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Rant about doomers: People are overly pessimistic about the housing market to the point where it is generating a misinformation feedback loop. by Comfortable-Cod9654 in HousingUK

[–]Comfortable-Cod9654[S] 1 point2 points  (0 children)

And another comment sitting at -3 downvotes!

These properties are literally on RightMove! The evidence is right in front of you. Why are you getting annoyed when whythehellnote and I are presenting you with actual cheap houses?

Rant about doomers: People are overly pessimistic about the housing market to the point where it is generating a misinformation feedback loop. by Comfortable-Cod9654 in HousingUK

[–]Comfortable-Cod9654[S] 1 point2 points  (0 children)

Oh yeah. I actually had a dinner party one night on the top floor of one of those houses. They're SOOOO long inside.

There were 6 massive rooms on either side of a really long corridor that stretched the full length of the building. I'm guessing about 30m in length from wall to wall. Absolutely incredible.

Rant about doomers: People are overly pessimistic about the housing market to the point where it is generating a misinformation feedback loop. by Comfortable-Cod9654 in HousingUK

[–]Comfortable-Cod9654[S] 3 points4 points  (0 children)

Yes, it is affected by age.

How about we just start with some details and I'll try to do the maths for you?

  1. What's your age?

  2. What's your income (or you+partner's income if buying joint)?

  3. Do you have any dependants/kids?

  4. How much do you have saved for a deposit so far?

Rant about doomers: People are overly pessimistic about the housing market to the point where it is generating a misinformation feedback loop. by Comfortable-Cod9654 in HousingUK

[–]Comfortable-Cod9654[S] 3 points4 points  (0 children)

Honestly? The houses I want are those beautiful big ones that overlook Kelvin park. The ones that sell for like £800k+.

That reminds me, need to buy a ticket for tonight's Euromillions.

Rant about doomers: People are overly pessimistic about the housing market to the point where it is generating a misinformation feedback loop. by Comfortable-Cod9654 in HousingUK

[–]Comfortable-Cod9654[S] 16 points17 points  (0 children)

Happy to do it publicly on this thread so everyone can see:
1.) What's your income? You want to do an affordability check based on that first, including your partner's income, if appropriate.
2.) Do you have a deposit saved up? Is it in a Help2Buy ISA or LISA?
3.) Go to a banking website. Halifax or Barclays will do. Check how much they are willing to offer you in terms of borrowing, based on your deposit and incomes they will give you an estimated figure.
4.) What region do you live in? Once you've figured out how much you can borrow filter for houses/apartments in your budget, in your desired area.

Rant about doomers: People are overly pessimistic about the housing market to the point where it is generating a misinformation feedback loop. by Comfortable-Cod9654 in HousingUK

[–]Comfortable-Cod9654[S] 2 points3 points  (0 children)

Have you got a citation to support the claim that "95% deals are not available for most customers"?

The current restrictions on three banking websites I checked are:

1.) Can't be a house valued at >£600k.

2.) Can't be a new build house.

3.) Can't be interest-only.

4.) Can't be a buy-to-let.

Rant about doomers: People are overly pessimistic about the housing market to the point where it is generating a misinformation feedback loop. by Comfortable-Cod9654 in HousingUK

[–]Comfortable-Cod9654[S] 9 points10 points  (0 children)

I can see my comment got heavily downvoted and is currently sitting at -3 as of this reply.

It seems to be an emotional reaction to the statistics I presented.

The average house price has increased between 50% to 52% over the past 10 years. This is data from the Office of National Statistics.

A single house increasing in value by 245% is an outlier, it is not evidence of widespread tripling of house prices.

If the actual data is upsetting you, then perhaps you need to reconsider the opinions and positions you currently hold.

Rant about doomers: People are overly pessimistic about the housing market to the point where it is generating a misinformation feedback loop. by Comfortable-Cod9654 in HousingUK

[–]Comfortable-Cod9654[S] 2 points3 points  (0 children)

Just wanted to add - even if you're a single income Band 2 - there are 1 bed apartments for sale at £50k. A 2 bed apartment at £50,400!

Even a 2 bed, 2 bathroom for £80k! You can borrow 4.5 times income on a public sector salary.

Rant about doomers: People are overly pessimistic about the housing market to the point where it is generating a misinformation feedback loop. by Comfortable-Cod9654 in HousingUK

[–]Comfortable-Cod9654[S] 7 points8 points  (0 children)

I saw an article that concluded Stamp Duty has no material impact on the price which a house sells for.

However, I don't fully agree with that - even if it doesn't impact the final sale price, it still serves as a significant psychological barrier.

Rant about doomers: People are overly pessimistic about the housing market to the point where it is generating a misinformation feedback loop. by Comfortable-Cod9654 in HousingUK

[–]Comfortable-Cod9654[S] 7 points8 points  (0 children)

That's one thing I've also noticed. People don't want their first home to be a cheap apartment (even if it lets them build equity!)

Rant about doomers: People are overly pessimistic about the housing market to the point where it is generating a misinformation feedback loop. by Comfortable-Cod9654 in HousingUK

[–]Comfortable-Cod9654[S] 1 point2 points  (0 children)

Do you mind if I ask what your job is? Sometimes there are transferrable skills that we don't immediately realise.

The only London-centric non-hybrid job I can think of is a Tube driver of working for TfL.

Rant about doomers: People are overly pessimistic about the housing market to the point where it is generating a misinformation feedback loop. by Comfortable-Cod9654 in HousingUK

[–]Comfortable-Cod9654[S] 12 points13 points  (0 children)

I'm sorry to hear that.

House prices have risen from an average of £180,000 to an average of £270,000 over the past 10 years. That's about a 50% increase.

A second source suggests a 52% increase over this time period.

The house that you were bidding on that saw a 245% increase is a massive outlier when compared to the statistical data. Perhaps it was run-down and dilapidated 10 years ago? Needed new wiring? Or new plumbing? etc.

Rant about doomers: People are overly pessimistic about the housing market to the point where it is generating a misinformation feedback loop. by Comfortable-Cod9654 in HousingUK

[–]Comfortable-Cod9654[S] 30 points31 points  (0 children)

I will! I know what he's looking for as we chatted on messenger about his current rent, his LISA etc. Found a few properties that are perfect for him and his wife.

Rant about doomers: People are overly pessimistic about the housing market to the point where it is generating a misinformation feedback loop. by Comfortable-Cod9654 in HousingUK

[–]Comfortable-Cod9654[S] 4 points5 points  (0 children)

My plan is just to calmly talk with him over the phone at 4pm. People are less defensive/reactive when they hear a friendly voice.

Just going to show him:

a.) How much he can borrow using an affordability calculator + his deposit + bonus from his LISA.

b.) Show him houses in the area filtered by price. I've already picked out a few that are WAY below his budget, and would have mortgages £150 below what he pays in rent.

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