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UK house prices to breach 300,000 GBP...

UK house prices to breach 300,000 GBP...

Old Aug 6th 2007, 5:13 pm
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Default Re: UK house prices to breach 300,000 GBP...

a glance at the house prices in Solihull amazed me. So many £1m homes No way we could go back to Britain in the short term without taking a huge loss.

If the population continues to rise it may well be sustainable. How does Britain do it??
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Old Aug 6th 2007, 5:47 pm
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Default Re: UK house prices to breach 300,000 GBP...

I'm surprised so many are surprised. One huge reason as why we are here I can't along with many others afford a home back in the UK.
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Old Aug 6th 2007, 8:47 pm
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Default Re: UK house prices to breach 300,000 GBP...

Originally Posted by Irn-bru
I'm surprised so many are surprised. One huge reason as why we are here I can't along with many others afford a home back in the UK.
But I think the situation has changed a lot just over the past 5-8 years. When I was there in 2000 the houses on my street were about 1.5 to 2.2 times my salary. If I were at the same rank now (i.e., earning an equivalent salary), it would be 3.5 to 5.25 times my salary.

One of the handy (but depressing!) tools in Rightmove allows you to pull up house sale prices from the past 5 years or so (it's alway about 6 months behind the times, but not bad), Here's a neighboring street with a mix of ex-council houses (bog standard pebble-dashed boxes):

24 Nov 2006 54 xx Crescent, Residential £170,300
09 Nov 2006 52 xx Crescent, Residential £181,000
07 Apr 2006 5 xx Crescent, Residential £79,000
02 Dec 2005 64 xx Crescent, Residential £128,000
29 Jun 2005 29 xx Crescent, Residential £38,000
10 May 2005 40 xx Crescent, Residential £47,200
27 Apr 2005 39 xx Crescent, Residential £158,500
26 Jan 2005 41 xx Crescent, Residential £145,128
17 Jan 2005 14 xx Crescent, Residential £68,300
24 Dec 2004 66 xx Crescent, Residential £72,000
13 Aug 2004 36 xx Crescent, Residential £38,000
19 Apr 2004 19 xx Crescent, Residential £115,019
05 Mar 2004 64 xx Crescent, Residential £101,100
16 Oct 2003 1 xx Crescent, Residential £27,000
26 Jun 2003 54 xx Crescent, Residential £110,000
10 Apr 2003 7 xx Crescent, Residential £49,000
10 Jan 2003 72 xx Crescent, Residential £28,560
27 Dec 2002 62 xx Crescent, Residential £36,300
24 Oct 2002 11 xx Crescent, Residential £39,990
10 Jan 2002 17 xx Crescent, Residential £80,000
03 Jan 2002 24 xx Crescent, Residential £22,000
20 Dec 2001 46 xx Crescent, Residential £20,400
07 Dec 2001 18 xx Crescent, Residential £18,500

- it just defies the imagination that flats and mid-terraces (#18, #46, #24) that were 18,000-20,000 5 years ago are now 80,000 for flats (#5) and 130,000 for mid-terraces (#64), and end terraces and semis that were 40,000 (#11, #62) are now over 170,000 (#52, #54). A bog-standard mid-terraced that is not even as nice as this street just sold for 185k!

(p.s., I know this pales in comparision with other parts of the UK, but it gives an impression of how prices have risen in such a short time).

Last edited by dunroving; Aug 6th 2007 at 8:55 pm.
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Old Aug 6th 2007, 10:04 pm
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Default Re: UK house prices to breach 300,000 GBP...

Originally Posted by ali_j
This is unbelievable -- business analysts think in just five years, average UK house price will break 300,000 GBP.

I can never move back home again!!! How can this be??? I can bet you that average wages won't rise by a similar amount....

http://news.bbc.co.uk/2/hi/business/6932304.stm
Hi there - you are so right - dont know whether its just hype though but going off the way houses have rocketed over the last few years i wouldnt be surprised - my kids will never be able to get on the property ladder - you are so right our wages have not grown and never will grow with to keep up with the prices - they are just offering mortgages over longer periods now - i think they will have to put back retirement ages the way things are going.

Take care all
Love Sam
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Old Aug 6th 2007, 11:08 pm
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Default Re: UK house prices to breach 300,000 GBP...

I saw an article whereby people are buying UK houses with nice big gardens. They are knocking down the perfectly good house, and building blocks of flats on the plot of ground. Easy to get planning permission in most cases apparently.
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Old Aug 6th 2007, 11:15 pm
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Default Re: UK house prices to breach 300,000 GBP...

Originally Posted by Mallory
I saw an article whereby people are buying UK houses with nice big gardens. They are knocking down the perfectly good house, and building blocks of flats on the plot of ground. Easy to get planning permission in most cases apparently.
Not sure about the perfectly good house bit, but certainly older, quite dilapedated properties around here are being knocked down for 4-6 flats to be built up. It's a little concerning infrastructure (well traffic really) wise.

They say it's in keeping with the demand for more single person homes, my response seems to be if you provided more affordable family homes maybe the financial difficulties that are the root cause of so many family break ups then we wouldnt need so many single person abodes!

