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Thread: The state of Cardiff's housing market as prices grow twice as fast as wages

  1. #26

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by LeningradCowboy View Post
    Buy-to-let landlords are the worst in my experience. They spend the absolute bare minimum maintaining their properties because the rent goes straight towards paying their mortgage each month.
    Thankfully (and surprisingly with a Tory Gov in charge) tax changes are slowly forcing out the small scale private landlords in favour of the big build to rent corporates that punt on long terms rather than pinching every penny.

    Of course there are some good landlords but the future is with these big nationals such as L&G

  2. #27
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    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by WJ99mobile View Post
    Landbanking is a myth
    No it isn't. Or at least, no it wasn't a few years ago.

    The investment scams around land banking were fairly minor in scale, some described here:

    https://en.wikipedia.org/wiki/Land_banking

    What I was talking about were housing developers who slow timed on developments because they were waiting for prices to rise or for local authorities to drop planning requirements in frustration at the lack of progress. I know it happened. I was working with a batch of house builders as part of my job (Decent Homes programme and new build feasibility schemes) who were doing exactly that. My direct experience was from 2006-14

  3. #28

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by WJ99mobile View Post
    Of course there are some good landlords
    That’s news to me

  4. #29

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by jon1959 View Post
    No it isn't. Or at least, no it wasn't a few years ago.

    The investment scams around land banking were fairly minor in scale, some described here:

    https://en.wikipedia.org/wiki/Land_banking

    What I was talking about were housing developers who slow timed on developments because they were waiting for prices to rise or for local authorities to drop planning requirements in frustration at the lack of progress. I know it happened. I was working with a batch of house builders as part of my job (Decent Homes programme and new build feasibility schemes) who were doing exactly that. My direct experience was from 2006-14
    Perhaps during the crash of 2007 where it wasn’t feasible to build but now the large scale developers are now building to capacity and it’s only labour and material shortages holding them back and it’s been like that for years.

  5. #30

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by A Quiet Monkfish View Post
    Don't know why you wouldn't get a mortgage, only reason would be credit or lack of employment. Mortgages are extremely easy to get compared with 30yrs ago. Big difference was you started with a cheaper property/flat and slowly moved 'up the ladder'. Today people want to move in to their 'forever home' straight away. It's hard nowadays, but it was hard then, too.
    Young folk I know seem a lot more fussy these days. I bought a dilapidated house when I was about 25, most rooms were not used or in a bit of a state, reckon it took me about 5 years to eventually get each room done. My neighbours daughter just bought a house, been saving for a few years, couldn’t quite afford cardiff they said so bought in Caerphilly. All the furniture though came from John Lewis, then the garage needed converting in to a gym straight away, now the kitchen isn’t right and they want an extension. Not been there 6 months yet….I hear this sort of stuff about getting everything perfect almost immediately, what’s this all about? Why?

  6. #31

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by Canton Kev View Post
    That’s news to me
    I know plenty and I’m one also……good and bad everyhere

  7. #32

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by tforturton View Post
    Try that these days. Even a cheap house in Cardiff is at least £200,000. So you need a £20,000 deposit, then you need to be on £60,000 a year, to qualify for that three times your salary thing. Not very likely at a young age.
    I don't disagree with anything about how difficult it is for young people to get on the property ladder these days, they've been screwed over in a variety of ways, but saying even a cheap house in Cardiff is at least £200,000 is complete bollocks. Don't cheapen your argument by making stuff up

  8. #33

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    I don't understand why , if possible and unless they breed , people don't buy a house and stay there

    The never ending search for better things affects everything , not just housing and its going to **** us all up

  9. #34

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by SLUDGE FACTORY View Post
    I don't understand why , if possible and unless they breed , people don't buy a house and stay there

    The never ending search for better things affects everything , not just housing and its going to **** us all up
    Reproduce? That's what people do isnt it?
    So many new houses are so small that as soon as a little one appears theyve outgrown the property and it's time to move on. If they're fortunate enough to have room to expand their current house, its probably the best option.
    Everyone is going to earning high wages and have highly skilled jobs soon, so itll all be ok in the end anyway (hope you can hear the hint of sarcasm)

  10. #35

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    It's exactly the same in Sweden. It went from easy to find a dwelling to now being a huge pain in the ass and very expensive

  11. #36

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    The Right To Buy eh! What a f*cking disaster.

