UK House Prices Going Crazy
On the news the other week it said that over the next 4 years the average house price in Northern Ireland is going to go up £60,000 ($120,000 for all you non Brits). For home owners this is fantastic news but for first time buyers like myself who have been self employed for 2 years which is our only income which hasn’t been astronomical, it is a very tough job.
It seems that the best thing for first time buyers in our situation is to get a property as soon as possible before the house prices escape us. The government offers a co-ownership deal where they buy half your house and you pay them a rent type thing until you can afford to buy the other half off them. Of course their half increases with the house price increase but it at least helps you get on to the property ladder in the first place. We’ve also found that many banks won’t give you a mortgage with the co-ownership deal. You can find more info on this at http://www.co-ownership.org/about_us/
 I can think of at least 2 other couples in this situation. I have no idea how a single person on a low income would ever be able to afford to buy a house and with the way things are going there’s going to be a lot of 30 year olds still staying with their parents.
Are the house prices really going to keep going up so much or will with this crazyness end soon?
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4 Comments so far
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Yeah, especially when the house prices and petrol prices are like 1/4 of what they are here.
I dont about 70% of my business online. I should move to Spain and do all my work from there lol.
Comment by weirfire 05.11.06 @ 2:04 pmNot trying to be insensitive but… Bring on the rise! And where I just bought a sweet maisonette they’re building a £100 million shopping centre and another massive health centre… Olympics coming up in a few years is also helping my pad go up and up.
You’ll get there Steve-O, keep hammering away and riches will come.
Comment by Johan 05.15.06 @ 3:34 pmlol sounds like you’ve got yourself a nice little deal there with the new house.
The only thing they’ll be building over here are high-tec farms. Not exactly on the same par with the Olympics. Whats really caused the prices to go up so much is a franchise estate agents who have come in and pushed all the prices up. This means all the people selling their house go to them and all the other estate agents have to follow to get people selling their houses through them.
Comment by weirfire 05.15.06 @ 3:38 pmLeave a comment
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I dont think its going to end soon not for the next ten years.
If they continue like this I imagine a lot of people moving abroad (I know I would)
Comment by piniyini 05.11.06 @ 1:27 pm