House Prices

[LGBirmingham]

House prices still seem to be rising? Does anyone else think this?

I don't know anyone that has regretted getting on the property ladder, it's only been of benefit to their lives (and my own).

I do know renters who regret not buying.

It's great to have differences of opinion though, it's interesting to have insight into a logic I myself don't follow.

Be even more interesting to see what's happening with the property market in 5 years!

As a homeowner I hate the UK obsession with homeownership. It is poison

"the sooner you get on the ladder and get a mortgage the closer you are to paying it off and having almost free accommodation for life"

I doubt that many people coming off 2 and 5 year fixes at the moment will agree with this.

Yes I agree. Very bad for the economy - as such a large proportion of the system depends on the profits from ever increasing debt. Very bad for society as each new generation has little choice but to become slaves to bigger and bigger mortgages of 30 years, and even longer. A large proportion of those effectively paying the mortgage for someone else's benefit - by renting. It's become a great big ponzi scheme. Banks are happy because they make obscene profits. Governments are happy because it maintains a society of fearful easy to control wheel pushers. Not good at all - yet you still hear and see people following the msm rhetoric and cheering rising prices. Bizzare if you really think about it, that this is a supposedly an advanced society.

Aren’t you a Landlord @DrySherry ?

Yes I am, not for any residential properties though. My tenants are all businesses.

100%. Although initially painful for many, I hope the whole thing falls apart or at least equalises partially putting more important things into perspective for society. Like being a human, family, neighbours, community, warmth, helping others, less individualism.
Things we often find more of in countries which are less “fortunate” economically.
The money system is generally very toxic and distracts our attention from our ability to be genuine human beings.
Next generation are fucked in its current form, something has to give one way or another.

Security for some, poison for you, I'm glad we're all different!

I have never felt so insecure in my tenure as when our landlord decided to sell our flat only after about 6 months from when we moved in. The fear of having to move again; the expense, disruption and the sense of not really being settled. We allowed viewings from potential buyers of the flat as we knew they had priced it too high. We were saving for a deposit to buy but we weren't ready. We saved more aggressively by cutting lots of things out. We decided to buy even if it cost more per month due to our tiny deposit than what we were paying in rent per month but it was worth it for us. The freedom to move from a house when we wanted to rather than when someone else wants us to has been priceless.

The trouble with renting in the UK is that it's so poorly regulated. Tenants have few rights. Due to lack of supply of housing it's harder for a tenant to find somewhere else to live, than a landlord to fill a vacancy.

We didn't buy because we wanted to own something, but because we were fed up of renting. The constant inspections, shoddy bathrooms and weird landlords eventually get to you. And at the back of my mind I was always having this feeling that we might have to move soon, without much notice. I think the occasion when our landlord went bankrupt and we could have been made homeless, convinced me that renting with kids in UK is a no go (and I know that they have changed that law, but the feeling remains).

100% agree, UK lacks on this front. Far too few regulations to protect tenants in their home (because it is their home) and the price of rents.
On the other hand there was a time when everybody wanted to move to the UK which of course is no longer possible legally and many are still leaving for greener pastures. Perhaps Brexit will actually help the UK housing market long term regarding general housing availability. Lets see.

Can't keep a good spiv down. Desperate stuff here.

"EweMove - Video Tour Available - A wonderful opportunity to acquire 100% of a property for 75% of the whole value. Anyone can buy this property and there are no additional charges. It is NOT part ownership. This is a beautifully presented two bedroom bungalow. Please call EweMove Basingstoke to arrange a viewing.

AGENTS NOTE: The owner and any future owner of the property will own 100 % of the freehold title having paid 75% of its value. On any subsequent sale the value of the property will be assessed by an R.I.C.S surveyor and the sale price will be fixed at 75% of that price."

https://www.rightmove.co.uk/properties/141985721#/?channel=RES_BUY

Any idea why BBC have decided not to publish this month's house price data from the ONS? Answers on a post card.

https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/september2023

Wow

Check your English areas here. Keep your eyes covered if living in the City!

https://www.gov.uk/government/statistics/uk-house-price-index-for-september-2023/uk-house-price-index-england-september-2023

We're up almost 3% here, which is interesting.

It might be true but don't get excited. See the low volume warning above.

(Damn auto-correction!)

Yeah. It's surprising actually, as what's happening on Rightmove doesn't seem to match the stats!

It's probably the higher value property stat skew.

Still nothing reported on BBC. Nothing on ITV or Sky either. Very strange. I had to go to Reuters to get a report.

https://www.reuters.com/world/uk/uk-house-prices-fall-rents-rise-by-record-ons-2023-11-15/

Maybe they're trying to come up with a positive spin first?!

It was in the Financial Times yesterday - https://on.ft.com/3umYlw9 I htink that link allows non-subscribers to read the article.
On buying or renting people should just make their own decisions. My parents and my father's parents thought it very important for security to have your own home and so do I and my children. Lots of people don't. There are always pros and cons. We spent 50% of our net income in about 1990 on mortgage interest. Rates went very high. However longer term I still feel we were right to buy. I have paid off a few mortgages, my latest one paid off this year 2023 - hopefully my last ever as I am over 60 (just). I might live to 80 or even 90 so that will be 20 or 30 years with just council tax/heating for the house to fund. If I were renting I would have to hope if I had no job universal credit/pension credit would help with rent on a modest flat.

And repairs, @Xenia. You're not going to go 20-30 years without having to pay for some form of maintenance to the property.

"Suffer" LOL, is anybody still buying this B.S? Still great news though.

toxic brainwashing

My post or the MSM/VI`s