FabSwingers.com forum: 78K Property Millionaires in the last year..HOW?..

By (user no longer on site) OP
over a year ago

Just at my desk and reading on MSN that apparently there have been 78,000 NEW property Millionaires created in the last year...

How is that possible?...banks aren't lending money for Mortgages.

If I could get a mortgage I would, I need to get my foot on the property ladder considering I'm renting

at mo and I'm not a "bank of mum and dad" guy.

Go to the bank and the computer says "No".

I find that baffling reading...

Reply privately

Reply in forum

Reply +quote

By *kywatcherMan
over a year ago

Southwick

Already held property that has risen to over £1m?

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

Someone with a portfolio that big is in a different bracket as far as the banks are concerned. Also people buying/renting those properties

Reply privately

Reply in forum

Reply +quote

By (user no longer on site) OP
over a year ago

"Already held property that has risen to over £1m?"

That's the point.

Property value is in a decline. Right now.

The UK went into a double dip recession in the last 12 months...largely due to the property crash.

We also lost our triple AAA credit rating rating too.

The cable went down on the Forex too.

When the cable goes down, property value goes the same way and vice versa.

It doesn't make sense...just reading it.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site) OP
over a year ago

And just to add...

The average property in Kensington is fucking £36M.

Reply privately

Reply in forum

Reply +quote

By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound

The property story isn't the same across the country. London, Oxford, Winchester and a few other areas have continued to rise as demand outstrips supply. It's not real money unless you realise it and then you can't always assume you will get something better in the same sort of area as borrowing may become a factor.

If you sell and move north then you're rich.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

I was very lucky to buy my house just before prices went through the roof here about 13 years ago. I had to start again at the age of 35 when I got divorced.

It's been a struggle at times and I've very nearly given in and sold but I've stuck with it and glad I have. I can't imagine what a headache it must be to try and get your foot on the property ladder now

especially with prices that high!

Reply privately

Reply in forum

Reply +quote

By *coobyroo218Couple
over a year ago

Guernsey

"Already held property that has risen to over £1m?

That's the point.

Property value is in a decline. Right now.

The UK went into a double dip recession in the last 12 months...largely due to the property crash.

Try telling that to the estate agents over here. Average price of a 3 bed house is currently £440K

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

…. Unless each property was marketed and sold for a price matching the 78K estimate its all just speculative hyperbole……

However one issue that might effect some people with an estimated increase in the value of their property could be a corresponding increase in the future amount of council tax charged against all similar properties in their area…

Reply privately

Reply in forum

Reply +quote

By *kywatcherMan
over a year ago

Southwick

"Already held property that has risen to over £1m?

That's the point.

Property value is in a decline. Right now.

The UK went into a double dip recession in the last 12 months...largely due to the property crash.

We also lost our triple AAA credit rating rating too.

The cable went down on the Forex too.

When the cable goes down, property value goes the same way and vice versa.

It doesn't make sense...just reading it.

Don't believe all you read!!! Anyone would think we're in the middle of a recession..

Reply privately

Reply in forum

Reply +quote

By (user no longer on site) OP
over a year ago

"I was very lucky to buy my house just before prices went through the roof here about 13 years ago. "

I've tried to get a mortgage but cannot get one.

Once I've got my foot on the ladder, life might get interesting.

I'm renting at the moment. .but its dead money going into someone else's pocket.

Reply privately

Reply in forum

Reply +quote

By *ire_bladeMan
over a year ago

Manchester

"I was very lucky to buy my house just before prices went through the roof here about 13 years ago.

I've tried to get a mortgage but cannot get one.

Once I've got my foot on the ladder, life might get interesting.

I'm renting at the moment. .but its dead money going into someone else's pocket."

iv property I rent out belive me its no picnic but im so with you my sons stuck in the same rut

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"I was very lucky to buy my house just before prices went through the roof here about 13 years ago.

I've tried to get a mortgage but cannot get one.

Once I've got my foot on the ladder, life might get interesting.

I'm renting at the moment. .but its dead money going into someone else's pocket."

I can sympathise. My house needs a LOT of work done to it but at the end of the day it's mine, anyone who doesn't like it can shut the door on the way out

Reply privately

Reply in forum

Reply +quote

By *iss_tressWoman
over a year ago

London

"Already held property that has risen to over £1m?"

Reply privately

Reply in forum

Reply +quote

By *ire_bladeMan
over a year ago

Manchester

"I was very lucky to buy my house just before prices went through the roof here about 13 years ago.

I've tried to get a mortgage but cannot get one.

Once I've got my foot on the ladder, life might get interesting.

