But Rishi gave ~~the oil companies~~ me a cut on the cost of filling up, so?
Landlord MPs take steps to maintain ludicrously high house prices – I hate this country
House prices are out of reach for most young people.
Heating bills etc 54% rise some people have to heat or eat.
The UK is shite.
Excellent! Clearly the economy is doing amazing!
How much did wages grow this year then?
Many people think the bankers use low interest rates to “help the economy”
NO – they use low interest rates to bail out buy 2 let landlords AT THE COST of high inflation
The cost of Inflation is MOSTLY borne by young people and poor people. The ultra rich LOVE asset prices soaring.
Prices still increasing despite the economic situation… it clearly shows something has gone very wrong in terms of government policy.
It’s pretty disheartening to see my dreams of owning a house getting further and further away with each passing month.
I’ve given up saving for a house. What’s the use when the increase per month is double digit percentage points? Like my few hundred chucked into savings is going to help. I might as well use that money and try and get some enjoyment out of life than try and keep up with the fucking house market.
How about we all collectively move back into our parents home and wait this one out.
This article is essentially a ctrl C ctrl V at this point.
Property was undervalued until us milennials wanted to buy and up until ~2000 the boomers got a bargain on a global asset. We get it.
People keep voting for the party of the landlords and the landed gentry and then complain about house prices going through the roof.
Maybe one of these decades they’ll put 2 and 2 together. I’m not holding my breath.
When will they stop calling it “growth” and start calling it “inflation”.
“Growth” to me implies some improvement, but they’re the same damn houses that they were last year.
today the pound buys $1.30, in 2007 it bought $2.11, that was a lot more crude for the pound.
We’ve just bought a house, waiting to complete. The house opposite, exact same archetype, sold for 20k more than what we paid back in January.
It’s really sickening, but what can you do. My only hope of purchasing a home was to switch jobs, upskill and live an absolute bare minimum lifestyle while saving.
So when does this end and the entire market implodes?
Asking for a friend. I’m open to buying a house (I’m fortunate that my ‘rent’ is hella cheap) but I don’t need to. It would be nice to have the option to and not feel rushed into doing it before I’ll never be able to afford one, however.
Housing makes no sense.
We’re constantly told we need to hold more houses but everywhere I go there are who uses being thrown up, old towns I’ve not visited for a few years have expanded massively, with mostly horrible, 3 story town houses crammed in with no parking baring a fare age on the ground-floor and tiny gardens.
Prices make even less sense. I know people where the value of their homes, just up here in the boring old north, have gone through the roof.
Semis that have gone from £150K to £230K in a coupe of years, or bungalows going from £200K to £325K in 4 or 5 years.
Where we bought about a year ago had gone up by £30K in 18 months and a smaller house on the same street has just sold for £20K more.
It just doesn’t make sense.
I’m earning a chunk over the national average salary yet the prospect of buying even a flat in my local area feels like an impossible fever dream. When the average salary can’t buy even a grim home, what hope is there for the majority of people to ever actually move out of overpriced rentals. It feels like living in neo Feudalism not the 5th wealthiest economy on the planet.
Zoopla estimates my house is worth £270k on the high end, and £240k on the low end
We paid £210k a 5 years ago… that’s really stupid. It’s only a 2 bed
How about:
– No commercial entity can own residential property (except until they manage to sell it, capped at 3 years).
– No foreign individual can own residential property unless they have the indefinite leave to remain and spend at least 8 months a year in said property.
– One can own 2 residential properties, the second one taxed double.
I bought my house 5 years ago for 260k.
It’s apparently now worth £440k. All I’ve done is fix some decking and paint a few walls.
I’m zone 5.
It’s utter madness.
And I don’t benefit. I wanted to move to a bigger house a few years back but it all went a bit wrong.
That same house is probably now worth 300k more, meaning that despite my apparent wealth increase I’m further behind.
With kids in local schools I can’t just uproot and move either.
