House prices rose 7.3% this year, average now almost £250k

[Psycho Sonny]

There's your answer People sure do love their capitalism without limits.

Having said that tho, it's OK for the govt to engage in "corporate socialism" or prop up the housing market bubble. That's good govt interference.

But social housing? No, that's too much like communism

The irony is palpable.

How much is a 1 bedroom flat in Cornwall?

£60k?

Or do you want taxpayers to buy you a mansion to live in?

 

[FoxEye]

How much is a 1 bedroom flat in Cornwall?

£60k?

Or do you want taxpayers to buy you a mansion to live in?

I thought we'd established already that I'm actually a communist that wants us all to live in USSR-style model city?

1 bedroom flat near me: £150k to £225k. At the bottom end you don't even get your own facilities and have to share a kitchen etc

60k? Hilarious.

 

[FoxEye]

GPU scalpers. It really does sound like communism is what your ideal world is.

You are completely against free markets and completely in denial. You even work for the government (public sector).

What do you mean, btw, "you *even* work for the govt".

Are all public sector workers commies then?

 

[Simon]

Nope. Does that matter?

It's not like I can't either talk to people I know who have, or use this wonderful invention called the internet to tell me what the housing market is like elsewhere.

Like I said (repeatedly) family is the only thing keeping me here or I would 100% be gone. Just don't like the British mentality much, truth be told.

A nation stuffed with self-centred, arrogant, aggressive, selfish, destructive prats. Who would mostly throw each other under a bus if somebody paid them to do it.

I just wondered why you thought the U.K. is rubbish and other countries are much better that’s all. Seems you have no actual evidence for this and it’s likely you will be miserable anywhere.

I see now that it’s pretty pointless to continue in this thread. You have a big chip on your shoulder about something.

 

[FoxEye]

I just wondered why you thought the U.K. is rubbish and other countries are much better that’s all. Seems you have no actual evidence for this and it’s likely you will be miserable anywhere.

I see now that it’s pretty pointless to continue in this thread. You have a big chip on your shoulder about something.

Yes because reading things and talking to people is not real evidence. It's not real evidence because it doesn't paint BTL in the UK in a good light.

It's not like you can't find a metric ton of articles on the state of UK housing, in the papers, in studies, etc. Nope all fake news.

So we can ignore it.

To criticise BTL in the UK you must how have lived in Germany, France, Zimbawe and Russia. Only then can you possibly criticise the UK or BTL landlords.

Also you certainly can't use the evidence of what's happening in your own county, which is completely beyond dispute. That's all fake news.

Nothing to see here. BTL is great, all hail dog-eat-dog capitalism.

 

[Simon]

You were criticising the country and it’s people. Nothing to do with BTL.

 

[FoxEye]

You were criticising the country and it’s people. Nothing to do with BTL.

For good reason. You don't have to look far to read articles on the growing wealth divide, etc. How we're increasingly becoming a country of extreme luxury and (increasingly) extreme poverty.

Children going hungry and more people than ever forced to use food banks.

Meanwhile people in this thread rubbing their hands together at the prospect of rising house prices and 75% income paid as rent...

And if you want to do anything about it you're a communist.

 

[Psycho Sonny]

I thought we'd established already that I'm actually a communist that wants us all to live in USSR-style model city?

1 bedroom flat near me: £150k to £225k. At the bottom end you don't even get your own facilities and have to share a kitchen etc

60k? Hilarious.

What about ones that aren't near you or that aren't beach front properties?

Those start much lower right?

 

[dowie]

For the same reason I refuse to pay scalpers for a GPU, I refuse to pay BTL landlords anything at all.

Would rather burn my money then use it to enrich you lot.

But you're happy to pay bankers? (assuming when you do eventually buy you take out a mortgage?)

I think you might have suffered a hefty loss in terms of opportunity cost in being intransient w.r.t renting a place, and in turn widening the scope for jobs/careers beyond the apparently limited opportunities in your local area.

I guess post-pandemic that is perhaps less of an issue, complaints about what people can earn locally become a bit moot when lots of work can be done remotely. People who can adapt to this, in the near future, ought to be able to thrive in places like Cornwall which, while relatively expensive for local salaries, is still a fair bit cheaper than the likes of London etc...

 

[HACO]

I think you might have suffered a hefty loss in terms of opportunity cost in being intransient w.r.t renting a place, and in turn widening the scope for jobs/careers beyond the apparently limited opportunities in your local area.

That is why I rent. I can't afford not to. But every payment feels like I'm slaving away for someone else's benefits, and that's exactly what it is.

At the beginning of 2020 I was 1 year away from being able to buy the kind of place I wanted (£500k house with £50k deposit at about 2% interest rate).

Right now I have my £50k deposit, but those £500k places are now closer to £600k, and 90% LTV mortgages are now at 3.6% interest, meaning I can't afford them anymore. I need to bring that deposit up to £120k to bring monthly payments down to a level I can afford (£480k @ 2% interest), so I need to rent for another 2-3 years. But maybe by then the prices would be £800k and I may need a £200k deposit. This is how people get priced out of the market indefinitely.

My BTL landlord however, is popping up champaign. His properties are worth a lot more, and people are forced to rent for longer before they can buy their own place.

 

[shiver]

That is why I rent. I can't afford not to. But every payment feels like I'm slaving away for someone else's benefits, and that's exactly what it is.

At the beginning of 2020 I was 1 year away from being able to buy the kind of place I wanted (£500k house with £50k deposit at about 2% interest rate).

Right now I have my £50k deposit, but those £500k places are now closer to £600k, and 90% LTV mortgages are now at 3.6% interest, meaning I can't afford them anymore. I need to bring that deposit up to £120k to bring monthly payments down to a level I can afford (£480k @ 2% interest), so I need to rent for another 2-3 years. But maybe by then the prices would be £800k and I may need a £200k deposit. This is how people get priced out of the market indefinitely.

