House prices in your area

The houses in my area are REALLY nothing special!  The ceilings are low.  Everything about them is cheap... fittings, flooring, windows... our house is tilting quite a bit.  (Tilting? Sinking?  Not sure.)  Nobody augmented the garden soil when they made these places, so it's just hard clay.

But yes, we're close to central London.  And the river.  And it's Chiswick.  Everyone has parking, garages and fair-sized gardens.  And some kind of superiority complex about living here.

We didn't look at flats, as we have a cat and I need a garden.  I'm learning to play accordian, too... better to get some sort of house! When we were buying a place, I wouldn't look at apartments, either.  I wanted to own land, and there are few/no controls on common fee increases for apartments (in Japan, anyways).

Our neighborhood claims £160k is average, but I couldnt find anything on the market for £200 or less....we live near council flats, and its not a great area although not terrible (worst we have had was someone banging on letterboxes on new years, and all our recycling stuff has been stolen). I would not say worth £200k though!

I like our house, but it is very much a cookie-cutter house, and our neighbors took a good chunk of our back garden, but its not as if we get a say in it as we are renting, the landlord doesn't give a d@mn as he obviously doesn't live here.

With the insane housing costs it will be literally impossible to get on the property ladder here in the UK for us, so a few years from now we will be looking to transfer to the US, for land, better cost of living etc.

My dh's parents are landlords, they own two houses, but it doesnt change my feelings on people gobbling up houses to rent out...I hate hate HATE it, its completely unfair and utterly ridiculous that a family can no longer afford to get on the property ladder in most cases, and any houses that they could have bought are likely to be snapped up by property developers who will rent them out to make max profit with very little upkeep (in my experience, landlords fix the bare minimum with the idea that it's 'just being let'). Yes, I am a little bitter.

The feel-good mandate that new developments have to have x number of 'affordable' houses is ridiculous as well. A lot of times they arent that much less expensive, and the waiting lists are huge, and some of them are getting these people in before they even have guaranteed planning permission!

Hi Madeira & Aeonix,

firstly, when I was working at a corporate in Ealing back in 99-02, Chiswick just down the road wasn't as 'desirable' as it is now. Ealing was the place everyone wanted to buy/be in. I had a few freinds who were in Ealing and bought places etc, plus as it's just a little way from Slough, always used to go there and be in the bars and pubs etc!

Then in 2000, just near my office a 'new redevelopment' of a building commenced and the sign said '1,2,3 & penthouse apartments from £299,000' - I was gobsmacked! £300 grand for a 1 bed flat ?! - thankfully, around here things were a little more affordable. I watched the dotcom boom fall, then sept 11th and then the markets and thought i'm striking while the iron is hot to buy - but prices held steady and started rising. I managed to buy in sept 02. Chiswick then started popping up new bars and trendy type places and lo and behold, it moved up the rankings to be as desirable as what Ealing was just a couple years previously- amazing! Although I've never been in  any of the houses there, the typically large victorian type places really do look good - i'd loved to have bought one but there's no way I'm shelling out that kinda money for a house, even if I had that much to spend!

My point is, the main 'reason' for the "insane" property prices is that there's more Demand than there is Supply. Prices naturally increase. Yes, buy to let investors are a factor in there but like any business, are there to make money. I think the focus has digressed slightly with some posters who don't like BTL investor style money making - would they be so vocal if say our income/salaries had risen proportionatley with the increases of costs of living here?

What I'm saying is, "generally those in a position to be BTL investors who can snap up a few properties would rather make money this way as the traditional ways of say playing in the stock market or working in a well/high paid job or running a business are much much less attractive nowadays"

So people say retiring with a nice healthy pot of money saying 'you know, i'll run my own business' are much fewer, it doesnt make as much financial sense to do that when you can make money albeit not as much, alot easier by just buying a house and renting it out.

I am an aspiring BTL investor - I don't mind saying so, I find that UK salaries currently dont go far enough in allowing the freedom to choose to buy a place, I'm hoping by running my own business I can make enough in order to puchase the type of property I'd like as well as live the way I like or would like to. I think by doing BTL I can be closer to doing that rather than working for someone else. The difference is that even BTL now isn't so attractive in the UK so I'm looking abroad.

Aeonix, as you say, and as many others are saying - it's currently impossible to get on the ladder and if you do, it's usually in a low end crummy area which means you just have to work that much harder for more years just to be able to move up to an acceptable area here and would therefore like to retun to the US in order to at least get much better value for money and the chance for a more decent area. I agree with you completely there, it'll just mean you'll hate me for buying up places there and renting them out !! 

