Working classes are being pushed into private let, with high rental and no feeling of security,up to five years waiting for council homes,and more and more people being placed on caravan parks with familys because of the housing shortage.Landlords seem to buying up more and more houses and making more and more money of low income families and benefits, and probably pushing the house prices further out of reach.
2007-02-25 22:10:45 · 11 answers · asked by SAR13 3 in Business & Finance ➔ Renting & Real Estate
Some investors are buying up 10 or even 20 flats in a development with the intention of renting them out. This makes it harder for people to find suitable places and supply and demand causes the prices to go up.
I also think that couples are getting joint mortgages as moving in before getting married is getting more common. This means that the mortgages are lending higher amounts based on joint salaries pushing the prices up.
Before everyone starts blaming the government, its up to the seller how much they wish to sell their places for, nothing to do with the government. Putting up interest rates is not done by the government, but by the Bank Of England. If they put it up to high, then many people will stop being able to afford the mortgages they have and will end up having their house repossessed.
2007-02-25 22:20:38 · answer #1 · answered by Marky 6 · 1⤊ 0⤋
You're right when you say the buy-to-let market is pushing prices up for first time buyers. there are only so many houses and not nearly enough being built. when they are built, (using my own area as an example) they are often luxury flats targeted at commumers into the larger towns in the area.
regeneration stategies and improved transport links into cities also send up the house prices. I live in the North East, near both Sunderland and Newcastle. A new extension to the existing metro line has led to a huge rise in house prices along the route. people just can't afford them. It's ridiculous.
the government aren't making enough council houses, they are being sold off under the 'right-to-buy' scheme and are not being replenished. Supposedly in our area there are too many council houses and not enough tennants, despite the fact that the waiting list for a council flat is beyond 5 years and I personally know of occasions where families with young children have been placed into 'temporary' B&B accommodation while waiting for council homes.
2007-02-25 22:29:44 · answer #2 · answered by isildurs_babe 4 · 1⤊ 0⤋
There are many factors to considder when valuing a property. These include the cut for the estate agent, the local amienities, the time the house has been on the market, supply and demand, I think that's most of them. How the country hopes to keep up with this and not close the borders I fail to understand. Just to create nabourhood harmony is difficult at the moment.
2007-03-01 08:29:30 · answer #3 · answered by Think Tank 6 · 0⤊ 0⤋
In my local area 11,000 are waiting for council houses, which are now privately owned!!
Something to do with the interest rate and the bank of England cost of borrowing, and even though house prices are increasing wages are not increasing proportionaly.
I think it is just down to greedy estate agents wanting to show flash house prices in the windows lol. I was looking to move out and get my own place but it is too expensive, even student accommodation is getting out of control.
2007-02-25 22:20:58 · answer #4 · answered by Ben E 2 · 0⤊ 0⤋
Too many people, not enough houses! Greedy landlords, estate agents etc. Government should pass bill to the effect of 1 person can only own 1 home. But that will never happen, to many M.Ps with lots of homes......
2007-02-25 22:20:39 · answer #5 · answered by Charles Montgomery Burns 2 · 0⤊ 0⤋
Quite simply - Its good old supply and demand - There arent enough houses to go around so prices are high. If there were enough houses built then prices would be reasonable.
2007-02-25 22:28:22 · answer #6 · answered by James b 2 · 0⤊ 0⤋
because of all the illegal immigrants the council house are full therefore young mums and doll dossers are renting privatly making people buy to rent and own lots of property. which rises and rises but people will still buy because of the money to be made!!
2007-02-25 22:22:47 · answer #7 · answered by jodie c 2 · 0⤊ 0⤋
Yes, house prices are unbelievable, I think it's time the government stepped in to do something to stop the everincreasing price rise.
2007-02-25 22:15:09 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Supply and demand. There simply aren't enough houses to go round.
2007-02-25 22:14:10 · answer #9 · answered by Anonymous · 0⤊ 0⤋
The location and the infrastructures that been offered in that area.
2007-02-25 22:19:14 · answer #10 · answered by Cfoo_master 4 · 0⤊ 0⤋