I'm renting at the moment. .but its dead money going into someone else's pocket.

I can sympathise. My house needs a LOT of work done to it but at the end of the day it's mine, anyone who doesn't like it can shut the door on the way out

made me smile

Reply privately

Reply in forum

Reply +quote

By *layfullsamMan
over a year ago

Solihull

78000 people were property billionaies but they are now only millionaires ?

Reply privately

Reply in forum

Reply +quote

By *iss_tressWoman
over a year ago

London

"Already held property that has risen to over £1m?

That's the point.

Property value is in a decline. Right now.

The UK went into a double dip recession in the last 12 months...largely due to the property crash.

We also lost our triple AAA credit rating rating too.

The cable went down on the Forex too.

When the cable goes down, property value goes the same way and vice versa.

It doesn't make sense...just reading it.

Not in London. Houses in my area fly off estate agents books at prices well over £1m, it's the £250k properties that don't shift as first time buyers struggle.

My daughters will only be able to buy with our help.

Reply privately

Reply in forum

Reply +quote

By *ire_bladeMan
over a year ago

Manchester

"Already held property that has risen to over £1m?

That's the point.

Property value is in a decline. Right now.

The UK went into a double dip recession in the last 12 months...largely due to the property crash.

We also lost our triple AAA credit rating rating too.

The cable went down on the Forex too.

When the cable goes down, property value goes the same way and vice versa.

It doesn't make sense...just reading it.

Not in London. Houses in my area fly off estate agents books at prices well over £1m, it's the £250k properties that don't shift as first time buyers struggle.

My daughters will only be able to buy with our help. "

same here in fact iv already got her 1st house she just doesn't now it I seen this coming way back so bought property I rent out but will pass on to her when the times right

Reply privately

Reply in forum

Reply +quote

By *iss_tressWoman
over a year ago

London

"Already held property that has risen to over £1m?

That's the point.

Property value is in a decline. Right now.

The UK went into a double dip recession in the last 12 months...largely due to the property crash.

We also lost our triple AAA credit rating rating too.

The cable went down on the Forex too.

When the cable goes down, property value goes the same way and vice versa.

It doesn't make sense...just reading it.

Not in London. Houses in my area fly off estate agents books at prices well over £1m, it's the £250k properties that don't shift as first time buyers struggle.

My daughters will only be able to buy with our help.

same here in fact iv already got her 1st house she just doesn't now it I seen this coming way back so bought property I rent out but will pass on to her when the times right"

My ex just sold the marital home and will divvy up. I will downsize in the next year and also pay off a large chunk of their mortgages with enough to buy a house either on the south coast or France. I won't be able to live in London.

Reply privately

Reply in forum

Reply +quote

By *ire_bladeMan
over a year ago

Manchester

"Already held property that has risen to over £1m?

That's the point.

Property value is in a decline. Right now.

The UK went into a double dip recession in the last 12 months...largely due to the property crash.

We also lost our triple AAA credit rating rating too.

The cable went down on the Forex too.

When the cable goes down, property value goes the same way and vice versa.

It doesn't make sense...just reading it.

Not in London. Houses in my area fly off estate agents books at prices well over £1m, it's the £250k properties that don't shift as first time buyers struggle.

My daughters will only be able to buy with our help.

same here in fact iv already got her 1st house she just doesn't now it I seen this coming way back so bought property I rent out but will pass on to her when the times right

france is my dream to love it there. Hope it works out for us both

Reply privately

Reply in forum

Reply +quote

By *kywatcherMan
over a year ago

Southwick

"Already held property that has risen to over £1m?

That's the point.

Property value is in a decline. Right now.

The UK went into a double dip recession in the last 12 months...largely due to the property crash.

Not according to Nationwide:

"Pick up in house price growth continued in June

UK house prices increased by 0.3% in June and were 1.9% higher than June 2012

The typical UK home is now worth £168,941

Southern regions of England, especially London, continue to record stronger rates of house price growth

London tops the table of house price growth again in Q2

10 of the 13 UK regions saw annual price rises in the second quarter of 2013

London continues to lead annual price growth, as prices climb to record high

Northern Ireland worst performing region in Q2"

Reply privately

Reply in forum

Reply +quote

By (user no longer on site) OP
over a year ago

My daughters will only be able to buy with our help. "

Which is something I don't want to do.

My sister accepted their help.

She's older than me and I moved out before her.

I make my own moves in this world.

Might take me longer..but I'll get there.

On a more serious note. ..

House prices in london are crazy.

To me its an urban fucking hell hole, expected to pay top end money to live in pure mayhem!

