Harringay, Haringey - So Good they Spelt it Twice!
House prices
Speak to the estate agents, something unprecedented it's happening with the cost of home ownership, especially between wood green tube and ally pally.
It's possible this government may become known as seeing through the largest distribution of wealth from the poor to the rich ever ....
Replies to This Discussion
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Permalink Reply by Justin Guest on
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FPR, not being funny but your promotion of some sort of social idle where we all share in the nation's property stock is somewhat at odds with the recent discussion you began on how to get rich quick using Bit Coin investments ("Bit coin on fire today again", etc)…
How does owning property and an investor making money out of it and owning bit coins and making money out of it differ? And yes I get the 'human' component, but explain it to me from an economic perspective, especially when you use phrases like 'redistribution'...
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Permalink Reply by Finsbury Park Ranger on
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Justin I simply think the free market needs help to work properly by leveling the playing field occasionally to maximise opportunity through resdistrubitive policies. I'm not anti 'markets'. Sometimes it's also wise for us to collectively bargain for some assets sometimes if the market is completely disfunctional for that asset class.
One day bit coins might need to be redistributed through greater taxation, I have no problem with that if it's done for the greater good.
I really don't like that argument that unless you are a 100% free market fundamentalist you must live in a commune and eat mung beans on toast every day and god help you should you play the market which at the same time you would like to see some changes in some ways.
A man might wish his wife was nicer but does he deserve to be shot at dawn for sleeping with her in the mean time?
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Permalink Reply by Alan Stanton on
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FPR, do you ever reread your own postings and imagine how your readers might take them? And whether you might use more persuasive and relevant examples to make your case?
Just out of curiosity, Do please let me know if you ever read and reflect on the points other people make? Or read links which they suggest?
If so, did you see this new article on housing by Danny Dorling? If you haven't done so, you might want to explore his website. In which, incidentally, he tries to meet people halfway "who are put off by long lists" .
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Alan, this isn't my job, I'm not trying to solicit votes. I'm chin wagging at the virtual bar with friendly strangers. Give me a break huh ?
I don't read every link that's sent my way, I always thought that was optional, not compulsory, again forgive me if this annoys you.
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FPR why would it "annoy" me if you choose not to read stuff? It's up to you. But now I know, I'll stop making suggestions.
For me, exploring new - and old - knowledge and different ideas isn't "compulsory". It's fascinating and also fun. Like enjoying different music or food or sport, or arts. This is a marvellous time when the internet makes it cheaper and easier to "plug-in" to what's happening. Discovering in seconds who is writing and researching, broadcasting and videoing about issues and ideas and discoveries.
By the way, why do you think I'm "trying to solicit votes" ? Because I'm a councillor? Actually you couldn't have voted for me because you don't live in my ward. Anyway I'm not standing. So if I'm "soliciting" anything it's that you think for yourself and vote only for candidates you've actually met and talked to and judged worth voting for. That way you'll probably discover that many of the people who are standing for election across Haringey aren't worth the walk to the polling station.
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Haringey's house prices are now out-stripping Kensington and Chelsea at over 6% a MONTH ...
http://www.hamhigh.co.uk/ham-high-life/haringey_leads_house_price_r...
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Permalink Reply by John McMullan on
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They have been held down for so long by a poor administration... perhaps that is unfair of me. The competition at the "bottom" of the market is intense with large parties being taken around £250,000 flats in one day and sealed bids being asked for the next but further up the ladder you can make offers under the asking (we're still on 2 bed flats here though). Haringey holds a lot of "the bottom of the market".
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Permalink Reply by JJ B on
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One way or another we are heading for crisis....
http://www.theguardian.com/society/2014/may/18/-sp-truth-about-gent...
Respect
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A higher % of cash buyers means fewer properties are being bought by owner occupiers who mostly need a mortgage.
Since paying off a mortgage has historically (say since the 40s) been one of the best ways to build wealth for retirement* I don't think this is a positive trend for society.
The trap many people are in is that because they cannot raise the capital and/or have the income to get a mortgage to buy a property, they have to rent. Their rent is then used by the landlord to service a mortgage even though the occupiers are denied access to that mortgage! End result is the landlord benefits from any capital gain on the property even though the tenants actually paid most of the costs.
I have nothing against landlords or rental accommodation - there are times in people's lives its exactly what they need and as long as someone is able to provide for their future there is no need to buy ever. But a situation where many many people who would like to buy and traditionally would have been able to are now locked out of the market is not good for London in the long term.
* This is true whether or not house prices rise in real terms as long as they rise with inflation. Compared to renting, a repayment mortgage enforces saving**, insulates housing costs from inflation, and assuming the mortgage is paid off before retirement, removes the need to fund housing costs from a pension. therefore the owner occupier benefits even in conditions where an investor would not.
** If you save you end up with a pot of cash, if you pay off a mortgage you end up with an asset in the form of a house which you can use to either directly meet your own accommodation needs or rent out/sell and use the proceeds to fund your accommodation.
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It will be another three and a half years before interest rates rise significantly. Alistair Darling and Gordon Brown said so in 2008.
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Replying to Billy..
Well cash buyer usually means without a mortgage. But even if we are talking about high deposits plus mortgage, it sill means that more properties are going to people who already have capital, removing the opportunity for first time buyers to start accumulating capital.
My point was really that a crisis is not synonymous with a crash. If the situation continues as is this is going to have significant repercussions on the future wealth of the priced out generations, and therefore on their ability to fund their own future. If lifetime private renting ( as opposed to lifetime social renting) really is the new model for anyone on (let's say) 1.5* average income or less* we need to look at pension planning which includes ongoing private renting...and people aren't saving enough as it is.
* average median London income from a full time worker in 2013 was about £35K, so I'm assuming you need to be on about £50K to consider buying a London property even at the bottom end (studio flats and/or a dodgy area in outer London)
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replying to TBD
I think you are reading something I'm not saying. I'm not talking about winners vs losers and I'm certainly not talking about retirement planning being selling your home to fund 2 cheap cruises a year (eh?).
All I mean is that you need a home when you are retired, so if you don't own one by that point you need to make sure your retirement income is enough to cover your rent for the duration of your retirement. Whereas if you do own one, your housing needs are covered either by living in the house you own or buy selling/renting it and using that money to cover accommodation elsewhere.
(To be absolutely crystal clear, you would only sell your house to fund a cruise if you had already covered your housing needs in another way.)
Certainly relying on your house to fund your whole retirement is crazy. However including buying a house as part of your long term planning is not, if you can afford to do so.
My point is that those who cannot afford to do so AND can no longer rely on subsidised social housing will be facing a big gap when they retire, so the true impact of the rising housing costs we currently "enjoy" may not be felt for quite some time.
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