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

Status
Not open for further replies.
Simon said:
What do you mean sorry. I think attitude is hard to convey in words sorry.

I have a child I worry about the future of them getting on the market in the future and hear the frustrations in here. But just sitting on the side and not getting into a property whilst you wait for a house drop will just end up with a sad face as you will miss the boat and regret not buying earlier. On this it’s easy to blame others for this like BTL.

What should I do? Sell BTL and let someone else (every time I do look to sell I get investors interest only). Or keep it so I can give it to him ?
Click to expand...
Tell them to not worry about it. Too many variables for such a long range plan. Tell them to focus on enjoying themselves and following a pursuit they enjoy. Your life goals were built on different values than your childs. Money may come later than their peers who stick in the same catchment as you live right now, but they'll have a much better and more rounded outlook on life.

Edit: And be aware of the security blanket you provide, that worst case, when you snuff it- they'll be lifted up a bit by inheriting your stuff. Just don't go into care, that'll be a nightmare.

Edit2: I can almost guarantee they won't want your buy to let as well. Don't be offended. I have lots of friends in this situation and living in your Dad's house is certainly not a priority when you have the aforementioned security blanket.
 
dLockers said:
Tell them to not worry about it. Too many variables for such a long range plan. Tell them to focus on enjoying themselves and following a pursuit they enjoy. Your life goals were built on different values than your childs. Money may come later than their peers who stick in the same catchment as you live right now, but they'll have a much better and more rounded outlook on life.

Edit: And be aware of the security blanket you provide, that worst case, when you snuff it- they'll be lifted up a bit by inheriting your stuff. Just don't go into care, that'll be a nightmare.

Edit2: I can almost guarantee they won't want your buy to let as well. Don't be offended. I have lots of friends in this situation and living in your Dad's house is certainly not a priority when you have the aforementioned security blanket.
Click to expand...
I'm not 40 yet! haha.

I'm just saying i understand a lot of frustration about how expensive houses are here and can empathise. But i don't think the BTL landlord is the enemy and as stated its hardly even profitable now.
 
dLockers said:
Tell them to not worry about it. Too many variables for such a long range plan. Tell them to focus on enjoying themselves and following a pursuit they enjoy. Your life goals were built on different values than your childs. Money may come later than their peers who stick in the same catchment as you live right now, but they'll have a much better and more rounded outlook on life.

Edit: And be aware of the security blanket you provide, that worst case, when you snuff it- they'll be lifted up a bit by inheriting your stuff. Just don't go into care, that'll be a nightmare.

Edit2: I can almost guarantee they won't want your buy to let as well. Don't be offended. I have lots of friends in this situation and living in your Dad's house is certainly not a priority when you have the aforementioned security blanket.
Click to expand...

Yeah I agree. We as experienced adults see how depressing and bad the situation is, but I try not to discuss too much of this kind of thing with kids as it is just piling too much pressure and worry on them in an already worrying time for them what with exams being up in there air etc.
 
Simon said:
What do you mean sorry. I think attitude is hard to convey in words sorry.

I have a child I worry about the future of them getting on the market in the future and hear the frustrations in here. But just sitting on the side and not getting into a property whilst you wait for a house drop will just end up with a sad face as you will miss the boat and regret not buying earlier. On this it’s easy to blame others for this like BTL.

What should I do? Sell BTL and let someone else (every time I do look to sell I get investors interest only). Or keep it so I can give it to him ?

ps never heard of two week notice.
Click to expand...

There can't be much more of a realistic head start you can give to a child than a house.

My couple of friends who got money to get houses (ones never rented) are doing so well.

It's amazing the headstart it gives. I mean. If I had a house at 21 I could be doing a job I love (lower paid ones) and be better off.

Completely understand people with btl saving them for their kids
 
It's rich he's talking about inheritance when I've not received any and his parents are sitting on apparently a gold mine in Cornwall I'm assuming that he will eventually get at least a share of. So he's taking the pee out of himself.

Or because of his self righteous beliefs he will be above it and give it away?

Pot kettle black?

