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

[HACO]

https://www.thisismoney.co.uk/money...-prices-reach-250k-7-3-year-says-Halifax.html

Stamp duty holiday did its intended purpose, make housing even more unaffordable than it already was.

Since we're not building anywhere near the number of houses that we need to house our population, the stock for sale is ever decreasing, contributing towards the massive price hike.

Personally, I think we need a country-wide mobilisation effort, in the same scale that we'd do in a major war, to build houses, flats, skyscrapers and quite frankly, entire cities from scratch. We're already millions of homes short, and that doesn't even include the quality of our housing, which is one of the lowest in the developed world, despite being one of the most expensive.

 

[HEADRAT]

We need new generation of "council housing", the amount of money being paid to private landlords is criminal.

 

[Nasher]

But then they just sell them off again. Like they have done twice now :/

The council doesn't want to spend resources on managing them. They would rather "contract" them out and let private landlords deal with it. It's the same mentality as across the rest of of government.

 

[HACO]

But then they just sell them off again. Like they have done twice now :/

Yeah. Right to buy should go and never return.

 

[HEADRAT]

But then they just sell them off again. Like they have done twice now :/

There would have to be some kinda "lock" written into the provision.

 

[Scam]

We need new generation of "council housing", the amount of money being paid to private landlords is criminal.

Indeed.

Private landlords get £9.3bn in housing benefit from taxpayer, says report

All the homeowners in their "I'm alright jack" bubble don't seem to realise that their taxes are going towards private landlords due to our ludicrous housing market. Us tenants, well we get to directly bankroll our landlords' lifestyles, and pay taxes towards the others too. How brilliant.

 

[southernorth]

Those selfish millennials, wanting to take away property from BTL landlords.

 

[HEADRAT]

Indeed.

Private landlords get £9.3bn in housing benefit from taxpayer, says report

All the homeowners in their "I'm alright jack" bubble don't seem to realise that their taxes are going towards private landlords due to our ludicrous housing market. Us tenants, well we get to directly bankroll our landlords' lifestyles, and pay taxes towards the others too. How brilliant.

Compulsory purchase of BTL properties whose rents are being paid via benefits, simples Do it while interest rates are basically 0%, job done. Retrain those who have lost their jobs in the building trade and household maintenance etc, better than a big bill for paying them to do nothing.

There is no way on gods green earth that the Conservatives would ever do that, the current Labour party doesn't know if it's on foot-or-horseback so little to know chance there either!

 

[Scam]

Compulsory purchase of BTL properties whose rents are being paid via benefits, simples

I would absolutely love that. But why compulsory purchase? Just take them off them as 'unexplained earnings'

 

[Psycho Sonny]

why do you need to build cities from scratch?

people are unwilling to move as it is yet you want to enforce it?

you can buy a flat in cumbernauld for £10K.

rather than build a city from scratch why don't they all move to cumbernauld?

the average house price in Scotland is only £150k

 

[bazzabear]

It was horribly hilarious that when they removed stamp duty, the apparent reaction of the market was to immediately increase the price of houses for sale to make up for it.

 

[touch]

Stamp duty holiday did its intended purpose, make housing even more unaffordable than it already was.

You've completely ignored half of the headline from the article you linked. Here's the rest of it: mortgage approvals hit highest level since 2007
So if more people are buying houses, doesn't that mean they are more affordable?

Also, if the rate of approved mortgages is going up and the number of houses for sale is going down the ratio of mortgaged to unmortgaged houses is going up more. Generally, that's going to mean more homeowners and less cash-buyers adding to their portfolio.

 

[Stu999]

Cries in single person.

 

[Scam]

you can buy a flat in cumbernauld for £10K.

Because people need jobs to put food in their mouths. Duh.

Here's the rest of it: mortgage approvals hit highest level since 2007
So if more people are buying houses, doesn't that mean they are more affordable?

I think you need to get yourself acquainted with 2007/8. Banks willing to lend people more money does not equal a better/more affordable market. It just means banks are willing to lend people more money. End of story, the two have nothing to do with each other.

 

[HACO]

You've completely ignored half of the headline from the article you linked. Here's the rest of it: mortgage approvals hit highest level since 2007
So if more people are buying houses, doesn't that mean they are more affordable?

Also, if the rate of approved mortgages is going up and the number of houses for sale is going down the ratio of mortgaged to unmortgaged houses is going up more. Generally, that's going to mean more homeowners and less cash-buyers adding to their portfolio.

Mortgage approval doesn’t mean buying. We’re at record low interest rates, most homeowners aware of this are refinancing. Several banks have confirmed high approval rates are almost exclusively due to refinancing existing mortgages.

 

[m@rty]

why do you need to build cities from scratch?

people are unwilling to move as it is yet you want to enforce it?

you can buy a flat in cumbernauld for £10K.

rather than build a city from scratch why don't they all move to cumbernauld?

the average house price in Scotland is only £150k

You keep making the same point about how people can just buy £10k or £20k dumps that even your local crackhead would turn his nose up at.

Stop as it’s just not realistic.

 

[touch]

Mortgage approval doesn’t mean buying. We’re at record low interest rates, most homeowners aware of this are refinancing. Several banks have confirmed high approval rates are almost exclusively due to refinancing existing mortgages.

The article you linked specifically says there are more mortgage approvals for purchases and not remortgaging:

received more mortgage applications from both first-time buyers and home movers than any time since 2008

 

[Junglist]

Don't think they need to even rebuild. With the way things are going now there are going to be thousands of office blocks in cities country wide that could/should (but probably wont be) renovated into affordable housing

 

[Rofflay]

We need new generation of "council housing", the amount of money being paid to private landlords is criminal.

Thats the whole point, Where else would you invest your family wealth that has such demand, And security? And also annual rent growth. Go check the hostility boomers and BTL landlords have to my posts in the why millenials hate boomers thread.


I'm the Mao and Pol Pot of housing!

 

[HACO]

The article you linked specifically says there are more mortgage approvals are for purchases and not remortgaging:

Mortgage application, not approval. Not all applications are approved, and not all approved mortgages actually complete a sale. It's pretty common to have multiple approvals (in-principle, from multiple lenders, expiration of offer, etc) before you actually buy something.

Further evidence of the lockdown mini-boom came as Britain's biggest mortgage lender said it recorded the highest level of approvals since October 2008, adding that it had also received more mortgage applications from both first-time buyers and home movers than any time since 2008.

Try to pay attention please.