Good point about interest rates @Rob7Lee, I left at beginning of 1993 - not long after that time we crashed out of the ERM, so 9% probably a good guess.
But your Nottingham point illustrates mine. There is no plan to economically rebalance England, and the imbalance just gets worse and worse. I remember Evan Davies did a very fine series on this , and that was several years ago now. He found a bloke commuting to his job in a marcomms agency in London from Stockport!!! You have to build more in London and SE. I thought this was pretty much accepted by just about everyone except this Tory govt, but clearly I was mistaken.
Fancy a fact?
Tom Copley, Labour's housing spokesman in the capital, said that Margaret Thatcher's government had built more council flats and houses in a single year than New Labour's managed in its entire period in office.
This is correct. The official data shows that the Blair and Brown governments built 7,870 council houses (local authority tenure) over the course of 13 years. (If we don't include 2010 - the year when David Cameron became PM - this number drops to 6,510.) Mr Copley has contrasted this figure with the record of Mrs Thatcher's government, which never built fewer than 17,710 homes in a year.
These debates are always London/south east centric. Good that @Rob7Lee talks about the rest of the UK
It’s likely forgotten on here to an extent given we’re all cafc fans and that means we grew up in an around the area (most of us)
I get the point re: interest rates back in the day but Prague nails it for me
I also know that some of you on here have mentioned if you want a house bad enough etc it can be obtained (and some have given examples on here)
I fail to see though if you took the avg price in my ward (Dulwich and W Norwood - yes I know Dulwich is plush) it’s £670k
Only go down the road to my childhood home in Brockley and that house £500k
If you go by 10% deposit, £50k needed for the Brockley house plus fees. Have a word
You are looking at some serious ‘wanting it’ to clobber together that deposit and that’s coming down to good job, very good job, or help from a parent or family (there’s also a lot of you in that age demographic on here and wonder how people say who have kids in their late teens/early 20s feel about money they might have to stump up if they want their kids on the ladder)
Of course this is my area, appreciate prices lower going further out, but these houses that are at £500k, even if they drop 20% (unlikely) you’re still asking first timers to get £40k deposit
There’s been a fantastic window for people over the last 20 years and if you’re on the bus, you’re on it.
Maybe consider what the previous generations did........ move out to get on the ladder. It was very common certainly for my parents generation (my mum grew up in Brockley, my dad East Ham then Eltham). They rented a room off an aunt for 3 years or so to raise the deposit to then buy in Rainham in Kent.
They didn't 'want' to move out that far (or I'm sure live with an Aunt when they'd just got married) or out at all but thats all they could afford. Then luckily about 5 years later the house price had gone up enough to secure a deposit large enough to move back to Eltham.
You could buy a flat in parts of SE London for £225k/£22.5k deposit, shared ownership?The key thing is to get on the ladder as near to London as possible!
I'm surprised by that. My Dad was a modest civil servant and his family were poor - Plumstead, one of 7 kids- yet he was able to buy the little house in Eltham Park before I, the first child, was born. Maybe he did get a deposit together because at 32 he was perhaps older than average getting hitched, in those days. But I thought the whole idea of those Liliputian houses in Elibank Road was to give young families of modest means a decent first home. I don't think a civil servant of similar grade could afford the same house now, unless his wife also worked. My Mum was home all the time.
My parents married at aged 22/23 back in the mid 60's, not sure of earnings, I know when they moved back to Eltham (73 I think) they earned between them just below £2k and managed to buy a 50/60's house just off court road (no heating!), a 3 bed end of terrace that sell for around £350k now, so pretty much some of the cheapest in the SE9 postcode, would guess 3 beds in Elibank are nearer £475-500k.
Maybe for remodelled end of terrace, but ours will be max £430k (and you know we have expert advice)
Your parents are a generation ahead of mine. In 1968, again based only on his own earnings as by now an HEO level civil servant, my Dad was able to afford to move his family with three kids to a place in the cul-de-sac in Riefield Road, with a massive garden. Heaven knows what that place is worth now. Well out of the range of an HEO level civil servant, I reckon.
Good point about interest rates @Rob7Lee, I left at beginning of 1993 - not long after that time we crashed out of the ERM, so 9% probably a good guess.
But your Nottingham point illustrates mine. There is no plan to economically rebalance England, and the imbalance just gets worse and worse. I remember Evan Davies did a very fine series on this , and that was several years ago now. He found a bloke commuting to his job in a marcomms agency in London from Stockport!!! You have to build more in London and SE. I thought this was pretty much accepted by just about everyone except this Tory govt, but clearly I was mistaken.
Fancy a fact?
Tom Copley, Labour's housing spokesman in the capital, said that Margaret Thatcher's government had built more council flats and houses in a single year than New Labour's managed in its entire period in office.
