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Not all boomers had 4/5 bedroom houses.rick_chasey said:
It’d be boomer world if my house was twice the size.pblakeney said:
The numbers are bigger but welcome to Boomer world! You are effectively skint but your house value rises and the next generations despise you for it. 🤣rick_chasey said:
I'd feel better if I'd chosen a house that suited a family, rather than finding out I was gonna be a father 4 days after I got the keys. It's fine as a 3, but if the family gets any bigger i'm gonna feel like i'm living in some kind of slum.pangolin said:
Rough isn't it. My salary has doubled since we bought our first place 4 years ago but I can't see us moving soon. On the bright side I feel smug about not trading up a year or so ago.rick_chasey said:
Balls. At 4% and a single earner, that basically wipes out any growth i've had in disposable income over the last 3 years.surrey_commuter said:
So here goes my forecast.rick_chasey said:
Do you really think rates are gonna continue to hover around 6%?surrey_commuter said:
only if rates are going down.Jezyboy said:I'd guess with a more active interest rate market, SVR will become slightly more attractive anyway.
How many of these people making life changing decisions have put any effort into understanding for how how much longer rates will continue to rise, what that max rate will be, how long it will plateau for and how long it will take to go back lower than where they were six months ago.
To not take a fix they must be thinking 6 months until a full reversal with and back where they were in a year.
I'd have thought 4% after 2-3 years is not out of the question - that's a big ol' drop in repayments.
The rise to continue but more slowly for the next 1-2 years
The rates to plateau for 1-2 years
Rates to fall very slowly back to where we are now.
So I would be fixing for 5 years and expect to be back where we are today when it expires.
I would bet my house that rates won't be 4% in 2 years time
But you know that.The above may be fact, or fiction, I may be serious, I may be jesting.
I am not sure. You have no chance.Veronese68 wrote:PB is the most sensible person on here.0 -
What can I say. I worked out the other day that I earn 30% more after inflation than my (boomer) father did at my age.pblakeney said:
Not all boomers had 4/5 bedroom houses.rick_chasey said:
It’d be boomer world if my house was twice the size.pblakeney said:
The numbers are bigger but welcome to Boomer world! You are effectively skint but your house value rises and the next generations despise you for it. 🤣rick_chasey said:
I'd feel better if I'd chosen a house that suited a family, rather than finding out I was gonna be a father 4 days after I got the keys. It's fine as a 3, but if the family gets any bigger i'm gonna feel like i'm living in some kind of slum.pangolin said:
Rough isn't it. My salary has doubled since we bought our first place 4 years ago but I can't see us moving soon. On the bright side I feel smug about not trading up a year or so ago.rick_chasey said:
Balls. At 4% and a single earner, that basically wipes out any growth i've had in disposable income over the last 3 years.surrey_commuter said:
So here goes my forecast.rick_chasey said:
Do you really think rates are gonna continue to hover around 6%?surrey_commuter said:
only if rates are going down.Jezyboy said:I'd guess with a more active interest rate market, SVR will become slightly more attractive anyway.
How many of these people making life changing decisions have put any effort into understanding for how how much longer rates will continue to rise, what that max rate will be, how long it will plateau for and how long it will take to go back lower than where they were six months ago.
To not take a fix they must be thinking 6 months until a full reversal with and back where they were in a year.
I'd have thought 4% after 2-3 years is not out of the question - that's a big ol' drop in repayments.
The rise to continue but more slowly for the next 1-2 years
The rates to plateau for 1-2 years
Rates to fall very slowly back to where we are now.
So I would be fixing for 5 years and expect to be back where we are today when it expires.
I would bet my house that rates won't be 4% in 2 years time
But you know that.
Only the house I grew up in is about double the price of the house I can afford.
It's not like I'm profligate with my money. It's depressing.0 -
Maybe your father could say the same? Maybe.rick_chasey said:
What can I say. I worked out the other day that I earn 30% more after inflation than my (boomer) father did at my age.pblakeney said:
Not all boomers had 4/5 bedroom houses.rick_chasey said:
It’d be boomer world if my house was twice the size.pblakeney said:
The numbers are bigger but welcome to Boomer world! You are effectively skint but your house value rises and the next generations despise you for it. 🤣rick_chasey said:
I'd feel better if I'd chosen a house that suited a family, rather than finding out I was gonna be a father 4 days after I got the keys. It's fine as a 3, but if the family gets any bigger i'm gonna feel like i'm living in some kind of slum.pangolin said:
Rough isn't it. My salary has doubled since we bought our first place 4 years ago but I can't see us moving soon. On the bright side I feel smug about not trading up a year or so ago.rick_chasey said:
Balls. At 4% and a single earner, that basically wipes out any growth i've had in disposable income over the last 3 years.surrey_commuter said:
So here goes my forecast.rick_chasey said:
Do you really think rates are gonna continue to hover around 6%?surrey_commuter said:
only if rates are going down.Jezyboy said:I'd guess with a more active interest rate market, SVR will become slightly more attractive anyway.
