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Original poster

to think all this nonsense about house prices being too high is just that - Nonsense!

905 replies

RazahFluffy · 12/10/2022 00:32

DH and I have long been in the property game. We actually met whilst working as Estate Agents back in 1999!

I've seen a lot in my time as an agent - 2008/2009 were a bit of a blip, but overall, there's one thing I've always had faith in, and that's bricks and mortar and that prices always go up. They aren't making more land after all 😁

As well as working in property, we've got a few of our own. We started off as accidental landlords after we got together and kept both our homes to rent out when we decided it was time to move in together and find a place of our own. Over time we've added a few more to the portfolio.

We are lovely landlords. We let our tenants have our houses as their homes, and we like to do little things like send them Christmas hampers, and know their birthdays so we can send a card and usually a Pizza Express voucher.

Anyway, there's a lot of rubbish being written recently about interest rates and the economy affecting the market. Nothing could be further from the truth where we are!

It's still buoyant and the buyers registering at the agency are no different to usual - excited to either 'get on the ladder' or move to their next step towards their eventual forever home😊Vendors are still confident. They agree with us that houses are actually a bit too cheap, all things considered because inflation is quite high.

The one thing I'd have to say is if you can't afford a mortgage at the moment - think about your expectations. You might have thought previously that you could afford a 4 bed, but if you can only get a 3 bed for now is that really so bad? First time buyers especially I feel need to be realistic!

Property always goes up and it's no different now. We're really confident and having seen it all in this game, we really think it's time to believe in the market💪

OP posts:
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Bbqchicken · 12/10/2022 00:38

Wishfull thinking if interest rates continue to rise, as much as people may have spare cash they wont be able to afford their outgoings, so something got to give! Unless we all start pissing money!

OP for a post like this you sound like tight cashflow isnt a big deal for you, unfortunately that is not the case for so many others.

Original poster
RazahFluffy · 12/10/2022 00:44

@Bbqchicken The whole interest rate thing is seriously overblown! Like I said, if people can't afford the house they thought they could before, then they have to be realistic, and buy one that they can. We can't all jump straight to a 5 bed detached!!

One other thing to remember. Supply and demand! It's still a sellers market, there's not too many listings at the moment and still a great deal of people looking for a house.

We are seeing a few more vendors coming in at the moment - in fact there seems to be a little bit of a surge interest to sell some truly beautiful high end properties as well which we haven't seen for some time! A welcome chance indeed for people to find a really spectacular home.

Also some local landlords have also recently enquired about selling in the market, due to what they feel is a shameful 'envy of success', which is a great shame but we have been demonised over the last few years 😓

OP posts:
Gronkle · 12/10/2022 00:47

In 1995 I bought a house on my own for 3 times my annual salary. I have been promoted 4 times since then and 3 times my annual salary buys the house I bought in 1995, but their isn't much wiggle room. The people at my original level cannot afford my old house at current prices. I still work for the same company and I know what the salary is now. They have a £20k shortfall.

Terftrain · 12/10/2022 00:47

Hilarious. Are you for real?!

Babyroobs · 12/10/2022 00:48

RazahFluffy · 12/10/2022 00:44

@Bbqchicken The whole interest rate thing is seriously overblown! Like I said, if people can't afford the house they thought they could before, then they have to be realistic, and buy one that they can. We can't all jump straight to a 5 bed detached!!

One other thing to remember. Supply and demand! It's still a sellers market, there's not too many listings at the moment and still a great deal of people looking for a house.

We are seeing a few more vendors coming in at the moment - in fact there seems to be a little bit of a surge interest to sell some truly beautiful high end properties as well which we haven't seen for some time! A welcome chance indeed for people to find a really spectacular home.

Also some local landlords have also recently enquired about selling in the market, due to what they feel is a shameful 'envy of success', which is a great shame but we have been demonised over the last few years 😓

Fine for people like you owning multiple properties to preach to those struggling. Your post has infuriated me, what exactly was the point?

Babyroobs · 12/10/2022 00:49

Terftrain · 12/10/2022 00:47

Hilarious. Are you for real?!

Exactly - wish posters like this would just fuck off.

Original poster
RazahFluffy · 12/10/2022 00:50

One other thing to consider - we've recently had to refinance one of our properties. Our costs went up! Unfortunately we have to pass that on to our tenants, but that's the market!

