House Price's

***Mr D*** · 19-12-2006, 16:33

Who feels the price of housing in accrington is fair.

Do you feel that a mid terrace property is worth approximatly £100.000.

Now A mortgate on that kind of figure is £550.00 a month *Roughly.

Plus the other expenses involved in running a house, Council Tax, bills ect easy would come to £750.00 Per month.

Now I dont earn much more than that really and the £550.00 a month was over a period of 35 years.

How can I possibly ever afford to by a property in a relievely good area, when the wage I get doesnt make the above feasable.

I feel sorry for people who will have to buy a house in the next 20 years.

Must admit though these property barrons dont help as they buy all the cheap housing so they can rent them out.

garinda · 19-12-2006, 16:40

I agree, I feel really sorry for people who want to get onto the property ladder. Although prices locally have rocketed recently, we are still a relatively affordable area compared with some parts of the country.

Wages certainly haven't risen at the same rate that property prices have soared.

jackyalex · 19-12-2006, 18:20

i cant afford to buy a house now,we are stuck because of the rise in the house prices,we need a min 3 bed and im not prepared to spend a stupid amount of money on a house thats not worth all that money, im waiting for the crash if theres gonna be one,doubt its gonna happen, for a terrace house in accy that was 22 grand 5yrs ago now is around 80 its not worth the money,i hate the fact that we cant even afford to buy a 1 bed flat nevermind a 3 bed terrace,and i know that there is lots of peeps in the same situation as us,ahh i feel better now thats my rant for today

***Mr D*** · 19-12-2006, 18:41

Quote:

Originally Posted by jackyalex

i cant afford to buy a house now,we are stuck because of the rise in the house prices,we need a min 3 bed and im not prepared to spend a stupid amount of money on a house thats not worth all that money, im waiting for the crash if theres gonna be one,doubt its gonna happen, for a terrace house in accy that was 22 grand 5yrs ago now is around 80 its not worth the money,i hate the fact that we cant even afford to buy a 1 bed flat nevermind a 3 bed terrace,and i know that there is lots of peeps in the same situation as us,ahh i feel better now thats my rant for today

Heres me and you waiting for the crash then.

And I agree they arnt worth the money.

garinda · 19-12-2006, 18:53

When I first moved to London I thought I'd be renting forever, as prices were way beyond what I could afford to pay. Luckily the crash that happened in the early nineties allowed me to get a foot on the property ladder.

I think waiting is a good idea. No way have wages around here increased at the rate that property prises have risen. People that are being tempted to take out five times their salary mortgages must be mad.

lettie · 19-12-2006, 18:55

House prices throughout the country are ridiculously high. When I worked on the community, I visited goodness knows how many young families who had bought brand new houses. You could tell that they were struggling to pay for them, as there was very little furniture, no holidays etc. When the interest rates rise significantly, and they will because they always do. Not only will these families be in Dickie's Meadow but they will also be in negative equity because of the corresponding fall in house prices.

I would not pay £100,000 for a terrace. I paid £22,000 for mine in 1990. Some terraces are of decent build but in slightly dodgy areas. They are being bought by letting agencies who are renting them out to people who couldn't give a toss about the area. These cheaper houses are worth buying. They are often a good solid build, decent sized bedrooms, some of which could convert to 2 rooms. My house has found itself in one of these areas due to landlords moving undesirables in. Areas like this need decent people who care about where they live in order to help improve the areas. I love my little house and I have to say that there has definitely been some improvement in my area over the last 12 months.

lancsdave · 19-12-2006, 19:08

Quote:

Originally Posted by lettie

They are being bought by letting agencies who are renting them out to people who couldn't give a toss about the area. These cheaper houses are worth buying. They are often a good solid build, decent sized bedrooms, some of which could convert to 2 rooms. My house has found itself in one of these areas due to landlords moving undesirables in.

****** thats a shame, I had almost convinced myself we had moved to a rented house in a dodgy area to get my daughter in a half decent school.

panther · 19-12-2006, 19:20

crikey i remember when a house cost £9,000 for a desent one! that was only 20 year ago, now you can buy a dump for 50 to 60 grand

bloody stupid!

SPUGGIE J · 19-12-2006, 19:29

Quote:

Originally Posted by panther

crikey i remember when a house cost £9,000 for a desent one! that was only 20 year ago, now you can buy a dump for 50 to 60 grand

bloody stupid!

Money maketh the world go round. There will be another crash and it will be a big un. You know when prices are crazy when 2 people on the national average wage cant afford to buy a house to call their own. As for renting in desirable areas it can almost match a mortgage in monthly cost.

cashman · 19-12-2006, 19:50

house prices are ridiculous all around the country not just accy and the killer for the young is theres sod all anybody can do about it.

panther · 19-12-2006, 20:06

Quote:

Originally Posted by SPUGGIE J

As for renting in desirable areas it can almost match a mortgage in monthly cost.

what are houses to rent theses days if you go private? £100 give or take ....council about £50/60 and housing association £50/70+ again! so yeh around the same as buying but a lot will rent because they dont have to worry about rent so much, cuz their house wont get took off em if they suddenley cant afford to pay it!

SPUGGIE J · 19-12-2006, 20:16

Quote:

Originally Posted by panther

what are houses to rent theses days if you go private? £100 give or take ....council about £50/60 and housing association £50/70+ again! so yeh around the same as buying but a lot will rent because they dont have to worry about rent so much, cuz their house wont get took off em if they suddenley cant afford to pay it!

Average rent in Falkirk Council owned property is approx £63 a week but private rental in a property of eqaul standard is £105 a week approx. At least with renting you dont have maintenance worries or the cost of new kitchen units nor a new central heating system unlike bought property.

WillowTheWhisp · 19-12-2006, 20:24

It's swings and roundabouts. With renting you don't have to pay for repairs and if you have a decent landlord who actually does the repairs it's OK but you'll always be paying rent whereas with a mortgage there is a light at the end of the tunnel even if it's a dark narrow tunnel whilst you're still paying. One day there'll be an end to it with the mortgage paid off.

SPUGGIE J · 19-12-2006, 20:42

Quote:

Originally Posted by WillowTheWhisp

It's swings and roundabouts. With renting you don't have to pay for repairs and if you have a decent landlord who actually does the repairs it's OK but you'll always be paying rent whereas with a mortgage there is a light at the end of the tunnel even if it's a dark narrow tunnel whilst you're still paying. One day there'll be an end to it with the mortgage paid off.

Very true but sadley I cant afford to buy at the mo so stuck with renting.

entwisi · 19-12-2006, 21:12

Spug, National av wage is ~£25K/pa so you can conservatively afford £100K if there is 2 of you(Not that I would but thats using teh multiplier that has been in use for over 20 years)

Houses in Accy start at ~£60-70K in areas such as Spring Hill. Some of its a bit rough, other bits are fine, my Mum still lives there and has done for >50 years.

We were lucky, we bought our first house in 95, paid £35K for a nice house in Westwood street. Sold it 4 years later for 36K, then we bought our current house. We paid peanuts for it in real terms to what its worth now (although we have put a heck of a lot of money into it.). I probably couldn't afford to buy in this area now and I certainly couldn't buy one in teh condition ours is now.