I'm thinking of buying a narrowboat

[cotswoldsman]

I quoted the prices I did as that's where I live. I can't do a meaningful comparison in, say, Birmingham, as I don't live in the area. I know the prices in Stoke-on-Trent and the bit of the London conurbation where I live, so I can do a comparison of the relative costs with a fair bit of confidence in the result. I was also vague abut the cost of buying the boat as mine cost me under £10k, and a widebeam I knew well recently sold for well over £60k

Yes must agree a 3 bedroom terrace house where I a moored near Wigan was in the agent window last week for £90,000 about what my mates narrowboat cost him

[mark99]

SE9 hardly counts as an average London price. A 3 bedroom flat in same block as my daughter just sold for £675,000

 

London is a big city with 32 Boroughs - plus City of London - with price variations across each borough (even across each postcode or each street) so your argument holds both ways. In other words for every £675K flat you hold up as an example you can find a terrace house a lot less.

 

I just checked you can get a choice of three bedroom end of terraces in my London Borough for less than £300K. And guess what - not one three bedroom flat for anywhere near £600K (you would get a detached house for that).

 

London has some real price hotspots. Try buying anything in say Chelsea or Kensington for £300K. So all talk of "London Prices" is not specific enough. Describe boroughs/postcodes.

 

In summary - your examples can be dismissed as easily as you dismiss others.

Edited March 6, 2015 by mark99

[Southern Star]

Even in the cheaper parts of London, housing is ludicrously overpriced. Traditionally, a bank would grant a mortgage of 3.5 times the main earner's salary, plus 1 times the secondary earners salary. For a £300,000 property, assuming a 10% deposit, this would require salaries of £80,000 and £30,000.

 

Now I know salaries are higher in London than elsewhere, but not that much higher. There is something broken when a person on the average wage cannot afford to buy the average house.

 

I have no vested interest in this either way, I have in the past owned two houses, I don't own one now and don't want to, and doubt I ever will again, but I feel for younger people who do but who are simply priced out of the market. Instead of instigating ZIRP, property prices should have been allowed to correct, but falling property prices were largely blamed for John Major's 1997 election defeat, and all politicians are interested in is retaining power. Prices will correct when interest rates rise, and UK interest rates will start rising shortly after the Federal Reserve start raising US interest rates, UK interest rates shadow US interest rates whenever they move, either way. The present government must be hugely relieved that this will not happen until after the general election.

Edited March 7, 2015 by Southern Star

[FidoDido]

Hi John, I have looked at residential moorings, and have been told where there may be vacancies, but any where from Sheffield to Doncaster or from Worksop westward on the Chesterfield, thanks for the information

 

Been several moorings at Shireoaks lately. Indeed one up currently. Not all residential tho. That said, if you are only there 3 nights a week, you might not be classed as residential anyway.

[biker900]

thanks fido, I have to sell my house first, not easy when I only have week-ends free