Should there be a ban on buying more than one property

[ENG601PM]

It’s not absolute science but £42k was a lot of money for a house in 1992 and £10k wasn’t the average wage.

 

If you think that house prices have not risen out of proportion with wages you are blind to the evidence in front of you.

 

I'm afraid that you are wrong on all counts. If I could have afforded "a lot of money for a house in 1992" I wouldn't have bought one in a downmarket pit village 20 miles from home and work. Having a £10k salary that was significantly below the average wage probably assuaged my immediate expectations of living in a big house in Ranmoor too.

 

Expectations seem to have changed, not the reality. It's not so easy in the south east but almost any couple in work can afford to buy a decent home around here. I'm struggling to understand quite why you think people can't, except for what comes over as a certain snobbishness about location and unrealistic expectations of lifestyle while trying to buy a home.

 

Of course home prices have gone up, t'was ever thus. There is plenty of choice at £70k though so it seems that there are still plenty of people who are getting on the housing ladder while others pay rent and moan about landlords from their S10 hovels.

[Calahonda]

Eh? I've got no idea and even less interest in your personal circumstances. I was simply pointing out that the Tory party has inplemented the necessary tax changes to bring about the end of buy to let as a viable investment option. This will ensure many over leveraged btl investors will be forced to sell their properties or else incur massive tax costs.So, not only will they cease buying up houses that come on to the market by outbidding first text buyers they will actually become providers of such properties thus increasing the number of houses on the market and helping the artificially inflated prices to reduce to something like historical averages. In Sheffield this could mean reductions of up to 40 %. I don't even know if you own btl property. I was simply pointing out that this is not a labour party policy but a Tory one. There isn't a party in Britain that would side with btl landlords on this issue. It would be political suicide. Property as an investment is over and we should all be thankful.

 

I have invested in property since 1972 and have never lost money, which I can’t

say for Blue Chip shares, the ‘buy to let’ game came to an end when the investors realised that they had to do some work for their money. Unless you have been involved in property development, you know zero about it, which is obvious from your amateurish comments.

Edited May 19, 2018 by Calahonda

[Robin-H]

It’s not absolute science but £42k was a lot of money for a house in 1992 and £10k wasn’t the average wage.

 

If you think that house prices have not risen out of proportion with wages you are blind to the evidence in front of you.

 

£42k was below the average house price in 1992.

 

https://www.economicshelp.org/blog/5709/housing/market/

 

You're correct that house prices have risen out of proportion with wages though.

 

http://www.thisismoney.co.uk/money/comment/article-2595298/House-prices-vs-wages-just-bad-property-inflation-been.html

[Guest makapaka]

£42k was below the average house price in 1992.

 

https://www.economicshelp.org/blog/5709/housing/market/

 

You're correct that house prices have risen out of proportion with wages though.

 

http://www.thisismoney.co.uk/money/comment/article-2595298/House-prices-vs-wages-just-bad-property-inflation-been.html

 

Was thinking more of sheffield. £42k would get you a house in crookes right up until late 90s/early 00s

[FinBak]

If you want to 'Buy to let'...Doncaster is your main target...

 

Sheffield is way too expensive...

 

Barnsley and Rotheham..

[Cyclone]

I

Of course home prices have gone up, t'was ever thus. There is plenty of choice at £70k though so it seems that there are still plenty of people who are getting on the housing ladder while others pay rent and moan about landlords from their S10 hovels.

 

It isn't simply "t'was ever thus" though is it.

We aren't talking about prices having risen in line with inflation.

House price inflation has massively outstripped all other measures of inflation, and houses cost comparatively more than they ever did before.

The only thing that makes it possible for younger people to still join the housing ladder is historically low interest rates, which really should be going up now.

 

And of course whilst we're interested in Sheffield, that's only a small part of the national picture.

 

---------- Post added 20-05-2018 at 17:04 ----------

 

I was simply pointing out that this is not a labour party policy but a Tory one. There isn't a party in Britain that would side with btl landlords on this issue. It would be political suicide. Property as an investment is over and we should all be thankful.

 

The changes the Tories have introduced were carefully designed to only squeeze out the amateur middle class landlord of course. Those who own enough properties, the really rich, they get away with it.

 

---------- Post added 20-05-2018 at 17:05 ----------

 

You could probebly find the same with Chesterfield,Barnsley,Rotherham and anynumber of towns and cities north of Milton Keynes..

 

Many places yes, but still, not representative of the entire country are they.

[Calahonda]

How would this be implemented? It would have to pass through both Parliament and the House of Lords, how about banning a second home for MP’s, I don’t think that they would vote for that, or is this just another example of the politics of envy?

[monkey104]

That is just not true. My first home was 20 miles from where I grew up and cost £42k in 1992. I was earning £10k, my partner £7k and we got a 95% mortgage with a deposit we saved up while living with parents and paying them board. Interest rates were about 12% from memory. We had carpet in three rooms, nothing to eat at, one bed, a second hand TV and didn't have foreign holidays. There was no help to buy or first time buyer stamp duty discount or lender cash back deal.

 

Buy a home for £70k today with your partner and you will have much more disposable income.

 

Your expectations need major recalibration before you come back to tell me how hard done by you are.

 

Spot on!

I bought my house in 1997 for £47,000. ( Still in it, til next year)

I was in the Army on 800 quid a month, fortunately at the time there was a scheme where we could borrow money from the mod for a house deposit interest free.

My wife wasn’t working and we had very little furniture of our own as we were provided for by the Army

We managed to find a property being sold by a couple who had split up and were leaving the white goods, curtains and carpets.

Despite this good luck I was still cacking myself with the mortgage and endowment policy repayments.

As you say, if you are buying with a partner also working there will be more disposable income.

[Mister M]

How would this be implemented? It would have to pass through both Parliament and the House of Lords, how about banning a second home for MP’s, I don’t think that they would vote for that, or is this just another example of the politics of envy?

 

I don't know why you've conjured up the idea that others are envious of those with more than one property. Perhaps your falling into the trap of judging others by your own motives? And are you trying to bait others? Your emoji at the end of your message suggests that you take pleasure in baiting others

[Calahonda]

I don't know why you've conjured up the idea that others are envious of those with more than one property. Perhaps your falling into the trap of judging others by your own motives? And are you trying to bait others? Your emoji at the end of your message suggests that you take pleasure in baiting others

 

Have you located that ‘Old Chap’ quote that you accused me of making, don’t judge a forum supplied emotion as an offence, I will now remind you every time you make one.