Buying your own property in London

[Supermalt]

might as well bump the annual yard thread now.

 

anyone made any headway with this? i might colob with some family tbh.

 

yes, i went to a house warming and im very salty. only couples are copping around me.

[easy.pee.zee]

Being a northener a 5% deposit holds well here

Down south what oa the percentage they expect ?

[chams]

Has anyone here had a default and got it removed?

[Mr. Martinez]

People been cussing off shared ownership and new builds for years now. The main argument I always hear is that resale will be problematic.

Over the last month. a relative and a friend have each respectively sold up. Both have had it for 3 years and made 70-80% on their share.

The killer thing is both had like 6 applicants wanting to take it off their hands.

Literally made 70k~ in 3 years.

I genuinely can't believe these prices. Something's got to give.

[dub]

Housing in this city is just killing quality of life for people who don't want to or don't have the ability to do high-earning jobs. I don't get how the government has let it get this bad and there still seems to be no solid plan to help it.

[underwriter]

what i dont get is how everything is increasing but wages/salaries

 

surely this is the most common logic behind anything

 

how do you expect people to afford/be able to afford something if everything is increasing APART from salary???

 

come on government

[dub]

What's not to get?

Wages will go up where there's demand for the job and lack of a supply.

[Mame Biram Diouf]

Because all they care about is selling the houses they build to foreign investors

But everyone wanted capitalism and here it is

You can't ask them halfway through to start making houses cheaper just so people can just stay in London if they can't afford the market rate rich foreign people are willing to pay

[Captain Planet]

PRS is the future.

[Fillup Banks]

Right to Buy was a mistake imo. Should've reserved council housing for vulnerable sections of society & those who cannot afford private.

[Supermalt]

PRS is the future.

 

expand

[Niall Ferguson]

People been cussing off shared ownership and new builds for years now. The main argument I always hear is that resale will be problematic.

 

The main argument I hear is that they're a debt trap.

 

People never do the maths on them, they're designed for stupid people who work in the public sector, largely.

[Niall Ferguson]

What's not to get?

Wages will go up where there's demand for the job and lack of a supply.

 

alie

 

some Economics 101 that Chaps needs to learn

[Vertigo]

Because all they care about is selling the houses they build to foreign investors

But everyone wanted capitalism and here it is

You can't ask them halfway through to start making houses cheaper just so people can just stay in London if they can't afford the market rate rich foreign people are willing to pay

 

Sadly pretty much this. 

 

Also most people just didn't care enough. People voting Boris as mayor again has only accelerated this. His dream was to see London as a major investment and rebuilding hub, and no questions asked property purchases being the biggest draw for crooked foreigners who wanted to park their money somewhere. Now that's a reality and it's dawned on a lot of people who are now in the mindset and salary to begin looking at buying property, that they're kinda f*cked. In terms of actual choices. 

 

The personal blow on effect I'm seeing is friends and acquaintances who two, three years ago would have tuned their noses up at ex council type properties in London scrambling for them now. That or being able to do well payed freelance work which means that they can move up to Manchester and places like that and buy property there. But that's not really an option if you're day to day job is in London.

 

 in 5 yrs London and it's outskirts are going to be very interesting to look at. Socially and economically.  

[VENOM]

shared ownership is not a debt trap. Not in London anyway. How is having a 25% share a bigger trap than having 100%?

Shared ownership is a dumbed down mortgage facility yes but no bigger a trap than someone with a full mortgage. The "stupid" people are the same ones who have problems with other major financial decisions. . Not bcos its a shared ownership. I too know ppl who have sold off their shares and caked on the profit to invest in property outside London with a full mortgage and have better options for mortgages as a result.

[Guest babatundestacks]

Whilst i agree the price of living in london is high for me its a case of if you look hard enough you will find.

[Fresh]

The debt trap is potentially the Help to Buy Guarantee. You get up to 20% deposit on top of you minimum 5%. Then you pay the 20% back at the end of your mortgage. There's no fee applied to the equity loan for the first 5 years, afterwards there's an annual fee of 1.75% payable, rising by RPI plus 1% every year.

 

Now if look at how RPI has risen in the last 10 years, thats a 35% increase in 10 years.

 

RPI

Jan15 255.4

Jan14 252.6

Jan13 245.8

Jan12 238.0

Jan11 229.0

Jan10 217.9

Jan09 210.1

Jan08 209.8

Jan07 201.6

Jan06 193.4

Jan05 188.9

[TF S4DK]

Shouldn't you be aiming to pay off as much of the 20% loan in those first 5 years tho...

[Fresh]

If that's possible then it would be the best approach, but for those that don't do their math...

[Captain Planet]

 

PRS is the future.

 

expand

 

 

A quick Google never hurt...

 

In a nutshell, institutionally owned and managed blocks of well designed flats with additional amenity space, 3 year leases and theoretically cheaper rents as more schemes roll out.

 

http://www.essentialliving.uk.com/developments/

 

Property will essentially become a subscription service you pay for just like MS Office or Spotify +.

[dub]

+1 for the Spotify analogy

 

is that the future then? where can I view actual prices of such schemes?

[yhfam]

On 20/11/2014 at 11:36 AM, Niall Ferguson said:

New builds are not the one G.

i have heard this aswell

but why?

[Thizz]

Poorly made.

 

They go up in like a few weeks it's all shit ready made stuff. Just slots in like Lego. 

[Supermalt]

Title of this thread is almost a myth. 

[Kuffir]

housing register >