How many of these people making life changing decisions have put any effort into understanding for how how much longer rates will continue to rise, what that max rate will be, how long it will plateau for and how long it will take to go back lower than where they were six months ago.
To not take a fix they must be thinking 6 months until a full reversal with and back where they were in a year.
I'd have thought 4% after 2-3 years is not out of the question - that's a big ol' drop in repayments.
The rise to continue but more slowly for the next 1-2 years
The rates to plateau for 1-2 years
Rates to fall very slowly back to where we are now.
So I would be fixing for 5 years and expect to be back where we are today when it expires.
I would bet my house that rates won't be 4% in 2 years time
But you know that.
Only the house I grew up in is about double the price of the house I can afford.
It's not like I'm profligate with my money. It's depressing.
Housing costs has always been depressing. Next generations will be jealous.The above may be fact, or fiction, I may be serious, I may be jesting.
I am not sure. You have no chance.Veronese68 wrote:PB is the most sensible person on here.0 -
Those are big ol' pay rises!surrey_commuter said:
But if there is no crash and prices slip back at 5% pa and people get 5-10%pa payrises then after 5 years that is a big market correctionJezyboy said:rick_chasey said:
Well beyond the GFC you're basically been wrong for a quarter of a century, so perhaps I should not listen to you so muchsurrey_commuter said:
I have been predicting a house market crash for 25 years, but if you were confident of that happening based upon mortgage costs at 4% then you could look to take advantage.rick_chasey said:
I guess so. My entire working life they're been below 2% bar the last year, so I guess I need to change my mentality.surrey_commuter said:
If even thinking of doing this then bear in mind that we could go back to long term interest rates of 4%, so as the current rate is 5% there may not be a lot of upside.rick_chasey said:
Yeah I shouldn’t complain. I’ve just sucked up low pay and been very patient with a view to get the big bucks down the road and just when I am beginning to hit the steeper part of the curve I get whacked and it’ll put me back in where I was.rjsterry said:
Well at least you've had some growth to be wiped out.rick_chasey said:
Balls. At 4% and a single earner, that basically wipes out any growth i've had in disposable income over the last 3 years.surrey_commuter said:
So here goes my forecast.rick_chasey said:
Do you really think rates are gonna continue to hover around 6%?surrey_commuter said:
only if rates are going down.Jezyboy said:I'd guess with a more active interest rate market, SVR will become slightly more attractive anyway.
How many of these people making life changing decisions have put any effort into understanding for how how much longer rates will continue to rise, what that max rate will be, how long it will plateau for and how long it will take to go back lower than where they were six months ago.
To not take a fix they must be thinking 6 months until a full reversal with and back where they were in a year.
I'd have thought 4% after 2-3 years is not out of the question - that's a big ol' drop in repayments.
The rise to continue but more slowly for the next 1-2 years
The rates to plateau for 1-2 years
Rates to fall very slowly back to where we are now.
So I would be fixing for 5 years and expect to be back where we are today when it expires.
I would bet my house that rates won't be 4% in 2 years time
If the rental market wasn’t so mental I’d be tempted to cash in the equity gain in the house, rent till rates fall and get back in but I think even after rate rises I’ll be ahead if I stick with the house.
The amount you need to borrow to live anywhere half decent is brutal, especially at those rates.
Even in low 6 figures as the sole earner with kids you're not gonna live a particularly good life, unless you can earn that outside the South East - fair play if you can, I can't.
In past property recessions the headline drop hides a lot of nuance. Good houses that tick all the boxes will fall a lot less and then buy somewhere on a forced sale.
I suspect if we get a sh!ttonne of house building in the next decade then prices may become more sensitive to rates, but I don't think we're there yet.
I can't really see how (many) people are getting on to the ladder with current rates and current values though. Particularly in the SE.
Eventually that has to have an impact.0 -
My parents lived in a 5 bed detached in an acre of land on a very quiet, gravel road, backing onto the forest, which my dad bought when he was about my age, on a modest salary, while putting 4 kids through private school.
