Page 9 of 16 FirstFirst ... 7891011 ... LastLast
Results 81 to 90 of 159

Thread: Being British: Garden Gate, Number Eight

  1. #81
    apollo13
    Guest
    House prices are not extremely low at the moment. Due to the credit issues they are not rising with inflation - this means money may be lost in the long term and it's harder to make money on a previous investment, but it does not mean houses have suddenly become significantly cheaper. It's still much cheaper to buy a house in North America that in the UK, given similar sizes.

    In fact, since banks are not willing to lend money when they aren't sure they will get it back, it's much harder to buy a house now than a few months previously. This is where the credit issues hit - people buying beyond their means.
    Well, we had our house valued recently, and although nothing has changed within the house since three years ago, it's value had gone down significantly, and the estate agent said that because house prices were so low at the moment, if we could afford to buy without a mortage, then we should go for it now, but we definately shouldn't sell.

    Which is kind of pointless.

    /stuff bordering on spam.

    ~Evie

  2. #82
    Shev
    Guest
    Quote Originally Posted by SiriuslyMental
    It's not any cheaper to buy a house in North America, really. Unless you want to live in the back woods somewhere.

    Many decent four bedroom houses range from $400,000 to $8-900,000.
    Having just picked a couple of random areas on Remax, the range on 4 bedroom houses in general in the US is around the same numbers as the UK. That's before we take currency into account...

    As an example: This house would come in a significantly higher price than ~90,000 in the UK. In fact, although they aren't the best to use for every statistic, their cheapest UK 4-bedroom house is 109,995 - and this doesn't have even close to the floor space of the one linked above.

  3. #83
    SiriuslyMental
    Guest
    That's because American houses are generally built bigger. But many are built quickly and cheaply, and the house pricing makes up for itself in high property tax.

    It really depends on the location, too. Who wants to live in a house that looks like that? What's special about the area? It won't sell, no matter how cheap it is, if there's nothing else that sounds good about it. So it's all relative.

    To get back on topic, though:

    I still like the idea of somewhere in Yorkshire!

  4. #84
    Lord Great Chamberlain
    Guest
    Quote Originally Posted by Shev
    House prices are not it's much harder to buy a house now than a few months previously. This is where the credit issues hit - people buying beyond their means.
    Being a PPE student and having to suffer economics, I can tell you it's not harder to buy a house now than before. If you have sufficient capital to begin with, it's as easy as it was.

    Yes 90%-100% mortgages have gone, but few banks really offered them anyway, and it's largely scaremongering by the media by highlighting that you'd need around a 10k deposit to get a 90% mortgage, because that has been the case for years.

    Yes, it's cheaper in the US and houses are bigger, and probably always will be. Lucky them! It's getting harder to find the space to build houses here, particularly in the cities and suburbs, hence the trend to go for modern high-rise apartments.

    A 1-bedroom apartment in the shadier parts of London will likely cost you around 70-100k ($140-200,000), a 4-bedroom on a quiet street somewhere in a nicer part of London, you're looking a similar price to a 5/6-bed house with a couple acres of land, a pool and goodness knows what else in some parts of the US.

    House prices are not extremely low at the moment.
    At the moment, and probably for the next 6 months, it's a buyer's market. Fantastic for those with a lot of money wanting to add to their portfolio. House prices are low against forecasted prices from last year, and in some parts of the country, it's now cheaper to buy a house than it was 2 years ago.

    The term 'credit crunch' annoys me. It's not a crunch, it's not happened overnight, it has been predicted for the best part of the last couple of years, but lenders and those borrowing have done nothing about it, which is why it's slapped them so hard in the face.

    Yes, some banks have had problems, and the Test Case on overdraft charges they lost this week could lead to the end of 'free' banking, which isn't really free anyway, people just like to think it is.

    At the end of the day, if you have the means to buy a house, you can get one cheaper now than you could months ago, since some buyers are dropping their prices to either cut their losses, or because they need rid of the property/need the money and are happy to make whatever small profit they can, rather than maintaining it, waiting for the seller's market to pick up.

    Incidentally, there are more people buying-to-let. It's a market that is booming at the moment. It's a big risk of course, if you're paying a mortgage for it, because your tenants might not always pay up, which leaves you screwed.

  5. #85
    Shev
    Guest
    Quote Originally Posted by Lord Great Chamberlain
    Being a PPE student and having to suffer economics, I can tell you it's not harder to buy a house now than before. If you have sufficient capital to begin with, it's as easy as it was.

    Yes 90%-100% mortgages have gone, but few banks really offered them anyway, and it's largely scaremongering by the media by highlighting that you'd need around a 10k deposit to get a 90% mortgage, because that has been the case for years.
    When you quote someone, it's not particularly good manners to leave out pieces that change the context of the part you quote. We're actually saying the same thing, but the way you quoted me makes it look like I'm saying something completely different. Of course it's only harder for people with insufficient capital - this, however, is not an insignificant number of buyers.

    The term 'credit crunch' annoys me. It's not a crunch, it's not happened overnight, it has been predicted for the best part of the last couple of years, but lenders and those borrowing have done nothing about it, which is why it's slapped them so hard in the face.

    Yes, some banks have had problems, and the Test Case on overdraft charges they lost this week could lead to the end of 'free' banking, which isn't really free anyway, people just like to think it is.
    And you're quite right - it's been coming for a long time. It's another issue the media in this country have hyped up - just like the tax changes that happened months ago and have just been brought up again now.

    The test case was quite interesting. Depending on the appeal, it will almost definitely mean bank charges as you say. There will no doubt be a huge outcry in the press again, but having experienced it in Canada, it's nothing sinister.

  6. #86
    apollo13
    Guest
    Shall we move on before there's a full blown arguement? Not least because this is off-topic as it is.

    ~Evie

  7. #87
    Kcharles
    Guest
    Hello everyone! I have a question for you today.

    What's a British name for a rain coat? Do you call it a rain coat, rain jacket, slicker or something else?

    Thanks!

  8. #88
    SiriuslyMental
    Guest
    You could say mac, short for macintosh. It's an old name, but still in use.

  9. #89
    apollo13
    Guest
    Yeah, most people would say mac, although raincoat would be fine. I have never heard of a slicker, so I assume that's an American thing.

    ~Evie

  10. #90
    Azhure
    Guest
    Hi,

    I was just wondering if you use the mile or kilometer in your metric system. Sorry if this has already been asked...

    ~~Azhure~~

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •