stuckmojo

I'm surprised to hear that many people pull six figures in the North East - granted, if gov't employee they can do that standing on their heads.

Holy thread resurrection - I moved to Tynemouth in Oct 2022 - from Gateshead, whatever. Very tiny volumes when I was looking at Whitley with prices rivalling bloody Hong Kong. These are not local wages. This must be generational money from elsewhere.

This.

correct

Talk about a late wake up

I'm one of them. My purchase fell through and there's nothing to buy now. Frankly, if I lose my buyer so be it. I'm not going into rental paying 5x my mortgage to wait around for something to buy. I'll pull out of the market for a year. For now I do nothing,

Schadenfreude moment for estate agent which are making record selling prices but face bankruptcy as they trade on volume. hahahahahahahahahahahahahahahahahahahahahahahahahahaha

Even worse, and I think it's deliberate - at retirement age sell to go in care or rental and the mortgage won't ever be paid off. You're left with the equity to try and downsize. Good luck with that. It's demonic

I completely believe it. Also no stock at all. It will unravel.

Of course. Check house prices in Tirana or Sofia.

Stamp duty saving *3 in price increase because people are thick as shit>?

I can see this very thing happening here in the North East. Utter madness. Makes 2006/2007 look like sensible economics, including the 125% Together Northern Rock mortgage. I have pulled out the market until after the summer. Laughed out loud when 2 properties ended up with "highest bid wins, open bids until 11th May".

He's good at wanting to give away things which belongs to people. FFS.

Agree with that. At some point on the price scale the value/money correlation changes dramatically. To me it just shows how far common people are able to stretch themselves: A couple on £35k each can borrow £400k well into retirement years and they bloody well do, regardless of how they are going to manage any gaps in income or unexpected expenses. In case you're wondering that's [(35x2)*6]*0.95 Beyond that, it's people with real money and they aren't that stupid. The middle class as we know it is being squeezed to take the shape of a dumbbell. Majority impoverished and some enriched. The thing I can't still get my head around at the moment is inflation. We know hidden inflation is massive (a pint is now over £5) but the rest is suppressed and returns on savings are hugely negative.

Agreed. But they're riding on a scarcity + insanity wave. It might even sell. It would be expensive at 300k to be honest.