Sadly they can't afford a property themselves, so that just goes to show again how tight and in demand property is!

OP posts:
GoldenOmber · 12/10/2022 00:51
Hmm
TheCatsPyjamas1 · 12/10/2022 00:52

OP I’m sure you had the best of intentions with your post, but it comes across as a bit tone-deaf. I am trying to get onto the property ladder at the moment, and can’t at the moment, as house prices are so expensive compared to my salary.

When you bought your first house, I’m guessing the proportion of (average) salary to (average) house price was not that big. Now, that gap is much, much bigger. I’m very fortunate that my parents have offered to lend me money to buy a property, but even with their help, I still can’t afford anything.

I’m not saying this to get sympathy, but more to explain how my situation (and the situation of many people trying to get onto the property ladder right now) is not easy and it feels quite depressing. I’m not desperate to own a property, but would like to, so I can have some stability and a place of my own.

I’ve no doubt you and your husband have worked hard to own your properties, and you both sound like very caring landlords, but you are very lucky to be in a position of owning multiple properties. That is beyond the reach of the majority of people in this country.

Original poster
RazahFluffy · 12/10/2022 00:52

Gronkle · 12/10/2022 00:47

In 1995 I bought a house on my own for 3 times my annual salary. I have been promoted 4 times since then and 3 times my annual salary buys the house I bought in 1995, but their isn't much wiggle room. The people at my original level cannot afford my old house at current prices. I still work for the same company and I know what the salary is now. They have a £20k shortfall.

Exactly!

Long term, property always goes up - it's the best investment - thanks for reinforcing the point 💪

OP posts:
MytummydontjigglejiggleItfolds · 12/10/2022 00:53

This reply has been withdrawn

This message has been withdrawn at the poster's request

Babyroobs · 12/10/2022 00:53

TheCatsPyjamas1 · 12/10/2022 00:52

OP I’m sure you had the best of intentions with your post, but it comes across as a bit tone-deaf. I am trying to get onto the property ladder at the moment, and can’t at the moment, as house prices are so expensive compared to my salary.

When you bought your first house, I’m guessing the proportion of (average) salary to (average) house price was not that big. Now, that gap is much, much bigger. I’m very fortunate that my parents have offered to lend me money to buy a property, but even with their help, I still can’t afford anything.

I’m not saying this to get sympathy, but more to explain how my situation (and the situation of many people trying to get onto the property ladder right now) is not easy and it feels quite depressing. I’m not desperate to own a property, but would like to, so I can have some stability and a place of my own.

I’ve no doubt you and your husband have worked hard to own your properties, and you both sound like very caring landlords, but you are very lucky to be in a position of owning multiple properties. That is beyond the reach of the majority of people in this country.

Caring landlords because they give out a free Pizza express voucher😂

TheCatsPyjamas1 · 12/10/2022 00:53

RazahFluffy · 12/10/2022 00:52

Exactly!

Long term, property always goes up - it's the best investment - thanks for reinforcing the point 💪

Show quote history

I think people all know that property goes up in value in the long term. Problem is that people can’t afford to buy it in the first place.

Getofftheladder · 12/10/2022 00:53

You’re alright Jack so everyone else must be right? Just stop drinking Starbucks and we’ll all be alright yeah?

Original poster
RazahFluffy · 12/10/2022 00:55

TheCatsPyjamas1 · 12/10/2022 00:52

OP I’m sure you had the best of intentions with your post, but it comes across as a bit tone-deaf. I am trying to get onto the property ladder at the moment, and can’t at the moment, as house prices are so expensive compared to my salary.

When you bought your first house, I’m guessing the proportion of (average) salary to (average) house price was not that big. Now, that gap is much, much bigger. I’m very fortunate that my parents have offered to lend me money to buy a property, but even with their help, I still can’t afford anything.

I’m not saying this to get sympathy, but more to explain how my situation (and the situation of many people trying to get onto the property ladder right now) is not easy and it feels quite depressing. I’m not desperate to own a property, but would like to, so I can have some stability and a place of my own.

I’ve no doubt you and your husband have worked hard to own your properties, and you both sound like very caring landlords, but you are very lucky to be in a position of owning multiple properties. That is beyond the reach of the majority of people in this country.