This is correct. The official data shows that the Blair and Brown governments built 7,870 council houses (local authority tenure) over the course of 13 years. (If we don't include 2010 - the year when David Cameron became PM - this number drops to 6,510.) Mr Copley has contrasted this figure with the record of Mrs Thatcher's government, which never built fewer than 17,710 homes in a year.
Good point about interest rates @Rob7Lee, I left at beginning of 1993 - not long after that time we crashed out of the ERM, so 9% probably a good guess.
But your Nottingham point illustrates mine. There is no plan to economically rebalance England, and the imbalance just gets worse and worse. I remember Evan Davies did a very fine series on this , and that was several years ago now. He found a bloke commuting to his job in a marcomms agency in London from Stockport!!! You have to build more in London and SE. I thought this was pretty much accepted by just about everyone except this Tory govt, but clearly I was mistaken.
Fancy a fact?
Tom Copley, Labour's housing spokesman in the capital, said that Margaret Thatcher's government had built more council flats and houses in a single year than New Labour's managed in its entire period in office.
This is correct. The official data shows that the Blair and Brown governments built 7,870 council houses (local authority tenure) over the course of 13 years. (If we don't include 2010 - the year when David Cameron became PM - this number drops to 6,510.) Mr Copley has contrasted this figure with the record of Mrs Thatcher's government, which never built fewer than 17,710 homes in a year.
If those facts are even remotely accurate i'm astounded......
Not as astounded as CL's red (and pretend orange) wedge, who are speechless.......
I am no sure what this wedge is, and whether you consider me part of it, but I am astounded too. Fair play to you for presenting this fact. (even if you do not link to the fact source, so we will have to trust you)
I don't think you'd want to deny that Thatcher's core political philosophy was that home ownership was the thing, and only losers rent from the State?
Whatever, the UK needs more housing, and a sensible, stigma-less market for rental as well as ownership, like in Germany.
I've got a 5 year plan to get out of the BTL market - seems things are about to get "interesting". At least I won't have to pay CGT on my rental properties when I sell. Just as long as I can cover all the mortgages...
When you do look to sell Saga, give me a shout. I run my own Hybrid agency based in Welling. Currently are fees for sales and lets are the lowest in the area and if any Charlton fans sell with us, we'll donate 10% of our fee to the Charlton Upbeats.
On another note....
Prices have fallen as the demand is less in our area. It's always going be down to supply and demand, no one can predict which way it will completely head. But sales tend to slow down around Summer and pick up around Christmas/The new year. I honestly hope the prices in central London drop and any rental investments I would look to do, would never be in London, I would look towards the Midlands or Manchester. Times are changing where business's are based and many are moving away from London, so I expect prices to rise quicker elsewhere than in London for the coming future.
Thanks. I'd be selling one at a time, with the first sale towards the end of next year, so no rush! Everything subject to change, obviously - it may be better to keep the properties if I can get decent mortgages on them (which is the stumbling block due to my age and income).
Good point about interest rates @Rob7Lee, I left at beginning of 1993 - not long after that time we crashed out of the ERM, so 9% probably a good guess.
But your Nottingham point illustrates mine. There is no plan to economically rebalance England, and the imbalance just gets worse and worse. I remember Evan Davies did a very fine series on this , and that was several years ago now. He found a bloke commuting to his job in a marcomms agency in London from Stockport!!! You have to build more in London and SE. I thought this was pretty much accepted by just about everyone except this Tory govt, but clearly I was mistaken.
Fancy a fact?
Tom Copley, Labour's housing spokesman in the capital, said that Margaret Thatcher's government had built more council flats and houses in a single year than New Labour's managed in its entire period in office.
This is correct. The official data shows that the Blair and Brown governments built 7,870 council houses (local authority tenure) over the course of 13 years. (If we don't include 2010 - the year when David Cameron became PM - this number drops to 6,510.) Mr Copley has contrasted this figure with the record of Mrs Thatcher's government, which never built fewer than 17,710 homes in a year.
If those facts are even remotely accurate i'm astounded......
Not as astounded as CL's red (and pretend orange) wedge, who are speechless.......
I am no sure what this wedge is, and whether you consider me part of it, but I am astounded too. Fair play to you for presenting this fact. (even if you do not link to the fact source, so we will have to trust you)
I don't think you'd want to deny that Thatcher's core political philosophy was that home ownership was the thing, and only losers rent from the State?
Whatever, the UK needs more housing, and a sensible, stigma-less market for rental as well as ownership, like in Germany.
Not really a "philosophy", just a simple idea she and her advisers had that home owners tend to vote Tory.
Another of her ideas was that only losers use public transport... and that explains the current state of our railways.
