2500 odd BBC employees have bouyed the Salford prices. They increased 6% last year as well. Guardian and coffee sales are off the graph; did not see any figures for kiddy fiddling though.
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Buy To Let
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2500 odd BBC employees have bouyed the Salford prices. They increased 6% last year as well. Guardian and coffee sales are off the graph; did not see any figures for kiddy fiddling though.
seagullsovergrimsby
#cpfctinpotclub
Yeah fecking yuppies , the evil spawn of Thatcher , started it all off in the 80's
Lokki 7
WSU
Very good of you Uncle S many thanks. But at no point have you actually addressed the point I was making that why do you feel somehow sorry for those potential first time buyers that can no longer get 95% mortgages?
Given the current economic environment it is right and proper that banks demand a greater deposit, I would be worried if they didn’t. If someone else, ie a buy-to-let landlord can afford the deposit and then rents the property to the person who couldn’t then so what? Why should banks lend money to higher risk borrowers when they don’t have to?
Lokki 7
WSU
Why do you think prices are over-inflated? How did this happen and why doesn't it correct itself?
Also interested to know why you think prices should not rise.
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- #85
Absolutely not , you obviously havent read any of my posts on the aforemention thread, as for me being a show off about buyiing two flats, i can buy one through my bonus at work, the other is due to the circumstances before christmas, which you know all about.
Camicus
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What about 1 legged immigrant benifits scroungers......
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- #87
Nope, just stupid people who cant spell benefits.
Camicus
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I dont have to rent my Thatcherite chum I own my own house and my sons
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- #89
Then I wont be able to discriminate against you personally, just other stupid people who both cant spell discriminate, or own their own house.
Property inflation at times over the past 15 years has been significantly more than non-property inflation. The ratio of property to salary has rocketed over time as well. These are all pointers which to me indicate houses are over priced. Why? Money became more freely available in the mid to late 90s (mortage competition, loose lending criteria, buy-2-lets also started to be pushed at this time. They previously existed but they were rebranded). Why doesn't it correct itself? I think it is starting/started, but it will be a very slow process of low price rises over a long time which will bring property/salary ratio closer to that of the mid 90s. Whilst London and Brighton and a few other areas are anomalies with inflation around 6% other areas are not fairing too well. I mentioned Salford; this area is interesting as in my opinion partly saved by the relocation of the BBC. Prior to this Manchester et al was struggling with city centre new build apartment blocks swamping the market with many part empty.
When I said not rise I should have said 'not rise significantly.' Lots of reasons for this, some rooted in my politics, some not. Less money spent on housing either via rent or mortgage means more money spent elsewhere in the economy. Balancing like this seems a more sensible route for the UK to take as it's my view the UK's economy has been too relient on property for too long. I say this with a vested interest because I have more than one property and I will stand to benefit financially from rampant house inflation.
Butch Willykins
Well-known member
The long term average house price to earnings ratio is around 4 x average salary. It is currently up around 5.5 x salary. To me that suggests they are over inflated. It was obviously fuelled by an easy lending credit bubble (self cert mortgages, 125% Mortgages etc) and the prices are slowly falling in real terms. I don't think house prices will crash, but I think we will see the ratio return to around 4x salary over the next 3-5 years.
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- #93
Interesting. I wonder what that first spike is? Right-2-buy?
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- #95
i'd prefer to use an elliott wave chart myself
who did you broke futures for , were you on the floor, one of the seaford mafia with hamish ??!!
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- #97
I dont usually get that wrong, I was in a hurry!Good work
f***ing nelly Noele(know all)
Butch Willykins
Well-known member
i'd prefer to use an elliott wave chart myself
No, not on the floor sadly! Had a few mates down in the LIFFE floor. Good lads! I was with a couple of small private client brokerages punting CFD's and the like.
Where have I said I feel sorry for anyone below, just stating the facts ?
The banks and lenders have made it impossible for a first time buyer to get on the property market for over 5 years now. Unless they have wealthy parents they either have to live at home, rent or live in a tent. This is the problem, not buy to let investors who have seen an opportunity to buy and rent to people who are unable to get a mortgage or prefer to rent for flexibility. First time buyers have had access to 95% mortgages for generations, the latest generation has not and very few have a 20% deposit. Bushy has seen the opportunity, but the lenders continued refusal to lend to first time buyers who would prefer to buy, than rent has created this situation.
Uncle C
Well-known member
No, the over inflated price of houses driven up by easy credit has created this situation. It was lending to buy at these prices that resulted in the crash - would you welcome another crash?