Go Back   The 75 and ZT Owners Club Forums > Social Forums > Social Forum
Register FAQ Image Gallery Members List Calendar Search Today's Posts Mark Forums Read
Notices

Reply
 
Thread Tools Display Modes
Old 13th October 2021, 20:09   #1
grivas
I really should get out more.......
 
grivas's Avatar
 
Rover 75 CDT Club Tourer

Join Date: Nov 2006
Location: Milky Way
Posts: 2,100
Thanks: 101
Thanked 434 Times in 322 Posts
Default The UK housing market

I am certain there are many members who either themselves or members of their family are navigating the insane waters which is the UK housing market.

How did we get here, and who is responsible.? Surely this madness cannot carry on this way much longer, one thing is for certain, there is a chronic lack of quality affordable housing in the UK, but why is that, again who is responsible?.

What is going to happen to young people looking to buy their first home, government is useless on the subject, I actually think they just don't care.

So why are we as a sovereign independent nation NOT building more houses, who is in charge and why are they clearly NOT doing the job they are paid to do?.

The housing market is propping up our broken economy, after all a seemingly buoyant housing market gives the impression of a buoyant economy, the classic pulling of wool over the public's eyes, that is the reason we are where we are.

Last edited by grivas; 13th October 2021 at 20:12.. Reason: correction
grivas is offline   Reply With Quote
The Following 4 Users Say Thank You to grivas For This Useful Post:
Old 13th October 2021, 20:27   #2
euro44
Avid contributor
 
mg zt-t 226th made from total of 396

Join Date: Nov 2019
Location: chelmsford
Posts: 150
Thanks: 156
Thanked 52 Times in 36 Posts
Default

strange place to put a post on housing mate but I agree with your sentiments, however 2 million houses have been built in the last 5 years, trouble is they are all executve types that earn developers 20 to 30 % profit. during the same period we have lost approx 130000 social homes.
euro44 is offline   Reply With Quote
The Following User Says Thank You to euro44 For This Useful Post:
Old 13th October 2021, 20:27   #3
bsafly
Just going about!
 
bsafly's Avatar
 
Rover 75 CDTi Connie SE Tourer starlight silver and serpents. MG ZT-T 190+ in Raven Black.

Join Date: Mar 2016
Location: Great Leighs
Posts: 305
Thanks: 501
Thanked 120 Times in 76 Posts
Default

Quote:
Originally Posted by grivas View Post

So why are we as a sovereign independent nation NOT building more houses
Exactly where are they going to build all these houses?
Where we live they are throwing up houses in back gardens that have been sold for development or on green belt land, no plans for extra infrastructure to support the extra population though.
There is a limit to how large a population this country can accommodate and we still need land for farming, food production and just enough room so you are not living up your neighbours NAUGHTY WORD-NAUGHTY WORD-NAUGHTY WORD-NAUGHTY WORD-!
Please feel free to have your own opinion, but I for one won't be listening.
bsafly is offline   Reply With Quote
The Following User Says Thank You to bsafly For This Useful Post:
Old 13th October 2021, 21:37   #4
Arctic
Give to Learn
 
Arctic's Avatar
 
Rover 75 Tourer

Join Date: Aug 2010
Location: West Midlands
Posts: 15,971
Thanks: 940
Thanked 5,375 Times in 3,248 Posts
Default

Quote:
Quote:
Originally Posted by euro44 View Post
strange place to put a post on housing mate but I agree with your sentiments, however 2 million houses have been built in the last 5 years, trouble is they are all executve types that earn developers 20 to 30 % profit. during the same period we have lost approx 130000 social homes.
Sure is off to the social forum with it
__________________
Arctic
Givology Learn to Give
Everything is Achievable

ad altiora tendo.

Check out the 2020 meet dates
http://www.midlandsnanomeets.co.uk/meets_2014.html

http://www.the75andztclub.co.uk/index.php?thepage=howto

" You do the work , we supply the expertise "
Arctic is offline   Reply With Quote
The Following 3 Users Say Thank You to Arctic For This Useful Post:
Old 13th October 2021, 21:47   #5
SCP440
I really should get out more.......
 
SCP440's Avatar
 
MG ZT-T 260

Join Date: Feb 2016
Location: Witney
Posts: 2,196
Thanks: 6
Thanked 825 Times in 519 Posts
Default

As you say it is totally crazy, I have a friend who is downsizing as his kids are long gone and he has retired. He put his house on the market and within 6 hours he had someone ring him and offer £80k over the asking price . He did not accept and then the estate agent said they might have to revalue his house as they had several offers well over asking price.

Thinking he had sold he started making offers on smaller properties and lost all of them because he was being outbid by a sizable amount. One place went for over £250k more than the asking price.

He has decided to stay put until it calms down as he might end up paying as much for a smaller house as he gets for his.

People moving out of London is causing a lot of the problems apparently, working from home for over a year has made them realise they dont need to live there anymore and can get a Palace in the Cotswolds for the value of there average house in London.