My BTL landlord however, is popping up champaign. His properties are worth a lot more, and people are forced to rent for longer before they can buy their own place.

Is 500k the only option for you here though? Could you get a smaller place / place further away from city centre (not sure where you are) and then build capital on that?

 

[uncle_rufus]

Just do what I did - have your girlfriends Mum die and leave you some money - bloody entitled youngsters

 

[Semple]

That is why I rent. I can't afford not to. But every payment feels like I'm slaving away for someone else's benefits, and that's exactly what it is.

At the beginning of 2020 I was 1 year away from being able to buy the kind of place I wanted (£500k house with £50k deposit at about 2% interest rate).

Right now I have my £50k deposit, but those £500k places are now closer to £600k, and 90% LTV mortgages are now at 3.6% interest, meaning I can't afford them anymore. I need to bring that deposit up to £120k to bring monthly payments down to a level I can afford (£480k @ 2% interest), so I need to rent for another 2-3 years. But maybe by then the prices would be £800k and I may need a £200k deposit. This is how people get priced out of the market indefinitely.

My BTL landlord however, is popping up champaign. His properties are worth a lot more, and people are forced to rent for longer before they can buy their own place.

What exactly are you getting for a 500k house?

I'm just wondering whether you need to compromise a little in order to get onto the ladder. In terms of getting a 450k mortgage, you must have a household income of close to 100k? and you've only managed to save a 50k deposit?

Numbers don't seem to add up here..

 

[Ahleckz]

That is why I rent. I can't afford not to. But every payment feels like I'm slaving away for someone else's benefits, and that's exactly what it is.

At the beginning of 2020 I was 1 year away from being able to buy the kind of place I wanted (£500k house with £50k deposit at about 2% interest rate).

Right now I have my £50k deposit, but those £500k places are now closer to £600k, and 90% LTV mortgages are now at 3.6% interest, meaning I can't afford them anymore. I need to bring that deposit up to £120k to bring monthly payments down to a level I can afford (£480k @ 2% interest), so I need to rent for another 2-3 years. But maybe by then the prices would be £800k and I may need a £200k deposit. This is how people get priced out of the market indefinitely.

My BTL landlord however, is popping up champaign. His properties are worth a lot more, and people are forced to rent for longer before they can buy their own place.

I think this is what Bald Eagle means about being entitled. Surely it'll be better to buy a cheaper property and save more for the next step in a couple of years? I doubt this 500k place is the only option, where do you live and what are your requirements?

 

[Deleted User 298457]

What exactly are you getting for a 500k house?

I'm just wondering whether you need to compromise a little in order to get onto the ladder. In terms of getting a 450k mortgage, you must have a household income of close to 100k? and you've only managed to save a 50k deposit?

Numbers don't seem to add up here..

Speaking from experience, even on a high income, saving (especially individually) is tough when paying rent in presumably, where this 450k house is. A decent house in these areas push you towards buying for a 5-10 year plan as well, versus lower price areas where stamp duty is less of a constraint and your only expense is the couple K solicitor fees etc.

 

[Deleted User 298457]

I think this is what Bald Eagle means about being entitled. Surely it'll be better to buy a cheaper property and save more for the next step in a couple of years? I doubt this 500k place is the only option, where do you live and what are your requirements?

The stamp duty point I made is where this is really not the reality. First time buyer discount net-present-value is a big consideration and buying for 2 years is a tough business case when the next house stamp duty will be significantly higher. Best to buy with a 5-10 year plan in mind and wait longer.

 

[chroniclard]

500k house for first time buyer? lols

 

[bainbridge]

That is why I rent. I can't afford not to. But every payment feels like I'm slaving away for someone else's benefits, and that's exactly what it is.

At the beginning of 2020 I was 1 year away from being able to buy the kind of place I wanted (£500k house with £50k deposit at about 2% interest rate).

Right now I have my £50k deposit, but those £500k places are now closer to £600k, and 90% LTV mortgages are now at 3.6% interest, meaning I can't afford them anymore. I need to bring that deposit up to £120k to bring monthly payments down to a level I can afford (£480k @ 2% interest), so I need to rent for another 2-3 years. But maybe by then the prices would be £800k and I may need a £200k deposit. This is how people get priced out of the market indefinitely.

My BTL landlord however, is popping up champaign. His properties are worth a lot more, and people are forced to rent for longer before they can buy their own place.

I'm sure you've considered buying something affordable now and then moving to your ideal home, what's your thinking around this option if you don't mind me asking?

 

[Semple]

Speaking from experience, even on a high income, saving (especially individually) is tough when paying rent in presumably, where this 450k house is. A decent house in these areas push you towards buying for a 5-10 year plan as well, versus lower price areas where stamp duty is less of a constraint and your only expense is the couple K solicitor fees etc.

Disregarding his need for a 500k house (which presumably would be a fair size) for an individual, at close to 100k would give you a net annual salary of ~55kish. If you're splurging 1.5k-2k a month on rent just to live in a decent area, then you've got to accept it'll take significantly longer.

I perfectly accept stretching yourself financially to get a property for long-term plan, especially whilst interest rates are very low, but compromises have to be made somewhere. Especially if your target is moving further away with each year of saving.

 

[Deleted User 298457]

500k house for first time buyer? lols

If you are truly from Hertfordshire, this should be very unsurprising. That gets you a 600sq/ft 2 bed which gives you just about a five year timeline if you plan to have kids. This is assuming you haven't wasted your first time buyer stamp duty allowance on a 250k flat just to "get on the ladder".