UK property prices

Old Mar 23rd 2014, 1:19 am
  #16  
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Default Re: UK property prices

Originally Posted by Grayling
Is it getting like Australia then?
Yep. In the south east of UK.

Tale of a couple (friends of ours) that went to an auction in Sydney yesterday. Guide price 1.4 mill, they pull out of the bidding at 1.7 mill and it went on to fetch 1.95 mill. Apparently the bidders were 3 other young couples and a couple of Chinese investors. A young couple got it in the end. My question is, where the fluck do 4 young couples get the dosh to splash over 1.5 mill on a house? Must be some seriously good salaries out there.
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Old Mar 23rd 2014, 9:40 am
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Default Re: UK property prices

We own a property in a Lancashire village that we let out, and in 2005 it was valued at £200,000 in 2010 it was valued around £160,000 and a recent valuation says £185,000.
So the price of some property is going back up, it's just not as high as it was before the recession hit and I don't think it will be for a while but I do believe it will go back up there again, there seems to be a pattern.
However London and some places in North Yorkshire are a completely different ball game to the rest of the country, the cost of property there is just ludicrous.

Last edited by Molly Coddle; Mar 23rd 2014 at 10:08 am.
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Old Mar 23rd 2014, 9:15 pm
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Default Re: UK property prices

Originally Posted by Beoz
Yep. In the south east of UK.

Tale of a couple (friends of ours) that went to an auction in Sydney yesterday. Guide price 1.4 mill, they pull out of the bidding at 1.7 mill and it went on to fetch 1.95 mill. Apparently the bidders were 3 other young couples and a couple of Chinese investors. A young couple got it in the end. My question is, where the fluck do 4 young couples get the dosh to splash over 1.5 mill on a house? Must be some seriously good salaries out there.
I think a couple of bright young things on 100K each can borrow a massive amount of money.

Years ago the bank offered us a 800k mortage, we only went in to borrow 150k they just came back and said did you realise what you could do? this is pre GFC and we thought they were nuts. We were self employed, they took into account that we already owned a property.
Absolutely crazy.

My brother in UK was a first home buyer with 1.3 M but it was self-made money. He bought right in the UK dip, with mortgage. Three years later ago there was 1.7 on his neighbours identical townhouse, must be over the 2 now. London, which is as insane as Sydney and parts of melbourne.

I wonder if the young chinese buyers have family help. They are usually very close families. In vancouver they sent property over the moon compared to the very low canadian incomes. But they just shut the door on the investment visa, will be interesting to see what happens
now Some speculate that money will flow into Australia ( syd and mel ) instead.

In OZ a lot of money goes into property from retirees, the pension is asset and income tested. If they empty the bank account on some mcmansion they qualify for the pension they would not get with money in super or bank.

But the govt 3 weeks ago were saying they want to stop this and only let superannuation be drawn out for for living expenses
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Old Mar 23rd 2014, 9:46 pm
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Default Re: UK property prices

Originally Posted by jad n rich
I think a couple of bright young things on 100K each can borrow a massive amount of money.

Years ago the bank offered us a 800k mortage, we only went in to borrow 150k they just came back and said did you realise what you could do? this is pre GFC and we thought they were nuts. We were self employed, they took into account that we already owned a property.
Absolutely crazy.

My brother in UK was a first home buyer with 1.3 M but it was self-made money. He bought right in the UK dip, with mortgage. Three years later ago there was 1.7 on his neighbours identical townhouse, must be over the 2 now. London, which is as insane as Sydney and parts of melbourne.

I wonder if the young chinese buyers have family help. They are usually very close families. In vancouver they sent property over the moon compared to the very low canadian incomes. But they just shut the door on the investment visa, will be interesting to see what happens
now Some speculate that money will flow into Australia ( syd and mel ) instead.

In OZ a lot of money goes into property from retirees, the pension is asset and income tested. If they empty the bank account on some mcmansion they qualify for the pension they would not get with money in super or bank.

But the govt 3 weeks ago were saying they want to stop this and only let superannuation be drawn out for for living expenses
Australia should do the same as Canada. Or at the very least hit the foreign Chinese investor with tax or more stamp duty so we all see the benefits of the foreign investment.
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Old Mar 23rd 2014, 10:04 pm
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Default Re: UK property prices

Originally Posted by Beoz
Australia should do the same as Canada. Or at the very least hit the foreign Chinese investor with tax or more stamp duty so we all see the benefits of the foreign investment.
It certainly pushes the prices up. There was some chinese investment on the Sunshine Coast in a lovely beach area, Alexandra Headlands. Houses were sitting struggling to sell in one exclusive development of million plus houses.

Chinese bought 3 houses, all on one corner, prices shot back up. Funny part was the neighbours, mainly standard aussie retirees, Baz and Rayleeene types loved the price increase. But all 3 houses then raised the Chinese Flag. Hysterical Driving down to the beach, flying high on the flagpole off the roof huge red chinese flags. There was apparently some petition to get them taken down. Dont know if they are still there, my BIL and wife moved on after that.
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Old Mar 24th 2014, 6:36 am
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Default Re: UK property prices

Just sold mine off the M3 corridor......made a good profit too!!! Still only gets me a good deposit on a house here in Oz though
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Old Mar 24th 2014, 9:10 pm
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Default Re: UK property prices

Originally Posted by jad n rich
I think a couple of bright young things on 100K each can borrow a massive amount of money.

