Is this the right or wrong time to buy a house?

[Funky Dave 10]

Mmm... Anyway, what's going to happen to the hordes of would be first time buyers who'll not be able to afford a home of their own now? I know that they'll probably have to rent, but I'd have thought that most people aspire to own their own home one day. It's a bit of a downer from their perspective isn't it?

[max 13]

Originally posted by Funky Dave

Mmm... Anyway, what's going to happen to the hordes of would be first time buyers who'll not be able to afford a home of their own now? I know that they'll probably have to rent, but I'd have thought that most people aspire to own their own home one day. It's a bit of a downer from their perspective isn't it?

 

If people are that desperate to buy a place then maybe they'll bite the bullet and buy in the cheaper areas. We could be seeing the start of a social revolution where the children of the affluent south and west of the city are forced to buy in other parts of the city.

[Tony 10]

Originally posted by Funky Dave

Mmm... Anyway, what's going to happen to the hordes of would be first time buyers who'll not be able to afford a home of their own now? I know that they'll probably have to rent, but I'd have thought that most people aspire to own their own home one day. It's a bit of a downer from their perspective isn't it?

Maybe, but we're adjusting to the model that virtually the rest of the world operates - renting until you settle down in your 30's and maybe always.

 

Home ownership is a very modern thing - 50 years, that's all. Renting was the norm.

[t020 11]

Originally posted by max

If people are that desperate to buy a place then maybe they'll bite the bullet and buy in the cheaper areas. We could be seeing the start of a social revolution where the children of the affluent south and west of the city are forced to buy in other parts of the city.

 

Nah... from people I know, they're either choosing to rent in the SW or buying shoebox flats in the SW. That is of course of the ones who haven't been forced out of Sheffield altogether through lack of career prospects round here.

[Cyclone 10]

presumably most of the people growing up in sw end up at uni.

And the majority of graduates go wherever the work is, not back home. I'm in the minority.

[Snook 10]

Still not seen much evidence of a crash, i think people are trying to avoid that at all costs.

[max 13]

More evidence of a house price crash (not) in Yorkshire from The Land Registry:

 

The Land Registry said the value of property shot up by more than 27% in Wales and the north-west between the second quarter of 2003 and the same period of 2004, while prices rose by nearly 26% in the north and Yorkshire and Humberside.

 

Full article from the Guardian:

 

House prices soar in Wales and the north

[Tony 10]

DON'T PANIC.. DON'T PANIC...

MR MANWEARING... DON'T PANIC

[zorba 10]

Just came across this, does seem to be in the more southern regions....

 

http://www.reuters.co.uk/newsPackageArticle.jhtml?type=personalFinanceNews&storyID=563908&src=eDialog/GetContent&section=finance

[kelly_owls 10]

Nah, hey are going up aren't they. We bought our house in Stannington for £110,000 three years back. It is now worth just over double that NOT including the extension being done now which is going to increase the size.

[mikey 10]

Things are sticking on the market longer, especially at the top end. There also seems to be quite a few larger properties springing up on the market. I think the owners are trying to get their money and run, downsize or move abroad.

[Tony 10]

I think it's fair to say that the top of the market has always taken longer, but the problem at the moment is a lack of 'first time buyer' stock.

 

However... this is being addressed in some new developments where units are being targeted at a low price to help people get on the ladder.

 

I think that this will help to give some more impetus into the whole market locally - which is still in very good shape anyway.