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House Prices Aug 2020


No One

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Rich people using cash/a limited range of mortgage products on low volumes buying higher end properties in the shires. 

Just a guess unless jobless people with no savings are somehow getting a mortgage with magic deposits from undisclosed sources.

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1 hour ago, No One said:

What do the members make of the supposed surge in house prices?

There isnt one.

Asking prices dropped April->July.

Theyve gone up a bit.

Theres very few houses being sold.

The August numbers are 3 months worth.

Wait for the September onwards figures.

Theyll be dire.

Banks are not lending.

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1 hour ago, spygirl said:

Banks are not lending.

I think that's the important bit - a lot of people are looking to buy and sell, question is will banks take the risk and do they have the money to lend out.

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AlfredTheLittle

There are well over a million people in the UK earning more than £100k a year (I found a stat that said 1.2 million people in 2016). 

Apart from housing, everything is very cheap in the UK at the moment. So huge amounts of people with very large amounts of cash to spend, and only houses to spend it on.

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AlfredTheLittle
49 minutes ago, Option5 said:

And credit to spend...

That too. If you're earning over £100k you could fairly easily save a £50k deposit and borrow £300k. If there are two of you, the numbers could double.

Therefore there is no shortage of buyers who can easily raise much more than the average house price, and prices probably won't be falling. There are many millions more who are priced out already of course, but that's the point of immigration I guess.

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56 minutes ago, AlfredTheLittle said:

There are well over a million people in the UK earning more than £100k a year (I found a stat that said 1.2 million people in 2016). 

Apart from housing, everything is very cheap in the UK at the moment. So huge amounts of people with very large amounts of cash to spend, and only houses to spend it on.

That is an interesting statistic, and one which surprises me.

If we assume the population of the UK to be 70m, that must mean about 40m in active employment, give or take? So close to 3% of workers are on £100k+ - wow.

I wholeheartedly agree with your second paragraph though; I am not sure that many people appreciate (via living and working outside the UK for a decent period) just how cheap almost everything is here in the UK, council tax being the obvious and honourable exception. In almost every way (housing excepted), you've never had it so good.

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AlfredTheLittle
16 minutes ago, Knickerless Turgid said:

That is an interesting statistic, and one which surprises me.

If we assume the population of the UK to be 70m, that must mean about 40m in active employment, give or take? So close to 3% of workers are on £100k+ - wow.

I wholeheartedly agree with your second paragraph though; I am not sure that many people appreciate (via living and working outside the UK for a decent period) just how cheap almost everything is here in the UK, council tax being the obvious and honourable exception. In almost every way (housing excepted), you've never had it so good.

Here it is: https://www.thisismoney.co.uk/money/news/article-3621852/More-1m-people-say-earn-100k-year-nearly-50-000-make-1m-survey-finds.html

Puts a bit of a different slant on things..... There's plenty of money sloshing around for houses.

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42 minutes ago, AlfredTheLittle said:

Here it is: https://www.thisismoney.co.uk/money/news/article-3621852/More-1m-people-say-earn-100k-year-nearly-50-000-make-1m-survey-finds.html

Puts a bit of a different slant on things..... There's plenty of money sloshing around for houses.

Your not going to accurately extend 1,000 asked to number of 100k+ earners.

Go to HMRC and get anonymised paye details.

Iirc number of people earning 100k+ is tiny.

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From a quick glance of recent papers' headlines when passing a newsagent they're claiming that the recovery has started because of a recent increase in house prices.  Still no acceptance of how bad that is for the economy - except in their dodgy statistics terms. 

A sort of green shoots of recovery - yet again xD xD

There's been at least one radio programme with house prices being ramped - yet again - with experts being interviewed and saying how house prices will continue to increase no matter what happens as a result of Covid. 

Various reasons given but no mention of the Chancellor and the BoE governor shovelling £trillions into the UK's economy in their sheer desperation to prop things up some more - yet again - and both of them wrecking the economy some more in the process.

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AlfredTheLittle
2 hours ago, Knickerless Turgid said:

Sorry, but I am calling bollocks.

310,000 individuals with taxable income of at least £160,000 as reported to HMRC. This is the top 1%.

I'd say that makes well over a million on £100k very likely.

Edit: found HMRC stats for 2017-18, 392,000 additional rate taxpayers (taxable income over £150k)

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7 hours ago, spygirl said:

Your not going to accurately extend 1,000 asked to number of 100k+ earners.

Go to HMRC and get anonymised paye details.

Iirc number of people earning 100k+ is tiny.

I believe it, I work in London and i know escalator and lift engineers that were on 100k

mainly through emergency call out.. 

Question is with large office blocks, shopping centres ect in decline.. what are they earning now

plumbers can earn that much.. I see that article about pimblico plumbers and the self employed argument, they were quoting around 100k for some of them..

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There may be a lot of people earning over £100k in London and the SE. Certainly not many millennials however.

It will be a mix of early retirees in second jobs like senior council positions (a lot of ex police do this) Self employed skilled tradesmen with their own companies, senior tech jobs, consultants, engineers, senior medical and lots of London-esque faffy bollocks and marketing jobs.

