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benedmonds

Big J on radio 4..

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I aren't signing into that, what was he banging his gums about today?

Edited by eggsarascal
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1 hour ago, Conor Wright said:

In fairness he never mentioned the state of the roads!

My first thoughts were he’d be wanting a motorway through all the little villages !😀

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Haha! Mentioning my wife being an architect was pertinent to the topic in question! 

 

Quite nerve racking to be honest, and I wonder how many folk have contributed to the programme over the years whilst sat in a forwarder.

 

What serves to reinforce my point (I feel) is that from my high vantage point in the valley, almost all the land I could see is owned by about 6 people, and provision for people like us trying to find rural property from which to run a business and in which to live is almost non existent. There is a nice enough 4 bed house over the hill with small outbuildings and 3 acres of land, but that's £650k. Loopy money!

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There was a broker on lbc early this morning saying how cheap money is at the moment, they forget the bit about needing 20-30% deposits and the low rates not always passed on to consumer. I fixed ours two years ago at 3% for 10 years, even though money maybe cheap now the shit will probably hit the fan in the next decade at least. 

 

Anyone needing to find 200k as a deposit is going to either live in a caravan for 10 years or live rent free with parents neither of which is realistic.

Edited by LeeGray
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Meh, I don’t really have much concern for property prices in general.

 

No one has a divine right to live where they like, im sure there are places in Britain where barns and property is affordable.

 

Devon is nice but it’s expensive.

 

Not having a go J, just adding to the debate.

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Just now, LeeGray said:

There was a broker on lbc early this morning saying how cheap money is at the moment, they forget the bit about needing 20-30% deposits and the low rates not always passed on to consumer. I fixed ours two years ago at 3% for 10 years, even though money maybe cheap now the shit will probably hit the fan in the next decade at least. 

The low rates are all well and good if you've already got the money to put a hefty deposit into a house, but getting started is the tricky think. We're now a bit older than the average first time buyer, but that is because we choose to invest in our business rather than a house (though that's not entirely relevant to this discussion). 

 

Anyway, if we want to get a reasonable sized family house with a bit of outdoor space and some ag buildings, we're easily north of £500k. As aforementioned, the house on the other side of the hill is £650k (I can post the link to the listing) and it's nothing special. On that house, we'd need to find a £65k deposit as a minimum and then a mortgage of £585k is going to require a combined pretax income of almost £120k to qualify. It's just not feasible. 


The ultimate frustration is that the construction cost of a house and barns like that (but far better built) is less than half of the asking price, and 3 acres of not entirely flat pasture is only about £20k around here. 

 

My point is that the massive inflation in the property market over the past 25 years has been on the basis of lower and lower interest rates, which have artificially inflated the price of property without there being an actual increase in the material value of the houses in question. Our parent's generation are sitting happily on mortgages bought and paid for and houses worth many times more (adjusted for inflation) than what they paid for them, and us first time buyers have a hard time getting on the ladder. 

 

I'm not moaning, just trying to engage in meaningful discussion.

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