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Is the property market doomed

Is the property market doomed

Old Aug 8th 2020, 7:31 am
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Default Re: Is the property market doomed

It will definitely become a better market for buyers as the long term economic effects of the current crisis start to bite. But sellers have had a good time of it these past few years.

I am also intrigued how new entry/visa rules for Brits post December will affect how many Brits buy in the future. Most of my friends bought for holidays with the intention of eventual retirement but that was when movement and residency were something we really did not have to consider as a difficulty.
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Old Aug 8th 2020, 11:25 am
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Default Re: Is the property market doomed

Originally Posted by June W View Post
But sellers have had a good time of it these past few years.
I think that should be a better time of it? It is all relevant to when one bought certainly those that bought 2004 - 2008 won't in general have had a good time of it as if they have sold post 2008 will probably have lost out. Its all about timing unfortunately.
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Old Aug 8th 2020, 12:18 pm
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Default Re: Is the property market doomed

Originally Posted by June W View Post
It will definitely become a better market for buyers as the long term economic effects of the current crisis start to bite. But sellers have had a good time of it these past few years.

I am also intrigued how new entry/visa rules for Brits post December will affect how many Brits buy in the future. Most of my friends bought for holidays with the intention of eventual retirement but that was when movement and residency were something we really did not have to consider as a difficulty.
We purchased in Jane 2019 and I'm sure our place is now worth less than we paid. It doesn't bother me as its going to be our home until we decide to move again. We also lost out in 1997 with negative equity in West London.

As to it being harder for Brits to move after Dec. I'm not sure it will be.
I'm nearly 58 and have never had a company pension, just a private one I've been contributing to since the mid 1980s. Last year I took the 25% out and it gave me enough for both of us to comply with the current 3rd country requirements (savings wise not continued income)
So I'm pretty sure that anyone with an occupational pension should be able to cope.
I'm fact I know so. Three of my friends have occupational pensions, one of them still has a final salary and he's on for around £200,000 lump and about £35000 a year pension. And he has a basic job in a factory (although he has worked there 25 years)

It will however stop those who only have a basic state pension. But to be honest if you've had a full time job at all over the last 20 years you should have a private pension of some sort. Gone are the days when retirees only had basic state.
Also what about selling up in the UK?
That would give most people a couple of hundred grand. More than enough to satisfy the requirements.
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Old Aug 8th 2020, 1:13 pm
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Default Re: Is the property market doomed

You'd be able to live reasonably well in Spain on a £35,000 pension if you are careful.
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Old Aug 8th 2020, 1:35 pm
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Default Re: Is the property market doomed

Originally Posted by thegolfer View Post
You'd be able to live reasonably well in Spain on a £35,000 pension if you are careful.
You would be able to live very well, I would suggest
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Old Aug 8th 2020, 1:53 pm
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Default Re: Is the property market doomed

Originally Posted by missile View Post
You would be able to live very well, I would suggest
Depends on how you define "very well", from experience if you are careful and dont expect to eat out more than once or twice a week then £35,000 pension should enable a decent lifestyle. I always tell people to budget around €3,000 a month to live comfortably (if you own your property and not lumbered with rent).
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Old Aug 8th 2020, 2:13 pm
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Default Re: Is the property market doomed

Originally Posted by thegolfer View Post
Depends on how you define "very well", from experience if you are careful and dont expect to eat out more than once or twice a week then £35,000 pension should enable a decent lifestyle. I always tell people to budget around €3,000 a month to live comfortably (if you own your property and not lumbered with rent).
Sorry... Where are you living????

​​​​​​3000 a month

My outgoings in the UK for 3 of us including food 2 cars and a reasonable social life came to less than 2400 a month and at least 1400 of that was rent, gas, council tax etc.
I never earned 3000 a month after tax unless I did 60 hour plus weeks...

