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 😩

E@bombemma
Im north Hampshire (near Berkshire/Surrey boarders) add another £100,000 onto that price and you might buy it here, more likely £150-175,000)

Cheapest bog standard 3 bed terrace, nothing special £450,000)

Its madness.

I also think part of the lack of housing is down to split households meaning you have both parents living in say a 2 or 3 bed house each when back in the day it was frowned upon to divorce, they would have lived in one house. Additionally, like pp have mentioned an aging population and lack of new houses being built!

I can't remember the last time I saw a terraced house under £350 thousand here , add on off street parking and it soars
Madness

3 bed semi has just sold near me for £900k. I am not in London, and it's not in a particularly good school catchment.

A not particularly nice 3 bed semi near my parents’ house is on the market for £975,000. Crazy.

I bought my first house in 1971 for £5,500.
looking it up its now over £400,000. Obscene 😡
I say this as a retired Landlady. It’s just plain wrong.

New homes to increase supply.

Affordable rents with long term tenancy

Rental properties maintained to a good standard by legislation.

Then some may continue to rentike they do in Germany.

This is quite a good explainer on why house prices are so high
www.economicshelp.org/blog/8733/housing/uk-house-prices-high/

Well stop worrying. It really is simple -

(1) Buy them a house
or
(2) Pray for a government that is both competent and considerably to the left of Blair.
or
(3) Pray for a lottery win
or
(4) Pray that they turn out to be a genius at IT
or
(5) Pray that they are happy to live their entire life in rented accommodation on the breadline

TLDR buy them a house or pray!

2 bed flats in a non-smart area I watch in SW London, are routinely priced at £500-550k.

If anyone had told me that 20 years ago, I’d never have believed them.

I’ve seen from price history that some of sold in the late 90s for £90k-odd.

I'm currently staying with a friend in Blackheath and when I went out for a run this morning stopped to look in an Estate Agents window at a picture of an attractive looking house being advertised at £750K, only to find that it was for a 2 bedroom flat in said house!!!

A house on my parents road has just sold for £390k, standard 3 bed 1930s semi. DP's paid £6k in 1970 for theirs when they got married.
Absolutely crazy.

I really don't understand what you are implying- who has been greedy and how have they affected house prices and who has surpressed wages?

A lot of divorced people - though far from all - have a chunky deposit from selling a marital home that benefited from the crazy increases.

This is why loads of my family live up north. You can buy a 3 bed ex council semi in a town about ten miles away from the A1, priced about £120k. A shoebox new build 4 bed detached is around £250k. For £350k you can get an older 4 bed detached which is more spacious.

There are no decent jobs though. Most of my family have a SAHM who works part time and a husband who works away at least 3 days a week to get a higher salary in a major city such as London. I guess they feel that owning a house and having an absent father for half of the week is better than not being able to afford a house!

Investors buy bidding up prices and stupid owner occupiers bidding up prices not realising it doesn't help them unless they're childless and about to trade down.

Governent has surpressed wages by moving ever more into an extremist form of capitalism for the rich.

I am someone doing fairly well (household income) and very well (household wealth - much of it in investment property) and I can honestly say that I would need to multiply my income and wealth by 10 before I even considered the possibility that the tories might do something for an ordinary person like me. They literally care about no-one unless they might give a multi-million pound donation to the tory party.

They should have stuck to borrowing based on 1 salary, now single and divorced people are priced out.

I’m in a two bed duplex valued at £380 south coast a three bed starter homes start at around £475

There is lots of property that would be suitable for first time buyers and young families. Huge amounts of it have been bought by Buy to Let landlords who rent it out at ridiculous rents to make themselves fortunes.

If the government stopped anyone owning more than 2 houses, hundreds of thousands, if not 1-2 million homes would be released onto the market and prices would fall.

We allow people to profit by making money from those who can not afford to buy property currently because or mortgage requirements and are forced into paying huge rents.
There are thousands and thousands of BTL landlords who own hundreds of properties and HMOs.
We don't need a mass house-building programme at all.

@YouSirNeighMmmm So do you agree that you are greedy then as @WatchoRulo thinks you are for buying investment properties if that is what she means?

I saw a graph of house price rises to average earnings and they more or less tracked one another in trajectory until the late 90s where suddenly house prices launched upwards from earnings and have kept going up ever since. Does anyone know if there was some specific reason why that happened then?

I heard that if wages had risen at same rate as house prices then the avg salary would be £78k .
I live in Yorkshire where you can get a decent 3 bed for £200 K but wages are lower too

next door but one, end of tarrace 3bed went for £420k recently in my area.
2min walk to next street and houses are in millions.
I am in the South.

So, if you think that nobody should be allowed to own more than two houses, you also think that that there should not be any rental market?

That's a crazy idea!