Oh you'll get there! One suggestion is to look at a mortgage broker - there's often one at the agents! You might be surprised at what they can get you. You sound like you have your head screwed on with doing what you can to getting on the ladder. Asking parents for help is a brilliant suggestion!

OP posts:
Original poster
RazahFluffy · 12/10/2022 00:56

Getofftheladder · 12/10/2022 00:53

You’re alright Jack so everyone else must be right? Just stop drinking Starbucks and we’ll all be alright yeah?

I'd never suggest that - chai latte for me please!

OP posts:
MytummydontjigglejiggleItfolds · 12/10/2022 00:58

It's not easy to 'get there' when you can't save for a deposit because your rent is so high, ironically probably higher than the mortgage payments you'd make, if you had the deposit...

Original poster
RazahFluffy · 12/10/2022 00:58

TheCatsPyjamas1 · 12/10/2022 00:53

I think people all know that property goes up in value in the long term. Problem is that people can’t afford to buy it in the first place.

Show quote history

I don't think people are creative enough! We recently had siblings buy a property together. That was the sort of thing I like to see!

My point is there is no investment better than property, so just do it!

OP posts:
Original poster
RazahFluffy · 12/10/2022 00:59

MytummydontjigglejiggleItfolds · 12/10/2022 00:58

It's not easy to 'get there' when you can't save for a deposit because your rent is so high, ironically probably higher than the mortgage payments you'd make, if you had the deposit...

Of course renting costs more than the mortgage we pay on it! If it didn't we wouldn't make any money 🙄

OP posts:
TheCatsPyjamas1 · 12/10/2022 01:00

RazahFluffy · 12/10/2022 00:55

Oh you'll get there! One suggestion is to look at a mortgage broker - there's often one at the agents! You might be surprised at what they can get you. You sound like you have your head screwed on with doing what you can to getting on the ladder. Asking parents for help is a brilliant suggestion!

Show quote history

You’re coming across as quite patronising here.

I know what a mortgage broker is, thanks. They won’t be very helpful now as I can’t afford anywhere to buy….

I didn’t ask my parents for help - they very kindly offered, and have actually downsized to be able to help - they would never be able to afford to otherwise, and I wouldn’t dream of asking them.

MytummydontjigglejiggleItfolds · 12/10/2022 01:00

No, I'm talking about people trying to get on the property ladder. The rent they pay PCM, is often higher than mortgage payments they would pay PCM, but they can't get a mortgage as can't save for a deposit, because their rent is so high.

Original poster
RazahFluffy · 12/10/2022 01:01

TheCatsPyjamas1 · 12/10/2022 01:00

You’re coming across as quite patronising here.

I know what a mortgage broker is, thanks. They won’t be very helpful now as I can’t afford anywhere to buy….

I didn’t ask my parents for help - they very kindly offered, and have actually downsized to be able to help - they would never be able to afford to otherwise, and I wouldn’t dream of asking them.

Show quote history

Do they have any other investments - pensions or shares they could sell to help you futher?

OP posts:
Original poster
RazahFluffy · 12/10/2022 01:03

MytummydontjigglejiggleItfolds · 12/10/2022 01:00

No, I'm talking about people trying to get on the property ladder. The rent they pay PCM, is often higher than mortgage payments they would pay PCM, but they can't get a mortgage as can't save for a deposit, because their rent is so high.

Yes, I know! Landlords have mortgages too 😊

So it's the same for us - we have to charge more than the mortgage otherwise it wouldn't make any sense. And so it follows that your rent is likely going to be higher than a mortgage you would pay. It's just basic common sense.

OP posts:
TheCatsPyjamas1 · 12/10/2022 01:03

RazahFluffy · 12/10/2022 01:01

Do they have any other investments - pensions or shares they could sell to help you futher?

Show quote history

They live off their pension. What do you
suggest they sell to help me?

Original poster
RazahFluffy · 12/10/2022 01:04

TheCatsPyjamas1 · 12/10/2022 01:03

They live off their pension. What do you
suggest they sell to help me?

Show quote history

Is their pension a defined benefit one? If not, you could ask them if they have a drawdown pension fund, i hear those are quite popular these days. They might be able to get some more cash from there to help you onto the ladder 😊

OP posts:
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