news & politics:discussion

[fraybentos1]

10 minutes ago, Neil said:

i'd be very happy for my kid to move in (not lived with him since he was 5, would be great to see more of him), and we had the wife's daughter living here till recently (now 27).

Yes but would your kid want to live with his parent in his 20s? DOubt it 

[Neil]

1 minute ago, fraybentos1 said:

https://positivemoney.org/2019/09/bank-of-england-confirms-positive-money-analysis-of-house-prices/#:~:text=They suggest that lower interest,The price rises are striking.

Yep nothing helps affording a home more than homes being 8x the average salary!

people can get on property ladder just not necessarily where they want to buy (i know three people trying to buy in cities too expensive for them could buy if they changed their options.

[fraybentos1]

Just now, Neil said:

people can get on property ladder just not necessarily where they want to buy (i know three people trying to buy in cities too expensive for them could buy if they changed their options.

😂 people your age didn't have to worry about cities being too expensive for them. Could you have afforded Bristol if you earned what you earn now and tried to buy your current home? Could you f**k.

Funny how just younger people are too ambitious with wanting to live in certain places but that wasn't a consideration in the past. Almost like house prices have risen like 500& in 30years eh!

[Neil]

Just now, fraybentos1 said:

Yes but would your kid want to live with his parent in his 20s? DOubt it 

i wouldn't mind - he has been living independently for 6 years now -  tho its not what i'd want for him (don't think his plan of buying in london is a great one either.

 

[Neil]

3 minutes ago, fraybentos1 said:

😂 people your age didn't have to worry about cities being too expensive for them. Could you have afforded Bristol if you earned what you earn now and tried to buy your current home? Could you f**k.

i could have easily afforded bristol when i moved here (not what i moved here to do) could only afford it when i bought cos of the wife's income - spog is out-doing our joint income and has just asked for a £13k rise, cheeky sod is already earning fantastically.

 

 

 

Edited August 9, 2023 by Neil

[fraybentos1]

4 minutes ago, Neil said:

i wouldn't mind - he has been living independently for 6 years now -  tho its not what i'd want for him (don't think his plan of buying in london is a great one either.

 

I didn't ask if you minded I said would he want to.

 

3 minutes ago, Neil said:

i could have easily afforded bristol when i moved here (not what i moved here to do) could only afford it when i bought cos of the wife's income - spog is out-doing our joint income and has just asked for a £13k rise, cheeky sod is already earning fantastically.

 

 

 

Yeah when you moved there. I'm saying the prices have risen drastically since then so you wouldn't be able to afford it now if you didd't already own a house. Average house price in Bristol has gone from around 100k in 2000 to over 350k now. Do you think peoples wages have 3.5x in that time? No

[Guest]

8 minutes ago, Neil said:

people can get on property ladder just not necessarily where they want to buy (i know three people trying to buy in cities too expensive for them could buy if they changed their options.

Lower interest rates helped many people buy their first property, I was one of those people that benefitted and it certainly helps them buy in area that they want to live in. 
 

What we are seeing now is the impact of 14 years of Tory mismanagement. Not enough houses being built, crashing the economy and no real term wage growth. All those things combined with the BoE raising interested rates and house prices crashing means it will just get harder for people.

[Neil]

Just now, fraybentos1 said:

I didn't ask if you minded I said would he want to.

not his first choice, just as living with his auntie (currently, and for free) isn't his first choice.

 

Just now, fraybentos1 said:

 

Yeah when you moved there. I'm saying the prices have risen drastically since

yeah - they have based on what my neighbour's houses sold for.

 

 

Just now, fraybentos1 said:

then so you wouldn't be able to afford it now if you didd't already own a house. Average house price in Bristol has gone from around 100k in 2000 to over 350k now.

wuldn't be able to afford now, if i was looking to buy i'd look at the much cheaper areas nearby.

[Neil]

4 minutes ago, Ozanne said:

What we are seeing now is the impact of 14 years of Tory mismanagement

no, not just that, houses were not easy to buy in the eighties. the way the market works they were always just out of reach.

Edited August 9, 2023 by Neil

[fraybentos1]

1 minute ago, Neil said:

 

wuldn't be able to afford now, if i was looking to buy i'd look at the much cheaper areas nearby.

Exactly my point! 

[mattiloy]

Globalisation caused both the house price bubble and its very bursting.

That is to say, greater exposure to free trade has meant the price of everything else relative to income remained relatively static since the 90s thanks to cheap imported goods, labour and services.

So if incomes go up, but people dont spend much more of their income on stuff, then they are bound to spend more on the demand inelastic elements of their consumption- ie housing.

Then when the price of things goes up because a pandemic and a war scuppers the supply of cheap imported goods, services and Labour, then people have less to spend on housing and there is a big correction.

Edited August 9, 2023 by mattiloy

[Neil]

1 minute ago, fraybentos1 said:

Exactly my point! 

yeah, was my point about trying to buy in wrong areas.

[steviewevie]

28 minutes ago, Neil said:

you're starting to sound a bit ukippy

it's my age. Happens to all of us eventually.

STOP THE BOATS!