I want to buy a house. I live in Essex and looking for places near London. Budget is 425k but cannot find anything….east, west, north, south… reasonable with this price. I’m looking for a 3 bed victorian and the fact I cannot find one…close to half a million pounds…tells you all I need to know. The fact this can only get you a manageable two bed is unacceptable.
I’ll tell you what makes me most angry – it’s the fact that over the last ten years, despite all the effort I have put into learning skills, career progression and evening starting my own business, most my wealth has come from sheer flukes.
I was one of the annoying people that got into Bitcoin back in 2013. I also bought a house in 2015. These two things have generated me far more money than any of my actual work. And they were both things that required zero skill or effort.
Yet this is what the world rewards.
Obviously being in the right place at the right time is always going to be a thing, but it’s the fact that hard work often doesn’t benefit people anymore. People slave away years, and have nothing to show for it.
I can’t think of a more horrifying thing than how we overreacted to a minor issue like Covid and have ignored the biggest issue in society (house prices) over the last 20 years solely because they target different demographics.
Share prices have risen even faster. The global index has risen 25% from its pre-pandemic peak.
It’s pretty much out of the question unless you’re buying with 2 people on decent salaries, solo it’s not even worth thinking about
Perhaps a law that limits you selling a property only allowing for inflation added to what was paid 5 years before to stop profiteering!
Can someone explain why it’s costing more to be able to just fucking live? Like why are we allowing these greedy pieces of shit to literally charge us to live? Can’t take a shit without it costing you.
If a person is Nottingham is earning 30 grand a year (above the uk average), that is 2000 a month after taxes etc.
The average terrace price is 166, lets say they get a bellow average starter terrace for 120.
Now, they are lucky on 30k, banks will on average lend 4x your salary for a mortgage, so this will cover the 120, but you need to first save a 10% deposit.
How do you get that 12k? Well you don’t actually need 12k, after lawyers and other shit you will be looking at 15k to get this house.
This person is being very frugal and managing to save a great £500 a month, impressive with their take home pay, so at the end of a year they have £6000, after 2 and a half years they are there.
But what happens during that 2 and a half years? House prices increase by 15% per year.
By the time they are ready to buy the small terrace they were looking to buy is 158k.
Their 33k (adjusted at 5% inflation per year, like I said, this is a lucky person who’s employer increases salary with inflation) salary is now an issue, as the banks will still only loan her 4x salary, so 132k. They now need 26k (29k after lawyers and shit). They have gotten nowhere, absolutely fucking nowhere in the 2 years they have been saving.
The system is utterly fucking broken. And I am saying this from someone who owns a fucking house.
Landlords should be heavily taxed and property speculating should be outlawed. Two very simple steps that will stop the inevitable crash. If labour ran on only those two policies, they would win. They won’t because their top brass are invested in reits and/or are landlords themselves. So, we can look forward to the eventual crash, mass unemployment and grinding poverty that will come.
Only am idiot would believe these rises can last forever.
I fucking hate being a young person in this country, my entire life has been spent having the economy repeatedly stamp on my face
Or another way of looking at it. Purchasing power of money falls at fastest rate for 17 years.
These headlines piss me off doubly because I’m selling a one-bed flat and it’s worth _less_ than it was 6 years ago somehow.
The housing market *will* crash eventually, it’s an inevitability. Both major parties have introduced schemes that simply kick the can down the road.
Even building new houses isn’t the solution it could be because the house builders charge market rates for new builds and when the housing market slumps they simply stop building and sit on the land.
I’m all for home ownership but the UK housing market is just that, a capitalist market. It’s meant to be a means to provide people shelter, safety and a home for their families.
This is so fucking depressing. I’m 38 years old and after a divorce last year I’m fucked, I make a solid wage and will clear 60k this year, I have debt which will drop a lot in July after some bonuses. But I’m stuck in a fucking house share and cannot see a way out. Once my debts gone I can save a decent amount every month, like 700-900, but even then it will take a good couple of years to save a deposit + solicitors fees + stamp duty etc by which point the prices have gone up even more and I need another years savings to get a deposit.
