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Cost of living crisis - how are you all doing?
- Thread starter The Northern Baptist
- Start date
Millwallawayveteran1988
Well-Known Member
- Joined
- 23 Sep 2010
- Messages
- 38,643
Keep plugging away. You never know.We're looking at £1200 a month extra in March on ours (nice village in Surrey but nothing special in terms of house) - added to the £1800 a month I've got to find for second kid's nursery starting in Jan, looking a bit grim!
Silver-lining being it might finally let me win the argument for moving back North.
It’s going to cause so much shit this for people in the coming months.
The glimmer is that mortgage rates are coming down a bit now and the pressure is coming off interest rates too.
Most "good" areas up north are now 400k+ for a 3/4 bed. Difference between the north and London is that same 400k buys you a house in somewhere like Dagenham, Enfield or Croydon none of which are then nicest of places.
Yes mad. I live in Altrincham and I bought my house for £48,000 in 1992. They are going for £280,000+ now and sell within weeks or quicker when they go up for sale.
In spite of the cost of living crisis some still seem to be doing well. A lot run two cars and I follow some groups who do videos from bars in Tenerife. They always look packed and are everytime I'm over there. Plenty of money still around.
It’s always the case.Yes mad. I live in Altrincham and I bought my house for £48,000 in 1992. They are going for £280,000+ now and sell within weeks or quicker when they go up for sale.
In spite of the cost of living crisis some still seem to be doing well. A lot run two cars and I follow some groups who do videos from bars in Tenerife. They always look packed and are everytime I'm over there. Plenty of money still around.
Whenever there has been a downturn only about 5% are seriously affected and as harsh as it sounds the other 95% just ride it out.
There is a downturn in the housing market at the moment but everyone knows they are not building enough houses, if the mortgage can be paid for most the house will increase in value so they will stick with it.
Very few are in negative equity.
It’s always the case.
Whenever there has been a downturn only about 5% are seriously affected and as harsh as it sounds the other 95% just ride it out.
There is a downturn in the housing market at the moment but everyone knows they are not building enough houses, if the mortgage can be paid for most the house will increase in value so they will stick with it.
Very few are in negative equity.
It's tempting to cash in but it's catch 22. Everywhere else has gone up in value too so most of it goes on getting a new property anyway.
That happened to me.It's tempting to cash in but it's catch 22. Everywhere else has gone up in value too so most of it goes on getting a new property anyway.
I had a property in Heaton Moor.
Sold it for £350k within 2 days of it going on the market and within 5 years the same properties were going for £600k
That happened to me.
I had a property in Heaton Moor.
Sold it for £350k within 2 days of it going on the market and within 5 years the same properties were going for £600k
I almost fell into the same trap. I moved back to Manchester after five years in Kent. Bought my house for £48,000. I was finding it hard to settle plus the long commute to Dover to work on the ships was grinding me down. Although only twice a month it was enough. I had a flood when I was away so my house got a bit of a revamp through the insurance money. I thought fuck it I'll put it on the market and move back to Kent. I had hardly any interest in two years. The house had also not increased in value much. Suddenly I had a couple interested and were going to come back for a second viewing. By then I had settled in more and got used to the commuting so decided to stay put and took it off the market. Great decision as I'd have only broke even if I'd sold and now it's worth six times what I paid and I've been mortgage free for thirteen years.
Kompany Car
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- Joined
- 19 Sep 2015
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- 3,618
The only time where you can win is if you either downsize or move to a worse area. Other than that it’s all a bit meaningless, as you say if you want a property of the same size in a similar area it’s a zero sum game. There are a few places like Lincolnshire where your money goes a bit further but there isn’t a great deal of highly paid work.It's tempting to cash in but it's catch 22. Everywhere else has gone up in value too so most of it goes on getting a new property anyway.
The only time where you can win is if you either downsize or move to a worse area. Other than that it’s all a bit meaningless, as you say if you want a property of the same size in a similar area it’s a zero sum game. There are a few places like Lincolnshire where your money goes a bit further but there isn’t a great deal of highly paid work.
True. The thing is even in the worse areas prices are rising steeply. After 42 years of working on ships I'm fine living in a small space as onboard I lived in a cabin with a bunk, daybed and attached shower and toilet ( if lucky lol.) I looked at apartments but the hidden sting in the tail is service charges which can be like having a mortgage again.
bluethrunthru
Well-Known Member
It's tempting to cash in but it's catch 22. Everywhere else has gone up in value too so most of it goes on getting a new property anyway.
That comes from supply - bread is 50p a loaf say. Population needs one loaf per person per day. Population increases but bread production doesn't - such is the demand v supply that a loaf is now £1. However the issue is that the people who want bread for their kids who live locally but really wouldn't want a bakery near them as it will reduce the mythical value in their property that they have raised capital upon as it accrued to buy an extension and fancy cars ......... rinse and repeat