To be incredulous at much property prices have risen in the UK!

[TwistyKnickKnocks]

Looking at buying a house and saw a 3 bed terrace for sale. bog standard 90s build box, tiny garden, no garage, needs work at £430k. It was sold 20 years ago for £105k so an increase of 300% or £16k a year.

20 years ago the average wage was £18k and it is now £29k, so an increase of £11k. Although where we live a managerial salary is less than £25k. Most jobs are advertised at around £20k and quite often want a degree! It’s quite a deprived area too.

How the actual fuck was this allowed to happen?

@earsup

All my dad's family bought massive run down 5 and 6 bed houses in Hackney in the early 70's under the GLC hard to sell / rent scheme....a few have just sold for 1.4m....gone to Norfolk and bought for 300k...a place in Spain and are going to have a fantastic retirement.....we wonder how the buyers find the money to fund these expensive houses.....

I'm from Norfolk and this is half the reason there are no houses here. I totally understand why people do it but do think it's humerous that so many houses here are bought by Londoners selling their extortionate houses and moving to the coast by putting in super high offers.

Tbf though @Hadharra local Londoners have the same issue with everyone pushing prices up in London.

@dorkfink

Tbf though *@Hadharra* local Londoners have the same issue with everyone pushing prices up in London.

I'm not judging. I don't think I'll ever be able to afford a house regardless. It's just amusing watching Londoners complain about house prices rising, then moving to the coast and causing house prices down south to rise, then everyone round here moaning about Londoners.

I was making the point about Londoners who couldn't buy. Plenty of "londoners" who are selling up & moving to the seaside/country will be moving back to family or where they grew up.

@Blossomtoes

I can't wages going up much.

They’ll have to. If inflation is running at 7 or 8% in an employees’ market, employers will have no option if they want to attract and retain good staff.

If it's anything like the 70s', it'll just push employers to get products made overseas or like the 90's where employers moved support services overseas. With the internet and WFH proving successful, no reason at all why employers need to limit their employee base to the UK.

That, of course, is if it continues to be an employee's market. If we have a recession (likely due to high interest rates, high inflation etc), then firms will be laying off and closing down, so the demand for employees may well dry up.

@dorkfink

I was making the point about Londoners who couldn't buy. Plenty of "londoners" who are selling up & moving to the seaside/country will be moving back to family or where they grew up.

Only if there are jobs where they grew up. A lot of, eg. graduates didn't go "home" after graduating as there were no jobs there, hence why they went to London in the first place.

You can only sell up and leave London either if you have a job to go to, or are retiring.

or just remote working