As I along with other UKY posters have mentioned here before, there's lots of different viewpoints and opinions and reasons for doing x y and z - it's just good to share and learn those differing points I think and the above was my view.

Cheers ! DtM! West London & Slough UK!

Interesting info!  From the attitudes of the locals, I had assumed that Chiswick was always the height of.. um.. heightiness?

I have no problems with BTL folks.  If you have the cash and the local laws allow it, why not?  It's good to have a variety of stuff in your portfolio.  Local councils should tighten the rules if they have  problems with absentee landlords  or the like.

If you're looking for property bargains, check out Japan.  Prices are rising now, but still very low.  The bottom of the market was probably two or three years ago.  You probably won't qualify for a mortgage (and too bad, money is almost free there), but there are no laws against foreign ownership.  If you buy a decent place you won't have any trouble renting it out... especially as a lot of owners don't like to rent to: foreigners/people with pets/Japanese with 'questionable' ancestry/unmarried couples...the list goes on.  Not kidding. 

Interesting info!  From the attitudes of the locals, I had assumed that Chiswick was always the height of.. um.. heightiness?

I have no problems with BTL folks.  If you have the cash and the local laws allow it, why not?  It's good to have a variety of stuff in your portfolio.  Local councils should tighten the rules if they have  problems with absentee landlords  or the like.

If you're looking for property bargains, check out Japan.  Prices are rising now, but still very low.  The bottom of the market was probably two or three years ago.  You probably won't qualify for a mortgage (and too bad, money is almost free there), but there are no laws against foreign ownership.  If you buy a decent place you won't have any trouble renting it out... especially as a lot of owners don't like to rent to: foreigners/people with pets/Japanese with 'questionable' ancestry/unmarried couples...the list goes on.  Not kidding. 

Sorry but there is an issue with folks trying to buy in their home country (UK) and I don't think many want to buy/move/invest in Japan. There is a lot of desperation over here, this is an overcrowed island especially in the SE and the multiple BTL's force up prices which prohibit 1st time home buyers from entering the market, its a vicious circle, if you are not on the ladder its a problem. For some folks even on the ladder now, its a huge leap and they are over mortgaged and trying to make ends meet.

We do own a house so you may ask why I am so passionate about this subject.....hmm, because we rented over here and its a nightmare (not just our story but many others that I have heard/read about). Even if its not a nightmare.....so many people would love to own their own home and I don't think that is too much to ask for. After all, peace of mind and security is what everyone is looking for.

I hear you, Jules.  The impossibility of owning property where I lived in Canada helped me decide to move to Japan.  That, and the tax rates.. and the job market... and of course, a few other things.

Anyhow, I'll stick to my statement that Japan is a great place to BTL.  You don't have to move there!

I haven't been in the UK long enough to tell, but it seems we're in a property bubble.  I wouldn't buy anything on such a rising market, especially as interest rates aren't low.  Sure, renting seems like a waste of money, but you have very few worries, compared to the people that have everything on the line with their bank.

I wouldn't say interest rates are that high, madeira.  Weren't rates in the 15-20% range in the early 90s?  Sure, they're not down around 3-4% from a few years back but the rate rises of the past year seem to have done nothing to cool property prices.  In fact, I believe average prices have risen about 11% already this year according to some surveys.

It is pretty mad the price rises but given the low levels of new house building, big city wage rises/bonuses and other factors it seems prices are still on the rise, unless something serious happens like a recession or large interest rate rises (more than these piddly quarter point rises).

Interest rates in Japan are near zero.  Our mortgage is at 1%.  So that's where I'm coming from.   As far as buying any investment type thing, I try to time the bottom.  Buying property in the UK now seems to be timing the top.  Exciting, but not for me. 

Flats in the area where we are now (renting) range from £78,000 up to £325,000 for a penthouse. Even houses in the crappiest part of town are £80,000. We can't get a lot, so we'll wait to buy. We'd rather rent a really nice flat in city centre rather than own a house in Bransholme (Europe's largest council estate). 

I know we should just buy to get on the property ladder, but I don't wanna be surrounded by yobs.

