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Thread: UK property market

  1. #241
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    Quote Originally Posted by marc26 View Post
    We still have 60 people sleeping in fcuking tents go buy apartments 25 mins from downtown!
    Bonkers, I would love to have a product that people will sleep in tents to buy.

  2. #242
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    Quote Originally Posted by Steve@thaib View Post
    Bonkers, I would love to have a product that people will sleep in tents to buy.
    Well it sounds like your govt has taken actions to actually helps their citizens.
    The BC govt has completely sold out its citizens.
    There are people that are born and bred in Canada who have good, decent jobs and will never be able to own a home.
    But the BC govt, especially the local Vancouver govt cares less about thier citizens than any govt I've ever encountered
    As long as the developers are buying off the govt they don't care about the citizens

  3. #243
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    Quote Originally Posted by LivinLOS View Post
    I dont know much about UK property values or prices.. But I see that same expectation gap in loads of areas, the amount of disposable income that late teens or early 20s seem to think is normal or essential, in tech spend, in all kinds of ways.. I was on some car forum and this poster was asking which of the following for a students first car, a 2 year old 330 beemer, a slightly older Merc, or some asian import type car.. He had his credit lined up with a >20 grand credit line and wasnt boasting was straight debating the merits and cons and which 20 grand debt bundle was right for a late teenager. How about your first car be some 20 year old beater you can take the corners off, or hell, a 10 year old couple of grand 'nice car', paid cash on the nail. The outright refusal to consider anything older than a couple of years and less than the price of a small house in asia, just seemed mental to me. The essential need to be on some debt ladder to impress people right from before he even becomes a working adult.
    Well that's it. The Millennials are complaining that they were told if they go to college they will get good jobs. First they obviously didn't research the job market. And 2nd. Nobody told them to go $100,000 in debt before they got their first job mopping floors. Fcuk the Millennials..55

  4. #244
    Senior Member Joeguevara's Avatar
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    Quote Originally Posted by Dupree View Post
    Well that's it. The Millennials are complaining that they were told if they go to college they will get good jobs. First they obviously didn't research the job market. And 2nd. Nobody told them to go $100,000 in debt before they got their first job mopping floors. Fcuk the Millennials..55
    Hold on a second....if you go to university, qualify and get a job with that degree, surely you should be able to afford the mortgsge. If not, why put yourself through the hardship and debt? Ireland had probably the biggest property bubble in the western world, and i weep at what some of my friends for repayments. I did pretty well and have 2 houses and 1 apartment that i can afford.....was talking to a good mate tonight and he admitted that he pays 70% of his net monthly salary a month on rent.....that is a disgrace... and if that was me, i couldnt work for that...that is a housing crisis!

  5. #245
    Senior Member marc26's Avatar
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    Quote Originally Posted by Joeguevara View Post
    Hold on a second....if you go to university, qualify and get a job with that degree, surely you should be able to afford the mortgsge. If not, why put yourself through the hardship and debt? Ireland had probably the biggest property bubble in the western world, and i weep at what some of my friends for repayments. I did pretty well and have 2 houses and 1 apartment that i can afford.....was talking to a good mate tonight and he admitted that he pays 70% of his net monthly salary a month on rent.....that is a disgrace... and if that was me, i couldnt work for that...that is a housing crisis!
    But what these guys are saying is these young kids have no interest in starter houses.
    They want to have their 1st house be like a house they see on HGTV

  6. #246
    Senior Member Joeguevara's Avatar
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    Quote Originally Posted by marc26 View Post
    But what these guys are saying is these young kids have no interest in starter houses.
    They want to have their 1st house be like a house they see on HGTV
    I actually think it's a lot to do with history...in Ireland it is everyone's goal to own a house....like it or not the main reason is that Irish Catholics were not allowed by law to own property during British rule... So it is always a goal to own land and iris a defining moment....doubt many of ye can understand that driving force....on the other hand Paulie..these starter homes where people work, in Ireland, are few and far between...for instance I rent out my first apt...to a lovely couple...1 bed...1200 euro....I reckon there net take home pay between them is 2200...there is no such thing as a cheap starter home here because of density....and pride 555
    Last edited by Joeguevara; 13th May 2016 at 10:08.

