Barber

It is certainly an interesting article and I believe there is a lot in it. Iíve read counter arguments that the market will remain strong but I just donít see it personally. The effects of inflation, the cost of living crisis, interest rate rises, uncertainty in the jobs market. I do think there will be a correction in the housing market in the coming months.

Which I think will also counter the high rents.

 

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View Rudi Hedman's Profile Rudi Hedman Flag Caterham 07 Apr 22 8.00pm Send a Private Message to Rudi Hedman Add Rudi Hedman as a friend

Originally posted by BlueJay

I missed the actual article itself initially. Good read. On one hand I definitely see sense to this, as in these conditions realistically how can prices go up much more. To counter it, we could say that in not building enough houses it's hard to see how a collapses could happen (as the monied would very quickly swoop in to take advantage of lower prices). I can see a scenario perhaps where prices remain static for a good while. That wouldn't be a bad thing. Time will tell; strange times where little is certain!

Yes, but they wonít prop up the market or be impatient. I assume youíre talking about smart and experienced money.

 


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View Rudi Hedman's Profile Rudi Hedman Flag Caterham 07 Apr 22 8.02pm Send a Private Message to Rudi Hedman Add Rudi Hedman as a friend

Originally posted by Philís Barber

It is certainly an interesting article and I believe there is a lot in it. Iíve read counter arguments that the market will remain strong but I just donít see it personally. The effects of inflation, the cost of living crisis, interest rate rises, uncertainty in the jobs market. I do think there will be a correction in the housing market in the coming months.

Consumer confidence isnít looking good and imo is going to get worse. This will be a problem.

 


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View BlueJay's Profile BlueJay Flag UK 07 Apr 22 8.08pm Send a Private Message to BlueJay Add BlueJay as a friend

Originally posted by Rudi Hedman

Yes, but they wonít prop up the market or be impatient. I assume youíre talking about smart and experienced money.

For the sake of those more deserving, I certainly hope you're right!

 

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