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

[RazahFluffy]

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💪

Let them eat pizza with their voucher

I'm sorry the glee and smugness of the poster is just unpleasant

A poor example of humanity

@SavoirFlair "You don’t understand economics @RazahFluffy which is fine, but don’t tell me the FTSE value today and expect me to take that as a rebuttal, that’s absurd."

My thoughts exactly, but then much of OP's "insights" are absurd. She's like Paddington - of very little brain.

Tbf, the housing market where we live is still at fever pitch, lots of overseas buyers moving here, I suspect the same might be the case in retirement spots where people don’t need mortgages etc. it will vary between areas. The traditional housing market will undoubtedly be the first hit and prices might dip by 10% or stagnate.

I think she's fully aware of what's going on.

I hope things work out ok for you @ImNotWhoYouThink . A worrying time to be in your line of work.

Property is a notoriously volatile investment area. Ask any financial advisor. You sound like you know nothing about property at all.
People who live in the property they buy are insulated from the worst risks as they can usually sit tight in it- it's something to live in, not to invest in. But property investment outside of that is generally regarded as a high-risk area.You certainly don't want your pension fund stuffing all its investments into property; I doubt they would even be allowed to invest much of a proportion of their funds into it. The reason a lot of local authorities and even the C of E got into serious financial trouble was property investment.

OP I see why people's backs are getting up but I do agree with your general message. I think people should stop moaning and just get on with it.

Three of my well paid good friends are currently trying but unable to buy. Allegedly. Realistically they can't buy the exact size house in the exact area with the exact garden they want. So they are renting and complaining.

When we decided we were buying we bought. We threw out loads of our possessions, checked out what area we could afford (very very limited) and got a roof over our heads. We don't have the garden we would like but we have a green across the road and make a big event of 'picnics'. We don't have the space we would like but make it work.

Honestly I love our home so so so much.

OP lost me at Pizza Express 😑.

Ah ha! I get it…

I do take your point, they might need to move into a supervisory position these days if they really want to stretch themselves to their dream home rather than working on the shop floor

The OP is either a massive troll doing a brilliant job of trolling or single handedly trying to stop the housing price slide (next interest rate rise sure to send it into meltdown) OR Jake Berry … Take your pick.

I think you're a little out of touch with those trying to get into the housing market. The goalposts keep changing. People need to pause and think before they buy now. Is it really worth those repayments. A few years ago it was. Right now probably not so much. You really need to know you are buying g the right property so as not to get yourself trapped in negative equity if you want to get out. I am looking now and the difference between what the banks would lend me last year compared to today is starkly different, as well as repayment amounts being huge in comparison. My deposit hasn't changed and my salary is unlikely to either.

So that's me off the market while I think about what to do because all my plans have now been scarpered until either the property prices cool or I move to a cheaper area if I can make that work. I doubt I'm alone.

In the long term I'd agree no real big deal buying any property as most likely will still be worth what you bought it for and most likely at least a bit more. Land where the jobs are seems to be increasingly scarce, council homes are still being sold off without being replaced and net immigration is very high so the supply demand scenario with high demand will continue, but how many people can currently afford to buy with the banks tightening their belts may be another 'blip' as you called it like was in 2008/09

There should be a new internet rule "Paddington's Law" similar to Godwin's Law and Nazis but fluffier ! 😁

Godwin's law, short for Godwin's law (or rule) of Nazi analogies, is an Internet adage asserting that as an online discussion grows longer (regardless of topic or scope), the probability of a comparison to Nazis or Adolf Hitler approaches.

en.wikipedia.org/wiki/Godwin%27s_law

I'm so happy you live in a cheap part of the country, but an average 3 bed terraced house in Hackney is now over £1m+

Your post is exactly the reason why I think London should keep all the tax revenue it generates so we can fix our local housing market and stop subsidising the rest of the UK

Why would I get on with it if house prices are expected to fall 20% in a year or so? I would advise FTB to sit tight. Rent is cheaper than mortgage now.