In Spain I am expecting 2 of us to live well on 1000 a month as we have no rent to pay and the spanish version of council tax is 25% of what we have been paying in the UK.
I also have a car and we will go out a couple of times a week.
The bar we use does the meal of the day for €10 including a bottle of wine.
Beer at 1.60 a pint (and we won't be in a tourist part either)

​​​Even at a 1000 a month we will be better off than the average spanish person.
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Old Aug 8th 2020, 2:21 pm
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Default Re: Is the property market doomed

I think he is trying too hard to impress. Most mere mortals can only dream of £3,000+ / month income after tax and mortgage payments.

The government’s most recent data (taken from 2017/18) shows the average weekly income for pensioners to be £304 – that’s after you’ve taken away direct taxes and housing costs. This works out at around £15,080 net per year. https://www.unbiased.co.uk/

Last edited by missile; Aug 8th 2020 at 2:29 pm.
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Old Aug 8th 2020, 2:31 pm
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Default Re: Is the property market doomed

Originally Posted by missile View Post
I think he is trying too hard to impress. Most mere mortals can only dream of £3,000+ / month income after tax and mortgage payments.
No need to impress.....who on earth would 3k euros a month impress?? Plus I suggest you read what the posters figures were and what I responded to.........plus 3k Euros a month is just slightly more than whats needed as income for residencia for non EU citizens.....If you can only dream of that I feel for you....but I can assure you many mere mortals enjoy substantially more.
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Old Aug 8th 2020, 2:34 pm
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Default Re: Is the property market doomed

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Old Aug 8th 2020, 2:35 pm
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Default Re: Is the property market doomed

Originally Posted by Barriej View Post
Sorry... Where are you living????

​​​​​​3000 a month

My outgoings in the UK for 3 of us including food 2 cars and a reasonable social life came to less than 2400 a month and at least 1400 of that was rent, gas, council tax etc.
I never earned 3000 a month after tax unless I did 60 hour plus weeks...

In Spain I am expecting 2 of us to live well on 1000 a month as we have no rent to pay and the spanish version of council tax is 25% of what we have been paying in the UK.
I also have a car and we will go out a couple of times a week.
The bar we use does the meal of the day for €10 including a bottle of wine.
Beer at 1.60 a pint (and we won't be in a tourist part either)

​​​Even at a 1000 a month we will be better off than the average spanish person.
Dream on.....even the current lifeguard/beach attendants earn €1,900 a month.

1,000 Euros a month.....for TWO..... good luck......
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Old Aug 8th 2020, 2:37 pm
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Default Re: Is the property market doomed

Originally Posted by missile View Post
Oh what a very sad little green eyed person you are.....
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Old Aug 8th 2020, 4:05 pm
  #28  
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Default Re: Is the property market doomed

OK folks that is enough about income. This thread is about the property market.

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Old Aug 8th 2020, 7:47 pm
  #29  
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Default Re: Is the property market doomed

Originally Posted by Barriej View Post
Sorry... Where are you living????

​​​​​​3000 a month

My outgoings in the UK for 3 of us including food 2 cars and a reasonable social life came to less than 2400 a month and at least 1400 of that was rent, gas, council tax etc.
I never earned 3000 a month after tax unless I did 60 hour plus weeks...

In Spain I am expecting 2 of us to live well on 1000 a month as we have no rent to pay and the spanish version of council tax is 25% of what we have been paying in the UK.
I also have a car and we will go out a couple of times a week.
The bar we use does the meal of the day for €10 including a bottle of wine.
Beer at 1.60 a pint (and we won't be in a tourist part either)

​​​Even at a 1000 a month we will be better off than the average spanish person.
You will be fine it's all about personal needs and expectations no 2 people's are the same.
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Old Aug 11th 2020, 7:52 am
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Default Re: Is the property market doomed

Originally Posted by Barriej View Post
In Spain I am expecting 2 of us to live well on 1000 a month as we have no rent to pay and the spanish version of council tax is 25% of what we have been paying in the UK.
I also have a car and we will go out a couple of times a week.
The bar we use does the meal of the day for €10 including a bottle of wine.
Beer at 1.60 a pint (and we won't be in a tourist part either)

​​​Even at a 1000 a month we will be better off than the average spanish person.
with no rent to pay you will easily live on €1000 a month. We (my parents and I) were doing it for years, and we have 2 cars.
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