What I inherit in future makes zero difference to the fact that I worked for my home and possessions.

The difference is I bought and own a home before getting any inheritance and tbh I don't need my inheritance whenever that may come and I hope it doesn't come for a long time yet.

Family is much more important than money to me. In fact if I had to choose between money and the life of a family member I'd choose their life.

Clearly has no value for life if he thinks it's all gold and roses.
 
Psycho Sonny said:
It's rich he's talking about inheritance when I've not received any and his parents are sitting on apparently a gold mine in Cornwall I'm assuming that he will eventually get at least a share of. So he's taking the pee out of himself.

Or because of his self righteous beliefs he will be above it and give it away?

Pot kettle black?

What I inherit in future makes zero difference to the fact that I worked for my home and possessions.

The difference is I bought and own a home before getting any inheritance and tbh I don't need my inheritance whenever that may come and I hope it doesn't come for a long time yet.

Family is much more important than money to me. In fact if I had to choose between money and the life of a family member I'd choose their life.

Clearly has no value for life if he thinks it's all gold and roses.
Click to expand...

You say you’d always value family first over money. Imagine you’re on the other side looking to get your kids on the ladder but there’s no money.

don’t worry, you’re ok though.
 
Simon said:
But your ideals are far away from capitalism, so what would you say you are?
Click to expand...
Only in terms of housing, which I view to be an essential human right.

And not just "minimum standard we can get away with, bit of damp here and there, dodgy wiring in the kids room."

Time and time again it's been show that a happy workforce outproduces a stressed, miserable workforce.

Plenty has been written about the "inefficiency of poverty and large wealth gaps".

I'm all for making housing a protected class of asset, that unlike a car or a GPU or whatever, isn't purely subject to market forces. (Tho I wouldn't complain if anti-scalping legislation were enacted, that is true).

Give everyone security of dwelling and a place that is fit to be called a home.

That doesn't mean (as some have said) that I want everybody paid the same or that nobody should make profit on anything. But the things people should make money on should be things where value is added. It's hard to see how buying something in short supply, then leasing it out, adds value. And in so doing contributing to the short supply, and pricing others out entirely.

I just think some things, things that I class as essential for a safe, secure, healthy and productive life - should be an inalienable right. That doesn't include 48" OLED TVs or iPhones or whatever.

Houses, services (leccy, gas, broadband, water), etc. You can't just leave some things to market forces. And we don't, really.

But we still are failing a lot of people in this country. We need to do more. And yes, part of that is reigning in greed. Because we know that some people are motivated by greed and have no ethics beyond the ethics forced on them by law. Some people have no empathy. Some people will make money on the backs of others, breaking their backs isn't a concern.
 
stuman said:
the thing is though, you or your kids won’t have to worry, you say you’d always choose family. Imagine for a second you’re not blessed with cash and assets but more middling. Still paying a mortgage so no “spare cash”. Now imagine your kids are trying to “get on the ladder” but an average home is too expensive. Now imagine that your pension is rubbish so will need to use your collateral in your house to pay for late life care, so, no inheritance for the kids. They will work 30 hours a week for a landlord because they want a property which “makes no profit”.

don’t worry, you’re ok though.
Click to expand...

I'm okay because I work, went to university and bought a home within my means.

I didn't refuse to move out with the immediate area to a lesser area.

I could also be in his shoes. I could be living at home in a very expensive house in one of the most sought after areas. I'm not though because I made the active decision to move out. I could sell up and move back in if I wanted to.

I'm now living in an up and coming area. A good place for getting on the ladder and has homes ranging from 50k all the way up to 500k within the vicinity, it's been good to me so far but it has its compromises. It doesn't have a top school in the vicinity unlike my dad's home something which will soon be a priority for me. So I'll likely move within 5 years as I have a lot of equity thanks to investments that paid off and overpayments again thanks to buying well within my means.

Where my dad stays the cheapest home will be much like he was saying £150k-£180k for a 1 bed apartment.

What I didn't do is cry about it all. Blame it on landlords and decided to stay at home.