  7. #247
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    Quote Originally Posted by Joeguevara View Post
    Hold on a second....if you go to university, qualify and get a job with that degree, surely you should be able to afford the mortgsge. If not, why put yourself through the hardship and debt? !
    The point being made is that University graduates have an unrealistic expectation of how much they will be paid when they start work. They keep being told how special and clever they are whilst in education which does not prepare them for the real world when they enter the jobs market.
    LivinLOS likes this.

  8. #248
    Senior Member kris-one's Avatar
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    I don't think that's necessarily true. No one I knew had unrealistic salary expectations. We were all very aware in fact. What a lot didn't know is just how expensive just living is! Rent, council tax, gas and power, water, commuting, eating, drinking.. Just about everything, it adds up and doesn't leave much at the end of the month even with say a 30k salary.




  9. #249
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    Going by right move I have certainly noticed a cooling of the market where I live in and the number of reduced properties. Maybe jitters of the referendum playing a big part.




  10. #250
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    ^ The referendum does seem to be playing a part. Plenty of people will be holding off on a purchase to see which way we go but I'm not sure it will drive prices down. It might afterwards, who knows what will happen if we vote out?

  11. #251
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    Quote Originally Posted by marc26 View Post
    But what these guys are saying is these young kids have no interest in starter houses.
    They want to have their 1st house be like a house they see on HGTV
    I think there's a lot in that. As Kris says, they don't realise what it costs to live until they get out into the world and their expectations have been set by living at home with their folks in a nice place and money tumbling in in the form of student loans. Then they leave uni and the world isn't so cuddly and the loans need paying back as well.

    If expectations and reality are miles apart something is going to have to give.

  12. #252
    Super Moderator LivinLOS's Avatar
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    Quote Originally Posted by Joeguevara View Post
    was talking to a good mate tonight and he admitted that he pays 70% of his net monthly salary a month on rent.....that is a disgrace... and if that was me, i couldnt work for that...that is a housing crisis!
    Wait until we see interest rates where they have averaged.. 5 and 6 % then assume 2% above base rates for your average mortgage.. Then you will have a housing crisis !!

  13. #253
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    Its My Life .....!

  14. #254
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    Quote Originally Posted by LivinLOS View Post
    Wait until we see interest rates where they have averaged.. 5 and 6 % then assume 2% above base rates for your average mortgage.. Then you will have a housing crisis !!
    7 / 8% interest rates are pie in the sky; ain't going to happen. Housing stock in our country is primarily in private hands and interest rates of that order would be catastrophic. We are a nation of debt now and interest rates are key, they will be benign for a long time and increase incrementally when they start to move.

    Governments would rather take on more debt themselves than squeeze us mortgage payers because we can put the suckers out of business every five years and they know that. And, of course, us mortgage payers take on their debt in the end anyway.

    The cash rich would like to see catastrophe because it presents opportunity. The majority want a manageable situation that allows them to own their own home at some stage; majorities elect governments.

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  16. #256
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    Prompted by the very low rates of interest on fixed rate deposits, I've been doing some sums. The best yield I can get on a property in my home town is around 7%. It's a lot better than the 2 - 2.4% you can get on 5 year deposits, but is it worth the hassle I ask myself.

    I won't be looking to buy until next spring but have looked at what is currently available and drawn up a list of properties and made notes on each one. I will then look again next spring and see if things have changed much. One house on my list I actually viewed 3 years ago and it's still for sale.

    Feels like a buyers market and I may bide my time until a desperate seller appear and I offer cash in a quick sale.

    I may be wrong, but I think very low interest rates are here to stay for several years.

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