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Rank: Horsham Forum Junior
 
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Last Login: 08 June 2006
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| It's great to see new flats being built in Southwater. But, who can afford to buy them? A quick check of www.rightmove.co.uk shows asking prices for the flats between 147,500 and 220,000. These are crazy prices!
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Rank: Horsham Forum Kingpin
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| Hi Tester Thank you for registering and welcome to the forums. The prices of 'starter' properties make me wonder how first time buyers can afford them. I thought I read that some of the new properties will be made available to 'key workers' etc. I don't know anything about the scheme but it sounds like a good idea. Regards
--------------------www.visithorsham.co.uk | www.virtualhorsham.co.uk
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Rank: Horsham Forum Newbie
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Last Login: 04 August 2006
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| i completely agree tester! I am only 20 and am lucky enough to already be on the property ladder. I bought a 2 bed semi in southwater just over a year ago for near enough the price of the cheapest flats on the new southwater development, and even then that was only because i was lucky enough to have a large deposit! Alot of my friends are 20-25 and desperate to get on the property ladder, quite rightly so, but even these apparently "affordable" starter homes are a joke! Suppose it's down to rising prices in general?
Laura
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Rank: Horsham Forum Junior
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Last Login: 08 June 2006
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Laura,
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Congratulations on getting your first home.
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I feel extremely sorry for your friends who cannot afford to buy their own place. Assuming they have reasonable jobs then they can look forward to buying when they are 33 years old. Shocking I know - but that's what the Halifax says.
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As I explained on the Horsham forum this is a global problem. There has been a global bubble in asset prices such as property. The root cause is cheap credit to stimulate growth. That credit has resulted in record levels of debt. Unfortunately the basis of that cheap credit is likely to disappear ie. interest rates (long term) will rise. See:
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[url=http://portal.telegraph.co.uk/money/main.jhtml?xml=/money/2006/02/24/cccredit24.xml&menuId=242&sSheet=/money/2006/02/24/ixcoms.html][/url]
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The best advice I can give to your friends is simply not to pay bubble prices! Go to a site such as www.nethouseprices.com or www.houseprices.co.uk and see what properties sold for 5 years ago. Add 3% per year and you can see what property should be selling for. A professional developer or landlord wouldn't blink at offering 30% below an asking price.
The cost of those Southwater flats is a disgrace. Get your friends to write to the local paper or your MP and let them know. Rise up and let your voice be heard!!
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Rank: Horsham Forum Junior
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Last Login: 08 June 2006
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| I actually mean't the asking price of those flats is a disgrace. I'm sure the cost to the developer was small in relation to the profit!
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Rank: Horsham Forum Newbie
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Last Login: 07 March 2006
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| Can anyone buy them? I thought they were only for 'key workers'?
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