It probably doesn't help he doesn't have anything going on otherwise in his life. I'm assuming he doesn't have a partner, is rather lonely as a result and therefore quite angry at how his life has turned out. A hermit of sorts. He needs to get a grip and stop blaming others and make some moves. Nobody is going to hand him what he wants on a plate well estates and trusts will when his parents die. Yet apparently that's okay for him but not for others.
 
Psycho Sonny said:
I'm okay because I work, went to university and bought a home within my means.

I didn't refuse to move out with the immediate area to a lesser area.

I could also be in his shoes. I could be living at home in a very expensive house in one of the most sought after areas. I'm not though because I made the active decision to move out. I could sell up and move back in if I wanted to.

I'm now living in an up and coming area. A good place for getting on the ladder and has homes ranging from 50k all the way up to 500k within the vicinity, it's been good to me so far but it has its compromises. It doesn't have a top school in the vicinity unlike my dad's home something which will soon be a priority for me. So I'll likely move within 5 years as I have a lot of equity thanks to investments that paid off and overpayments again thanks to buying well within my means.

Where my dad stays the cheapest home will be much like he was saying £150k-£180k for a 1 bed apartment.

What I didn't do is cry about it all. Blame it on landlords and decided to stay at home.

It probably doesn't help he doesn't have anything going on otherwise in his life. I'm assuming he doesn't have a partner, is rather lonely as a result and therefore quite angry at how his life has turned out. A hermit of sorts. He needs to get a grip and stop blaming others and make some moves. Nobody is going to hand him what he wants on a plate well estates and trusts will when his parents die. Yet apparently that's okay for him but not for others.
Click to expand...
I live in one modest home with a parent*. It's not a mansion. It's a mid-terrace house. The new builds around here are ~£300k. Our house is worth less than that.

The thing with Cornwall isn't that house prices match the SE - they don't, except in coastal resorts.

The thing with Cornwall is the depressed wages. Houses can still be 15-20x average income without being in London's price range.

That actually makes it easy for Londoners to snap up property around here and rent it back out. Houses are cheap compared to London and the rental income is sizeable.

Meanwhile, you have a large portfolio of houses thanks to your family.

We're not even close to being in the same boat.

You wouldn't be where you are if it weren't for your family, eh. You manage a large portfolio taking money from renters and using it to buy even more property. I mean, "assets". "Investments".

*This is not uncommon in Cornwall as many people on min wage would barely be able to subsist if they moved away from parents. When your rent is £600+ and you take home £1k, you're basically ****ed. Would love to see how you survive on £100/week. And have to pay bills with that and buy food and everything else.
 
Last edited:
FoxEye said:
I live in one modest home with a parent*. It's not a mansion. It's a mid-terrace house. The new builds around here are ~£300k. Our house is worth less than that.

The thing with Cornwall isn't that house prices match the SE - they don't, except in coastal resorts.

The thing with Cornwall is the depressed wages. Houses can still be 15-20x average income without being in London's price range.

That actually makes it easy for Londoners to snap up property around here and rent it back out. Houses are cheap compared to London and the rental income is sizeable.

Meanwhile, you have a large portfolio of houses thanks to your family.

We're not even close to being in the same boat.

You wouldn't be where you are if it weren't for your family, eh. You manage a large portfolio taking money from renters and using it to buy even more property. I mean, "assets". "Investments".

*This is not uncommon in Cornwall as many people on min wage would barely be able to subsist if they moved away from parents. When your rent is £600+ and you take home £1k, you're basically ****ed. Would love to see how you survive on £100/week. And have to pay bills with that and buy food and everything else.
Click to expand...
AHHHHH. I honestly thought you were late 70s based on your attitude.
 
Psycho Sonny said:
I'm okay because I work, went to university and bought a home within my means.
Click to expand...

most people work. Lots of people have 2 jobs, and many many people have degrees. You are not special or better. You were lucky.