I earn 30-40% more than my dad did at my age, my wife also works, earning the same as me, and we have a 3 bed terrace with a pissy garden.0 -
I am assuming that a FTB is at the start of their career so will average out with promotions and changing employersJezyboy said:
Those are big ol' pay rises!surrey_commuter said:
But if there is no crash and prices slip back at 5% pa and people get 5-10%pa payrises then after 5 years that is a big market correctionJezyboy said:rick_chasey said:
Well beyond the GFC you're basically been wrong for a quarter of a century, so perhaps I should not listen to you so muchsurrey_commuter said:
I have been predicting a house market crash for 25 years, but if you were confident of that happening based upon mortgage costs at 4% then you could look to take advantage.rick_chasey said:
I guess so. My entire working life they're been below 2% bar the last year, so I guess I need to change my mentality.surrey_commuter said:
If even thinking of doing this then bear in mind that we could go back to long term interest rates of 4%, so as the current rate is 5% there may not be a lot of upside.rick_chasey said:
Yeah I shouldn’t complain. I’ve just sucked up low pay and been very patient with a view to get the big bucks down the road and just when I am beginning to hit the steeper part of the curve I get whacked and it’ll put me back in where I was.rjsterry said:
Well at least you've had some growth to be wiped out.rick_chasey said:
Balls. At 4% and a single earner, that basically wipes out any growth i've had in disposable income over the last 3 years.surrey_commuter said:
So here goes my forecast.rick_chasey said:
Do you really think rates are gonna continue to hover around 6%?surrey_commuter said:
only if rates are going down.Jezyboy said:I'd guess with a more active interest rate market, SVR will become slightly more attractive anyway.
How many of these people making life changing decisions have put any effort into understanding for how how much longer rates will continue to rise, what that max rate will be, how long it will plateau for and how long it will take to go back lower than where they were six months ago.
To not take a fix they must be thinking 6 months until a full reversal with and back where they were in a year.
I'd have thought 4% after 2-3 years is not out of the question - that's a big ol' drop in repayments.
The rise to continue but more slowly for the next 1-2 years
The rates to plateau for 1-2 years
Rates to fall very slowly back to where we are now.
So I would be fixing for 5 years and expect to be back where we are today when it expires.
I would bet my house that rates won't be 4% in 2 years time
If the rental market wasn’t so mental I’d be tempted to cash in the equity gain in the house, rent till rates fall and get back in but I think even after rate rises I’ll be ahead if I stick with the house.
The amount you need to borrow to live anywhere half decent is brutal, especially at those rates.
Even in low 6 figures as the sole earner with kids you're not gonna live a particularly good life, unless you can earn that outside the South East - fair play if you can, I can't.
In past property recessions the headline drop hides a lot of nuance. Good houses that tick all the boxes will fall a lot less and then buy somewhere on a forced sale.
I suspect if we get a sh!ttonne of house building in the next decade then prices may become more sensitive to rates, but I don't think we're there yet.
I can't really see how (many) people are getting on to the ladder with current rates and current values though. Particularly in the SE.
Eventually that has to have an impact.0 -
Locations?shirley_basso said:My parents lived in a 5 bed detached in an acre of land on a very quiet, gravel road, backing onto the forest, which my dad bought when he was about my age, on a modest salary, while putting 4 kids through private school.
I earn 30-40% more than my dad did at my age, my wife also works, earning the same as me, and we have a 3 bed terrace with a pissy garden.The above may be fact, or fiction, I may be serious, I may be jesting.
I am not sure. You have no chance.Veronese68 wrote:PB is the most sensible person on here.0 -
In my instance, same town.pblakeney said:
Locations?shirley_basso said:My parents lived in a 5 bed detached in an acre of land on a very quiet, gravel road, backing onto the forest, which my dad bought when he was about my age, on a modest salary, while putting 4 kids through private school.
I earn 30-40% more than my dad did at my age, my wife also works, earning the same as me, and we have a 3 bed terrace with a pissy garden.0 -
how much did his consumer goods cost? how much did his flights cost? how much did his car cost?rick_chasey said:
What can I say. I worked out the other day that I earn 30% more after inflation than my (boomer) father did at my age.pblakeney said:
Not all boomers had 4/5 bedroom houses.rick_chasey said:
It’d be boomer world if my house was twice the size.pblakeney said:
The numbers are bigger but welcome to Boomer world! You are effectively skint but your house value rises and the next generations despise you for it. 🤣rick_chasey said:
I'd feel better if I'd chosen a house that suited a family, rather than finding out I was gonna be a father 4 days after I got the keys. It's fine as a 3, but if the family gets any bigger i'm gonna feel like i'm living in some kind of slum.pangolin said:
Rough isn't it. My salary has doubled since we bought our first place 4 years ago but I can't see us moving soon. On the bright side I feel smug about not trading up a year or so ago.rick_chasey said:
Balls. At 4% and a single earner, that basically wipes out any growth i've had in disposable income over the last 3 years.surrey_commuter said:
So here goes my forecast.rick_chasey said:
Do you really think rates are gonna continue to hover around 6%?surrey_commuter said:
only if rates are going down.Jezyboy said:I'd guess with a more active interest rate market, SVR will become slightly more attractive anyway.