The only ones of above actually living in London (or want to be in the suburbs as anywhere near it) paying inflated prices is the London hipsters. Prime London’s peak was 2014, and has flatlined/decreased since. SE has been slowly following. That slow moving momentum ripples out to the rest of the country eventually.

House/flat prices in the cities will be fucked, that’s the long and short of it. People thinking it’s great currently working from home in the private sector will be replaced.

The stamp duty prop only served to skew statistics at the higher end to stave off sentiment (when annual HPI went negative in June) when they need the country to spend.

All this talk of house prices increasing to ATHs is the froth from 3 months backlogs of people sitting on their arses. House prices are anchored to earnings and the banks willingness to lend.

The average house is now x8 to average earnings, that tells you all you need to know.

The only 10 year fix I can now see with a 60% LTV is Barclays and one or two building societies. First Direct has quietly removed theirs.

95 and 90% mortgage products have been removed/reduced. Pension funds have suspended their commercial and residential property funds.

Watch what the banks do not what the media says. House prices are well and truly fucked come 2021.

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7 hours ago, AlfredTheLittle said:

310,000 individuals with taxable income of at least £160,000 as reported to HMRC. This is the top 1%.

I'd say that makes well over a million on £100k very likely.

Edit: found HMRC stats for 2017-18, 392,000 additional rate taxpayers (taxable income over £150k)

No doubt there’s plenty in the UK earning that and much more, it’s just they won’t be paying PAYE tax.

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2 hours ago, macca said:

I believe it, I work in London and i know escalator and lift engineers that were on 100k

mainly through emergency call out.. 

Question is with large office blocks, shopping centres ect in decline.. what are they earning now

plumbers can earn that much.. I see that article about pimblico plumbers and the self employed argument, they were quoting around 100k for some of them..

I cant speak for lift engineers - I dont know any. So, even if they are on big money - which I doubt - theres not many of them.

AS far as plumbers, they pay is total bullshit. You can only earn that much beign on call 247 in London.

Average plumber earns sub 40k.

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8 hours ago, AlfredTheLittle said:

310,000 individuals with taxable income of at least £160,000 as reported to HMRC. This is the top 1%.

I'd say that makes well over a million on £100k very likely.

Edit: found HMRC stats for 2017-18, 392,000 additional rate taxpayers (taxable income over £150k)

Unlikely.

Incomes tend to follow the normal curve.

Double 160k = 320k, massive  drop off. Double 320k - 640k another massive drop off.

 

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Bobthebuilder
1 hour ago, spygirl said:

AS far as plumbers, they pay is total bullshit. You can only earn that much beign on call 247 in London.

Average plumber earns sub 40k.

My line of work and in London. The highest earner i ever meet was a young Asian guy working 24/7 emergency gas safety call outs (then Transco) £72,000. Really good sole trader i know, boiler repairs central London £55,000 ish.

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A tremendous # on the lung
2 hours ago, spygirl said:

cant speak for lift engineers - I dont know any. So, even if they are on big money - which I doubt - theres not many of them.

Not an easy job. They have to take the ups with the downs.

Sorry...

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AlfredTheLittle

Pretty much all doctors will be on over £100k, even if not working full time.

Lots of middle management in London on over £100k, it's pretty standard in the large London firms.

As Spy said, incomes follow a curve, so if there are nearly 400,000 on over £150k, there will be many more between 100 - 150k. Plus, as Sideysid said, that is only the ones earning and declaring over £100k personally. There will be a fair few working through companies in software for example who won't be in the figures. 

 

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1 minute ago, AlfredTheLittle said:

Pretty much all doctors will be on over £100k, even if not working full time.

Lots of middle management in London on over £100k, it's pretty standard in the large London firms.

As Spy said, incomes follow a curve, so if there are nearly 400,000 on over £150k, there will be many more between 100 - 150k. Plus, as Sideysid said, that is only the ones earning and declaring over £100k personally. There will be a fair few working through companies in software for example who won't be in the figures. 

 

DRs or GPs?

Idiot Brown bumped up Gps from 50k -> 100K - to attract hard workers .....

However .....

GPs pay also goes towards running the practice, so their effective pay will be a lot less.

When it comes to specialists/registrars in hospital, then you are looking at 70-80k.

Youll need 15+ eyars to go much over 150k. And theer theres only a few per regional hopsital. And there are not mainy regional hospitals.

Agin, you are making the same mistkae my mother makes when pricing houses - assuming the average local person is earning ££££££

In reality local wages follow a normal distribution.

Find out the local mean, youll find few people earnign 2x that.

There just are not the high earners to support UK prices.

 

The big payers, job wise, was always the finsec. At least ~86->2008.

This is lurchign down n down as jobs are destroyed and regulation and reduced regulation vastly lowers the returs.

 

If there was then UK finaices would not be in such dire states.

 

33 minutes ago, Bobthebuilder said:

My line of work and in London. The highest earner i ever meet was a young Asian guy working 24/7 emergency gas safety call outs (then Transco) £72,000. Really good sole trader i know, boiler repairs central London £55,000 ish.

Get out of large citiers and most plumbers are earning ~32kish. And thats with a lot of running around.

And few last more than 55 - knees fucked.

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