<edited – [offtopic] Guys you were doing so well[glum2]>
<edited – [offtopic] Guys you were doing so well[glum2]>
Bec
hehe Leigh
Mini,
I just came back from europe, and picked up as many english-speaking newspapers as I could- some of which were British. One newspaper had an amazing section full of articles on the English RE market. I would say it is similar (probably worse, from the articles I was reading) to hte Aussie market- home owner affordability at its lowest, workers on average wages needing 70% of income to afford a mortgage, etc etc.
Having said that, there will *always* be deals around for those who can find them, and they have good govt rental schemes available, where you can hand your property over to the govt to rent- good rental yields and guaranteed incomes for X number of years- govt cleans it up etc- a bit like the dept of housing used to do here before notions of public housing died. Actually, more like the defence dept housing rental scheme- but the yields in england are much greater. In England, the emphasis is on homeless families- apparently of which there are many- but it’s a set and forget arrangement.
I would say that from my brief readings, the English market is at peak boom. But I also read that investment properties aren’t yet as fasionable in England as they are in australia- most are just struggling first homebuyers, so I imagine there is a niche there with so many renters.
kay henry
there are a couple of postings saying that affordability is at an all time low. Am sure I read only a week ago that this is a myth and affordability was actually pretty good. The trouble with real estate is all these dodgy delayed statistics that are plastered across a whole market that is assumed to be comparable but really consists of many many unique products. Land is the only common denominator – what you do with it is up to you. Affordabiltiy is probably more important than interest rates, though it seems interest rates have peaked now anyway.
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Tenants in common are a lot more common method of purchasing in UK for that very reason. In years to come, it may become an increasing trend here.
On the issue of UK prices, I was throwing out some old magazines yesterday, and one which a friend had brought me back from his visit to the UK in 2001, had an add for apartments in London. I forget the exact location but were called St George…there were 2 bedroom apartments being sold for 430k pounds. Based on todays exchange rate that is $1.075m!!
James
I locked my rates in for 3 years just prior to the first rate rise.
I sold some land to capitalise and for new propterties which I think will start to come my way soon.
As for prices, I went to my cousins 60th and for that his kids bought him an authentic 1944 Sydney Morning Herald, the year of his birth, we were looking at the prices of land and houses. Kinda makes you sick, house overlooking palm beach….block of land at padstow…we are talking some really low prices.
Given there is limited land in populated areas, and the builind industry is on catch up with little movement, I dont think prices will drop to the extent some people are hoping, however I do think those that over committed may find problems in selling, or find themselves under threat of sale. Where others may find a ‘good sale’
Elves
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