How many of these people making life changing decisions have put any effort into understanding for how how much longer rates will continue to rise, what that max rate will be, how long it will plateau for and how long it will take to go back lower than where they were six months ago.
To not take a fix they must be thinking 6 months until a full reversal with and back where they were in a year.
I'd have thought 4% after 2-3 years is not out of the question - that's a big ol' drop in repayments.
The rise to continue but more slowly for the next 1-2 years
The rates to plateau for 1-2 years
Rates to fall very slowly back to where we are now.
So I would be fixing for 5 years and expect to be back where we are today when it expires.
I would bet my house that rates won't be 4% in 2 years time
But you know that.
Only the house I grew up in is about double the price of the house I can afford.
It's not like I'm profligate with my money. It's depressing.
I am saying the following in a non-offensive way. Does your dogmatic nature mean that you are not good at compromise and accepting the consequences of compromise? Your wife does not work, you live miles from work and these things bring a lot of angst in your life.0 -
I find the “living miles from work” argument super frustrating,surrey_commuter said:
how much did his consumer goods cost? how much did his flights cost? how much did his car cost?rick_chasey said:
What can I say. I worked out the other day that I earn 30% more after inflation than my (boomer) father did at my age.pblakeney said:
Not all boomers had 4/5 bedroom houses.rick_chasey said:
It’d be boomer world if my house was twice the size.pblakeney said:
The numbers are bigger but welcome to Boomer world! You are effectively skint but your house value rises and the next generations despise you for it. 🤣rick_chasey said:
I'd feel better if I'd chosen a house that suited a family, rather than finding out I was gonna be a father 4 days after I got the keys. It's fine as a 3, but if the family gets any bigger i'm gonna feel like i'm living in some kind of slum.pangolin said:
Rough isn't it. My salary has doubled since we bought our first place 4 years ago but I can't see us moving soon. On the bright side I feel smug about not trading up a year or so ago.rick_chasey said:
Balls. At 4% and a single earner, that basically wipes out any growth i've had in disposable income over the last 3 years.surrey_commuter said:
So here goes my forecast.rick_chasey said:
Do you really think rates are gonna continue to hover around 6%?surrey_commuter said:
only if rates are going down.Jezyboy said:I'd guess with a more active interest rate market, SVR will become slightly more attractive anyway.
How many of these people making life changing decisions have put any effort into understanding for how how much longer rates will continue to rise, what that max rate will be, how long it will plateau for and how long it will take to go back lower than where they were six months ago.
To not take a fix they must be thinking 6 months until a full reversal with and back where they were in a year.
I'd have thought 4% after 2-3 years is not out of the question - that's a big ol' drop in repayments.
The rise to continue but more slowly for the next 1-2 years
The rates to plateau for 1-2 years
Rates to fall very slowly back to where we are now.
So I would be fixing for 5 years and expect to be back where we are today when it expires.
I would bet my house that rates won't be 4% in 2 years time
But you know that.
Only the house I grew up in is about double the price of the house I can afford.
It's not like I'm profligate with my money. It's depressing.
I am saying the following in a non-offensive way. Does your dogmatic nature mean that you are not good at compromise and accepting the consequences of compromise? Your wife does not work, you live miles from work and these things bring a lot of angst in your life.
Despite being an all A and first degree candidate it took me a year to find work. Literally all my friends who I grew up with bar 2 who emigrated could only find jobs in London because it was the crash.
That is where the work is. I cannot afford to live within an hour of my work, unless I live in a literal slum. My friends who earn less have either given up having children because they can’t afford it or they are living in proper crime ridden hotspots, and are buying bars for their windows and owning big scary dogs to keep burglars out.
Even if my wife worked it would not even cover the cost of the childcare until the child goes to school, because she would not be able to do her job in London.
The angst is I earn 6 figures, I’m not profligate and I still live like I’m fairly poor.0 -
Can't help but share the angst. My wife and I are both pretty high earners, but it definitey doesn't feel like it.
As for your main issue - it seems like you have chosen a career that demands you are based in London but also one that can't pay you enough to live there, and to add insult to injury you've chosen an extremly expensive place to live with particularly poor connection to the City (London Bridge and Kings X are excellent, though).
All my London pals live in Ealing, Wimbledon, Streatham, Earlsfield, Richmond etc, or just generally moved out west with none of the issues you mention.
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Yeah alas a) I can’t afford those places (presumably they have some parental help or out earn me) and b) I figured being near some grandparents would be helpful.shirley_basso said:Can't help but share the angst. My wife and I are both pretty high earners, but it definitey doesn't feel like it.
