And to think, when I bought my house 10 years ago I thought I was being fleeced and house prices couldn’t go any higher!
I live in a relatively cheap city in the east Midlands. I was extreeeeemly lucky enough to have bought a house 5 years ago for 94k. It ls not a pretty house and needed a lot doing to it…. But it’s home.
My house is now worth 150k. Still cheap compared to other places I know. I’ve just had a look what’s on the market and the only 3bed houses (not directly in the city centre) are near 200k. Practically ALL rent is above £750+ now. I wouldn’t be able to afford house if a bought now due to the rent increases alone. Housing still may be cheap to other cities but the rent is ridiculously high.
The scariest part for me is the immediate issue this creates in that landlords will use it as an excuse to jack up rents by record amounts. We’re already there really, last year was the biggest average private rent rise in modern history if I remember correctly. I’m dreading what this year will bring. It’s double whammy for renters.
When your house goes up in value annually by more than you earn in a year, it’s kind of clear something is fundamentally broken.
So I guess this is Brexit being a success if people still want to come here.
I like to say, this is going to end in tears, but it probably won’t. To many vested interests.
Most of the young will stay poor, and most of the old, will never know how good they had it. The irony is, the one’s that buy over priced coffee, and expensive clothes, are the only ones rich enough to afford housing.
Don’t worry, according to our Boomer friends all you need to do is cut out “phone contracts, Avacado toast, flat screeeen teeeeee veeeeees and Netflix” and you too will be able to buy a 3 bedroom detached house in the Home Counties on a single-earner factory worker or shelf stackers salary like they were able to in 1971.
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And to think, when I bought my house 10 years ago I thought I was being fleeced and house prices couldn’t go any higher!
I live in a relatively cheap city in the east Midlands. I was extreeeeemly lucky enough to have bought a house 5 years ago for 94k. It ls not a pretty house and needed a lot doing to it…. But it’s home.
My house is now worth 150k. Still cheap compared to other places I know. I’ve just had a look what’s on the market and the only 3bed houses (not directly in the city centre) are near 200k. Practically ALL rent is above £750+ now. I wouldn’t be able to afford house if a bought now due to the rent increases alone. Housing still may be cheap to other cities but the rent is ridiculously high.
The scariest part for me is the immediate issue this creates in that landlords will use it as an excuse to jack up rents by record amounts. We’re already there really, last year was the biggest average private rent rise in modern history if I remember correctly. I’m dreading what this year will bring. It’s double whammy for renters.
When your house goes up in value annually by more than you earn in a year, it’s kind of clear something is fundamentally broken.
So I guess this is Brexit being a success if people still want to come here.
I like to say, this is going to end in tears, but it probably won’t. To many vested interests.
Most of the young will stay poor, and most of the old, will never know how good they had it. The irony is, the one’s that buy over priced coffee, and expensive clothes, are the only ones rich enough to afford housing.
Don’t worry, according to our Boomer friends all you need to do is cut out “phone contracts, Avacado toast, flat screeeen teeeeee veeeeees and Netflix” and you too will be able to buy a 3 bedroom detached house in the Home Counties on a single-earner factory worker or shelf stackers salary like they were able to in 1971.