Years ago the bank offered us a 800k mortage, we only went in to borrow 150k they just came back and said did you realise what you could do? this is pre GFC and we thought they were nuts. We were self employed, they took into account that we already owned a property.
Absolutely crazy.

My brother in UK was a first home buyer with 1.3 M but it was self-made money. He bought right in the UK dip, with mortgage. Three years later ago there was 1.7 on his neighbours identical townhouse, must be over the 2 now. London, which is as insane as Sydney and parts of melbourne.

I wonder if the young chinese buyers have family help. They are usually very close families. In vancouver they sent property over the moon compared to the very low canadian incomes. But they just shut the door on the investment visa, will be interesting to see what happens
now Some speculate that money will flow into Australia ( syd and mel ) instead.

In OZ a lot of money goes into property from retirees, the pension is asset and income tested. If they empty the bank account on some mcmansion they qualify for the pension they would not get with money in super or bank.

But the govt 3 weeks ago were saying they want to stop this and only let superannuation be drawn out for for living expenses
I find it difficult to believe this in any general sense , where do you draw the data from for this conclusion ?

The government will find a way to sequester superannuation , it is only a matter of time and what excuse they use.

First will come sequestration , then will come annexation .

The amount of moneys will prove irresistible and government by it's nature is a thief
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Old Mar 24th 2014, 9:19 pm
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Default Re: UK property prices

We are hoping to sell our UK house this year and buy our own house and move in for start of 2015.

The house is in a good village in SE England, but I didn't get any particularly good feedback from agents that I contacted a few months ago re the market and prices. They were still pretty gloomy in fact, has something changed very recently or is this just hype.

In meantime I am definitely noticing the Sydney prices creep up and up. In the northern beaches a few months ago there were not that many going to auction, that has changed now though and loads are, which doesn't help. We own the house outright in UK, but it will just be a big deposit here.
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Old Mar 24th 2014, 9:23 pm
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Default Re: UK property prices

Ours just west of London went up 10% in the past 12 months and I expect it'll go up another 10 this next 12. Going to wait for a few years of rises and hopefully a strengthening of the pound before we sell.
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Old Mar 24th 2014, 9:35 pm
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Default Re: UK property prices

Originally Posted by BASHO

I find it difficult to believe this in any general sense , where do you draw the data from for this conclusion ?

Are you kidding? that has to be the most well known way to get round the pension income and asset test.

Go ask your accountant, super fund/ advisory, seminar, and the NO 1 way to not have your assets disqualify you for a pension is to put you money into your own home. Almost everything else is counted in the asset and income test.

The issue of so many wealty people living in million dollar homes while getting a pension was raised yet again by the govt in relation to health care cards and superannuation laws over and over in the last 3 weeks. Even expats on here have had discussions about it.

If you still dont believe take a trip to Bribie Island
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Old Mar 24th 2014, 9:37 pm
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Default Re: UK property prices

Originally Posted by jad n rich
Are you kidding? that has to be the most well known way to get round the pension income and asset test.

Go ask your accountant, super fund/ advisory, seminar, and the NO 1 way to not have your assets disqualify you for a pension is to put you money into your own home. Almost everything else is counted in the asset and income test.

The issue of so many wealty people living in million dollar homes while getting a pension was raised yet again by the govt in relation to health care cards and superannuation laws over and over in the last 3 weeks. Even expats on here have had discussions about it.

If you still dont believe take a trip to Bribie Island
Rubbish .
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Old Mar 24th 2014, 10:55 pm
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Default Re: UK property prices

Originally Posted by jad n rich
Are you kidding? that has to be the most well known way to get round the pension income and asset test.

Go ask your accountant, super fund/ advisory, seminar, and the NO 1 way to not have your assets disqualify you for a pension is to put you money into your own home. Almost everything else is counted in the asset and income test.

The issue of so many wealty people living in million dollar homes while getting a pension was raised yet again by the govt in relation to health care cards and superannuation laws over and over in the last 3 weeks. Even expats on here have had discussions about it.

If you still dont believe take a trip to Bribie Island
Just remember, some of those living in million dollar homes bought them when they were far from a million dollars, and paid of the mortgage over many years. Yes they could sell up and move to a something cheaper to free up cash, but when you've spent all your life working, why should you.
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Old Mar 24th 2014, 11:07 pm
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Default Re: UK property prices

Originally Posted by Bermudashorts
We are hoping to sell our UK house this year and buy our own house and move in for start of 2015.

The house is in a good village in SE England, but I didn't get any particularly good feedback from agents that I contacted a few months ago re the market and prices. They were still pretty gloomy in fact, has something changed very recently or is this just hype.

In meantime I am definitely noticing the Sydney prices creep up and up. In the northern beaches a few months ago there were not that many going to auction, that has changed now though and loads are, which doesn't help. We own the house outright in UK, but it will just be a big deposit here.
We were halfway through our mortgage so even though we made a profit its still just a deposit here in Oz.

Our agent was very effusive about our property, its just a 2 bed cottage but was in the bracket for first time buyers and young couples especially for the location and the new government house buying incentives. If yours is bigger than maybe that's why they are lowering the enthusiasm.

I was expecting it to sell for 200k and would have been happy with that but it went for 232k so even happier. Not a huge amount but it has always been in positive equity and I am so glad we went for the 'location, location, location' option rather than the big house option many years ago.

The exchange rate right now isn't brilliant but certainly better than the past couple of years so bringing the cash straight over rather than wait for the same rates that were around 6-7 years ago.
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