As for your main issue - it seems like you have chosen a career that demands you are based in London but also one that can't pay you enough to live there, and to add insult to injury you've chosen an extremly expensive place to live with particularly poor connection to the City (London Bridge and Kings X are excellent, though).
All my London pals live in Ealing, Wimbledon, Streatham, Earlsfield, Richmond etc, or just generally moved out west with none of the issues you mention.
My lot live in places like Catford or Croydon, Haringey, those sort of places.0 -
There must be somewhere acceptable and affordable to live between Cambridge and the M25? I doubt Cambridge is all that cheap.
I moved out of South London (Tooting) when my first daughter was 1, mainly due to space (2 bed flat in Tooting = 3 bed detached house in Surrey at the time) but we only moved out 20 miles from town so we have a couple of options for trains or I can motorbike/cycle in.
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Sure, but I'm fairly stuck now, given rates etc.monkimark said:There must be somewhere acceptable and affordable to live between Cambridge and the M25? I doubt Cambridge is all that cheap.
I moved out of South London (Tooting) when my first daughter was 1, mainly due to space (2 bed flat in Tooting = 3 bed detached house in Surrey at the time) but we only moved out 20 miles from town so we have a couple of options for trains or I can motorbike/cycle in.
Plus that's then moving away from grandparents.
Commuter towns aren't all that either, miserable places.
(quick google, I could possibly get 1 extra bedroom, if I stretched the mortgage further in a commuter town halfway closer. It's not that much cheaper tbh)0 -
Meh. I would have thought that given your wife isn't working because she's looking after your child, then surely it's much less relevant.rick_chasey said:
Yeah alas a) I can’t afford those places (presumably they have some parental help or out earn me) and b) I figured being near some grandparents would be helpful.shirley_basso said:Can't help but share the angst. My wife and I are both pretty high earners, but it definitey doesn't feel like it.
As for your main issue - it seems like you have chosen a career that demands you are based in London but also one that can't pay you enough to live there, and to add insult to injury you've chosen an extremly expensive place to live with particularly poor connection to the City (London Bridge and Kings X are excellent, though).
All my London pals live in Ealing, Wimbledon, Streatham, Earlsfield, Richmond etc, or just generally moved out west with none of the issues you mention.
My lot live in places like Catford or Croydon, Haringey, those sort of places.0 -
Ironically I suspect that part of that increase has been driven by more people living there and commuting to London these days.rick_chasey said:
In my instance, same town.pblakeney said:
Locations?shirley_basso said:My parents lived in a 5 bed detached in an acre of land on a very quiet, gravel road, backing onto the forest, which my dad bought when he was about my age, on a modest salary, while putting 4 kids through private school.
I earn 30-40% more than my dad did at my age, my wife also works, earning the same as me, and we have a 3 bed terrace with a pissy garden.0 -
In fairness my dad bought cheap and the value went up 5 fold in the 15-20y we lived there, as it became part of commuter belt. COVID has probably helped further.Pross said:
Ironically I suspect that part of that increase has been driven by more people living there and commuting to London these days.rick_chasey said:
In my instance, same town.pblakeney said:
Locations?shirley_basso said:My parents lived in a 5 bed detached in an acre of land on a very quiet, gravel road, backing onto the forest, which my dad bought when he was about my age, on a modest salary, while putting 4 kids through private school.
I earn 30-40% more than my dad did at my age, my wife also works, earning the same as me, and we have a 3 bed terrace with a pissy garden.0 -
Even mine has quadrupled in value since I bought it in 1999. My salary has doubled in the same time period and when I'm looking at the possibility of moving I really don't get a huge amount extra for what I can realistically afford without increasing the term of my mortgage significantly so I understand Rick's moaning on the subject. His begrudging those older than him because they were able to get more for their money is odd though, the blame lies firmly with successive Governments failure to sort out the planning system and build enough houses.shirley_basso said:
In fairness my dad bought cheap and the value went up 5 fold in the 15-20y we lived there, as it became part of commuter belt. COVID has probably helped further.Pross said:
Ironically I suspect that part of that increase has been driven by more people living there and commuting to London these days.rick_chasey said:
In my instance, same town.pblakeney said:
Locations?shirley_basso said:My parents lived in a 5 bed detached in an acre of land on a very quiet, gravel road, backing onto the forest, which my dad bought when he was about my age, on a modest salary, while putting 4 kids through private school.
