Must be a big house if a modern 4 bed competes with an older 3. I haven't seen an "executive" house yet that is any bigger, room for room, than my ex-council house.
We’re in a two bed end terrace and need to move to a three at some point in the near future. Realistically Mrs F and I will be sleeping in the living room on a sofa bed as we simply can’t afford the huge jump in price from a two to three bed property. I honestly can’t fathom how people afford to buy anything above a two bed terrace in most towns nowadays. Unless they bought when houses were still reasonably priced, earn a huge salary or are willing to be in debt til they’re ninety.
Well we agree on that at least, i’ve long advocated a 100% inheritance tax, would fix a lot of the issues in this country.
For farmers as well?
Part of the reason I started this thread is I've been putting our buy to let on the market. I had been looking at house prices and speaking to estate agents.
On the market Wednesday. One viewing on Friday. Cash asking price offer by Monday.
(Before anyone says it, I've just worked out annual profits after tax plus capital value increase per year. It's worked out a little under £2k per annum. FFS. Anyway, no more giving up sunny riding days to paint windows, re-tile, let carpet fitters in, replace dicky locks or show new tenants around. No worrying every time there's a storm that I'm getting a phone call in the morning. No more saving up for a new bike only to get the phone call to say the boiler just sh*t it's guts out and spending Santa Cruz prices on a Baxi. Yay )
@matt_outandabout:
On the market Wednesday. One viewing on Friday. Cash asking price offer by Monday.
Don't sell the fekker. Wait until someone comes with something *silly* tbh.
Yes, there's all sorts of "moral wrongness" with it - but, by design, buying and selling our homes works as a market. That's not your fault.
Personally, I'm an anti-capitalist. But I work in banking and live in a capitalist world. You've got to do the best for yourself that you can, in the system that you live in.
For farmers as well?
I'm sure it's possible to figure something out. E.g. Random idea: farm land could become a state asset and farmers just rent it, that way their offspring don't need to buy the farm they could take over the lease. Sons / daughters have automatic right to the lease etc.
Farm land is currently used by the rich to avoid Inheritence tax, which is why James Dyson has been buying up so much recently (and moved to Singapore). This means 'real farmers' have to compete with billionaire tax avoiders when buying farm land.
Random idea: farm land could become a state asset and farmers just rent it
Chevychase - not only is your position morally reprehensible but you could find yourself in huge legal bother - basically you cannot hide your assets in the way you seem to think.
@tjagain - it's a question of timing.
It's hiding assets if you think you're about to become unwell to dodge having to pony up your property. If you sort your affairs out early - as I've advocated in this very thread - then it is completely legal and above board.
I've already defended why it is both the sensible and moral thing to do. I don't really have the appetite to do it again - I've already stated I stand to inherit nothing.
If other people want to guarantee they'll inherit nothing, through nothing more than their own inaction and (misplaced) sense of morality, and would rather hand their parents hard-earned over to the state (and then on to private shareholders in the form of extracted profit), then knock yourselves out 🙂
I honestly can’t fathom how people afford to buy anything above a two bed terrace in most towns nowadays.
Again: location. PM me and I'll tell you what I just bought and what it cost.
I’ve just worked out annual profits after tax plus capital value increase per year. It’s worked out a little under £2k per annum. FFS.
Is that taking into account someone else paying off your mortgage or no?
Also to the above If I was stating now on the best salaries either of us have earned would could buy nothing anywhere near us aaprt from perhaps and ex council flat in a horrid estate
next time you are ranting about people who commute long distances and own cars to make that possible you might want to remind yourself of this post!
Is that taking into account someone else paying off your mortgage or no?
A good point - but no, we've been mainly interest only and paid off a little each year when we could out of net profit.
Its about double the square footage of our current house Squirrelking. So definately bigger
pay a £1000 a week to put them somewhere nice
You won't get that in the South, trust me.
House up for sale Monday for 150,000 now been offered 155,000 and about 8 viewings to go. 3 bed semi ok area drive and garden. North West innit but 5 minutes to the beach, 40 mins to North Wales. Down South prices are just crazy.
TJ’s moral policing is a bit dubious as weren’t you planning to Air B and B your flat to maximise profit to fund you’re travelling? Your moral compass must be too close to a magnet.
Things continue crazily here.
Seems most things are going 15%+ above asking price, and the asking prices are raised too.
There are some stories of houses being bought before any viewings, others of 20+ offers being made and generally some huge prices being paid.
Is this about to be the bubble that goes pop?
I can’t begin to understand how people can afford these sorts of house prices.
20 years of living like a student, living with my parents for a few years in late 20s, buying several wreaks, doing a job I don't like but pays ok but not amazing by any stretch.