  12. #37

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by goats View Post
    Young folk I know seem a lot more fussy these days. I bought a dilapidated house when I was about 25, most rooms were not used or in a bit of a state, reckon it took me about 5 years to eventually get each room done. My neighbours daughter just bought a house, been saving for a few years, couldn’t quite afford cardiff they said so bought in Caerphilly. All the furniture though came from John Lewis, then the garage needed converting in to a gym straight away, now the kitchen isn’t right and they want an extension. Not been there 6 months yet….I hear this sort of stuff about getting everything perfect almost immediately, what’s this all about? Why?
    Has nobody your age bought a house and done it up and put new furniture in it?

  13. #38

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by splott parker View Post
    The Right To Buy eh! What a f*cking disaster.
    Could have been good if the rules were stuck to

    Ie build new for every sold

  14. #39

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by WJ99mobile View Post
    Could have been good if the rules were stuck to

    Ie build new for every sold
    Nah, was a shit concept, circulation of mass affordable rented properties was working well. All it’s done is create ghettoes of the parts that no bugger wanted to buy and a lot of the other parts of estates under private landlords. So the big plan for folk to own their own house has resulted in a lot of those houses now being rented with nowt going to the local authority in the way of rent.
    The selling off of council stock was Thatcher’s way of capturing the working class, kidnap them with a mortgage around their necks, terrified to strike or complain about working conditions, that monthly bill had to be met. There was a safety net as a tenant, I’ll never be convinced about the right to buy.

  15. #40
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    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by Heathblue View Post
    I've been dealing with the local council this past two months regarding alterations to my house and to be fair to them they have been O.K, they didn't go the extra mile and make it clear what I need to do preferring to refer me to literature, fortunately I bumped into someone who works in the planning dept. who gave me an avenue to pursue which got me a quick decision and saved me a nice wedge.
    So if it wasn't for the planning process you could have shaved two months off the overall time of the alterations

  16. #41
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    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by jon1959 View Post
    Maybe the world has changed since I stopped working in public housing 7 years ago - but at that time developers were definitely land banking, and (along with their supporters in the Tory Party) blaming planning regs. No doubt planning systems and regs can be improved, but my experience was they were put up as an excuse for developers wanting greenfield sites not brownfield, and resisting requirements to include section 106 affordable housing in some developments. It was mostly a smokescreen to maximise profits.

    Councils do not build council housing because they are unable to fund them (despite the self-financing Housing Revenue Acount reforms of a decade ago) and because they will still be subject to Right To Buy - meaning the public (councils and remaining tenants) will continue to subsidise a section of new owner occupiers. Mass social house building is needed now.

    The other recent factor affecting housing costs and supply - and a reason for owner occupation in the UK dropping from over 70% in 2003 to under 65% now - is the 'buy to rent' phenomena. Vast numbers of homes - new build and ex RTB council in particular - have been hoovered up by the new breed of landlord who then push up rents and collect from the affluent who can afford them, or those on housing benefits (so the state, or taxpayers, have to afford them) for those that can't. People in the middle get squeezed.

    This is what happens when housing is seen as an investment asset, for personal or company benefit, not as a home. That mindset is much more prevalent in the UK than most other parts of Europe as Sludge said - even Romania with its' 97% owner occupation rate!
    Developers don't land bank. It would tie up too much cash to do so. Developers want to develop but also have to develop with the intention of turning a profit.

  17. #42

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    There are 14,500 council houses left in Cardiff. CCC are the 2nd most active council in the uk at buying back ex council houses. Selling them off was a disaster, massively boosted the private rental marketin which some landlords did exactly what they wanted.

  18. #43
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    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by Feedback View Post
    Developers don't land bank. It would tie up too much cash to do so. Developers want to develop but also have to develop with the intention of turning a profit.
    And if they could turn a bigger profit by sitting on the sites, that is what they did.

    If you are so insistent that land banking never happened tell me what Henry Boot, Keepmoat and Kier were doing with their development sites in South Yorkshire in the period I described. I was working with them, talking to them, talking to the planning and development officers in the council, reading the reports and even visited a few sites.