It's heartbreaking to watch, fortunately I bought in 98 and whilst I can't afford to upgrade hugely on my own, as a couple I could do.

Why oh why did they sell of council housing
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Old Aug 7th 2007, 12:43 am
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Default Re: UK house prices to breach 300,000 GBP...

Originally Posted by dunroving
But I think the situation has changed a lot just over the past 5-8 years. When I was there in 2000 the houses on my street were about 1.5 to 2.2 times my salary.
I agree I left the first time in 2000 and noticed a change when I moved back. I only left the UK about 2 yrs ago and couldn't believe the house prices everywhere not just London etc

And while council housing would help a lot of people it wouldn't help us or the 'normal' buddy trying to get a foot on the ladder as we would never have qualified (not saying people that are in council homes are not normal I hope you all know what I mean!) as so many people have good jobs but still can't afford homes.

Last edited by Irn-bru; Aug 7th 2007 at 1:07 am.
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Old Aug 7th 2007, 12:47 am
  #23  
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Default Re: UK house prices to breach 300,000 GBP...

Originally Posted by Tootsie Frickensprinkles
Not sure about the perfectly good house bit, but certainly older, quite dilapedated properties around here are being knocked down for 4-6 flats to be built up. It's a little concerning infrastructure (well traffic really) wise.

They say it's in keeping with the demand for more single person homes, my response seems to be if you provided more affordable family homes maybe the financial difficulties that are the root cause of so many family break ups then we wouldnt need so many single person abodes!

It's heartbreaking to watch, fortunately I bought in 98 and whilst I can't afford to upgrade hugely on my own, as a couple I could do.

Why oh why did they sell of council housing
The point of the article was - you could be living in a nice house in a good neighbourhood, when suddenly a block of flats is built next door to you.
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Old Aug 7th 2007, 1:32 am
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Default Re: UK house prices to breach 300,000 GBP...

Originally Posted by Mallory
The point of the article was - you could be living in a nice house in a good neighbourhood, when suddenly a block of flats is built next door to you.
Well certainly the kind of flats that have been built on single property plots that I've seen aren't what I would describe as a "block" that's suddenly going to blight the neighbourhood. They tend to be well done, quite expensive, 2 floor (very occasionally 3) flats and appartments that are not going to affect the "niceness" of the street but will increase traffic and the general demand on infrstructure, and are worrisome from that perspective.

Maybe they are very different in areas I havent seen, maybe it's just a subjective opinion.
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Old Aug 7th 2007, 1:36 am
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Default Re: UK house prices to breach 300,000 GBP...

Originally Posted by Tootsie Frickensprinkles
, quite expensive
I agree, I'm sure they will be!
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Old Aug 7th 2007, 1:36 am
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Default Re: UK house prices to breach 300,000 GBP...

Originally Posted by Irn-bru
And while council housing would help a lot of people it wouldn't help us or the 'normal' buddy trying to get a foot on the ladder as we would never have qualified (not saying people that are in council homes are not normal I hope you all know what I mean!) as so many people have good jobs but still can't afford homes.
The sale of council housing is not just a direct affect, it's indirect pressure on pricing and the lack of council housing has been fueling the BTL market for a decade. Add in multiple other factors that have appeared or become relavent since 2000ish and you get the problem we have today.

Last edited by Tootsie Frickensprinkles; Aug 7th 2007 at 1:40 am.
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Old Aug 7th 2007, 1:39 am
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Default Re: UK house prices to breach 300,000 GBP...

Originally Posted by Mallory
I agree, I'm sure they will be!
It's all relative!
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Old Aug 7th 2007, 6:34 am
  #28  
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Default Re: UK house prices to breach 300,000 GBP...

Originally Posted by Mallory
I saw an article whereby people are buying UK houses with nice big gardens. They are knocking down the perfectly good house, and building blocks of flats on the plot of ground. Easy to get planning permission in most cases apparently.
That is quite heartbreaking when you see a beautiful old house and garden go and disgusting "Toytown" flats go up. Happened all over and one very close to us in Solihull, far from satisfying a pressing need the overpriced shoeboxes languished on the market.
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Old Aug 7th 2007, 6:39 am
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Default Re: UK house prices to breach 300,000 GBP...

Originally Posted by Sally
That is quite heartbreaking when you see a beautiful old house and garden go and disgusting "Toytown" flats go up. Happened all over and one very close to us in Solihull, far from satisfying a pressing need the overpriced shoeboxes languished on the market.
The problem is the UK housing market is being saturated with apartments. We saw that in January when we were looking for apartments. I read an article a few weeks ago that said the very same thing. Houses are still in demand...they can't build them quick enough but there are too many apartments on the market and they are still being built.
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Old Aug 7th 2007, 6:40 am
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Default Re: UK house prices to breach 300,000 GBP...

Originally Posted by Jerseygirl
The problem is the UK housing market is being saturated with apartments. We saw that in January when we were looking for apartments. I read an article a few weeks ago that said the very same thing. Houses are still in demand...they can't build them quick enough but there are too many apartments on the market and they are still being built.
I would like to see the government dictating what is built far more. they seem to be at the mercy of grabbing developers (eg when councils turn down planning applications they invariably win on appeal).
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