I earn 30-40% more than my dad did at my age, my wife also works, earning the same as me, and we have a 3 bed terrace with a pissy garden.0 -
Probably.shirley_basso said:
Meh. I would have thought that given your wife isn't working because she's looking after your child, then surely it's much less relevant.rick_chasey said:
Yeah alas a) I can’t afford those places (presumably they have some parental help or out earn me) and b) I figured being near some grandparents would be helpful.shirley_basso said:Can't help but share the angst. My wife and I are both pretty high earners, but it definitey doesn't feel like it.
As for your main issue - it seems like you have chosen a career that demands you are based in London but also one that can't pay you enough to live there, and to add insult to injury you've chosen an extremly expensive place to live with particularly poor connection to the City (London Bridge and Kings X are excellent, though).
All my London pals live in Ealing, Wimbledon, Streatham, Earlsfield, Richmond etc, or just generally moved out west with none of the issues you mention.
My lot live in places like Catford or Croydon, Haringey, those sort of places.
There are some advantages to bringing your kids up in Cambridge versus a commuter town > nor are they much cheaper.
I could move further away from the station and I suspect that will be the reality. Longer commute for more space, in return for not having to work on my dining table on Mondays and Fridays.
Regardless I suspect I'm stuck for the foreseeable with rates the way they are.0 -
The house I bought in 2000 (in East London) has changed hands three times between then and 2016 when it last sold. More than tripled in price over that time.Pross said:
Even mine has quadrupled in value since I bought it in 1999. My salary has doubled in the same time period and when I'm looking at the possibility of moving I really don't get a huge amount extra for what I can realistically afford without increasing the term of my mortgage significantly so I understand Rick's moaning on the subject. His begrudging those older than him because they were able to get more for their money is odd though, the blame lies firmly with successive Governments failure to sort out the planning system and build enough houses.shirley_basso said:
In fairness my dad bought cheap and the value went up 5 fold in the 15-20y we lived there, as it became part of commuter belt. COVID has probably helped further.Pross said:
Ironically I suspect that part of that increase has been driven by more people living there and commuting to London these days.rick_chasey said:
In my instance, same town.pblakeney said:
Locations?shirley_basso said:My parents lived in a 5 bed detached in an acre of land on a very quiet, gravel road, backing onto the forest, which my dad bought when he was about my age, on a modest salary, while putting 4 kids through private school.
I earn 30-40% more than my dad did at my age, my wife also works, earning the same as me, and we have a 3 bed terrace with a pissy garden.
But... between 2000 and 2005, it went up at an average of 15% per year. Then between 2005 and 2010, average of 2% per year, and 2010 to 2016 average of 6% per year.
Buying in 1999 rather than just a few years later got you a lot of the increase in value.
I remember I was told that I was brave for buying then because prices were certain to crash soon.0 -
50% growth and some change in 3 years is mad, isn't it?kingstongraham said:
The house I bought in 2000 (in East London) has changed hands three times between then and 2016 when it last sold. More than tripled in price over that time.Pross said:
Even mine has quadrupled in value since I bought it in 1999. My salary has doubled in the same time period and when I'm looking at the possibility of moving I really don't get a huge amount extra for what I can realistically afford without increasing the term of my mortgage significantly so I understand Rick's moaning on the subject. His begrudging those older than him because they were able to get more for their money is odd though, the blame lies firmly with successive Governments failure to sort out the planning system and build enough houses.shirley_basso said:
In fairness my dad bought cheap and the value went up 5 fold in the 15-20y we lived there, as it became part of commuter belt. COVID has probably helped further.Pross said:
Ironically I suspect that part of that increase has been driven by more people living there and commuting to London these days.rick_chasey said:
In my instance, same town.pblakeney said:
Locations?shirley_basso said:My parents lived in a 5 bed detached in an acre of land on a very quiet, gravel road, backing onto the forest, which my dad bought when he was about my age, on a modest salary, while putting 4 kids through private school.
I earn 30-40% more than my dad did at my age, my wife also works, earning the same as me, and we have a 3 bed terrace with a pissy garden.
But... between 2000 and 2005, it went up at an average of 15% per year. Then between 2005 and 2010, average of 2% per year, and 2010 to 2016 average of 6% per year.
Buying in 1999 rather than just a few years later got you a lot of the increase in value.
I remember I was told that I was brave for buying then because prices were certain to crash soon.