As far as the infrastructure, they are building about 2000 homes in this area and little or nothing to support all these new residents. A new school and doctors should be the minimum, these should be the first things to go in and the houses to follow together with new roads and junctions.
SCP440 is offline   Reply With Quote
Old 13th October 2021, 22:03   #6
VVC-Geeza
This is my second home
 
VVC-Geeza's Avatar
 
2005 Connoisseur SE 1.8 Turbo,2004 45 1.8 Connoisseur and my beloved 1998 VVC Coupe.

Join Date: Nov 2009
Location: Derby.
Posts: 8,077
Thanks: 1,750
Thanked 918 Times in 659 Posts
Default

Quote:
Originally Posted by grivas View Post
The housing market is propping up our broken economy, after all a seemingly buoyant housing market gives the impression of a buoyant economy, the classic pulling of wool over the public's eyes, that is the reason we are where we are.
I think you have answered your own question here.The government is squarely to blame for the housing stampede and have actively fueled it by almost zero interest rates and the stamp duty holidays.This has had a knock on in the rental sector which is also reflecting the sky high prices of the sales market.Lets hope it doesn't all end in tears for those buyers who have paid over the odd's!
__________________

VVC-Geeza is offline   Reply With Quote
The Following User Says Thank You to VVC-Geeza For This Useful Post:
Old 13th October 2021, 22:20   #7
macafee2
This is my second home
 
Rover 75 Saloon & Tourer

Join Date: Sep 2012
Location: Lincoln
Posts: 12,348
Thanks: 1,406
Thanked 2,613 Times in 1,864 Posts
Default

Quote:
Originally Posted by VVC-Geeza View Post
I think you have answered your own question here.The government is squarely to blame for the housing stampede and have actively fueled it by almost zero interest rates and the stamp duty holidays.This has had a knock on in the rental sector which is also reflecting the sky high prices of the sales market.Lets hope it doesn't all end in tears for those buyers who have paid over the odd's!
when it comes to paying over the odds, perhaps buyers consider the property is worth that amount because of x, y or z and also perhaps take the view that paying over the odds now wont matter in 20 years time.

Not sure what point the OP is trying to make.
As for the stamp duty holiday, some buyers may not have saved money as the price of the house went up a bit as the seller may have thought " if they are saving X on stamp duty I want some of that" and in my case ended up in a bidding war. We paid I think £45,000 above asking and perhaps £20,000 above value but in 20 years will it matter and we have been able to start living again. We were in a small rented property and had to empty stuff out of the garage every time we wanted anything.

As for first time buyers, some earn so little it will always be hard if not impossible to buy, others spend what they earn so save little or nothing, not everyone has the bank of mum and dad to give or loan them large amounts of money.

Decisions made 20 years ago and I'm think about what they did with their money, could be reaping rewards today or be coming back to haunt people.

Council houses should never have been sold. You would be surprised how much green land we have,when you fly over the country you realise just how much there is.

Years ago children got married and got their own place, now they leave home and get their own place so now 2 properties are required.


macafee2
macafee2 is offline   Reply With Quote
Old 14th October 2021, 10:36   #8
VVC-Geeza
This is my second home
 
VVC-Geeza's Avatar
 
2005 Connoisseur SE 1.8 Turbo,2004 45 1.8 Connoisseur and my beloved 1998 VVC Coupe.

Join Date: Nov 2009
Location: Derby.
Posts: 8,077
Thanks: 1,750
Thanked 918 Times in 659 Posts
Default

Quote:
Originally Posted by macafee2 View Post
when it comes to paying over the odds, perhaps buyers consider the property is worth that amount because of x, y or z and also perhaps take the view that paying over the odds now wont matter in 20 years time.

Not sure what point the OP is trying to make.
As for the stamp duty holiday, some buyers may not have saved money as the price of the house went up a bit as the seller may have thought " if they are saving X on stamp duty I want some of that" and in my case ended up in a bidding war. We paid I think £45,000 above asking and perhaps £20,000 above value but in 20 years will it matter and we have been able to start living again. We were in a small rented property and had to empty stuff out of the garage every time we wanted anything.

As for first time buyers, some earn so little it will always be hard if not impossible to buy, others spend what they earn so save little or nothing, not everyone has the bank of mum and dad to give or loan them large amounts of money.

Decisions made 20 years ago and I'm think about what they did with their money, could be reaping rewards today or be coming back to haunt people.

Council houses should never have been sold. You would be surprised how much green land we have,when you fly over the country you realise just how much there is.