This is all first world problems, I’m so fucking privileged to earn what I do, but what’s the fucking point. 20 years ago if I was earning this much or the equivalent id be fucking balling and holidaying constantly, sitting on a house that’s just growing in value and loving life, instead I’m in a house share and in completely unsecure accommodation as my housemates are leaving soon and I’ll AGAIN be looking for somewhere new to live, denting my savings/adding to my debt all over again 🙁
Also, a crash is surely coming right, and I swear to god if in 3 or 4 years I am somehow in a spot to buy on my own, successfully buy a house…..and then the market tanks and I just lose everything I think I’ll be taking a walk up to the Clifton suspension bridge, and not for a cheesy instagram post 🙁
[deleted]
Never understood this issue.
Many in the boomer generation think they’ve done well and worked hard for their money and young people should buckle up and do the same.
In reality most of them have gotten wealthy without being productive for our economy. They’ve been rewarded through market failure and the inability of governments to pursue proper policy and reduce house prices.
Sadly, it’s not based on a logical argument but purely because of generational asymmetries: young people are a minority in the electorate so our needs won’t be represented. It’s political suicide to reduce house prices. This also culminates with the boomers now retiring earlier than us and living off our taxes.
We’ve been taken for an absolute ride.
At least investing in a home allows you to hedge your cash against inflation, if you are planning on downsizing towards retirement you cash out
Hang on, didnt some of our friendly Brexig voters on this sub say that house prices were going up because of all those pesky immigrants coming and overwhelming the country.
And yet brexit happened, FOM has been limited and house prices are shooting to the moon?
Any comment from those that still support brexit?
The poor poor youth. Enjoy paying for you landlords kids to go to university.
I have purchased my house 3 years ago for 150k. It is now estimated at 190k.
This is without taking Into account the many improvements I have done
I wonder how much it would be valued at if I get a proper valuation.
It’s all fucked , fuck this market , fuck billionaires and fuck politicians
39 comments
But Rishi gave ~~the oil companies~~ me a cut on the cost of filling up, so?
Landlord MPs take steps to maintain ludicrously high house prices – I hate this country
House prices are out of reach for most young people.
Heating bills etc 54% rise some people have to heat or eat.
The UK is shite.
Excellent! Clearly the economy is doing amazing!
How much did wages grow this year then?
Many people think the bankers use low interest rates to “help the economy”
NO – they use low interest rates to bail out buy 2 let landlords AT THE COST of high inflation
The cost of Inflation is MOSTLY borne by young people and poor people. The ultra rich LOVE asset prices soaring.
Prices still increasing despite the economic situation… it clearly shows something has gone very wrong in terms of government policy.
It’s pretty disheartening to see my dreams of owning a house getting further and further away with each passing month.
I’ve given up saving for a house. What’s the use when the increase per month is double digit percentage points? Like my few hundred chucked into savings is going to help. I might as well use that money and try and get some enjoyment out of life than try and keep up with the fucking house market.
How about we all collectively move back into our parents home and wait this one out.
This article is essentially a ctrl C ctrl V at this point.
Property was undervalued until us milennials wanted to buy and up until ~2000 the boomers got a bargain on a global asset. We get it.
People keep voting for the party of the landlords and the landed gentry and then complain about house prices going through the roof.
Maybe one of these decades they’ll put 2 and 2 together. I’m not holding my breath.
When will they stop calling it “growth” and start calling it “inflation”.
“Growth” to me implies some improvement, but they’re the same damn houses that they were last year.
today the pound buys $1.30, in 2007 it bought $2.11, that was a lot more crude for the pound.
We’ve just bought a house, waiting to complete. The house opposite, exact same archetype, sold for 20k more than what we paid back in January.
It’s really sickening, but what can you do. My only hope of purchasing a home was to switch jobs, upskill and live an absolute bare minimum lifestyle while saving.
So when does this end and the entire market implodes?