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Then kept going for another 2 years and was 100% increase in price over 5 years. Pure madness.rick_chasey said:
50% growth and some change in 3 years is mad, isn't it?kingstongraham said:
The house I bought in 2000 (in East London) has changed hands three times between then and 2016 when it last sold. More than tripled in price over that time.Pross said:
Even mine has quadrupled in value since I bought it in 1999. My salary has doubled in the same time period and when I'm looking at the possibility of moving I really don't get a huge amount extra for what I can realistically afford without increasing the term of my mortgage significantly so I understand Rick's moaning on the subject. His begrudging those older than him because they were able to get more for their money is odd though, the blame lies firmly with successive Governments failure to sort out the planning system and build enough houses.shirley_basso said:
In fairness my dad bought cheap and the value went up 5 fold in the 15-20y we lived there, as it became part of commuter belt. COVID has probably helped further.Pross said:
Ironically I suspect that part of that increase has been driven by more people living there and commuting to London these days.rick_chasey said:
In my instance, same town.pblakeney said:
Locations?shirley_basso said:My parents lived in a 5 bed detached in an acre of land on a very quiet, gravel road, backing onto the forest, which my dad bought when he was about my age, on a modest salary, while putting 4 kids through private school.
I earn 30-40% more than my dad did at my age, my wife also works, earning the same as me, and we have a 3 bed terrace with a pissy garden.
But... between 2000 and 2005, it went up at an average of 15% per year. Then between 2005 and 2010, average of 2% per year, and 2010 to 2016 average of 6% per year.
Buying in 1999 rather than just a few years later got you a lot of the increase in value.
I remember I was told that I was brave for buying then because prices were certain to crash soon.0 -
The value went up quickly in the first few years but since 2020 prices have gone up by about 25%. The removal of the toll on the Severn Bridge probably played a part as the area is far cheaper than Bristol which is a 25 mile drive away.kingstongraham said:
The house I bought in 2000 (in East London) has changed hands three times between then and 2016 when it last sold. More than tripled in price over that time.Pross said:
Even mine has quadrupled in value since I bought it in 1999. My salary has doubled in the same time period and when I'm looking at the possibility of moving I really don't get a huge amount extra for what I can realistically afford without increasing the term of my mortgage significantly so I understand Rick's moaning on the subject. His begrudging those older than him because they were able to get more for their money is odd though, the blame lies firmly with successive Governments failure to sort out the planning system and build enough houses.shirley_basso said:
In fairness my dad bought cheap and the value went up 5 fold in the 15-20y we lived there, as it became part of commuter belt. COVID has probably helped further.Pross said:
Ironically I suspect that part of that increase has been driven by more people living there and commuting to London these days.rick_chasey said:
In my instance, same town.pblakeney said:
Locations?shirley_basso said:My parents lived in a 5 bed detached in an acre of land on a very quiet, gravel road, backing onto the forest, which my dad bought when he was about my age, on a modest salary, while putting 4 kids through private school.
I earn 30-40% more than my dad did at my age, my wife also works, earning the same as me, and we have a 3 bed terrace with a pissy garden.
But... between 2000 and 2005, it went up at an average of 15% per year. Then between 2005 and 2010, average of 2% per year, and 2010 to 2016 average of 6% per year.
Buying in 1999 rather than just a few years later got you a lot of the increase in value.
I remember I was told that I was brave for buying then because prices were certain to crash soon.0 -
Nowt wrong with Croydon. Pretty sure they have a fancy fruit and veg shop somewhere 😉 Growing up with my grandparents on the other side of the country I always thought having your parents round the corner was a bit odd. Need to be in London for work and definitely not in 6 figure territory. 🤷🏻♂️rick_chasey said:
Yeah alas a) I can’t afford those places (presumably they have some parental help or out earn me) and b) I figured being near some grandparents would be helpful.shirley_basso said:Can't help but share the angst. My wife and I are both pretty high earners, but it definitey doesn't feel like it.
As for your main issue - it seems like you have chosen a career that demands you are based in London but also one that can't pay you enough to live there, and to add insult to injury you've chosen an extremly expensive place to live with particularly poor connection to the City (London Bridge and Kings X are excellent, though).
All my London pals live in Ealing, Wimbledon, Streatham, Earlsfield, Richmond etc, or just generally moved out west with none of the issues you mention.
My lot live in places like Catford or Croydon, Haringey, those sort of places.1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
This made me laugh outloud0 -
Family is sort of the point of life isn’t it?rjsterry said:
Nowt wrong with Croydon. Pretty sure they have a fancy fruit and veg shop somewhere 😉 Growing up with my grandparents on the other side of the country I always thought having your parents round the corner was a bit odd. Need to be in London for work and definitely not in 6 figure territory. 🤷🏻♂️rick_chasey said:
Yeah alas a) I can’t afford those places (presumably they have some parental help or out earn me) and b) I figured being near some grandparents would be helpful.shirley_basso said:Can't help but share the angst. My wife and I are both pretty high earners, but it definitey doesn't feel like it.
As for your main issue - it seems like you have chosen a career that demands you are based in London but also one that can't pay you enough to live there, and to add insult to injury you've chosen an extremly expensive place to live with particularly poor connection to the City (London Bridge and Kings X are excellent, though).