Thing is I do live in a house beyond where I would be if I didn't make these choices but if I hadn't made theses choices I would have not been able to get started on the ladder originally. I think it's too hard to get going now without taking some quite extreme choices early and having some good luck (I did / had both). You can't just do your job unless it's very well paid or you live in a cheap part of the country.
Is this about to be the bubble that goes pop?
I think it all depends on the recovery from Covid, someone will be along in a moment to explain how we're looking at a super great depression that will have us all in the queue for the soup kitchen at moment, but whilst that won't happen, things will get bumpy when the Government decide we're on our own and some people are going to have a really rough time of it.
You'd hope at least, none of the 11.5m people on furlough as of mid-April are actually looking to move up, but Brits and houses...
At the moment, in some sectors at least there is a bit of a recruitment problem, it seems that so many people who were furloughed from their usual jobs, took casual work, delivering food from super markets and takeaways are now returning to their usual work, they can't recruit enough people to replace them, or indeed in the Pubs etc, Economically this is a good sign.
When May furlough figures are released, tomorrow I think, it would be very positive to see a decent drop in numbers and this to be a trend up to it ending in September.
You'd hope, give employers have to pay a meaningful % to keep people on the scheme it's not 11.5m 'zombie jobs'.
As of dangerous financial bubbles there are two I can think of, 1) Bitcoin, down 40% in 6 weeks wiping $307,063,448,400 out of existence 2) Motor Industry, especially VW. They're massive in the PCP world. Their model is based around controlling the value of vehicles by controlling manufacture, sales and financing, but it only works if they keep customers on the wheel, buying new or nearly new cars every 2-3 years with WFH being a growing trend only accelerated by Covid, they're going to find a lot of customers not replacing cars when they reach the end of their leases.
Is this about to be the bubble that goes pop?
I think there is a way to go yet. One of the biggest employers in Edinburgh area (RBS/NatWest) have just told many staff that they only need to go to an office twice a month. That has a pretty major influence on how people arrange their lives.
Devon's gone mad price-wise...
When this thread first started I checked our estimated sale price on Zoopla, and it was £395k.
That's up from us buying it for £300k in 2015.
I just checked it now (3 weeks later is it?) and it's now allegedly worth £420k. Wtaf?
Not that we're thinking of selling but that's insane!
I honestly can’t fathom how people afford to buy anything above a two bed terrace in most towns nowadays.
I agree - I bought a two-bed terrace in the mid-90s when I was in my late twenties as a single mortgage applicant (£42k). I couldn't afford to buy that property now (asking price of around £250k) even taking into account my wife's salary.
With the massive uncertainty in the job market I suspect Alot of the mania is getting the house you want or need to be in while you have a job that gets you the mortgage.
Much easier to retain that house on a lower income than to get it.
There are many other contributory factors at play for sure but almost all of it boils down to FOMO
Sure as hell wouldn't like to try and enter the market these day.
Getting more crazy by the day, on the Northumberland coast.
A tiny 2 bedroom cottage, offers over £295k. Listed on right move, sold stc the next day. Does have beautiful views though.
FOMO?
Fear Of Missing Out
FOMO - fear or missing out
It's easy to cherry pick though - eg. 4 bed semi in Cornwall for £300k. Not to everyones taste, but a good sized house close to the coast...
https://www.rightmove.co.uk/properties/79033107#/
That's cheaper than parts of Derbyshire at the minute for something of similar size.
where I am (SE), don't think so.Is this about to be the bubble that goes pop?
Plenty of people not financially affected by Covid, plenty more who have actually made a lot of money out of it. I can see prices levelling off but not crashing... demand is very high, loads of people wanting to move to the area, population increasing anyway obviously, houses are being built but not IMO particularly desirable ones so the competition for nice, well located houses is massive.
No idea about your local property market though!
Ours went on the market 24/5 - within 30 mins of it being online we had a full day of viewings for the next day, carry that on for 4 more days we had around 25+ viewings, 10 offers. This was a 2 bed semi in York, sold after all the viewings had taken place.
Compared to last year where it was on the market for almost 4 months, had <15 viewings and only 1 offer.
Now we have to up sticks and find a place in Norwich as the Mrs has changed her mind...
That’s cheaper than parts of Derbyshire at the minute for something of similar size.
But the expensive properties in Cornwall are the ones with sea views or in the centre of tourist hotspots like Padstow, Fowey etc. Move away from the coast and much of Cornwall isn't that attractive a proposition because of the distance (and intense hassle in the summer months) required to get to the rest of the UK. Then a nice cottage with nice views in Derbyshire could be a more attractive proposition for many.
This is interesting. We're right in the firing line for a change. The suggestion is that this price change distribution is driven by WFH trends but it seems crazy that it would have this big of an effect.
