20.4% drop in GDP UK

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M0VMT
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20.4% drop in GDP UK

Unread post by M0VMT »

Oh dear we've shrunk what a shame, does that mean property prices will drop to more realistic prices for our younger people to buy.
Maybe we should send China a invoice for loss of money and compensation for the families that have lost loved ones, if China had dropped a bomb by accident they would have been held to account is this situation any different?
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M0XXQ
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Re: 20.4% drop in GDP UK

Unread post by M0XXQ »

M0VMT wrote: Fri Jun 12, 2020 9:18 am Oh dear we've shrunk what a shame, does that mean property prices will drop to more realistic prices for our younger people to buy.
Maybe we should send China a invoice for loss of money and compensation for the families that have lost loved ones, if China had dropped a bomb by accident they would have been held to account is this situation any different?
I hope so mate, we would love to buy our first home but I refuse point blank to pay 250K for a Persimmon cardboard cutout that cost them 10K to build.
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M0VMT
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Re: 20.4% drop in GDP UK

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Let's face it Rob property prices are absurd, I've two lads growing up how they are going to manage I have not got a clue.
Like us they will get shafted by tax and made to feel they owe everyone else a living that can't be arsed.
I don't know what the answer is anymore maybe a big fat spilff and a spoon full of stuff it every morning :lol:
I'm back working now but I'm not doing 5days anymore maybe 3-4 at a push why well I don't need much to live on these days and I'm going to enjoy my life because if the government think I'm waiting while I'm 67 to enjoy it they can whistle Dixie.
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VK5TM
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Re: 20.4% drop in GDP UK

Unread post by VK5TM »

That's why we moved out in to the country, houses are only a fraction of the city prices and there is work for those that want it, even if it's not in the field you trained?? for.
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M0HJO
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Re: 20.4% drop in GDP UK

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Yep, my kids are 23 and 26, have no chance with holiday lets and second homes in Cornwall.

They have just built 22 affordable (yes right) homes in my village, starting price £250K.

I really feel for them.
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G0BHD
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Re: 20.4% drop in GDP UK

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Housing prices are truly ridiculous, especially new housing prices, I see the standard of building work that goes into them! ;)
I am glad I bought my current, and last, house when I did, it's not a bad area, a quiet village, but it was a totally run down Bungalow, built in the early 60's, owned by one couple from brand new, but after the death of her husband, the old lady lived on till she was 94, and the place had gone to the dogs a bit.
Our area attracts prices in the 250K plus regions, we got this for well under 100K, and took it on as a gamble.
I won't be moving anywhere else for what time I have left, great area, and the property is well built and basically sound, and we have almost completly renovated it now, last bit of building work starts at the end of this month for about three weeks, then thats it, all up to date.
But I truly feel for first time buyers today, I bought my first house about 35 years ago, and paid a massive £9,500 for it, a run down but sound building wise terraced house on a busy main town road, but it was a good start at a price I could easily afford on the wages I was on back them, who can afford 2 or 3 hundred thousand pounds when they are just starting out on the housing ladder?
And if they choose to buy new, I can tell you from the industry inside, the price charged far outweighs the quality of build you are buying.
I will stick with my 60's built , but solid, box! ;)
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Re: 20.4% drop in GDP UK

Unread post by Sangoma »

M0HJO wrote: Fri Jun 12, 2020 11:52 am Yep, my kids are 23 and 26, have no chance with holiday lets and second homes in Cornwall.

They have just built 22 affordable (yes right) homes in my village, starting price £250K.

I really feel for them.
When I was at school in Truro, the same used to be said, but you could still get cheap fix-it-ups.
It has got worse over the whole area, and I noticed on or last visit to Newton Ferrers that a large number of expansions were upwards.
The chalet we stayed in was on a farm that was owned by a class mate, and there are several other developments on farms. Three of the chalets had permanent residents (they are all privately owned) all the others were holiday lets.
Many (it seems most, but I'm sure it is not) of what were private homes in Truro and Perranporth (probably the same all over, but didn't go everywhere) are now B&Bs or self catering.

Not only does this stop locals being able to buy houses as you say, it also hinders local business, as there are not enough people much of the year to enable them to survive.

I wonder how many of the second homes are owned by people from out side the UK?

Similar has been happening in SA, foreigners are allowed to buy property, which has made it hard for locals.

In the Philippines, non-citizens are not allowed to buy property, they may only own 40% of a property, which to a large extent has prevented the same problem. (They may own the buildings on the property, but not the land itself)

I believe many other countries have similar policies.

As the problem spreads here, add to that buy-to-lets, they will surely have to do something about it?
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M0HJO
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Re: 20.4% drop in GDP UK

Unread post by M0HJO »

Similar here Steve, couple of reasons I bought this place;
1) On the North Coast, cheaper than South Coast at the time.
2) It needed a fair bit of work.

When I bought this place in 1995 cost me around £76K but needed new windows, new ceilings, no heating etc.
If it was all done up, at the time would have been worth around £130K, beyond me! (back then)

Today, I'm still doing it up and its worth around £600K, but its relevant, if I sell and want to live locally it will cost me for a similar property, unless I move inland or down size, one or both may happen in the future..

Only yesterday I was repointing a chimney.
But with this time at home, the garden and outside are looking nice and fresh.

Its also funny locals here complain about people from London buying second homes, people moving in with money etc.
The same local people moaning are also buying homes to let, just as bad in my book.

I said to my kids, you have to look around, Delabole a village near by is much cheaper than here, you could pick up a two bed for around £150K, that's an average of £100K cheaper than here.

John.
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