Thread: The housing market
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Unread 22 Nov 2006, 16:45   #2
Dante Hicks
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Re: The housing market
Quote:
Originally Posted by Marv
Or are they just going to keep rising and even more out of my league so I am back with my parents unable to enter the housing market due to its continued growth and potential extortion?

I am hoping for the former.
Unless something changes, I suspect the number of people renting will increase over time. If a lot of older people sell their homes (to pay for nursing care, etc) and don't leave them to their kids then you might find this process happening quicker than expected. So you won't do either (live with your parents or buy) - you'll rent.

But why do you want to buy a house 1-2 years after you've finished your degree anwyay? OK, I live in London but I finished my (undergraduate) degree five years ago and I'm not even vaguely thinking about buying a property (not that I could, admittedly). The majority of people who I went to school with are in roughly the same boat.

People have been saying that current / former price rises are unsustainable, but that doesn't mean they won't keep going up. While we have relativley high rates of immigration, a reasonably solid economy and a flexible credit market I don't see why prices would crush suddenly. Sure, prices do seem ridiculous from a first-time buyer perspective, but then there's plenty of people who have second houses, and 800,000 Britons have a house abroad, I read this morning.

Anyway, everyone seeing their house as "an investment" is probably how some of this nonsense got started in the first place. A house is somewhere to live primarily, not part of some investment fund.
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