Fcuk off Yuppies

[Goring Gull]

Scrawled across the entrance to those new swanky overpriced apartments in NorthStreet above Sports Soccer etc, Made me chuckle, thouroughly agree though at 250 grand a pop how can the average Brightonian afford to live in their home town anymore.

The average wage for a single person of 25 in Brighton is apparently 14 to 16 grand a year do the figures how the fcuk can anyone even as a couple expect to get on the property ladder, Fcuk off back to London is what i say.

 

[looney]

Joint incomes maybe?

Kinda makes it hard to afford a housewife as well.

 

[Gary Nelson]

think I would be very depressed if I was 14-16k per year on my 25th birthday. Since the introduction of city status a lot of money is being spent on the area, including shops and nice new apartments. I cant afford them but unfortunately its the profile and investment of Brighton which the main problem for the property prices.

 

[looney]

The problem is a price bubble is forming and then it'll burst, wait till then if you can.

 

[Goring Gull]

think I would be very depressed if I was 14-16k per year on my 25th birthday. Since the introduction of city status a lot of money is being spent on the area, including shops and nice new apartments. I cant afford them but unfortunately its the profile and investment of Brighton which the main problem for the property prices.

See your point but if thats the average, a fair few people must be on less, Not everyone will have well paid jobs. It's the same for a lot of Londoners born up there but priced out of there homes etc.

 

[REDLAND]

 

[Gary Nelson]

The problem is a price bubble is forming and then it'll burst, wait till then if you can.

Where did you get this brainwave from Looney

 

[Dick Knights Mumm]

housewives ? what about people wanting to start a family ? if they are stretched to the limit in just owning a place, how are they meant to have kids.

 

[looney]

See your point but if thats the average, a fair few people must be on less, Not everyone will have well paid jobs. It's the same for a lot of Londoners born up there but priced out of there homes etc.

It may not be that bad, average means as many below as above(To an exstent).

Men tend to earn more than Women, therefor above average, Men marry women.

I know it isn't that simple but it'll take the sting out of the problem, 70%+ own there own property.

 

[looney]

housewives ? what about people wanting to start a family ? if they are stretched to the limit in just owning a place, how are they meant to have kids.

Thats a good question.

May I suggest, tax cuts, transferable tax allowance, etc


Where did you get this brainwave from Looney

GN
Its basic economics If house price inflation outstips wage inflation then fewer and fewer people can afford houses untill one of the tiers (usually the bottom one)has to few buyers then the market "Re-aligns".

Unless we are being gazumped by loads of wealthy foreigners(were not).

 

[looney]

Oh and DKM one of the main factors fueling house price inflation over the last 20 years has been the rise in 2 income households, now 2 work but no-ones better of.

Ever get the feeling youve been had?

 

[Gary Nelson]

Looney, there have been adjustments in the market, particually October last year to April this the market dropped by 10%. However, it is my strong opinion that the market has levelled out, you only have to look at stats on the land reg. to confirm this. If people are waiting for a big crash like the late 80's then Im afraid people will be waiting a very long time and will continue to pay very high rents.
Re-alignments yes. Big crash no.

 

[looney]

You got any data on this? I'll go and have a sniff myself but I dont remember a10% fall.

 

[Gary Nelson]

Its what I do everyday Looney. I sold a flat near Brighton station in September that completed in December for £225k. They are now relocating to Cambridge and its back on the market for £210k. Not quite 10% but thats just one example. People were looking to move properties quite quickly up until early May. On the plus side, when you look at what the market has increase in 5 years, 10% fall is not the end of the world for many people whose property has earnt them more yearly than their jobs!!

 

[looney]

let me see...................

(£185357/£177504)-1 = 4.5% increase since last oct-dec figures

For semi detached houses in south east, there may have been a dip but its still running above wage rises.

 

[Goring Gull]

Is GN refering to 10% less buyers or a 10% price fall i think he's refering to the first one. Reason for that is who the hell in their right mind wants to fork out 100k + for a one bedroom flat. My Fiance who i live with owns her flat in Lewes, one bedroom not a bad size nothing special no fitted kitchen or bathroom, estate agent reckon we could get 95k for it, more fool anyone who pays it.

 

[looney]

Your right GG there may be quirks but the general trend is squeezing out FT Buyers.

I'll stick with my theory.

 

[Sorrel]

Oh and DKM one of the main factors fueling house price inflation over the last 20 years has been the rise in 2 income households, now 2 work but no-ones better of.

I think this is spot on. It is no longer true that having both halves of a couple working gives you any advantage in the housing market. Instead, it's what you have to do to just get a basic house. Everyone works, and no-one is better off.

 

[Cheeky Monkey]

I think GN is right on the long term forecast (i.e. no crash), but as Goring says, who's gonna fork out 100k for a one bedroom? Studio flats in Brighton are going for £87k! You look in the Argus and see local government jobs starting at £11-12,000! and with £85+ council tax to pay per month on top of rent/mortgage, water rates, bills etc. something's gonna have to give. Jobs down here should get London weighting as the cost of living is about the same.

 

[Herne Hill Seagull]

Scrawled across the entrance to those new swanky overpriced apartments in NorthStreet above Sports Soccer etc, Made me chuckle, thouroughly agree though at 250 grand a pop how can the average Brightonian afford to live in their home town anymore.

The average wage for a single person of 25 in Brighton is apparently 14 to 16 grand a year do the figures how the fcuk can anyone even as a couple expect to get on the property ladder, Fcuk off back to London is what i say.

This cuts both ways, Goring. There are countlesss Brightonians living in London - one of the reasons London property is so expensive is because there's such demand for it from, among others of course, people coming into the city from outside. Londoners, and property owners in London, then have to start looking outside the city for more affordable accomodation. Brighton is inevitably going to be one of the top spots they go to - fantastic city, close enough to commute to work etc etc.

At least they're bringing money into the city from outside.