News6 mins ago
Oh, Good! Houses Up.
36 Answers
The Governor of the Bank of England has told the Treasury Select Committee that the Bank expects house prices to rise by about 10 per cent over the next two years;the ONS noted that price inflation in November was running at 5.4 per cent calculated annually. That would add about £25,000 to the average price of a house. (The Halifax's figure was 7.5 per cent, but you know how excitable lenders are) [The Times]
I bet you are glad that mortgages are so easy to obtain!
Any opinion on this state of affairs?
I bet you are glad that mortgages are so easy to obtain!
Any opinion on this state of affairs?
Answers
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I get annoyed by news reports that "The average house price is now £xxx,000". Surely it only takes the sale of some stately home for some vast sum to push that average figure up by thousands of pounds. Again, the media will happily report building society figures, like, Nationwide, who might say "House prices are up x%", yet at the same time Halifax are telling us "House prices are down y%". Why does no-one question the discrepancy between the figures?!!
heathfield, the papers report differing surveys and sometimes explain the differences (Nationwide and Halifax use different criteria, though I can't remember what at the moment). It's common for the figures to be different but unusual for one to go up while the other goes down.
The Standard a couple of days ago said a house in London would make more for you than your pay - about £50,000 a year.
The Standard a couple of days ago said a house in London would make more for you than your pay - about £50,000 a year.
AOG: Haven't you got enough money? Think about those poor couples trying to get on the housing ladder.
Enough is seldom enough , AOG :) But it may interest to you that I haven't got the ready cash to buy my own daughter a flat in London. Who has? A small flat way out in somewhere like Barnes fetches more than £385,000. And the more the prices rise; £25k on about £250k average in two years; the more the girl will resemble Sisyphus. Even a two up two down in Cambridge is nigh on £400,000. If I gave her £100k she still wouldn 't be able to get a mortgage. That's the problem for those, and there are many, of her age, 26, trying to get on the housing ladder, and it is the same for many who are much older.
Inheritance tax? The threshold is currently £325,000, I think. With houses already at an average of c £250,000, and prices in the South being what they are, it must be payable on a lot of houses and will soon apply to many more. Mind, if you buy a farm and farm it, there's no IHT on the land and none on the farmhouse. Not an option open to many
Enough is seldom enough , AOG :) But it may interest to you that I haven't got the ready cash to buy my own daughter a flat in London. Who has? A small flat way out in somewhere like Barnes fetches more than £385,000. And the more the prices rise; £25k on about £250k average in two years; the more the girl will resemble Sisyphus. Even a two up two down in Cambridge is nigh on £400,000. If I gave her £100k she still wouldn 't be able to get a mortgage. That's the problem for those, and there are many, of her age, 26, trying to get on the housing ladder, and it is the same for many who are much older.
Inheritance tax? The threshold is currently £325,000, I think. With houses already at an average of c £250,000, and prices in the South being what they are, it must be payable on a lot of houses and will soon apply to many more. Mind, if you buy a farm and farm it, there's no IHT on the land and none on the farmhouse. Not an option open to many