All my London pals live in Ealing, Wimbledon, Streatham, Earlsfield, Richmond etc, or just generally moved out west with none of the issues you mention.
My lot live in places like Catford or Croydon, Haringey, those sort of places.0 -
But you bought a place years ago right?rjsterry said:
Nowt wrong with Croydon. Pretty sure they have a fancy fruit and veg shop somewhere 😉 Growing up with my grandparents on the other side of the country I always thought having your parents round the corner was a bit odd. Need to be in London for work and definitely not in 6 figure territory. 🤷🏻♂️rick_chasey said:
Yeah alas a) I can’t afford those places (presumably they have some parental help or out earn me) and b) I figured being near some grandparents would be helpful.shirley_basso said:Can't help but share the angst. My wife and I are both pretty high earners, but it definitey doesn't feel like it.
As for your main issue - it seems like you have chosen a career that demands you are based in London but also one that can't pay you enough to live there, and to add insult to injury you've chosen an extremly expensive place to live with particularly poor connection to the City (London Bridge and Kings X are excellent, though).
All my London pals live in Ealing, Wimbledon, Streatham, Earlsfield, Richmond etc, or just generally moved out west with none of the issues you mention.
My lot live in places like Catford or Croydon, Haringey, those sort of places.- Genesis Croix de Fer
- Dolan Tuono0 -
5pangolin said:
But you bought a place years ago right?rjsterry said:
Nowt wrong with Croydon. Pretty sure they have a fancy fruit and veg shop somewhere 😉 Growing up with my grandparents on the other side of the country I always thought having your parents round the corner was a bit odd. Need to be in London for work and definitely not in 6 figure territory. 🤷🏻♂️rick_chasey said:
Yeah alas a) I can’t afford those places (presumably they have some parental help or out earn me) and b) I figured being near some grandparents would be helpful.shirley_basso said:Can't help but share the angst. My wife and I are both pretty high earners, but it definitey doesn't feel like it.
As for your main issue - it seems like you have chosen a career that demands you are based in London but also one that can't pay you enough to live there, and to add insult to injury you've chosen an extremly expensive place to live with particularly poor connection to the City (London Bridge and Kings X are excellent, though).
All my London pals live in Ealing, Wimbledon, Streatham, Earlsfield, Richmond etc, or just generally moved out west with none of the issues you mention.
My lot live in places like Catford or Croydon, Haringey, those sort of places.0 -
Sure, but you don't all need to live next door to one another.rick_chasey said:
Family is sort of the point of life isn’t it?rjsterry said:
Nowt wrong with Croydon. Pretty sure they have a fancy fruit and veg shop somewhere 😉 Growing up with my grandparents on the other side of the country I always thought having your parents round the corner was a bit odd. Need to be in London for work and definitely not in 6 figure territory. 🤷🏻♂️rick_chasey said:
Yeah alas a) I can’t afford those places (presumably they have some parental help or out earn me) and b) I figured being near some grandparents would be helpful.shirley_basso said:Can't help but share the angst. My wife and I are both pretty high earners, but it definitey doesn't feel like it.
As for your main issue - it seems like you have chosen a career that demands you are based in London but also one that can't pay you enough to live there, and to add insult to injury you've chosen an extremly expensive place to live with particularly poor connection to the City (London Bridge and Kings X are excellent, though).
All my London pals live in Ealing, Wimbledon, Streatham, Earlsfield, Richmond etc, or just generally moved out west with none of the issues you mention.
My lot live in places like Catford or Croydon, Haringey, those sort of places.1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
Yeh, effectively a Boomer in Rick's book.pangolin said:
But you bought a place years ago right?rjsterry said:
Nowt wrong with Croydon. Pretty sure they have a fancy fruit and veg shop somewhere 😉 Growing up with my grandparents on the other side of the country I always thought having your parents round the corner was a bit odd. Need to be in London for work and definitely not in 6 figure territory. 🤷🏻♂️rick_chasey said:
Yeah alas a) I can’t afford those places (presumably they have some parental help or out earn me) and b) I figured being near some grandparents would be helpful.shirley_basso said:Can't help but share the angst. My wife and I are both pretty high earners, but it definitey doesn't feel like it.
As for your main issue - it seems like you have chosen a career that demands you are based in London but also one that can't pay you enough to live there, and to add insult to injury you've chosen an extremly expensive place to live with particularly poor connection to the City (London Bridge and Kings X are excellent, though).
All my London pals live in Ealing, Wimbledon, Streatham, Earlsfield, Richmond etc, or just generally moved out west with none of the issues you mention.
My lot live in places like Catford or Croydon, Haringey, those sort of places.0
