House price madness

[Jadedbuthappy82]

Sorry to rant, but how on earth have house prices been allowed to rise so ridiculously. The going rate here for a basic three bed semi is £300k... The same houses would have sold ten years ago for less than half of that 😩

Because it suited greedy people and people who aspired to be greedy people. A similarly apposite question might be "why have wages been suppressed so much for so long?

Well I completely agree... Utter madness. Wages have effectively been cut compared to inflation in many jobs... I don't understand how people are supposed to cope. Thank you for replying to me,

Going rate here for a three bed semi is £550k! 😱😱😱. Not London either...

Jesus where are you @Creamcrackersandricecakes? As you say, that’s the average London price of a 3-bed semi.

Live in the SW suburbs and there aren’t any 3 bed semis at that price here - don’t know about wider greater London here though

average price here is £850 plus! It’s mental and I worry about my child being able to buy (or live a normal life) in future

@TheCatsPyjamas1 - we're in Kent. This is one example:

www.rightmove.co.uk/properties/85875252

It's bonkers.

Oh that's ridiculous... I'm sorry but it's all gone beyond a joke now. How on earth is anyone not on the property ladder, or recently divorced (me 🙄) supposed to buy their own home? My brother bought his first home in 1996 for £34k, the same house is now for sale at £250k... Not only have many salaries not risen at anywhere near that rate, many have effectively been stagnant for decades. How has this been allowed to happen? Sorry, I know I'm just thinking out loud what so many of us probably ponder daily, I just sometimes feel like I'm in a parallel universe. There are so many people on our street who bought their homes for about £50k in the 1990s and now they go up for sale for over £320k! And most of them are in shocking condition but still sell!! I know it's not me but I spend my life thinking is it me?

Three bed here, two bathrooms, 750k. It's utterly bananas.

We bought our 3bed semi needed complete modernisation for £820k this summer. London outskirts.

£300k would be a dream!

They are £750k+ here!

I've just been sent details of a 1 bed flat for £250k. Houses and older flats are stagnating, but new build flats are holding their money round here, probably because developers don't want to lose their profits

Supply and demand. If you have too many people wanting something that there is not enough of, this is what happens.

Lots of intellectual contortionists will try and explain in complicated ways but it really is just supply and demand.

I’ve been watching the prices rise here for the last five years. A basic two bed terrace has gone from around £120k to £175k in an area that doesn’t have big salaries. Rent prices were £450pcm now circa £750 with prices rising the most during the pandemic. New houses are being built but a lot are executive type homes starting at 280k. Shared ownership deals are available for some but still expensive. Demand for affordable housing is very high but we don’t have enough accommodation for people.

The UK doesn't build enough housing. You only have 468 housing units per 1000 residents. And building new housing can be held up by opposition to moving a tree.

nz.news.yahoo.com/bethnal-green-mulberry-tree-high-court-ruling-162502814.html

Prices are set by supply and demand. If you want lower prices, create more supply.

I’m up north. A nearby 3 bed mid terrace which had had nothing done to is since the 1950s (no central heating, windows falling out etc.) sold last year for £450k. I think the new owner has so far spent about £200k doing it up!!

Yes, you're all quite right. London prices sound crackers. I'm in the southwest but of course wages are generally lower outside of London. I still think it's all extreme though. Supply and demand, yes, very true. I suppose it is what it is. Thanks all for your replies ⭐

Omfg! That is ridiculous

I'm in Devon and 3 beds where I am are around £190k

Without a decent chunk of equity, recently divorced people are going for Shared Ownership. So are young couples with two lowish-paying jobs. Mortgage rates are high, of course!

It's not just supply and demand - it's that plus the market knowing borrowing capacity has been 4.5ish times 2 salaries on low interest rates for a good while.

It's foreign investors buying houses with bonuses they don't even have to leave the comfort of their armchairs to do it . Also old people are opting to stay in their homes with carers . There families are maintaining the properties for them . There is not enough property to meet demand even in the renting sector. There are 20 plus people chasing every decent three bedroom home in my town .

It's ridiculous. Salaries aren't increasing but house prices are soaring.

here terraced properties bulk of properties here average price of £176,155.
Semi-detached properties sold for an average of £226,684, detached properties fetching £381,778.

It's a low wage area though - prices are pushed up by nearby cities - average price there is £356k..

Then you get people on here asking why people have long commutes - and how they should have factored in unexpected oil prices rising causing journey prices to soar.

Supply and demand - they aren't enough houses built in right areas so lack of supply causes prices to increase - we haven't built enough for decades.

Wow London prices are crazy
Around East Midlands and can get a 3 bed semi for around 250k but I still find that expensive
I have no idea how londoners do it

Yikes going rate for a 3 bed semi round here is north of 600k

And that's for a not particularly nice one which needs a shitload of work doing

SE London borough
Zone 5

It does feel completely out of control.. it’s not just you OP!

i do wonder whether higher interest rates and people not being able to borrow as much as a result will force lower house prices 🤞

this one near me made me just despair the other day : www.oceanhome.co.uk/properties/15638907/sales

a million pounds for a pretty plain looking semi detached 4 bed on a busy not partic nice road! And it’s sold!