Reply to: (Daily Doom) UK on a knife edge

[Fred Bloggs]

I am relieved that my mortgage (which is less than most people borrow to buy a car) is paid off next January. I am concerned about the future prospects for my teenaged kids though.

[Francko]

not necessarily

Then

WE ARE DOOOOOOOOOOOOOMED, DOOOOOOOOOOOOOOOOOOOOMED!!!!

[Bagpuss]

Then the north isn't far behind in property prices now. A 4 bed detached (the current pinnacle of common housing up here) is now well over £200k, some newbuild boxes are closer to £250k.

So because the average salary up north is still some way behind down south, it's no longer cheaper to live up north!

Before the housing boom a 4 bed detached was under £100k up here, whilst down south (e.g. St Albans, on the mainline into London) they were around £250k IIRC.

No wonder there's a migration from north to south.

In the north west many areas are now more expensive than east Herts, that area hasn't really gone up like some of the South East. I think over the last few years there has been a heavy shift from South to North, maybe it's just starting to reverse again. But, I hear lots of southern accents round here these days.

[interested]

What he said.

Or should that be What I said!?

1) I absolutely don't want to live in the sticks and commute - it will take me 10 mins to get into the City from this new place.
2) It's not a bedsit - it's a very nice flat
3) I did think about renting but I'm fed up of it - want to own my own place and not be a hobo...

[BlasterBates]

Then

WE ARE BOOOOOOOOOOMED, BOOOOOOOOOOOMED!!!!

not necessarily

[PAH]

Bishops Stortford was the best place to live according to one of the broadsheets, or maybe it was the Mail. Based on house prices, schools, transport. Still can get a 4 bed house for less than 300k, and the train to london liverpool street takes 40 mins, stanstead is on the doorstep, but then again so is 'Rlow

Then the north isn't far behind in property prices now. A 4 bed detached (the current pinnacle of common housing up here) is now well over £200k, some newbuild boxes are closer to £250k.

So because the average salary up north is still some way behind down south, it's no longer cheaper to live up north!

Before the housing boom a 4 bed detached was under £100k up here, whilst down south (e.g. St Albans, on the mainline into London) they were around £250k IIRC.

No wonder there's a migration from north to south.

[PAH]

Rather consider who gives the Bank of England the money - The Central Banks - they are the real power-brokers in the World today.

They can manufacture money out of nothing - and charge interest for the privlige !

That's what I thought, seeing as it's all virtual money in electronic form. They just add a few trillion to their balance (I assume they bank with themselves!), loan it to the government to sort out NR. The government defaults on the loan. The bank writes it off because they never lost the money anyway. Problem solved.

So what's the fuss all about?

[Bagpuss]

Bishops Stortford was the best place to live according to one of the broadsheets, or maybe it was the Mail. Based on house prices, schools, transport. Still can get a 4 bed house for less than 300k, and the train to london liverpool street takes 40 mins, stanstead is on the doorstep, but then again so is 'Rlow

What he said.

Or should that be What I said!?

Yes it should be what you said!

[PAH]

Why didn't you rent? Most rents are subsidised by BTL landlords these days, so often you can live in a nicer gaff than a interest only mortgage would buy.
1/3 of a millions pounds for a bedsit sounds ridiculous.

What he said.

Or should that be What I said!?

[Ardesco]

Unless you meant a train packed like a sardines box of smelly commuters on a 1 hour average delay you must be living in another country.

Like the tube isn't.....

[Francko]

It takes about an hour to get from the outskirts into Central London anyway so why not just live a bit further away and spend 45 mins on a fast train?

Unless you meant a train packed like a sardines box of smelly commuters on a 1 hour average delay you must be living in another country.

[AlfredJPruffock]

I suppose that means the government will do all it can to sustain an artificial housing boom, until it's managed to offload NR some years down the line.

Is it possible for the UK to go bankrupt? What happens when the next bank comes unstuck after investing in dodgy american products?

Where do they magic all these billions from? Does the Bank of England just issue more money out of thin air?

Rather consider who gives the Bank of England the money - The Central Banks - they are the real power-brokers in the World today.

They can manufacture money out of nothing - and charge interest for the privlige !

[Ardesco]

I don't see many 4 beds for £295k in my region. Not in areas you would want to live in anyway...

Try Here or you could try Here or many other locations. All you need to do is be near a major station that is on a main line into London.

It takes about an hour to get from the outskirts into Central London anyway so why not just live a bit further away and spend 45 mins on a fast train?

[Francko]

not necessarily

Then

WE ARE BOOOOOOOOOOMED, BOOOOOOOOOOOMED!!!!

[Bagpuss]

I've just bought a nice 1 bed in Zone 2 for £295K but it's about 90% LTV and it's not stretching me too much....but I'm still a bit nervous about the market generally, although I haven't bought with an expectation that I'm going to make a ton of money, I've bought because I need somewhere to live.

...

Why didn't you rent? Most rents are subsidised by BTL landlords these days, so often you can live in a nicer gaff than a interest only mortgage would buy.
1/3 of a millions pounds for a bedsit sounds ridiculous.