House Prices

Last year people kept saying the bubble would burst when the stamp duty holiday ended in September, lo and behold the prices kept increasing. In fact I think as restrictions ended things got even crazier. I moved in July and so glad its done and dusted now, it doesnt help that the cost of building work has gone crazy too so even if you stay put and renovate/extend you are spending a fortune.
 
blue b4 the moon said:
We were trying to sell in Oldham pre-covid but our buyer ducked out at the 11th hour as we were going to move to Lincolnshire, we decided to stay where we were while the world was fucked with the pandemic.

We're now about 10-20 days off completion with another buyer and are getting s good 25% more after painting and a bit of a tidy up while lockdown.

Unfortunately, we've been priced out of the area we wanted to move to which has gone up even more but, have found somewhere nice on the coast on the edge of Fleetwood & will make a profit on the deal as well.

Prices overall have gone up but depending on area, transport links, work availability etc some areas much more than others.
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You dodged an absolute bullet there mate. Driving through there is fucking soul destroying so can’t begin to imagine what it’s like to live there. Good luck with the move.
 
metalblue said:
You dodged an absolute bullet there mate. Driving through there is fucking soul destroying so can’t begin to imagine what it’s like to live there. Good luck with the move.
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Cheers, wanted to move to the country ideally near Market Rasen as we like the area it would have meant dropping City tho as I'd not be arsed traveling over for all the games from over there but Fleetwood is within range so all good.
 
As a former economics student and now financial services professional I have no idea why somethings are valued as they are. Its not just houses. This week Musk used his massively overvalued Tesla stock as collateral to borrow money to pay far too much for Twitter. Everything is overvalued.

Or is it that people are undervalued. Do we need to stop asking why is that worth x and start to think why do I only get paid y?

Big correction of some sort is incoming. (I've been saying that for years).
 
Gaudion M said:
As a former economics student and now financial services professional I have no idea why somethings are valued as they are. Its not just houses. This week Musk used his massively overvalued Tesla stock as collateral to borrow money to pay far too much for Twitter. Everything is overvalued.

Or is it that people are undervalued. Do we need to stop asking why is that worth x and start to think why do I only get paid y?

Big correction of some sort is incoming. (I've been saying that for years).
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The housing market must be a massive bubble fuelled by low interest rates. Put your household income in the link below and you'll probably be VERY surprised. I earn £40k and my girlfriend earns £30k. I expected our household income to be in the region of bang average but we're actually in the top 15% earners....

ifs.org.uk

Your household's income : Where do you fit in? | Institute for Fiscal Studies

When you think about your income, do you feel rich, poor, or just plain average? Find out where you lie in the UK income distribution.
ifs.org.uk ifs.org.uk

We bought our 3 bed detached for £230k and we're looking to upsize but we can't afford to unless we compromise a bit on location or house to keep it around £300k. There are new build estates going up now though with 3 bed houses at £300k+ and down south you won't get a small terraced house for less than £300k-400k.

I have absolutely no idea how some people do it, especially down south.
 
Bought a house in Oct 2020 for 107k, neighbours just sold theirs with a smaller garden and more run down for 155k. Shit is crazy.
 
It is about 25% in two years were I live, but new builds are rising quicker than existing properties.

Hard to know exactly as there is a big delay on the LR Open Data, partly reporting and partly publishing, so you probably need 9-12 months to know the real picture.
 
been in levenshulme for 13 years, moved there as it was a good affordable place for first time buyers. jesus christ that is no longer the case. swamped with hipsters from chorlton and london and their doer-uppers along with out of town landlords buying up everything they can, prices have gone through the roof. we were hoping to move to the other side of lev (west point) but there is exactly no chance we can afford that now. completely unsustainable (the quality of dog has improved a lot though)
 
Scottyboi said:
Middlewich mate, was a bargain for an end terrace with a big garden. Turned it from 2 bedroom to 4 bedroom now as well as I have another kid on the way haha. It's another world out here compared to being in Wythenshawe.
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I moved from Blackley to Ashton but I've started growing extra fingers
 
bluejon said:
been in levenshulme for 13 years, moved there as it was a good affordable place for first time buyers. jesus christ that is no longer the case. swamped with hipsters from chorlton and london and their doer-uppers along with out of town landlords buying up everything they can, prices have gone through the roof. we were hoping to move to the other side of lev (west point) but there is exactly no chance we can afford that now. completely unsustainable (the quality of dog has improved a lot though)
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Yep.
Some of the hipster young Mum's are an improvement as well.
 
inbetween said:
The housing market must be a massive bubble fuelled by low interest rates. Put your household income in the link below and you'll probably be VERY surprised. I earn £40k and my girlfriend earns £30k. I expected our household income to be in the region of bang average but we're actually in the top 15% earners....

ifs.org.uk

Your household's income : Where do you fit in? | Institute for Fiscal Studies

When you think about your income, do you feel rich, poor, or just plain average? Find out where you lie in the UK income distribution.
ifs.org.uk ifs.org.uk

We bought our 3 bed detached for £230k and we're looking to upsize but we can't afford to unless we compromise a bit on location or house to keep it around £300k. There are new build estates going up now though with 3 bed houses at £300k+ and down south you won't get a small terraced house for less than £300k-400k.

I have absolutely no idea how some people do it, especially down south.
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they've got capital already. That's the only way.
They got in and bought in the previous decades when house prices were a multiple of income up to about x3.5 at most.
And/or they've got access to capital from parents who bought previously.

Households earning enough to be a first time buyers now surely aren't numerous enough (I've zero research to back this up....)
 
Base rate interest will likely increase at least 1.5% over next two years to impact inflation. Quantitive easing across the world due to covid has caused this mass inflation and house prices are linked to that coupled with supply and demand issues in this country. I am selling 30 apartments a week at the moment. Demand is unprecedented.
 
i wonder if the bubble burst will come when interest rates rise significantly and people come to remortgage and find they can’t, house near me was on for £290k and sold at that but the lender said it wasn’t worth it and it was overpriced so the buyers have had to find another £20k from elsewhere to meet the price. I watched a YouTube video about the American market and conglomerates are buying up houses by outbidding normal buyers by say $50k they are effectively creating a rental only market.
 
At the moment my house is worth £80k more than what I paid for it 8 years ago (granted I spent £15k on doing it up with a personal loan which is now cleared) and I've got around £100k in equity on it at today's values...

Problem is, I'd never get anything like the same size of property/gardens in a nicer area, without mortgaging myself to way more than what I'd be comfortable with...

I think I'll stick to sunny smackhead central and should hopefully be mortgage free before I'm 40.
 
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