Property crash, just maybe it really is different this time (Part 3)

[belfastchild]

1 minute ago, Bobthebuilder said:

Met my Polish builder mate today for a pint, he was telling me 2 up 2 down terraces in Walthamstow are going for around £800K now.

Cousins sold up near White Hart Lane in around 99/2000 and bought a farmhouse up near York. Couple of acres, were bitching about paying something like a couple of grand for a tractor to cut the grass in the paddock!

Even back then, nobody I worked with in London lived in inner London. Most shared digs at least a half hour tube ride away. My cousin still does that. He could afford to buy a house in Belfast but turns his nose up at moving back here but at 45 would rather live like a fucking hobo and complain about london house prices.

[With a crooked smile]

18 minutes ago, Bobthebuilder said:

In London you can go around 50% less from central to outer regions still in a London post code.

Yeah, I know nothing about London prices I only have the anecdote that I once looked at the rental prices in an estate agents window and thought ok its expensive but not that bad... then I realised that were pricing on a per week basis, I had assumed the price was for a month...

[belfastchild]

 

5 hours ago, JoeDavola said:

My parents were proper skint until I was about 10, and my Dad worked 7 days a week so Mum could stay at home. But even with that, I don't think the house my Dad owned when he was 35 couldn't be bought now on a Belfast City Council Joiner's wage now even with overtime, never mind buying it and supporting a family.

Sorry Joe, Im not having a go but was this around the time they started claiming full DLA for you? Im not having a go but remembered your post from the PIP thread. That would go a long way to explain how they managed to afford it, particularly if someone else was picking up the bill for the car etc.
Again, Im not making any comment but just to say both my parents working full time couldnt afford to buy their council house until we had all left and were giving them money.
Theres lots of 'unseen' money floating around and back then there was the udr and police reserve and now the pensions that go with those (and the new troubles pension) which means prices in their area will always stay high until that money runs out.
None of us really know what our parents were up to just in a way that (taking other comments from that pip thread) that anyone knows what the person next to you at work is up to.

[dnb24]

56 minutes ago, Bobthebuilder said:

Met my Polish builder mate today for a pint, he was telling me 2 up 2 down terraces in Walthamstow are going for around £800K now.

No mate, 2 up 2 down terraces from £500k to £650 depending upon area and condition. £800k-900k 4 bed places and semis but who would buy these- I’m don’t know - it’s still a very rough area, even the “village” is 2 streets away from vv dodgy.

[Bobthebuilder]

10 minutes ago, dnb24 said:

No mate, 2 up 2 down terraces from £500k to £650 depending upon area and condition. £800k-900k 4 bed places and semis but who would buy these- I’m don’t know - it’s still a very rough area, even the “village” is 2 streets away from vv dodgy.

He was talking about "the village" area, never understood the attraction myself, Lea Bridge Road and all that.

[Democorruptcy]

6 hours ago, JoeDavola said:

I don't think the house my Dad owned when he was 35 couldn't be bought now on a Belfast City Council Joiner's wage now even with overtime, never mind buying it and supporting a family.

Could it be bought now on the joiner's wage added to his partner's wage, multiplied by 4.5 or 5?

The "Cost of living crisis" is largely caused by the BoE setting 'no more than 15% of mortgages being over 4.5x income' (whatever income is on the mortgage application). Second incomes used to be largely disposable, not used as leverage to mire families in too much debt.

[JoeDavola]

1 hour ago, belfastchild said:

Sorry Joe, Im not having a go

1 hour ago, belfastchild said:

was this around the time they started claiming full DLA for you?

No. The DLA payment was in my mid teens and the whole point was to get me a car. I had a car for quite a few years that obviously I never learned to drive properly but found out years later there was some additional payments they'd been keeping that I didn't know about.

Not enough to make a massive difference, maybe a grand-ish a year bit more.

[JoeDavola]

30 minutes ago, Democorruptcy said:

Could it be bought now on the joiner's wage added to his partner's wage, multiplied by 4.5 or 5?