Cardiff area is one of the biggest rises despite the fact we're in the middle of a huge house building rollout. New houses flying up all over the place in their tens of thousands - I'd have thought this would depress prices not raise them. Our transport infrastructure is going to be under heavy pressure.
Cardiff area is one of the biggest rises despite the fact we’re in the middle of a huge house building rollout. New houses flying up all over the place in their tens of thousands – I’d have thought this would depress prices not raise them. Our transport infrastructure is going to be under heavy pressure.
Crazy isn't it, we live 5 mins away from one of the largest developments near Radyr, we're getting post cards from Estate Agents through the door most weeks asking us if we want to sell, values of £40k higher than we paid 18 months ago (partly driven by a modest referb) and houses in neighbouring streets are actually selling for that kind of money and quickly too.
I don't think it is that surprising, before covid I was easily spending £250/month commuting plus all the extras for lunches and coffee etc. And this was already a 50/50 split home and office. Full time commuting can easily double that and more. If you have 2 people working full time that are looking at similar changes to working patterns that's a massive amount of extra income for property. It is a pretty profound change to many people's monthly budget.
I still think Work From Home is a temporary thing - no way would I move house based on one year of exceptional circumstances. You'd need cast-iron guarantees and new contracts from employers.
I know of friends and family who are wanting to go back to work but are being blocked until Autumn at the earliest.
In my wife's office 6 out of the 8 employees have decided that working from home suits them very nicely (as in the Boss can't see how little they are doing). The trouble is it's completely ruined the work dynamic and my wife can clearly see 3 or 4 of the staff aren't pulling their weight. And the boss doesn't feel she can force them back at the minute.
That map is interesting - but Caithness up 5%? I bet that's the four sales this year completed. 😂
The demand for moving house also influenced by how busy builders are, skilled trade shortages plus material price increases mean the cost and timescales of getting an extension to your existing property is out-pacing the increase in house prices.
some businesses maybe. Others have already downsized/closed their offices, or put plans in motion to do that, as they see it as permanent. One council here is closing their main office, it's a massive, sprawling site which is in desperate need of major renovations. Makes more sense to sell it off for redevelopment, move to much smaller premises, and have the majority of staff work from home most of the time.I still think Work From Home is a temporary thing
I still think Work From Home is a temporary thing – no way would I move house based on one year of exceptional circumstances. You’d need cast-iron guarantees and new contracts from employers.
Our company in Edinburgh has moved to a blended 3 in/2 home system, which is a scunner for me as we've moved to Perthshire gambling on 2 days commuting max! Could be some interesting conversations ahead with wife and/or boss... 🙄
I still think Work From Home is a temporary thing – no way would I move house based on one year of exceptional circumstances. You’d need cast-iron guarantees and new contracts from employers.
Our company has sold a ton of smaller sites, everyone is having their contracts amended to either be smart working (2 in office 3 at home or any variance), flexible working (do as you please) or pure home working. Huge change for a company of over 31k people and numerous worldwide. Essentially have a chat with the manager and see what suits you.
I still think Work From Home is a temporary thing – no way would I move house based on one year of exceptional circumstances.
Yes, it'll be interesting to see how it pans out, but I doubt there will be a massive increase in 100% WFH compared to pre-COVID. 3 days in office, 2 days at home seems to be adopted quite widely
Essentially have a chat with the manager and see what suits you.
And herein lies the problem for many - my niece works for a council in child services. She desperately wants to go back to the office but her boss won't entertain it. So she has to suffer 6+ hours of Zoom meeting everyday. And her 'office' is her dining table in her main living space.
She lives in a 1 bed flat overlooking a housing estate - her manager lives in a nice 5 bed house with dedicated office looking out over lovely countryside and a 45min drive away from the office. I wonder why the boss is keen to stay at home?
Many are being forced to work at home in unsuitable work-spaces. And my niece is seriously considering quitting.
Thank f@@@ my mum has finally exchanged today. The small chain below are all decent - rubbish (countrywide) conveyancer slow & useless though.
Top of the chain was a vile second homer. Very aggressive, knew my mums circumstances and blackmailed her for an extra 15k the week before exchange by pulling out unless she paid more.
If it was me I would have walked on principle, but she has invested so much emotionally in the move, which they knew full well.
I still think Work From Home is a temporary thing
To an extent, but not entirely, for a few reasons.
1) We've proven it is possible for many jobs. So the bosses can't say 'it won't work' because now there is hard evidence to the contrary for many. After that, bosses have will have far fewer grounds to refuse
2) It saves companies a load of money by not renting that expensive London office they all assumed was necessary.
3) If valued employees are now moving house and demanding WFH, bosses will have little option but to accede or lose their best staff.
