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Homeownership pt2 the great UK RIP OFF i just wondered to what extent the housing market has overheated in the UK at the moment
for example the average house price in the UK (in us dollars) is $210,000 The average wage is approximately $30,000 in other words 7 TIMES ANNUAL SALARY just to buy a pretty poorly constructed property with absolutely no land and probably attached to your neighbour A large proportion of first time buyers have now been effectively ruled out of the housing market!! Is this just a phenomenon in The UK or is a nice big price crash on the horizon? [This message was edited Mon Feb 10 10:14:15 PST 2003 by jubalH] | |
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Crash I hope. Your so right, im on a good wage and cant part with £106,000 for a studio flat. Its a shit but im holding on. | |
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Just paid £225,000 for a 3 bed in Surrey.
Bastards!!! It's a friggin' joke | |
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ONTHE1 said: Crash I hope. Your so right, im on a good wage and cant part with £106,000 for a studio flat. Its a shit but im holding on.
see there you go $150,000 for a ONE ROOM property id love to hear what you can buy in other countries for that sort of money | |
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jubalH said: ONTHE1 said: Crash I hope. Your so right, im on a good wage and cant part with £106,000 for a studio flat. Its a shit but im holding on.
see there you go $150,000 for a ONE ROOM property id love to hear what you can buy in other countries for that sort of money Last year my friends bought a three-bedroom home, in the Detroit area, with a yard big enough for a pool, a furnished basement, driveway, garage and 2 bathrooms for $120,000. | |
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the housing situation in the south of engalnd is times as worse as the north and even thats pretty bad!!! ------------- | |
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applekisses said: jubalH said: ONTHE1 said: Crash I hope. Your so right, im on a good wage and cant part with £106,000 for a studio flat. Its a shit but im holding on.
see there you go $150,000 for a ONE ROOM property id love to hear what you can buy in other countries for that sort of money Last year my friends bought a three-bedroom home, in the Detroit area, with a yard big enough for a pool, a furnished basement, driveway, garage and 2 bathrooms for $120,000. thanks for that applekisses, as i thought my country is a financial rip off and its all gonna end in large economic tears | |
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I'm sitting tight... loads of my friends have gotten themselves roped into ludicrous mortgages in recent years, but I'm not buying into it. People paying half a million sterling for a pokey flat in London should be shot. | |
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Although I agree UK prices are astranomical, if you shop around there are plenty of bargains to be found, if you're prepared to take on a little work.
I bought my home about 5 years ago for £36,000, similar properties in the same area were selling for around £70,000 but the place I bought had been empty for quite some time and needed a lot of work. Since then I have spent no more than £15,000 renovating the place and although I still have a few more bits to do it is now worth £152,000. :rubshandstogetheremoticon: Some people are like Slinkies...
They're good for nothing but they still bring a smile to your face when you push them down the stairs. | |
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xenon said: Although I agree UK prices are astranomical, if you shop around there are plenty of bargains to be found, if you're prepared to take on a little work.
I bought my home about 5 years ago for £36,000, similar properties in the same area were selling for around £70,000 but the place I bought had been empty for quite some time and needed a lot of work. Since then I have spent no more than £15,000 renovating the place and although I still have a few more bits to do it is now worth £152,000. :rubshandstogetheremoticon: Wow fair play to ya Xenon, that was very shrewd! You bought at the right time I think, and I missed that window of opportunity. Now it's like, getting a mortgage for 5-7 times my salary or some shit like that, so i'm sitting tight until the market sorts itself out. It has to ... ! | |
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ian said: xenon said: Although I agree UK prices are astranomical, if you shop around there are plenty of bargains to be found, if you're prepared to take on a little work.
I bought my home about 5 years ago for £36,000, similar properties in the same area were selling for around £70,000 but the place I bought had been empty for quite some time and needed a lot of work. Since then I have spent no more than £15,000 renovating the place and although I still have a few more bits to do it is now worth £152,000. :rubshandstogetheremoticon: Wow fair play to ya Xenon, that was very shrewd! You bought at the right time I think, and I missed that window of opportunity. Now it's like, getting a mortgage for 5-7 times my salary or some shit like that, so i'm sitting tight until the market sorts itself out. It has to ... ! Yeah, I think its gonna bomb anytime soon, and if its any consolation I lost £24,000 on my previous home. Swings and roundabouts I suppose. Some people are like Slinkies...
They're good for nothing but they still bring a smile to your face when you push them down the stairs. | |
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