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    1. HotelPuzzleheaded654 on

      I’ve just accepted an offer on my house for 30% more than I paid 4 years ago, not really done much to it in that time either.

      Best to buy as soon as you can before the runaway train of affordability makes it impossible.

    2. Difficult_Bag69 on

      All those pesky immigrants on minimum wage pushing up prices again. Tut.

      Oh, no, wait. This is what happens when the rich* reach the financial equivalent of escape velocity.

      *no, not those on £70k, those with £25million in assets.

    3. CrispoClumbo on

      Fucking madness. Just how broken is this country? Are house prices just to continue rising exponentially while the normal person struggles to pay for water, food and electricity? What’s the end game?

      The government has pressured regulators to scrap lending rules, 100% mortgages are back.

      2008 is calling.  

    4. RiceeeChrispies on

      I’ve never understood why people celebrate stuff like this.

      Unless you’re downsizing or mortgaged to the hilt (and this improves your LTV, meaning access to better rates), this has little-to-no-benefit to the average joe. All it does is make it harder to move up – or even get on the ladder.

    5. Chimarkgames on

      A small island full of people, unbalanced wealth. The Rich are richer and poor and poorer, what do you expect ? The house prices to go down? lol

    6. griff_the_unholy on

      What happens when houses within the m25 area are removed from this calculation?

    7. This is the thing as long as the population continues to increase the price will continue to rise!!!

    8. Actually if adjust house price on inflation the UK house price is lower than 2008 so there is room for it to get even more expensive.

    9. StevePerChanceSteve on

      “ Lenders have been slowly reducing interest rates, and reviewing affordability criteria, allowing buyers to borrow more. The lowest available two-year fixed mortgage rate is 3.72%, according to Rightmove’s weekly mortgage tracker, down from 4.75% last year.”

      Anyone fact checked this? Doesn’t sound right. Not sure the absolute best was 1% more a year ago?

    10. Jensablefur on

      Just wait until interest rates get walked back down to like sub 2% again.

      There’s no stopping this. You’d need a price crash twice as big as 2008 (edit, even bigger in some areas) just to get prices back to pre-Covid.

      I really do feel for younger people with this issue. Unless they’ve got a chunky inheritance that includes property or a very good bank of mum and dad situation then the entire market is legit starting to look like some sort of abstract fantasy thing to them.

    11. These houses degrade and fall apart over the decades long through their lifetime. Funny how the value increase dramatically rather than decrease, so whoever owns it in the future ends up purchasing a maintenance-demanding home driving the costs up more.

    12. AhoyPromenade on

      The reality is that with inflation, houses have gone down in price compared to about 4-5 years ago.

    13. PracticalMention8134 on

      This is a worldwide problem especially visible in countries where the wealth inequality has risen dramatically.

      But the biggest factor is actually in my opinion both in London, NY, Paris, Istanbul etc is Gulf Countries‘ Wealthy Property Buyers and the influx of Russian or Ukranian capital to these countries through properties. Wealthy Russian or Ukranians.

      Noone can stop this unfortunately. You think London is too expensive but the Shore Mansions in Istanbul is about 20 to 50 million pounds and a typical flat in nice areas are beginning from 1 million pounds and some places 2 million pounds.

      I could easily rent or go into mortgae route in 2012 with my 3000dollar sallary around those districts and now it is impossible. The district I love the most in Istanbul has flats starting from 2 million. 

      If noone believes me here is a link
      https://www.hepsiemlak.com/istanbul-besiktas-ulus-satilik/daire/123075-4449

      They are so expensive. Impossible for a white collar worker to achieve.

      I can only buy one of these apartments if I sell my family’s combined 4 different lands.

      But my real estator in Istanbul warned me in 2012. He said buy this flat, the prices will skyrocket, Gulf and Iranian people are buying like hell.

      And as always my parents thought it was a bad idea to buy at the time. Silly me. 

    14. theflickingnun on

      People truly are thick. House prices despite staying stagnant for over 3 yrs have in fact decreased in value. Everything, including wages have increased so effectively these house are currently at a bargain price.

      You watch, there’s a boom coming again and it’s going to be sharp.

    15. Not a maths guy – but isn’t using the average wildly misleading?

      We know London prices are mad, so they’ll make a UK average look crazy too?

      It’s not £380k average outside of London.

    16. There is literally no chance I will ever own my own home and I have a decent paying job. What’s the fucking point?

    17. NoRecipe3350 on

      Every year I keep saying to myself ‚they can keep going up forever‘

      But then I realised government policy needs to keep the prices rising because otherwise each group of people who bought a house a few years ago would feel shortchanged. Almost all policies in the UK can be seen in terms of keeping the housing market up, also the pensioners with the triple lock. Though I think that itself will be less important as boomers pass away at a higher rate now.

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