Asking for a friend. I’m open to buying a house (I’m fortunate that my ‘rent’ is hella cheap) but I don’t need to. It would be nice to have the option to and not feel rushed into doing it before I’ll never be able to afford one, however.
Housing makes no sense.
We’re constantly told we need to hold more houses but everywhere I go there are who uses being thrown up, old towns I’ve not visited for a few years have expanded massively, with mostly horrible, 3 story town houses crammed in with no parking baring a fare age on the ground-floor and tiny gardens.
Prices make even less sense. I know people where the value of their homes, just up here in the boring old north, have gone through the roof.
Semis that have gone from £150K to £230K in a coupe of years, or bungalows going from £200K to £325K in 4 or 5 years.
Where we bought about a year ago had gone up by £30K in 18 months and a smaller house on the same street has just sold for £20K more.
It just doesn’t make sense.
I’m earning a chunk over the national average salary yet the prospect of buying even a flat in my local area feels like an impossible fever dream. When the average salary can’t buy even a grim home, what hope is there for the majority of people to ever actually move out of overpriced rentals. It feels like living in neo Feudalism not the 5th wealthiest economy on the planet.
Zoopla estimates my house is worth £270k on the high end, and £240k on the low end
We paid £210k a 5 years ago… that’s really stupid. It’s only a 2 bed
How about:
– No commercial entity can own residential property (except until they manage to sell it, capped at 3 years).
– No foreign individual can own residential property unless they have the indefinite leave to remain and spend at least 8 months a year in said property.
– One can own 2 residential properties, the second one taxed double.
I bought my house 5 years ago for 260k.
It’s apparently now worth £440k. All I’ve done is fix some decking and paint a few walls.
I’m zone 5.
It’s utter madness.
And I don’t benefit. I wanted to move to a bigger house a few years back but it all went a bit wrong.
That same house is probably now worth 300k more, meaning that despite my apparent wealth increase I’m further behind.
With kids in local schools I can’t just uproot and move either.
I want to buy a house. I live in Essex and looking for places near London. Budget is 425k but cannot find anything….east, west, north, south… reasonable with this price. I’m looking for a 3 bed victorian and the fact I cannot find one…close to half a million pounds…tells you all I need to know. The fact this can only get you a manageable two bed is unacceptable.
I’ll tell you what makes me most angry – it’s the fact that over the last ten years, despite all the effort I have put into learning skills, career progression and evening starting my own business, most my wealth has come from sheer flukes.
I was one of the annoying people that got into Bitcoin back in 2013. I also bought a house in 2015. These two things have generated me far more money than any of my actual work. And they were both things that required zero skill or effort.
Yet this is what the world rewards.
Obviously being in the right place at the right time is always going to be a thing, but it’s the fact that hard work often doesn’t benefit people anymore. People slave away years, and have nothing to show for it.
I can’t think of a more horrifying thing than how we overreacted to a minor issue like Covid and have ignored the biggest issue in society (house prices) over the last 20 years solely because they target different demographics.
Share prices have risen even faster. The global index has risen 25% from its pre-pandemic peak.
https://www.msci.com/our-solutions/indexes/acwi
It’s pretty much out of the question unless you’re buying with 2 people on decent salaries, solo it’s not even worth thinking about
Perhaps a law that limits you selling a property only allowing for inflation added to what was paid 5 years before to stop profiteering!
Can someone explain why it’s costing more to be able to just fucking live? Like why are we allowing these greedy pieces of shit to literally charge us to live? Can’t take a shit without it costing you.
If a person is Nottingham is earning 30 grand a year (above the uk average), that is 2000 a month after taxes etc.
The average terrace price is 166, lets say they get a bellow average starter terrace for 120.
Now, they are lucky on 30k, banks will on average lend 4x your salary for a mortgage, so this will cover the 120, but you need to first save a 10% deposit.
How do you get that 12k? Well you don’t actually need 12k, after lawyers and other shit you will be looking at 15k to get this house.
This person is being very frugal and managing to save a great £500 a month, impressive with their take home pay, so at the end of a year they have £6000, after 2 and a half years they are there.
