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it's just not worth taking on so much debt when you're so young, especially when there are much nicer places to live and raise a family. i'm on 37k which is ok for london but i'm not even tempted to get an ex-LA highrise 2-bed rundown flat in a lovely "up-and-coming" area like Brixton or Plumstead, which is about all i could reasonably afford.....i'm just gonna travel and save then disappear to SE Asia or NZ and live it up.
yeah it is, unless you bought a house in the last 3-4 years
Mind you, this is just part of the business cycle. Long term outlook looks grim. I mean, I think the reality will be that, people will accept a 3 bed in out of their means and will settle for rented flats, like in many other countries of the world. I've looked at it more than once and we're experiencing a population boom in the UK. More mobile labour is coming to the UK and making us a world leader in productivity, however the less able labour *cough*dolites*cough* don't seem to want to move out, for some reason. With an increasing demand for housing that is sustainable, but without a good supply of homes to meet this demand, price is only going one way over the long term 25 - 30 years you may have your mortgage for. So if you've got one, don't panic (unless you intend to sell up soon and buy a canalboat), over the long term it should be a very healthy investment, especially in the south east.
you're trotting out all the cliches mate what have you been watching, that's like telling someone to hold onto their stocks at the top of the dot com bubble, sure the markets have recovered a bit since but how much time have you lost?....if you bought your house pre-2002 you'll be okay i reckon, you'll be surprised how quickly the population boom reverses when all the immigrants realise there's no jobs for them and they don't get as many zlotys for their pound as they used to, the supply and demand argument is too simplistic with the housing market (hell who doesn't want a house?) because very few people can afford to buy outright, and when house prices start falling the banks aren't so eager to lend you the cash anymore, at the end of the day it comes down to affordability.....
oh and world leader in producing what exactly? care to explain the huge trade deficit and debt-GDP ratio, even america is more productive per capita and that hasn't stopped them slipping into a recession......oh wait, we've got NS oil exports to keep the economy strong right? hmm maybe not...no surprise Brown has been kissing America's arse, they're all we've got left lol.
£250 a month or something for rent and bills?? lol
For me, the missus and my nipper just go break even every month costs me about 1500
That covers rent, food, petrol, childcare, council tax, electric, gas, tv license etc, phone, broadband, mobiles
it all adds up!
Clothes! etc
you could go on forever.
IMO even if prices drop they will rise again at some point, and either way, what we are seeing now is probably one of the most defining moments in modern history in the rich/poor divide become massive again in certain terms.
We are almost back to wealthy people renting to poor and no one else being able to buy.. crazy times, go labour. :rolleyes: