My neighbour has decided to leave for Canada. She sells a two-bedroom *apartment* in our converted manor right now. Not a large one, I must say. The price's bloody £165K! Tell me about "affluent neighbourhoods"... This is probably near the top of the range I could afford without indebting myself forever, and deteriorating my quality of life -- and without a second income source (read: a partner).
All that happens thanks to strong buy-to-let demand who drive the prices through the top. If this insanity doesn't stop, there will be no entry to property market (in South East) even for people like me... definitely not the worst-paid in this country. I really hope the bank regulations discourage further practice of irresponsive lending (which most of buy-to-let really is), so there will be still a remote possibility of clinging to the bottom rung of the property ladder for me and people like me.
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Date: 2004-03-15 03:04 pm (UTC)My neighbour has decided to leave for Canada. She sells a two-bedroom *apartment* in our converted manor right now. Not a large one, I must say. The price's bloody £165K! Tell me about "affluent neighbourhoods"... This is probably near the top of the range I could afford without indebting myself forever, and deteriorating my quality of life -- and without a second income source (read: a partner).
All that happens thanks to strong buy-to-let demand who drive the prices through the top. If this insanity doesn't stop, there will be no entry to property market (in South East) even for people like me... definitely not the worst-paid in this country. I really hope the bank regulations discourage further practice of irresponsive lending (which most of buy-to-let really is), so there will be still a remote possibility of clinging to the bottom rung of the property ladder for me and people like me.