I've got a 5 year plan to get out of the BTL market - seems things are about to get "interesting". At least I won't have to pay CGT on my rental properties when I sell. Just as long as I can cover all the mortgages...
When you do look to sell Saga, give me a shout. I run my own Hybrid agency based in Welling. Currently are fees for sales and lets are the lowest in the area and if any Charlton fans sell with us, we'll donate 10% of our fee to the Charlton Upbeats.
On another note....
Prices have fallen as the demand is less in our area. It's always going be down to supply and demand, no one can predict which way it will completely head. But sales tend to slow down around Summer and pick up around Christmas/The new year. I honestly hope the prices in central London drop and any rental investments I would look to do, would never be in London, I would look towards the Midlands or Manchester. Times are changing where business's are based and many are moving away from London, so I expect prices to rise quicker elsewhere than in London for the coming future.
Thanks. I'd be selling one at a time, with the first sale towards the end of next year, so no rush! Everything subject to change, obviously - it may be better to keep the properties if I can get decent mortgages on them (which is the stumbling block due to my age and income).
That's fine, we have recommended Mortgage Brokers for that, always worth looking in to. My email is sean@simmonsandco.co.uk if you do need anything.
Good point about interest rates @Rob7Lee, I left at beginning of 1993 - not long after that time we crashed out of the ERM, so 9% probably a good guess.
But your Nottingham point illustrates mine. There is no plan to economically rebalance England, and the imbalance just gets worse and worse. I remember Evan Davies did a very fine series on this , and that was several years ago now. He found a bloke commuting to his job in a marcomms agency in London from Stockport!!! You have to build more in London and SE. I thought this was pretty much accepted by just about everyone except this Tory govt, but clearly I was mistaken.
Fancy a fact?
Tom Copley, Labour's housing spokesman in the capital, said that Margaret Thatcher's government had built more council flats and houses in a single year than New Labour's managed in its entire period in office.
This is correct. The official data shows that the Blair and Brown governments built 7,870 council houses (local authority tenure) over the course of 13 years. (If we don't include 2010 - the year when David Cameron became PM - this number drops to 6,510.) Mr Copley has contrasted this figure with the record of Mrs Thatcher's government, which never built fewer than 17,710 homes in a year.
If those facts are even remotely accurate i'm astounded......
I'm not. Partly it's because a lot of council houses built under Thatcher were planned before her govt decided that capital receipts from Right to Buy could not be used to replenish the stock. But in the 70s/early 80s, a lot of councils had learned their lessons from the big estates that all went so wrong and were building smaller developments that worked. I used to work with a guy who had been involved in the Marvels Lane development on the site of the old Grove Park hospital, which he was really proud of and told me the residents who moved in were all really pleased and because of its small scale it didn't attract the crime and anti social behaviour like the bigger estates. New Labour, on the other hand, saw council housing as something that was bad and unaspirational, so didn't allow councils to reinvest the receipts from right to buy (do you see a pattern here?). They forced loads of councils to transfer homes to housing associations and brought PFI into council housing as well. This was driven from the centre of govt (Brown/Blair) and shows that Labour at its worst is just as centralising and controlling as the Tories at their worst. Had Brown got back in in 2010, I wouldn't have been surprised if he had forced all councils to transfer to Housing Associations; it was the Coalition that allowed councils to start building again (albeit with loads of restrictions) Now, the costs associated with not investing (which are mainly through paying leasing and housing benefit costs to private landlords) mean that even those most opposed to council house building accept it is needed.
(edited to add I consider myself on the left in the light of ARTHUR's comment above)
I've got a 5 year plan to get out of the BTL market - seems things are about to get "interesting". At least I won't have to pay CGT on my rental properties when I sell. Just as long as I can cover all the mortgages...
When you do look to sell Saga, give me a shout. I run my own Hybrid agency based in Welling. Currently are fees for sales and lets are the lowest in the area and if any Charlton fans sell with us, we'll donate 10% of our fee to the Charlton Upbeats.
On another note....
Prices have fallen as the demand is less in our area. It's always going be down to supply and demand, no one can predict which way it will completely head. But sales tend to slow down around Summer and pick up around Christmas/The new year. I honestly hope the prices in central London drop and any rental investments I would look to do, would never be in London, I would look towards the Midlands or Manchester. Times are changing where business's are based and many are moving away from London, so I expect prices to rise quicker elsewhere than in London for the coming future.
Thanks. I'd be selling one at a time, with the first sale towards the end of next year, so no rush! Everything subject to change, obviously - it may be better to keep the properties if I can get decent mortgages on them (which is the stumbling block due to my age and income).
There are lenders out there that will do a 30 year term as long as you are under 85.
I've got a 5 year plan to get out of the BTL market - seems things are about to get "interesting". At least I won't have to pay CGT on my rental properties when I sell. Just as long as I can cover all the mortgages...