Depends what the parner earns I guess!

But then if you rely on two full time wages you have to pay childcare for at least 5 years I don't know how the fuck people manage it.

[Democorruptcy]

1 minute ago, JoeDavola said:

Depends what the parner earns I guess!

But then if you rely on two full time wages you have to pay childcare for at least 5 years I don't know how the fuck people manage it.

Are they managing? Cost of living crisis innit? Childcare subsidies are a bung to bankers, so families have more chance of being able to pay their mortgage.

In the FT banks getting £9.2bn on their deposits at the BoE paid at 5.25% by the Treasury AKA taxpayer's money. Santander get a favourable mention of increasing rates!! As we know their saver dropping 20% from just over 5% to 4% later this month.

Interest earned by big UK high street banks on BoE reserves surges to £9.2bn

 

[Wight Flight]

2 hours ago, Bobthebuilder said:

Met my Polish builder mate today for a pint, he was telling me 2 up 2 down terraces in Walthamstow are going for around £800K now.

Girlfriend of mine, about 1992 so she would have been 24 or so moved from Marseille to Walthamstow and bought (on her own) a three bed terrace with garden. She worked for Societe Generale, but wasn't very senior.

I met her on a Club Med skiing holiday so she wasn't short of fun money either.

[belfastchild]

10 hours ago, JoeDavola said:

Depends what the parner earns I guess!

But then if you rely on two full time wages you have to pay childcare for at least 5 years I don't know how the fuck people manage it.

Thats why NI people still mostly live in the same area as their parents. Free childcare.
My granny looked after us until both parents got home from work.

As with the deflation thread, its moving back that way.

[Wight Flight]

39 minutes ago, belfastchild said:

Thats why NI people still mostly live in the same area as their parents. Free childcare.
My granny looked after us until both parents got home from work.

As with the deflation thread, its moving back that way.

How does that work with the new retirement age?

Kids will be 20 by the time granny retires.

[belfastchild]

25 minutes ago, Wight Flight said:

How does that work with the new retirement age?

Fuck sake on dating sites I was seeing grannies at 35.

[JoeDavola]

1 hour ago, belfastchild said:

Thats why NI people still mostly live in the same area as their parents. Free childcare.
My granny looked after us until both parents got home from work.

As with the deflation thread, its moving back that way.

Aye my mate who worked part time to look after his kids also moved in hald a dozen doors down from his inlaws.

Yes some would say that was nuts, but having family close by is a smart thing. From no age the kids have been able to walk down to granny and grandpa's, they can walk to primary school on the same estate.

Actually living on a housing estate and having family close by has given him more disposable income than someone earning twice as much but chasing some 'middle class' lifestyle over those years with creche fees and a huge mortgage.

[JoeDavola]

23 minutes ago, belfastchild said:

Fuck sake on dating sites I was seeing grannies at 35.

There was a girl in my year who was pregnant at 16 - she may well be a grandmother by now.

My mate dated a 38 year old grandmother a few years back.

Edited May 2 by JoeDavola

[spygirl]

Federal Reserve chair Jay Powell signals interest rates will remain higher for longer

US central bank says there has been a ‘lack of further progress’ towards 2% inflation goal

https://www.ft.com/content/5babf13a-3a23-4b24-947f-a958c3df0192

The Federal Open Market Committee said after its meeting on Wednesday that there had been “a lack of further progress” towards its 2 per cent inflation goal in recent months — an addition to its statement that in effect delays rate cuts until the second half of this year at the earliest.

“It is likely to take longer for us to gain confidence that we are on a sustainable path down to 2 per cent inflation,” Fed chair Jay Powell said during a news conference after the announcement. “I don’t know how long it will take.”

[belfastchild]

25 minutes ago, JoeDavola said:

Aye my mate who worked part time to look after his kids also moved in hald a dozen doors down from his inlaws.