And I am selling my property to upsize..the reason it's on the market is so that I think it will take a long time to sell so that I can look at properties now (which are mostly not selling now) so that I can get it cheaper next year..

@HappySonHappyMum By coming for your pension and investments apparently!😅

Your post is very Marie Antoinette OP. "Let them eat cake".

There is no evidence to suggest she ever said this of her subjects when she was Queen. This quote has been circulating since before 1789 and was told in a slightly different form about Marie-Thérèse, the Spanish princess who married King Louis XIV in 1660. She allegedly said that the French people eat la croûte de pâté” (or the crust of the pâté).

The OP though needs to read the room, something OP has not done throughout.

Banks are not tightening their belts by the way there’s absolutely no shortage of Mortgages, they will lend you whatever you like but you’ll pay more that’s it. And they removed the affordability checks so now yeah you can fill your boots.

Goady fucker completely out of touch with how ordinary people are struggling to make ends meet.

Aside from the subject matter, the most irritating thing about OP’s posts is the massive overuse of exclamation marks.

OP!! Please!! Stop!!!!!!!!!

OP

I'm absolutely riddled with debt from a time when my MH was very poor and I was very bad with managing my money. I have not one penny in savings and no mortgage company would touch me with a barge pole. I'm also approaching 50 and I am tied to the South East due to having small children that still need contact with their dad.

Exactly how am I to get on the property ladder? I really am all ears.

@vera99 😂

The stats don't lie.

The ratio of house prices to income has increased MASSIVELY to unsustainable levels.

The whole 'buy what you can afford' thing is nonsense. People need to buy the homes they need. Someone in their thirties with kids might be able to afford a one bedroom flat, but that is just not a practical option. And because of the broken housing market, more and more first time buyers are older and have already passed other life milestones (marriage, kids etc).

I'd love to have been able to buy a one bedroom flat in my twenties (10-15 years ago). But my salary was £30k, and in London a (fairly shit) one bedroom flat would have cost about £200k. There was simply no way for me to have access to a £20k deposit in my twenties, and even if I did, there was simply no way for me to get a 90% mortgage of nearly seven times my gross income.

So I rented. My money continued to go into rent rather than in building up equity. Life moved on. Marriage. Children etc.

Now, my salary is much much higher. Household income in the region of £120,000. But my housing needs (not wants...) have also changed. In my twenties, I was paying about £500pm in a house share. Now our rent is about £2k. Factor in childcare etc and there simply is not much left over to save. We have some savings, but the minimum price for a suitable home now is £500k. And in reality, £600k is much closer to what we'd expect to pay. We cannot save £50k-£60k while paying childcare and rents of £2k a month. We could probably just about get a mortgage for £450k to £540k on our incomes, but we would be pushed right to the edge of affordability, and would be massively vulnerable if our circumstances changed or interest rates go up.

And that is us as a household with a higher than average income. Looking for a two or three bedroom home that is within an hour's commute of our jobs and not too far from family support networks.

If people on our income struggle to get on the property ladder, then it is obviously much much harder for people on more average incomes.

Simple truth is house prices are too high. I don't know if they will fall, but they should fall. It is unsustainable to have average house prices that are eight or nine times average incomes. Something's got to give.

There is something v v Ponzi scheme about OP's tone...

People talking about 'low interest rates being the cause of the market' - this is so weird I don't even know where to begin with it. It's supply and demand - and with property demand always exceeds supply, so prices go up. Did none of you do economics at school?

I have read an economic analysis of why house prices have risen as they have in the past few decades. Multiple reasons were examined, and low interest rates were the biggest, providing more than half of the rise. (I don' t remember the figure, I think low interest rates were 70% of the reason.)

I rarely comment on threads when I don't have anything I consider meaningful to contribute, but I had to get this off my chest: I don't like most people that "are into" real estate, and OP just reinforces that opinion. Bandying around half-truths about financial markets and economics, giving bad financial advice (pensions! parents! siblings buying together!), and inane aspirational quotes. However, if this was an attempt at trolling, then I raise my hat to OP! Kudos!