When you do look to sell Saga, give me a shout. I run my own Hybrid agency based in Welling. Currently are fees for sales and lets are the lowest in the area and if any Charlton fans sell with us, we'll donate 10% of our fee to the Charlton Upbeats.
On another note....
Prices have fallen as the demand is less in our area. It's always going be down to supply and demand, no one can predict which way it will completely head. But sales tend to slow down around Summer and pick up around Christmas/The new year. I honestly hope the prices in central London drop and any rental investments I would look to do, would never be in London, I would look towards the Midlands or Manchester. Times are changing where business's are based and many are moving away from London, so I expect prices to rise quicker elsewhere than in London for the coming future.
Thanks. I'd be selling one at a time, with the first sale towards the end of next year, so no rush! Everything subject to change, obviously - it may be better to keep the properties if I can get decent mortgages on them (which is the stumbling block due to my age and income).
That's fine, we have recommended Mortgage Brokers for that, always worth looking in to. My email is sean@simmonsandco.co.uk if you do need anything.
I'm not on here to promote myself, but BTL mortgages have changed recently with the Interest Coverage Rate (ICR) increasing and making it a bit harder for BTL landlords to get a mortgage, however, if you are doing a simple like-for-like remortgage then the old rules may still apply. Also, Income is not assessed like residential mortgages and usually you only need an income of £20k-£25k to be eligible for a BTL mortgage. Affordability is calculated on the rental income against the ICR and some lenders will now also use your personal income to support any difference above this.
I've got a 5 year plan to get out of the BTL market - seems things are about to get "interesting". At least I won't have to pay CGT on my rental properties when I sell. Just as long as I can cover all the mortgages...
When you do look to sell Saga, give me a shout. I run my own Hybrid agency based in Welling. Currently are fees for sales and lets are the lowest in the area and if any Charlton fans sell with us, we'll donate 10% of our fee to the Charlton Upbeats.
On another note....
Prices have fallen as the demand is less in our area. It's always going be down to supply and demand, no one can predict which way it will completely head. But sales tend to slow down around Summer and pick up around Christmas/The new year. I honestly hope the prices in central London drop and any rental investments I would look to do, would never be in London, I would look towards the Midlands or Manchester. Times are changing where business's are based and many are moving away from London, so I expect prices to rise quicker elsewhere than in London for the coming future.
Thanks. I'd be selling one at a time, with the first sale towards the end of next year, so no rush! Everything subject to change, obviously - it may be better to keep the properties if I can get decent mortgages on them (which is the stumbling block due to my age and income).
That's fine, we have recommended Mortgage Brokers for that, always worth looking in to. My email is sean@simmonsandco.co.uk if you do need anything.
I'm not on here to promote myself, but BTL mortgages have changed recently with the Interest Coverage Rate (ICR) increasing and making it a bit harder for BTL landlords to get a mortgage, however, if you are doing a simple like-for-like remortgage then the old rules may still apply. Also, Income is not assessed like residential mortgages and usually you only need an income of £20k-£25k to be eligible for a BTL mortgage. Affordability is calculated on the rental income against the ICR and some lenders will now also use your personal income to support any difference above this.
No that's fine, I'm not saying it can definitely be done but a mortgage brokers job is to look in to options. Where as my job is to recommend brokers/solicitors and more importantly find buyers/tenants. I was just offering help from one Addick to another.
Comments
Your parents are a generation ahead of mine. In 1968, again based only on his own earnings as by now an HEO level civil servant, my Dad was able to afford to move his family with three kids to a place in the cul-de-sac in Riefield Road, with a massive garden. Heaven knows what that place is worth now. Well out of the range of an HEO level civil servant, I reckon.
I don't think you'd want to deny that Thatcher's core political philosophy was that home ownership was the thing, and only losers rent from the State?
Whatever, the UK needs more housing, and a sensible, stigma-less market for rental as well as ownership, like in Germany.
Another of her ideas was that only losers use public transport... and that explains the current state of our railways.
New Labour, on the other hand, saw council housing as something that was bad and unaspirational, so didn't allow councils to reinvest the receipts from right to buy (do you see a pattern here?). They forced loads of councils to transfer homes to housing associations and brought PFI into council housing as well. This was driven from the centre of govt (Brown/Blair) and shows that Labour at its worst is just as centralising and controlling as the Tories at their worst. Had Brown got back in in 2010, I wouldn't have been surprised if he had forced all councils to transfer to Housing Associations; it was the Coalition that allowed councils to start building again (albeit with loads of restrictions)
Now, the costs associated with not investing (which are mainly through paying leasing and housing benefit costs to private landlords) mean that even those most opposed to council house building accept it is needed.
(edited to add I consider myself on the left in the light of ARTHUR's comment above)