h2g2 The Hitchhiker's Guide to the Galaxy: Earth Edition

Its a laugh isn't it. I am very seriously considering moving back to Scotland so that I can buy a house. I actually own one in Glasgow (got it as a student due to a dead uncle and a lenient bank) and currently rent it out. I believe that if I were to sell its happy two bedrooms and go for the biggest mortgage I can get I would just about get something in Woking (where I currently rent) which would have a seperate bedroom. Did see one going a couple of months ago that only had one room, with the bedspace on a balcony thing, going for 93.
I, personally, reckon the only way to solve this problem is to get people to work somewhere cheaper. i.e. the Government needs to encourage business to move to Wales, the North of England etc. because there just is not enough space in and around London for all the people.

Of course, I did, that's why I put in a sad smiley.

Sorry, nore sarcasm there, I should know better.

That's what I thought...

Linda I have to say I am really surprised at your view. I agree with Kelli, while I am jealous as all hell that some people can afford to buy a house, i would not wish negative equity on anyone. Any way negative equity tends to hit ordinary people earning the around the average wage then yuppies.

And further more Linda, you are young, urban and a professional!

Yup, my sis and brother in law had negative equity, from buying a house at 30k in the eighties (I think) but only getting 24k or so for it in the ealy nineties. Somewhat restricted their options!

I lived in a damp, cold flat for 4 years till I'd saved up enough for a deposit. Would have been shorter but with dropping interest rates and rising house prices it was chasing a moving target and i ended up cutting my losses and going for it whilst i still could.

But then, i don't have kids, or a partner, or a flash car, i commute 3hrs at least each day so i guess it evens up in the end, you gain a little here, you loose a little there. And yes, I do know I'm one of the lucky ones, and am not trying to rub it in, just giving my views in case I'm coming across at all condescending or anything. I wouldn;t dare mortgage myself to the hilt, theres pretty much no such thing as job security these days and I know fate could hit and me loose my job at any time (probably for surfing the web too much )

I was being sarcastic Abi, that's what the smiley was for.

and no, I'm not young, urban, or professional! I'm old, suburban, and making it up as I go along.

When H and I moved in together, 10 years, it was during the property slump and he was left with a huge negative equity deficit.

Consequently when we decided to buy a house together H said it would be very much more sensible not to increase the mortgage too much.

The house we bought was banded as D, but currently the value would now put it in G, it's only a 3bed semi! Lunacy.

Our local Council is Lib/Dem and as they are supposed to be on the side of the householder/tax payer we shall see what happens here. However I expect that the tax will go up considerably.

My sons are now at the stage in life where they are looking to leave home, But the rents here in Surrey are very high, a cheap unfurnished studio flat is over £650 pcm. We occasionally joke that H and I will have to be the ones who leave, it is beginning to look less of a joke as time goes by.

Actually, thinking on the Council Tax bit, when I lived in Glasgow my two bed flat cost close on £1200 a year in Council Tax. When I first moved to Surrey I shared a three bedroom house which cost us about £800 a year in Council Tax. But then in Glasgow you could get a bus after six at night, so its all swings and roundabouts.

Caerwynn, have you looked at Woking?

I'm Paying £575 for a lovely flat (More of a mini house, with a living room & gallaried upstairs Bedroom & Bathroom bit) and they do seem fairly common, at the £550- £575 mark. Are a bit out of the way in Goldsworth park though

Would love to Buy, but can't, even with a reasonable deposit available.

I think No2 son is thinking of Aldershot or Ash, as they are cheaper still and No1 son is thinking of spending the rest of his life exploring and living in a tent !

It really is Catch 22 if you want to buy and the area is widening, apparently Reading is catching up fast. My sister in law and family moved from there to Devon so that they could afford some more room. But the downside is that jobs are in shorter supply there.

Yeah, I looked at Farnborough /Ash/ Aldershot too. Depends on where the job is. I can walk to work which does help.

Norfolk is also ( or was 6 months ago) reasonably priced, but the jobs are scarce. Munchkins Scotland Idea may not be a bad one, there seemed to be enough jobs about, when I was last in Glasgow.

Things have to settle soon dont they? else were are all us folk that do the routine work going to live? we can't all commute in

On radio 4 this morning, the Bank of England admitted that the housing market is too unstable to support itself - which is different from what they were saying a couple of months ago.

Thank goodness the interest rates aren't set by the goverment anymore!

Incog.

hemmmmmmmmwwwwwwwwwwwwwwwwwwwrrrrrrroooooooouuuuuuuuuuugh,

not sure I agree there really. I think the monetary policy is too greedy and has caused this silliness. Many people are borrowing now and its v. scarey.


Anyway, I posed the original question because we've just had another set back with buying our house (another I hear you say!). Basically, the guy we're buying our house from was buying one from a friend. However, this 'friend' decided to put the asking price up at the last minute. Y'know, just as we had signed contracts an' all. It seems people are getting greedy and not long after that the bottom falls out. Or lets hope so anyway. well, I just thought that was out of order. We're holding on for this house because prices have now gone up to the extent we can't afford to get anywhere now! I wouldn't mind but we're quite well off compared to some......

Bit in the paper this morning (Virgin Trains managed to lose the train driver somehow so I got a chance to read the paper properly!) saying that the advice is now for first time buyers to not bother, hang on to their deposits and wait till 2003 when the market should come down (yeah right!). The first signs will be when the city workers start getting less bonuses and selling their buy-to-let properties to get back the capital. Once that starts things should start looking better.

Believe it when I see it!!

It would be nice if it is true, that gives me a year to save a deposit.

A slump/crash is what I'm waiting for, terrible for those who will be caught in negative equity, but it's the main reason I probably won't pull out all the stops to buy just yet ( I have been offered a 4x wage 30 year mortgage )

I really can't remember who told me this (and cannot vouch for its veracity) but apparently in Japan people can get generational mortgages whereby you take a mortgage that you pay for your whole life and that will eventually be paid off by your children or even grandchildren

This may be the way forward for anyone wishing to purchase inside the M25 anytime soon.

Not a crash please, unless anyone can accurately tell me when it will be so I can sell in time...

Watch the weather, there was a big storm last time!