Property prices thread

[Sheilbh]

We are talking a lot about buying a property here but thinking on Sheilbhs post of a ex rental sell off and what I've seen locally... It does seem to be getting ever harder to find somewhere to rent.
This is becoming a big problem. Not everyone can afford to buy and renting is pretty vital for worker mobility.
Logically it's evidence we need the government building more social housing again but we all know how slowly these things go and how reluctant governments are to actually do things.

Yes worth flagging that the UK has an unusually large social rent sector compared to other similar countries - which, I believe is about 50/50 council and housing association.

The problem is because there isn't enough housing it is still expensive. It's a bit like childcare where agian the UK spends a lot more than normal. The British state and its services is like the Woody Allen joke of two old women sat in an expensive restaurant: "the food's terrible." "And such small portions."

[Tamas]

Once we have the necessary recession to kill off inflation, it could be a neat stimulus to launch big building programs.

Or I guess we can just print institutional money again.

[Sheilbh]

Once we have the necessary recession to kill off inflation, it could be a neat stimulus to launch big building programs.

But that relies on the British people choosing to build over a heritage supermarket carpark that may have bats over permanent recession

[Tamas]

Once we have the necessary recession to kill off inflation, it could be a neat stimulus to launch big building programs.

But that relies on the British people choosing to build over a heritage supermarket carpark that may have bats over permanent recession

  Yeah that's a tough one.

[Tamas]

Sounds like post-pandemic rebalancing, if nothing else, was well on its way before the Truss disaster:

https://www.estateagenttoday.co.uk/breaking-news/2023/2/sales-slide-by-30-as-buyer-demand-wanes--claim

Reduced homebuyer activity has led to a 30.5% drop in UK house sales, new research suggests.

The data also shows that one Scottish city is the only place to report an increase in transactions over the 12 months to September 2022.

Analysis of sales volumes held by the Land Registry up to September 2022 reveals there have been 843,600 sales transactions completed across the UK.

This marks a drop of 30.5% compared with the 12 months previous during which there were 1.2m sales.

A regional analysis of the UK market by self-employed agency brand eXp shows that each and every corner of the land has seen a decline in sales, nowhere more so than the East of England where the annual figure has dropped by 37.3%, from 125,808 to 78,887.

In the South East, sales have dropped by 37.2%, closely followed by the South West with a 37.1% decline.

The smallest drop has been seen in Scotland where a decline from 121,544 transactions to 105,465 marks an annual drop of 13.2%.

[Josquius]

A random little game. How much did the property sell for?

https://propertyguessr.fun/locations

[Sheilbh]

Yikes

[HVC]

and That's just averages for the whole country. Houses are way more the 4 times the cost in Toronto, for example.

[Valmy]

Italy shows that the best way to have cheap housing is to be in a country during a demographic collapse (though I understand the Italians are working pretty hard to turn this around)

[Admiral Yi]

Italy shows that the best way to have cheap housing is to be in a country during a demographic collapse (though I understand the Italians are working pretty hard to turn this around)

The Detroit strategy of creating a dystopian hellscape is pretty good too.

[Sheilbh]

Please - we are trying our best.

[Valmy]

Italy shows that the best way to have cheap housing is to be in a country during a demographic collapse (though I understand the Italians are working pretty hard to turn this around)

The Detroit strategy of creating a dystopian hellscape is pretty good too.

That's what keeps the rent down baby!

[Valmy]

Please - we are trying our best.

The demographic collapse or the dystopian hellscape?

[Tamas]

Please - we are trying our best.

 

[Sheilbh]

The demographic collapse or the dystopian hellscape?

Dystopian hellscape.

UK population is growing fine and record high net immigration - so very much not collapsing demography (I think Britain and France have the youngest cities in Europe)