I know we should just buy to get on the property ladder

I don't agree, it's never worth buying a place to live in if you're really not going to be happy there.
Having spoken with some people who recently have been trying to buy a house it seems that many of them are going for shared-ownership to overcome the burden of such high prices.  I suppose it limits the choices, though.

i live in sheffield and it can range from £80k to well over £500k depending on the area.

we just bought a property for £130k but our house is the 2nd most expensive on the block (one was bought for £135k) we get the keys to our place in a few weeks so i cant tell you how much its increased in value yet.

one of our best friends lives around the corner. she bought her mid terrace property for £90k in april 2006. at the moment with very little done to it (one room has been renovated) its already worth £105k in the current market.

our other friends who are moving away ( going down to reading - bleh) bought their house while still in uni. their mid terrace house was bought in 1997 for £35K and they just sold the property for just over £135K. theyve painted and did the garden up but thats about it. they also live in a desirable area which is very close to parks, good schools, the uni and the tram system. the only thing going against it is that they are close to the sheffield wednesday grounds.

i should also state the sheffield area is a little strange when it comes to house buying/selling. we do not put a bid under the asking price, we have to go over the asking price, so home prices here are slightly inflated compared to the rest of south yorkshire.

Our house is up for £145,000 and we have accepted an offer for £142,500 however since we are in a chain we are waiting for the folks who offered to sell THEIR house. We're still acceping viewers hoping to get an offer from someone in a better postion to buy. Last week we were offered £135,000 from a first time buyer which I have to admit sounded quite sweet simply because there wouldnt be a chain involved but £10,000 under the asking price is just not enough. I HATE being in a chain!! How does anyone in this country move? In the meantime we put in two offers for houses we liked and both offers were declined. So we're still looking.
We noticed two days ago the house across the street from us was for sale. Just a normal 3 bed, semi. They're asking £189,000!!!! They have a prayer in hell!! 

One of the problems around here is that the terraced houses are getting awfully close to the stamp duty price jump where you're liable for 3%, a huge sum of extra money to pay to the gov't.  All semis and detacheds are over the 3% mark unless there was something seriously structurally wrong with the place.
It's annoying that Gordon Brown doesn't recognize that house price inflation is causing a very large number of people to pay that extra 2% which must translate into the hundreds of millions or billions of £££s!  Now with these HIPs coming along it's getting even more expensive to buy and sell.

Matt,

I would'nt go as far as to say the extra stamp duty raised between the 1 and 3% levels will generate billions - millions definitley!

I agree with you on this though, the threshold of house values approaching the 2 stamp duty levels are being approached by more and more houses nowadays - the last I knew, that level was anything up to £250,000 was 1% and everything over 3%. Our house value has broken that threshhold over the last few years and assuming it is 250K. The top 4% stamp duty level is for houses over £500K.

Everything is expensive here in comparison to realsitic income levels, where there is respite another increase appears elsewhere - but not necissarily in the same sector. Gas prices have started to come down - a welcome respite (for now!) but the introduction of HIP's means quite alot (but not the absolute vast majority) of people the Gas price cut is negated by the £400 odd price of these HIP thingy's

Also, could it be when less and less people actually buy/sell becuase of the stamp duty level costs, that the housing market may cool off a little? then mr Brown would be happy wouldn't he! likelihood of this happening 'only' becuase of stamp duty costs is relatively low though - seeing as many mortgages allow you to 'tack on' extra costs into the mortgage repayment amount, many would just opt for that so long as they can buy the place they want.

A more likely restrictor to the housing market heat is the next 2 maybe 3 interest rate rises !  lets see what happens there!

Cheers! DtM! West London & Slough UK!

Our house is up for £145,000 and we have accepted an offer for £142,500 however since we are in a chain we are waiting for the folks who offered to sell THEIR house. We're still acceping viewers hoping to get an offer from someone in a better postion to buy. Last week we were offered £135,000 from a first time buyer which I have to admit sounded quite sweet simply because there wouldnt be a chain involved but £10,000 under the asking price is just not enough. I HATE being in a chain!! How does anyone in this country move? In the meantime we put in two offers for houses we liked and both offers were declined. So we're still looking.
We noticed two days ago the house across the street from us was for sale. Just a normal 3 bed, semi. They're asking £189,000!!!! They have a prayer in hell!! 

Pebbles, sorry to hear of the offer situations...very frustrating! Like you, I agree that £10k is way too low even if they don't have a chain. We weren't in a chain and we had no choice but to pay full asking price....and we were fine with it because that was the market. We had to pounce on it within a few hours of the viewing.

Ugh, the chain thing.....I remember when we were buying and my co-workers would say "buying/selling a house is one of the most stressful things in life" in an accepting kind of way. Yikes! We are about to put our house on the market (pre HSP deadline) and I pray that we get 1st time home buyers (hopefully so since its a small terraced house). The market is still hot in our area so I am hoping for a quick transaction. For us, with my job going....its time to cash out and move back to the states.