Yes some would say that was nuts, but having family close by is a smart thing. From no age the kids have been able to walk down to granny and grandpa's, they can walk to primary school on the same estate.

Actually living on a housing estate and having family close by has given him more disposable income than someone earning twice as much but chasing some 'middle class' lifestyle over those years with creche fees and a huge mortgage.

Thats why my lot are moving home.

Went over last year for a primary school play. Teacher asked one of them was their grandad over from Ireland just to see the play. Wankers.

[JoeDavola]

4 minutes ago, belfastchild said:

Thats why my lot are moving home.

Went over last year for a primary school play. Teacher asked one of them was their grandad over from Ireland just to see the play. Wankers.

I knew a fella had his first kid when he was 50; strangers would always assume he was the baby's grandfather, which statistically is far more likely in NI to be fair.

[AWW]

14 hours ago, dnb24 said:

No mate, 2 up 2 down terraces from £500k to £650 depending upon area and condition. £800k-900k 4 bed places and semis but who would buy these- I’m don’t know - it’s still a very rough area, even the “village” is 2 streets away from vv dodgy.

I looked at a Warner flat back in, I dunno, 2007 maybe. 2-bed, bit too far from the tube. It was £250k. What struck me was how crap the area was - and I was living in Brixton at the time. It's still a worse area than Brixton.

[One percent]

51 minutes ago, AWW said:

I looked at a Warner flat back in, I dunno, 2007 maybe. 2-bed, bit too far from the tube. It was £250k. What struck me was how crap the area was - and I was living in Brixton at the time. It's still a worse area than Brixton.

I sold a 2 bed one for 55k in 1994

[Google247]

17 hours ago, spunko said:

Eh? You certainly can't in the SE.

A bad area like let's say Croydon:

https://www.rightmove.co.uk/properties/144454586#/?channel=RES_BUY

Find me a 2 bed house for £70k in the SE even that's a complete shit tip and I'll Paypal you £100.

In reality you aren't getting any house inside the m25 for under 300k

[Google247]

17 hours ago, belfastchild said:

Cousins sold up near White Hart Lane in around 99/2000 and bought a farmhouse up near York. Couple of acres, were bitching about paying something like a couple of grand for a tractor to cut the grass in the paddock!

Even back then, nobody I worked with in London lived in inner London. Most shared digs at least a half hour tube ride away. My cousin still does that. He could afford to buy a house in Belfast but turns his nose up at moving back here but at 45 would rather live like a fucking hobo and complain about london house prices.

Wonder if the 2 up 2 down is worth more than the farm today?

[belfastchild]

41 minutes ago, Google247 said:

Wonder if the 2 up 2 down is worth more than the farm today?

It wouldnt surprise me if it was!

[spunko]

I thought this was the case, now it's been confirmed by data analysis.

Lots of people with pricey homes are chancing their arms and trying to sell. But very few of them are selling.

 

The only ones that are selling are priced to sell. I've mentioned this one on here before, it's now gone SSTC:

https://www.rightmove.co.uk/properties/131977703#/?channel=RES_BUY

Over the road (literally) there is a house that is half the size of this now for sale for... £1.25m more: https://www.rightmove.co.uk/properties/147272894#/?channel=RES_BUY

Imagine having that brass neck.

Edited May 2 by spunko

[spygirl]

4 minutes ago, spunko said:

I thought this was the case, now it's been confirmed by data analysis.

Lots of people with pricey homes are chancing their arms and trying to sell. But very few of them are selling.

 

The only ones that are selling are priced to sell. I've mentioned this one on here before, it's now gone SSTC:

https://www.rightmove.co.uk/properties/131977703#/?channel=RES_BUY

Over the road (literally) there is a house that is half the size of this now for sale for... £1.25m more: https://www.rightmove.co.uk/properties/147272894#/?channel=RES_BUY

Imagine having that brass neck.

There's trying to sell.

And having to sell.

I know a few of the latter.