But what happens during that 2 and a half years? House prices increase by 15% per year.
By the time they are ready to buy the small terrace they were looking to buy is 158k.
Their 33k (adjusted at 5% inflation per year, like I said, this is a lucky person who’s employer increases salary with inflation) salary is now an issue, as the banks will still only loan her 4x salary, so 132k. They now need 26k (29k after lawyers and shit). They have gotten nowhere, absolutely fucking nowhere in the 2 years they have been saving.
The system is utterly fucking broken. And I am saying this from someone who owns a fucking house.
Landlords should be heavily taxed and property speculating should be outlawed. Two very simple steps that will stop the inevitable crash. If labour ran on only those two policies, they would win. They won’t because their top brass are invested in reits and/or are landlords themselves. So, we can look forward to the eventual crash, mass unemployment and grinding poverty that will come.
Only am idiot would believe these rises can last forever.
I fucking hate being a young person in this country, my entire life has been spent having the economy repeatedly stamp on my face
Or another way of looking at it. Purchasing power of money falls at fastest rate for 17 years.
These headlines piss me off doubly because I’m selling a one-bed flat and it’s worth _less_ than it was 6 years ago somehow.
The housing market *will* crash eventually, it’s an inevitability. Both major parties have introduced schemes that simply kick the can down the road.
Even building new houses isn’t the solution it could be because the house builders charge market rates for new builds and when the housing market slumps they simply stop building and sit on the land.
I’m all for home ownership but the UK housing market is just that, a capitalist market. It’s meant to be a means to provide people shelter, safety and a home for their families.
This is so fucking depressing. I’m 38 years old and after a divorce last year I’m fucked, I make a solid wage and will clear 60k this year, I have debt which will drop a lot in July after some bonuses. But I’m stuck in a fucking house share and cannot see a way out. Once my debts gone I can save a decent amount every month, like 700-900, but even then it will take a good couple of years to save a deposit + solicitors fees + stamp duty etc by which point the prices have gone up even more and I need another years savings to get a deposit.
This is all first world problems, I’m so fucking privileged to earn what I do, but what’s the fucking point. 20 years ago if I was earning this much or the equivalent id be fucking balling and holidaying constantly, sitting on a house that’s just growing in value and loving life, instead I’m in a house share and in completely unsecure accommodation as my housemates are leaving soon and I’ll AGAIN be looking for somewhere new to live, denting my savings/adding to my debt all over again 🙁
Also, a crash is surely coming right, and I swear to god if in 3 or 4 years I am somehow in a spot to buy on my own, successfully buy a house…..and then the market tanks and I just lose everything I think I’ll be taking a walk up to the Clifton suspension bridge, and not for a cheesy instagram post 🙁
[deleted]
Never understood this issue.
Many in the boomer generation think they’ve done well and worked hard for their money and young people should buckle up and do the same.
In reality most of them have gotten wealthy without being productive for our economy. They’ve been rewarded through market failure and the inability of governments to pursue proper policy and reduce house prices.
Sadly, it’s not based on a logical argument but purely because of generational asymmetries: young people are a minority in the electorate so our needs won’t be represented. It’s political suicide to reduce house prices. This also culminates with the boomers now retiring earlier than us and living off our taxes.
We’ve been taken for an absolute ride.
At least investing in a home allows you to hedge your cash against inflation, if you are planning on downsizing towards retirement you cash out
Hang on, didnt some of our friendly Brexig voters on this sub say that house prices were going up because of all those pesky immigrants coming and overwhelming the country.
And yet brexit happened, FOM has been limited and house prices are shooting to the moon?
Any comment from those that still support brexit?
The poor poor youth. Enjoy paying for you landlords kids to go to university.
I have purchased my house 3 years ago for 150k. It is now estimated at 190k.
This is without taking Into account the many improvements I have done
I wonder how much it would be valued at if I get a proper valuation.
It’s all fucked , fuck this market , fuck billionaires and fuck politicians