[Neil]

1 minute ago, mattiloy said:

Globalisation caused both the house price bubble and its very bursting.

That is to say, greater exposure to free trade has meant the price of everything else relative to income remained static since the 90s thanks to cheap imported goods, labour and services.

So if incomes go up, but people dont spend much more of their income on stuff, then they are bound to spend more on the demand inelastic elements of their consumption- ie housing.

Then when the price of things goes up because a pandemic and a war scuppers the supply of cheap imported goods, services and Labour, then people have less to spend on housing and there is a big correction.

the collapse in dependable profits from industry caused a change in investment priorities which helped create the latest bubble.

[fraybentos1]

3 minutes ago, Neil said:

no, not just that, houses were not easy to buy in the eighties. the way the market works they were always just out of reach.

for much of the 80s house prices were around 4x average income, now around 10x. I know what I would prefer

[fraybentos1]

14 minutes ago, Ozanne said:

Lower interest rates helped many people buy their first property, I was one of those people that benefitted and it certainly helps them buy in area that they want to live in. 
 

What we are seeing now is the impact of 14 years of Tory mismanagement. Not enough houses being built, crashing the economy and no real term wage growth. All those things combined with the BoE raising interested rates and house prices crashing means it will just get harder for people.

House prices grew massively under New Labour too.

Ozanne is desperate to disagree with me that he is arguing that higher house prices are more affordable than lower ones 😂

Never met a guy who loves low interest rates so much

[steviewevie]

9 minutes ago, mattiloy said:

Globalisation caused both the house price bubble and its very bursting.

That is to say, greater exposure to free trade has meant the price of everything else relative to income remained relatively static since the 90s thanks to cheap imported goods, labour and services.

So if incomes go up, but people dont spend much more of their income on stuff, then they are bound to spend more on the demand inelastic elements of their consumption- ie housing.

Then when the price of things goes up because a pandemic and a war scuppers the supply of cheap imported goods, services and Labour, then people have less to spend on housing and there is a big correction.

surely low interest rates plus reduced supply was more the issue, not that people had too much money? People just borrowed more.

The problem with the housing market is it is a market. 

[Guest]

8 minutes ago, Neil said:

no, not just that, houses were not easy to buy in the eighties. the way the market works they were always just out of reach.

I can’t comment on the 80s but if we hadn’t seen such mismanagement by the Tories for the reasons I mentioned then buying a place would be easier now. The Tories don’t want to make it easier as they would rather their mates in property own it all and then charge exorbitant amounts of rent.

[Guest]

1 minute ago, steviewevie said:

surely low interest rates plus reduced supply was more the issue, not that people had too much money? People just borrowed more.

The problem with the housing market is it is a market. 

I benefitted from low interest rates when I bought my flat a few years ago along with no stamp duty for first time buyers. I also paid a larger deposit but without lower interest rates keeping my monthly repayments down it might not have been like that. So lower rates helped me and many others that I know who did the same. 

[fraybentos1]

2 minutes ago, Ozanne said:

I can’t comment on the 80s but if we hadn’t seen such mismanagement by the Tories for the reasons I mentioned then buying a place would be easier now. The Tories don’t want to make it easier as they would rather their mates in property own it all and then charge exorbitant amounts of rent.

To confirm- do you want house prices to be lower or not?

[steviewevie]

2 minutes ago, Ozanne said:

I can’t comment on the 80s but if we hadn’t seen such mismanagement by the Tories for the reasons I mentioned then buying a place would be easier now. The Tories don’t want to make it easier as they would rather their mates in property own it all and then charge exorbitant amounts of rent.

all started in the 80s...people allowed to buy their council house was great for them, not so great for future generations.

[fraybentos1]

Just now, Ozanne said:

I benefitted from low interest rates when I bought my flat a few years ago along with no stamp duty for first time buyers. I also paid a larger deposit but without lower interest rates keeping my monthly repayments down it might not have been like that. So lower rates helped me and many others that I know who did the same. 

so you support tory policies that artificially inflate house prices? good to know. Next you'll be praising George Osborne's ludicrous help to buy scheme

You think you're proving your point but all you're proving is that if the only reason you could buy were tax cuts and 0% IRs then house prices are too f**king high!

[fraybentos1]

1 minute ago, steviewevie said:

all started in the 80s...people allowed to buy their council house was great for them, not so great for future generations.

Much like how insanely low interest rates might be good in the moment to help you get on the ladder, but will ultimately blow up when IRs reverted to normal.

What Ozanne wants is the gov to intervene and prop up the market so he can feel better about the price of his house and to hell with anyone else

[Guest]

3 minutes ago, steviewevie said:

all started in the 80s...people allowed to buy their council house was great for them, not so great for future generations.

It always comes back to the Tories doesn’t it? It’s one of many reasons that no one especially younger people should ever get into bed with them. 

[fraybentos1]

2 minutes ago, Ozanne said:

It always comes back to the Tories doesn’t it? It’s one of many reasons that no one especially younger people should ever get into bed with them. 

But you like rising house prices? Pretty Tory of you sorry to say 🙂