Soldato
Nope, only the rich will be able to afford a house.
......it's almost like it isn't an accident that happens.
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
Nope, only the rich will be able to afford a house.
......it's almost like it isn't an accident that happens.
Soldato
You assume people need to buy houses? Well the richest will be able to and the rest will have to rent!
Soldato
There is only X amount of money the plebs are allowed to have. If money greater than X then policies ensure it's removed somehow.
I know it’s all horses for courses but having a look at the houses in the UK, I’m not finding it expensive in the slightest. Not when compared to where I am in NZ. Maybe I’ve been here too long now, but I actually think the UK is rather cheap.
We’re exploring moving back to the UK next year, and been actively looking at houses in the Banbury, Oxfordshire area. We can sell our house here where we are and buy something similar in Banbury. If we start looking at villages outside Banbury, there’s money left on the table after the sale and purchase.
What is however more worrying, are the low wages on offer in the UK. If I had to start from scratch there with UK wages, it’ll probably bring the house prices into sharper focus for me. However for the moment, we’re really liking what we’re seeing with regards to housing prices.
We’re exploring moving back to the UK next year, and been actively looking at houses in the Banbury, Oxfordshire area. We can sell our house here where we are and buy something similar in Banbury. If we start looking at villages outside Banbury, there’s money left on the table after the sale and purchase.
What is however more worrying, are the low wages on offer in the UK. If I had to start from scratch there with UK wages, it’ll probably bring the house prices into sharper focus for me. However for the moment, we’re really liking what we’re seeing with regards to housing prices.
Well, yeh that's the whole point isn't it? You can only gauge how expensive a house is, by how much you can earn to afford it. If the average income was £100k a year, an average house price of £280k would be wonderful.
As you point out, wages are utter dog **** in this country on average which is what makes the housing so expensive.
Edit: just looked it up and New Zealand is considered as having one of the most expensive housing markets in the world, so no wonder you don't think the UK is too bad when just comparing prices.
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It's always been at a discount to foreigners. When I was in China every single managing director I interacted with gleefully informed me of their London properties when I said I work in London.
There's probably a salient lesson to labour on chinese builder evergrande going to the wall - need a growing economy to sustain the building momentum,
and chinese state seems to have decided not/can't underwrite losses.
I thought he had a wonderful view of a Lake/coastline in NZ, maybe it's someone else who posts, Banbury won't provide that.
and chinese state seems to have decided not/can't underwrite losses.
I thought he had a wonderful view of a Lake/coastline in NZ, maybe it's someone else who posts, Banbury won't provide that.
Soldato
Don't understand how that's a discount for foreigners. Surely real estate in China is cheaper, that is just a few wealthy individuals being happy to sink a lot of cash into London property for the clout or as an investment.
Caporegime
All relative I suppose. Depends on where in China you are from. If from Hong Kong then yeah, prices here might seem relatively cheap. Pretty sure there are plenty of places in China where houses are much cheaper than here also.
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The wages are higher in foreign countries which makes our real estate relatively cheap.
How much does an MD in China make compared to an MD here, roughly?
Why do people need to be able to afford a house? There's rental for those that cannot afford to buy. Isnt it Germany where the majority of people nowadays rent?
It also depends on outgoings. e.g. if a couple earn 100k between them, but have minimal outgoings a 200k house is no problem. If another couple earn 100k between them but have 2 kids, a car and other outgoings, that 200k house will be a lot harder to buy.
I bought 5 years ago and have 90k left to pay. I've been overpaying because I know when I have kids in the next ~1-2 years, its going to be much harder/impossible to overpay my mortgage. We'll also probably end up buying somewhere else and renting out where we live now.
Really? You want to live in a society whereby rich people own all the housing and control everyone's living space?
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If our rental market worked in a similar way you may have a point. But our model is gouge for maximum price with poor regulation which favours the landlords.
Soldato
It’s down to building more houses. Mortgages for the 28% of properties that are owned with one aren’t at 10x income they are much lower. Very clearly the supply can’t meet the demand. The current market can and likely will continue to push on with prices as it can sustain it. The other thing to note in real terms prices have fallen so we will likely see demand rise.
Soldato
My remortgage is due end of July. With Barclays I can get a 1y no fee fix for 4.89, wondering if it's worth taking that and reviewing in a year. It's either that or I jump on a tracker at 5.74 with no fee and pin my hopes on a rate drop later this year
I've worked by balls off for the past 15 years saving for a house so yes, I guess I would rather be 'rich' than poor.
Soldato
London, 7th priciest city in the world, relatively cheap to foreign buyers. Just because the UK has depressed wage growth compared to a lot of countries recently does not mean that buying in London is relatively cheap in any sense. 7th most expensive city to buy in in the whole world.
Associate
End of June here and in the same dilemma (albeit with offers of a 2 year fix at 5.26% or a tracker at 5.89; BOE rate + 0.64%) just so tough to guesstimate best course of action with relatively big impact if you get it right/wrong though admittedly not as big an impact as fixing for longer at 1.x% would've been
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