There seems to be a clear divide in this country and it seems to be about the 100k/yr mark where you can have a standard of living and use money to make more money. Before that though, you have a foot on your head.
 
stuman said:
most people work. Lots of people have 2 jobs, and many many people have degrees. You are not special or better. You were lucky.

There seems to be a clear divide in this country and it seems to be about the 100k/yr mark where you can have a standard of living and use money to make more money. Before that though, you have a foot on your head.
Click to expand...
And really, nobody is asking for a mansion to be gifted to them. It's ridiculous.

What people want is affordable houses to suit their budget.

There's nothing "anti-capitalist" about that.

What people keep wilfully ignoring is that housing has finite supply. That there aren't houses for all budgets. That every, single person with 5+ houses makes it harder for someone else to just have 1.

That many areas see house prices as 15-25x the areas average salary.
 
FoxEye said:
And really, nobody is asking for a mansion to be gifted to them. It's ridiculous.

What people want is affordable houses to suit their budget.

There's nothing "anti-capitalist" about that.

What people keep wilfully ignoring is that housing has finite supply. That there aren't houses for all budgets. That every, single person with 5+ houses makes it harder for someone else to just have 1.

That many areas see house prices as 15-25x the areas average salary.
Click to expand...
What's your budget? How much have you saved? What are your requirements?

Can we help?

Or is the answer to all of those no idea, no idea, and dream house?
 
FoxEye said:
Which other major European country, where renting is common, allows a landlord to evict on as little as two weeks notice?

Germany (etc) have guaranteed 10 year tenancies where *only* the tenant can cancel early. The landlord can't.

The regulation around the rental market is very favourable to landlords in this country.

How many renters do you know who are genuinely secure in their lodging? Their landlord could come calling any week. Either to chuck them out, or to say the rent is going up and if they don't like it they can find somewhere else.
Click to expand...

Wasn't this changed drastically last year?
 
stuman said:
most people work. Lots of people have 2 jobs, and many many people have degrees. You are not special or better. You were lucky.

There seems to be a clear divide in this country and it seems to be about the 100k/yr mark where you can have a standard of living and use money to make more money. Before that though, you have a foot on your head.
Click to expand...

is 100k a year not more like top 1% territory....I don't think you even need that much in the most expensive parts of the country to be comfortable!

also...saw Home Under The Hammer this morning and the BTL guy there was saying if he goes to auction and someone wants a house as a family home then he'd be priced out, so if that's in anyway normal how are the BTL landlords the baddies?? (I'm not a landlord btw...)
 
FoxEye said:
I live in one modest home with a parent*. It's not a mansion. It's a mid-terrace house. The new builds around here are ~£300k. Our house is worth less than that.

The thing with Cornwall isn't that house prices match the SE - they don't, except in coastal resorts.

The thing with Cornwall is the depressed wages. Houses can still be 15-20x average income without being in London's price range.

That actually makes it easy for Londoners to snap up property around here and rent it back out. Houses are cheap compared to London and the rental income is sizeable.

Meanwhile, you have a large portfolio of houses thanks to your family.

We're not even close to being in the same boat.

You wouldn't be where you are if it weren't for your family, eh. You manage a large portfolio taking money from renters and using it to buy even more property. I mean, "assets". "Investments".

*This is not uncommon in Cornwall as many people on min wage would barely be able to subsist if they moved away from parents. When your rent is £600+ and you take home £1k, you're basically ****ed. Would love to see how you survive on £100/week. And have to pay bills with that and buy food and everything else.
Click to expand...

Last time I'm going to say this.

I don't get a single cent of income from my dad's properties or anyone elses properties.

The properties I own like my home I paid for using my wages. Well not just my wages my wife contributes too.

I think I've repeated this enough if that hasn't sunk in by now then no wonder neither has the advice being given to you
 
Why is there an assumption that all BTL landlords use profit to buy more ???

Ive written it once. £12 profit for a year of hassle and £~1700 paid in tax ! I won’t be using that to buy another place.

You also need rent to cover 145% of the interest if rates hit 5% with a lot of BTL mortgages. So you need significant capital up front.
 
Status
Not open for further replies.
Back
Top Bottom