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Only in the UK is the phrase “property porn” a real thing. Home prices dominate polite conversation. And little wonder: housing dominates UK personal balances sheets. In no other country does it make up such an enormous share of assets. Why? Because UK property has outperformed that in other developed countries in the last 38 years. This video asks why that is, and asks if the UK property wealth rests in castles of sand.
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but if the population and need for houses keeps ever growing, and as long as theres not a crash in the economy as a whole then i can't see a proper downwards trend.
Australia, New Zealand and Belgium for example have higher mean and median net wealth per person, including real estate property, than the UK
https://en.m.wikipedia.org/wiki/List_of_countries_by_wealth_per_adult
However, a slowdown seems possible. A slight contraction in the Cotswolds coupled with a spike in Cannock would suit me nicely.
https://www.home.co.uk/guides/asking_prices_report.htm?location=belfast&all=1
I expect @Sandpit can find a chart of Kyiv property prices in the same period. That would be even more hair-raising.
We recently bought a new apartment 1,000sq ft just outside Kiev for $60k, in the centre would be around $80k. In the payment plan agreement with the developer was a clause that basically that the price is set in US dollars, and they have the right to adjust the price later if the exchange rate changes before the payments are complete. Doesn’t bother me too much as my income is mostly in US$ or Sterling, but to a Ukrainian that might be a scary prospect.
But I agree that the market could deflate slowly. There's a bungalow near me that's been on the market for £535,000 for ages. This week they've dropped that to £479,950. Still overpriced, mind.
~320 m^2 back garden
~140 m^2 front garden & drive
~170 m^2 of house
Double garage, two lofts
Solar panels and a nice view over fields to the back.
Annual inflation in 2004-2008 was around 100% and speculation was rife, properties being flipped in 3 months for 30% profits etc, mostly off-plan.
At the time of the crash the bottom fell out of the market overnight and lots of people were left holding properties worth less than half what they’d just paid, or worse still in an uncompleted building that was severely delayed. A couple of developers even went under.
Since about 2010 prices rose an annual 10% for a few years and are now stable at about the same level they were at the time of the crash, falling maybe 10% in the last couple of years as supply increases.
A bit of a roller coaster, but as always with property it’s a good investment providing you never need to sell.
Hopefully this helps increase home ownership rates, especially in the capital.
Independence and sovereignty are not the same.
Independence is about freedom of action, which we manifestly don’t have on a host of policy areas as part of the EU. Sovereignty is about supreme authority, and while of course EU members retain sovereignty de jure by virtue of their right to withdraw from the EU under Article 50, members of the Eurozone have forfeited sovereignty de facto because they could only do so at the cost of blowing up their economies.
If no deal crash Brexit happens - and unless we agree to EEA it will - at which point do the people screaming traitor at MPs turn around and scream about the impacts of what they have loudly been demanding? I'd hate to be an MP right now...
Belatedly the party had remembered it is in favour of home ownership and steps are being taken to increase it.
On the U.K. market some form of return to the mean is likely but the driving force for London has been foreign money looking for a safe haven. I am not sure that I see that demand falling away although there will obviously be peaks and troughs. I think that London will continue to out perform the rest of the U.K. for good or ill and the price differential is unlikely to shrink.
Now, it’s about agglomeration benefits and airports, which is why cancelling Transpennine electrification is so moronic.
4-bed detached. Rural, leafy, in a cul de sac, opposite a park and facing the beautiful Welsh hills.
South Wales = Sensible.
London = MENTAL.
The Sittingbourne house is now worth maybe £300,000 at most. Zoopla tells me a 2 bed terrace in our old road in London would fetch £495,000.
https://twitter.com/jonwalker121/status/1014790869822689280
In the last year I was offered a job in London.
Now a six bedroomed house in Dore costs circa £800,000, like this one.
https://www.rightmove.co.uk/property-for-sale/property-49625550.html
A six bedroomed house in London and I was told north of £20 million.
This one is £23 million.
https://www.rightmove.co.uk/property-for-sale/property-64903096.html
We bought for several reasons: we were lucky enough to have most of the money needed to buy in the bank, with minimal mortgage; we wanted to have children, and I preferred to raise them in a house we owned rather than rented, and I was fed up with constantly moving - on two occasions forced by landlords' situations.
But most importantly was financial. We were paying a grand a month to rent, and by the time the mortgage and other house-owning expenses are deducted, we probably saved £700 a month as a conservative estimate.
Over the six years, that amounts to about £50k saved over renting. That is *real* money.
If rents were more realistic, the housing issues may not be as bad.
When you can’t play the ball I guess you have to play the man.
For that sort of money, you can get a good 5-bed detached in a decent area round here
What's Ukraine like as a lifestyle destination for retirement? if you cashed out with close to a million in property from elsewhere would it be a good base to enjoy Europe.
How's the cost of living ? Has it got good, well priced flights to the rest of europe ?
https://twitter.com/BrunoBrussels/status/1014460909341888513
https://www.thesun.co.uk/money/property/4609657/kensington-flat-converted-cupboard-west-london-cost/
182 sq ft luxury flat, rented out for £875 !
"Democracy is the theory that the common people know what they want, and deserve to get it good and hard."
H. L. Mencken
Yes, a huge amount of the demand in London is from overseas, and that’s not going to change anytime soon apart from a few dodgy Russians we want to stay away. Britain is well known for being a stable place with very good property rights, and that’s not going to change anytime soon. The number of global wealthy is also going up, and a lot of them would quite like a safe place to stay.