Years ago children got married and got their own place, now they leave home and get their own place so now 2 properties are required.


macafee2
45K above the asking price Ian,utter madness.It's actions like this that are pushing house ownership out of reach for young people/first time buyers.It's your money of course to do with as you will.All I can say is that it must have come very easily to you to spend it like that.I don't know if your new house is mortgaged but those who have over extended themselves had better hope that interest rates stay as they are.l realize that most people are only concerned with their own situation but massively overpaying does not help others further down the food chain.
__________________

VVC-Geeza is offline   Reply With Quote
Old 14th October 2021, 11:26   #9
macafee2
This is my second home
 
Rover 75 Saloon & Tourer

Join Date: Sep 2012
Location: Lincoln
Posts: 12,348
Thanks: 1,406
Thanked 2,613 Times in 1,864 Posts
Default

Quote:
Originally Posted by VVC-Geeza View Post
45K above the asking price Ian,utter madness.It's actions like this that are pushing house ownership out of reach for young people/first time buyers.It's your money of course to do with as you will.All I can say is that it must have come very easily to you to spend it like that.I don't know if your new house is mortgaged but those who have over extended themselves had better hope that interest rates stay as they are.l realize that most people are only concerned with their own situation but massively overpaying does not help others further down the food chain.
Firstly let me say, if I have upset or offended you i apologise, there was no intention, I was just talking. No one would have got this house for the asking price, too many interested parties with some making above asking price offers.
I dont know about came easy but we sold for £685,000, with all the fees and bills we had to put in a few thousand. If we had not bought this house we would have had to stayed in rented accommodation spending out on rent, in a house we did not like, with views we did not like, with noise we did not like with a garden we did not like, with a garage we did not like, with parking problems, with our stuff in boxes or a lock up 20 minutes drive away and then, how long would we have to have waited, for the right house to come up and for us to have bought without losing to someone that puts in a higher offer? We are mortgage free and have been for 15 or 20 years. We did not like where we were and it was not doing us any good, what price is piece of mind worth? Via the internet we looked at over 3,000 properties but went after about 6 and viewed perhaps less then 10. We would drive 400 miles just to look at one house.
I completely get how you may feel about outsiders coming in and splashing the cash to buy a property but what of the sellers, they could sell to local people. Years ago my wife told me that there were times when I had gone to bed and she had sat downstairs crying not know how we were going to pay our bills, we have been down to less then £1 in our bank account so please don't think I/we have not been broke. Working overtime and working two jobs is how we got by, money not burning a hole in our pocket meant we saved when we could. My children were brought up on jumble sale and car boot stuff. Unless things were interest free credit if we did not have the money we saved for it. I have never had a new car or motorbike.
My last house cost us more to do up then it was worth when we got it but was supposed to be our forever home. Just checked the net, the house we sold in 2001 for £186,500 sold in 2019 for £490,000. A house we bought for £33,000 and sold for about £65,000 is now selling for about £350,000 this is what the house next door sold for in January, this is one way how people move up the property ladder, inheritance is another.
House prices vary across the country and we moved to a cheaper area.

While some people buy to rent, some buy and fall into renting. Two people have their own property and move in together. In case it does not work out the other house is kept and rented out.


macafee2
macafee2 is offline   Reply With Quote
Old 14th October 2021, 11:26   #10
bikerdude666
Posted a thing or two
 
MG ZT CDTi

Join Date: Nov 2011
Location: Little Stanion, Corby
Posts: 1,797
Thanks: 353
Thanked 325 Times in 201 Posts
Default

No idea about other areas, but around this part of Northamptonshire there are thousands of new houses being built. Where I live in Corby, was just fields around 15 years ago, there's now over 1000 homes here with a primary school. Just up the road in Weldon there's a bigger development going on, I believe there will be Dr's, primary school and other things there, as well as a new secondary school just over the road. Across the other side of the Stamford road there's another big development, Priors hall park, again with school and shops. Oakley vale on the other side of Corby is a massive sprawling estate built by various developers. It includes Dr's, shops, pub, takeaways, 2 primary schools, a nursery, a secondary school, and lots of green space and parks.

Theres also been several smaller developments around the town on all sides, with 2 new supermarkets built in the last 5ish years.

Down the road in Kettering there is also a huge amount of new houses going up on all sides of the town. A little further away in Raunds, it can't be far off being 1/3rd bigger than it was when I moved up here 10 years ago. The same in Northampton, I'd not been down to part of it for a few years, until last week, when I found myself in a whole new part of the town with thousands of houses.

As for the prices, I bet there are a number of people who were completely happy with their houses, until they had to spend months on end in them during the lockdowns. Then quickly discovered that they wanted more space, bigger garden etc.
We were lucky that we managed to move 7 days before the lockdown started, to a much larger house, with enough room for us all to have our own space, kids have a bedroom each and a separate lounge and playroom. If we'd been stuck in the old house, all sat in the same room, and the kids sharing a bedroom, it would've been a lot harder.

On the subject of prices, they increase and fall, and its always a risk you take. Where we are now, the original owner paid £249,950 in September 2008. The next house of the same type to be sold was 6 months later after everything crashed, and was only £185,000. We bought our 1st house for £159,000 in 2013, sold it for £195,000 in 2020, and bought the current house for £250,000. So in the 12 years the previous owner owned our house, he made £50. Judging by how house prices in this area have increased over the last year, we'd probably get about £300,000 if we were to sell now, but whatever else we bought would've increased by the same.

Much the same as the people selling their car to WBAC and similar because they're offering more than they paid. But whatever car they replace it with has also increased.
bikerdude666 is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT +1. The time now is 17:57.


Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
Copyright © 2006-2020, The Rover 75 & MG ZT Owners Club Ltd