Soaring House Prices

Feel free to talk amongst yourselves about whatever you like - keep it clean though else it will just be deleted!
leo
Posts: 10
Joined: Mon Jan 02, 2006 9:33 pm

Soaring House Prices

Post by leo » Mon Jan 23, 2006 9:01 pm

I like to hear loacl peoples comments about house prices in our area, for example; do you think they are too expensive given our local economy? Do you expect a crash or do you think house prices will to continue to rise in the near future?

My view is that there will be a moderate fall in prices next year followed by a possible crash in year three but nowhere near what happened in the eighties.

Anyone who thinks you make a lot of money buying and selling a house is wrong but if you can buy several, rent them out and sell when the market is at its peak, then you can make a bundle, and that's precisely what is happening now - these investors who could't give a damn about local people who are unable to get on the property ladder!

User avatar
DavideB
Posts: 4
Joined: Mon Feb 20, 2006 5:46 pm
Location: Kesgrave, Ipswich, Suffolk
Contact:

Post by DavideB » Tue Feb 21, 2006 5:08 pm

I am not local but can sympathise with your thoughts on this matter. I find it abhorrant that peole buy houses as second homes or for holiday lets in country areas and thus force up prices beyond the pockets of local young people wishing to purchase a first home. Such houses often stand empty for long periods and destroy small communities as a consequence.

It is also crazy that the media should give out the good news that "house prices are rising" as though that is doing anyone other than estate agents aand money lenders any good. The good news would be that house prices have stabilised. The only other person to benefit from a price rise is the heir to the final owner and inheritence tax is set to gobble up much of that at current levels!

The market really does not hold much credibility when you consider that people will hold back from buying when interest rates rise yet will pay far more for their house when the interest rates fall. Surely, this means they are paying the same amount in the long term?

The problem comes when people buy at a price that stretches them when interest rates are lower only to find that rates rise and they can no longer afford the repayments.

The housing market is based on greed and although we may have a very high ratio of so-called home owners in this country compared with other countries many find it difficult to cope and yet more cannot buy because the place in which they have their roots is attractive to those who have made money in more lucrative parts of the country.

There would seem to be no rational answer to this problem. Imagine the outcry if legislators sought to stop second home buyers or impose a price limitation system. As it is the government have introduced the idea that every development should include 'affordable housing'. The homes that fall in that category in Suffolk where I live are still very costly and of little use to young families, the accommodation they provide being so limited. Further more such homes are being bought by pepole who buy to rent, thus keeping prices at a silly level.

Galadriel
Posts: 192
Joined: Wed May 31, 2006 10:35 pm

Post by Galadriel » Fri Jun 08, 2007 10:28 pm

Just having a skim through some of the old topics and came across this. Quite timely as according to the national press this week, house prices are steadily dropping - has anyone noticed this in our area? Have to say that it's ridiculous that a terraced house such as in Westgate now costs over £90,000 when less than a few years ago the same property was going for less than half (with respect to those who are living in Westgate!)

plook
Valued Member
Posts: 1109
Joined: Mon May 30, 2005 9:17 am

Post by plook » Sun Jun 10, 2007 9:25 am

There is a seriouse need for housing in villages at a reasonable cost.Unfortunately when housing is built in villages it is not in keeping with the local arcitecture and it is often plopped anywhere cutting down trees and described as a secomd home / a holiday home etc and does not encourage young people to buy they move away and the village dies. I suspect that the same is happening to Driffield- so come on Councilors what do you say??????????????

LizzieJ
Posts: 59
Joined: Thu Apr 12, 2007 8:04 am

Post by LizzieJ » Thu Jun 14, 2007 5:02 pm

Before I moved up here I was moaning about the low wages in the area and everyone kept saying 'Ah well it's cheaper to live up there(Yorkshire) and house prices are cheaper.' Well its a load of tosh, cos your house prices are now on a par with those in Swindon (right on the M4 Corridor} - I'm not kidding. Check it out. I have a three bedroom house with a huge garden and conservatory and rear access to garage.
This is within walking distance to the station,walking distance into town (20 mins max) 2 miles up the bypass direct to the M4,that is on the market at £150,000. Its double glazed all round, brand new fitted kitchen range cooker, two bathrooms and all new roof (+ timbers) and floors, gas combi boiler and still all the original 1923 features like open fire places (all useable) in each room, with cast iron one in the front room...and all beautifully decorated...and on the market for just £150,000 not dissimilar to your prices up here I would say..see what I mean??

Turnip Town
Posts: 275
Joined: Mon Mar 20, 2006 2:14 pm

Post by Turnip Town » Mon Jun 25, 2007 1:20 am

Yo People,

Well actually, 90 big ones on Westgate is a bit out of date now as I understand there are a couple of terraced houses on Westgate now up for sale at 117, 000 pounds!

Barmy.

But not as barmy as the shoe box sized house next to the railway footbridge just off Anderson Street which was on the market in 1998 for 27, 000 pounds and which is now up for sale again at 169, 000!!!!!!!!

Galadriel
Posts: 192
Joined: Wed May 31, 2006 10:35 pm

Post by Galadriel » Wed Jun 27, 2007 11:05 pm

Apologies Turnip Town - have stopped more or less reading house prices, it just gets so depressing especially when you have a child at home who is desperately trying to get onto the housing market and realising that the dream seems as distant as ever compared to three or four years ago.


Turnip Town
Posts: 275
Joined: Mon Mar 20, 2006 2:14 pm

Post by Turnip Town » Thu Jun 28, 2007 3:51 pm

Yo Admin,

Fascinating websites you highlighted there. Still, although there are some price falls, will they remain or will the Gordon Brown government cause another price surge ?

Also, even if these falls are sustained, they are going to have to come down an awful lot. I don't see how people manage to buy houses at just eighty or ninety thousand on annual salaries of 10 to 14 thousand!

User avatar
DavideB
Posts: 4
Joined: Mon Feb 20, 2006 5:46 pm
Location: Kesgrave, Ipswich, Suffolk
Contact:

Re: Soaring House Prices

Post by DavideB » Tue Sep 17, 2013 9:35 am

After the slump in the housing market following the "Banking Crisis", the coalition government is actually talking about the idea of a cap on house prices. It seems to me that it is unlikely that any headway will be made in that direction and in any event the 'help' the government has provided first time buyers seems to be benefiting those who want to 'buy for rent'. So long as too few homes in the right places are being built prices will continue to escalate making it all the more difficult for people to get onto the housing ladder.

Post Reply