Edited extra bit: for that matter, we'd be just as divided as a nation as we are now, and some useful idiots would be wibbling about us voting to Remain meant we wanted more of the EU, which would be working to entangle us still further in the bureaucratic empire.
Actually without Breixt there's a chance Trump might never have won as well.
I know people on both Remain and Leave campaigns that say had Dave held the referendum in June 2017 then we would have voted to Remain.
Trump in the White House would have made sticking with the EU very attractive.
A prime cause of the referendum result was the failure to have one on Lisbon. Delay would've made things worse.
It's certainly true the execution of the negotiations has, so far, been somewhere mediocre and terrible. But we're at risk of neglecting to remember why people voted to leave despite almost every advantage being on the other side. The endless triangulation of murmuring sceptical words then committing actions entirely contrary to that couldn't go on. The electorate was and is split with people generally liking the economics, loathing the politics, and coming down for or against the EU based on their reading of how those things balance.
Right now economics is heading the agenda with businesses warning of disruption. But what if the price of economic stability (or a smooth transition) is ongoing political interference? Or free movement?
That's a credible outcome, but risks being seen as a slap in the face by the electorate. Those wanting a departure in name only should be aware that will create trench warfare on this subject for years, possibly decades. They may think that's worth it. Or not.
[And yes, I'd rather have Cameron as PM].
Retirement would be an absolute nightmare if you didn't speak Russian/Ukrainian and merely unpleasant if you did.
The only thing that might have saved him would have been a large remain victory, e.g. 70-30.
As an aside, I'm reading a book on current events (Liddell Hart's History of the First World War). Quite complicated in Europe. Pesky Germans trying to boss everyone around.
It is entirely possible due to slightly different events we might have been on the same side as the Germans in WWI.
Or our positions in the Triple Entente and in the Triple/Quadruple Alliance been swapped.
A strong result (say 60/40) either way would dampen the impact, but that seems unlikely.
But you are right - none of us can quite believe that we might be 48hrs from some kind of defining moment in the whole process.
A PM can say...
"We have not been able to negotiate a settlement with EU. We are facing a hard Brexit. I believe that will cause serious harm to the UK economy such that I cannot recommend it or carry that in the Commons. Since this outcome was not foreseen in 2016 and respecting the people's right to decide, I therefore ask the country whether we should proceed with Brexit on this basis."
Bismarck was good at diplomatic dealings, regarding us, the French, the Russians and the Ottomans. From the little I've read, it sounds like a lack of external empire was not something that bothered him.
Edited extra bit: Mr. Jonathan, a PM could say that. One suspects May might end up in a battle to remain PM, though.
She could, however, announce the fluffiest of fluffy Brexits and then "endeavour to continue to negotiate for a good deal for the UK" ad infinitum.
I think you’d be absolutely mad to retire there by choice, considering the alternatives available.
I'm looking to buy now and while prices around here are really not too bad the devil is in the detail. I could easily afford a nice house but I'm not sure about the area and I only really need a flat as a singleton. Seemed like there were plenty of affordable flats till I started hearing about the service charges and leasehold rules.
https://twitter.com/resi_analyst/status/897383079374974978
The demographic changes to come will be fascinating as well. So much of our politics is tied up with the sheer size of the baby-boomer cohort and all of the distorting effects that has had.
https://twitter.com/JGForsyth/status/1014801902394134528
Glad the weather has cooled for a bit and my garden has received some much needed rain.
I find it hard to believe that this Chequers away day will be any sort of defining moment. I may well be wrong but it seems to me that the only options are to stay in the SM/CU for now (under some sort of extended transition period) while we work out what the hell we want (something we should have done before triggering Article 50 but there we go....) or a no-deal crash Brexit, which will likely topple the government and bring on a recession.
I personally don't have any issues with FoM from the EU so would much prefer the former, given where we are.
Certainly, if the Tories fall for the snake oil being peddled by the likes of JRM and other hard Brexiteers then they deserve to be slaughtered at the next election. If the Tories don't stand for some minimum level of economic competence, what the hell is their USP? And if they're going to "F*** Business" we may as well have Corbyn. (Not that I would ever vote for him. But my vote no longer counts in my constituency, sadly.)
I would have so much preferred it - though I realise this is utter pie in the sky - if we could have gone back to the EU after the referendum vote and tried to find a mutually acceptable solution rather than this pointless and harmful rupture. Ah, dreams, dreams.....
https://www.rightmove.co.uk/property-for-sale/property-53423040.html
You have no control on what your outgoings may be in the long run.
They've seen it all before
They just know, they're so sure
The EU's gonna blow us away, gonna make us all pay
Or they'll force us to stay
we'd have had the same Europe as today but with 100 million more people alive
who would miss Luxemburg or Belgium ?
Remember that's offers over so add 10% to that price
https://espc.com/property/32-priestfield-avenue-edinburgh-eh16-5jl/35675657?sid=771718
"Do referendum results only count if they go the way the political class want? That's the message that people will hear."
That's exactly what they would assume. Democracy is only allowed if we vote the right way. It wouldn't finish well.
http://www.lefigaro.fr/politique/2018/07/05/01002-20180705ARTFIG00096-sondage-severe-avertissement-pour-emmanuel-macron.php
The person elected to chair Labour’s disciplinary panels defended the expelled Marc Wadsworth in an interview on Russia Today, Guido can reveal. Claudia Webbe was appointed as Labour’s new head of disputes this week, four months after Christine Shawcroft resigned from the role after she sent an email backing a suspended alleged Holocaust denier.
https://order-order.com/2018/07/05/labours-new-head-of-disputes-backed-expelled-marc-wadsworth/