    No doubt you know better - so just give me the headlines on the real story.

  19. #44
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    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Interesting scheme:

    https://www.bbc.co.uk/news/uk-englan...ngham-58933011

    A way into affordable rented homes with an incentive to stay for a long time!

  20. #45

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by WJ99mobile View Post
    Could have been good if the rules were stuck to

    Ie build new for every sold
    Thatcher refused to let councils replace houses sold until they had used the money raised to pay off debts

    She basically robbed them then kicked them in the bollocks as she went

  21. #46

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by Doucas View Post
    So you're saying everyone who is employed can get a mortgage easily? Is this a joke?

    Where are you getting this information from that people want a forever home right away? You're talking nonsense.

    Just take a read of this - https://uk.finance.yahoo.com/news/uk...060042411.html

    Also did you take a look at the average wage vs house price graph I posted earlier? https://images.app.goo.gl/P1NT2ZDTC8VgKis98
    I bought my 1st house in The Hawthorns [Pentwyn], in 1976/7. for £14,000.According to Zoopla It sold for £140,000 a couple of yrs ago. Interest rates were 14%. Mortgage rates 16% at least at times. I was earning less than £5k. I'd saved for 4yrs with the Woolwich B.S. to get the deposit.
    No help from f*cking anyone. Today a mortgage on that house would cost not far off what I was paying with a less than £5k salary. All furniture borrowed or begged.
    It's never been easy buying a house, the differences between know and then are exaggerated..

  22. #47

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by A Quiet Monkfish View Post
    I bought my 1st house in The Hawthorns [Pentwyn], in 1976/7. for £14,000.According to Zoopla It sold for £140,000 a couple of yrs ago. Interest rates were 14%. Mortgage rates 16% at least at times. I was earning less than £5k. I'd saved for 4yrs with the Woolwich B.S. to get the deposit.
    No help from f*cking anyone. Today a mortgage on that house would cost not far off what I was paying with a less than £5k salary. All furniture borrowed or begged.
    It's never been easy buying a house, the differences between know and then are exaggerated..
    Well you had some f**king help from the f**king bank.

    Out of interest, is it easier to save money when interest rates are 14%?

  23. #48

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by lardy View Post
    Well you had some f**king help from the f**king bank.

    Out of interest, is it easier to save money when interest rates are 14%?
    I'm a mortgage broker of 35 years experience and what surprises me is how much personal credit youngsters have. So many low paid people have huge car finance/loans/hp and hefty credit card bills. If they are able to buy (4.75 times income common at 90% or less) then all the furniture needs to be Instagram perfect and all new. Many of those coming back after 2 years have to stay with their current lender on a new product as their affordability (credit taken after purchase) won't allow them to go elsewhere. Managing with old furniture, making do and saving seems a think of the past......

  24. #49
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    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    https://www.theguardian.com/business...-safety-crisis

    Plans for thousands of affordable homes face being scrapped as billions of pounds are diverted to fixing the building safety crisis, builders have said.

  25. #50

    Re: The state of Cardiff's housing market as prices grow twice as fast as wages

    Quote Originally Posted by A Quiet Monkfish View Post
    I bought my 1st house in The Hawthorns [Pentwyn], in 1976/7. for £14,000.According to Zoopla It sold for £140,000 a couple of yrs ago. Interest rates were 14%. Mortgage rates 16% at least at times. I was earning less than £5k. I'd saved for 4yrs with the Woolwich B.S. to get the deposit.
    No help from f*cking anyone. Today a mortgage on that house would cost not far off what I was paying with a less than £5k salary. All furniture borrowed or begged.
    It's never been easy buying a house, the differences between know and then are exaggerated..
    You're repeatedly missing the point like many in your generation.

    You had a mortgage, many people my age who are working full time and always have done and have no hope of ever getting a mortgage. Home ownership for your generation at age 30 was 50%, for millenials its 30% and that figure is going to become rapidly smaller for gen z (https://abcfinance.co.uk/blog/generation-rent-study/)

    Your house was less than 3x your wage, that is basically unheard of these days.

    'A couple of years ago' so that price is already massively out of date, it's increased by at least 25% now.

    Is it just me or are the boomers completely out of touch with modern life?

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