Reply privately

Reply in forum

Reply +quote

By *ire_bladeMan
over a year ago

Manchester

My daughters will only be able to buy with our help.

Which is something I don't want to do.

My sister accepted their help.

She's older than me and I moved out before her.

I make my own moves in this world.

Might take me longer..but I'll get there.

On a more serious note. ..

House prices in london are crazy.

To me its an urban fucking hell hole, expected to pay top end money to live in pure mayhem!

is relocation not an option ?

Reply privately

Reply in forum

Reply +quote

By (user no longer on site) OP
over a year ago

is relocation not an option ?"

It is yeah. I lived in warwick in the midlands for a few years and I loved it there

I may move there again soon

I was renting a really nice place there for a lot less than I pay down here.

But I'm sick to my back teeth of renting..I want to quit my 9-5 rat race and have a crack.

Apparently, according to the banks, get rich or die trying is not a legit biz model - cant get a mortgage loan! Haha!

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

A mates house has risen 40% in 3 years in London. 3 bed flat for £535k is fucking mad!

Reply privately

Reply in forum

Reply +quote

By *nnyMan
over a year ago

Glasgow

A lond time ago someone said "invest in land. they've stopped making it".

Houses are subject to the usual demand/ supply rules except that the 'usual' rules can't cope with the daft things people will do to secure the house they want in the location they want.

Factor in the fact an already lopsided property market is being messed about by foreign money (roubles, drachmas etc) and it all gets complicated.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site) OP
over a year ago

"A mates house has risen 40% in 3 years in London. 3 bed flat for £535k is fucking mad!"

It fucking is.

Reply privately

Reply in forum

Reply +quote

By *nnyMan
over a year ago

Glasgow

"A mates house has risen 40% in 3 years in London. 3 bed flat for £535k is fucking mad!

It fucking is. "

It's fucking mad if you're buying. A different matter if you're selling.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

I'm amazed that there are ONLY 78,000 property millionaires, to be honest. You would have little problem hitting that figure within the M25 alone. Personally, I would have expected a figure of more like 250k property millionaires (and could believe a figure even higher than that), taking into account single property owners, buy-to-let owners and even though such properties have dropped hugely in value - those owning a property here and abroad.

ted.

Reply privately

Reply in forum

Reply +quote

By *radleyandRavenCouple
over a year ago

Herts

Getting on the property ladder is damn near fucking impossible. Me and an ex were forced to look further and further up Noth in a bid to get on the property ladder and finally managed to buy an ex-council and reposessed 3 bedroom house in Derbyshire for £50,000 (fucking RESULT!!!) but even though we both worked full time, we had to borrow money from his mother to make up a £25,000 deposit just so the bank would agree to a mortgage (fine for a £50,000 house, but trying to get 50% of anything over that? Pfft!). It didn't need too much work done to it but after about 3 years up there, I had a mental breakdown and had to move home... Couldn't cope being so far away from friends and family.

- Amy. x

Reply privately

Reply in forum

Reply +quote

By *or Fox SakeCouple
over a year ago

Thornaby

House prices in london are crazy.

To me its an urban fucking hell hole, expected to pay top end money to live in pure mayhem!

nail on the head. Visits to London are like visiting a third world slum . Anything inside the m25 should be taken out with a well placed nuke. Tongue only partially in cheek.

Freedom for the North

Viva PRT

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

just send me a £5 and ill happily tell you how to become a property millionaire......

Reply privately

Reply in forum

Reply +quote

By *kywatcherMan
over a year ago

Southwick

"I'm amazed that there are ONLY 78,000 property millionaires, to be honest. You would have little problem hitting that figure within the M25 alone. Personally, I would have expected a figure of more like 250k property millionaires (and could believe a figure even higher than that), taking into account single property owners, buy-to-let owners and even though such properties have dropped hugely in value - those owning a property here and abroad.

ted."

If you read the OP the figure of 78, 000 was property millionaires created in the past year:

"An estimated 323,684 homes across Britain are now worth more than £1 million, marking an increase of one third or 77,894 more properties compared with 12 months ago, according to Zoopla.co.uk."

Reply privately

Reply in forum

Reply +quote

By *inky BunnyMan
over a year ago

Cardiff

"78K Property Millionaires in the last year..HOW?"

Um, you, the people, whilst singing your love song of "liberty, equality, diversity, fraternity or any other uni-versity you like, are being stripped of your assets as wealth is accumulated into the hands of a minority.

It's called THE ABOLITION OF PRIVATE PROPERTY. You keep singing, boys & girls, don't wake up for God's sake!

Anyone know what's No.1 this week??

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

I'm lucky, my parents have a fairly big house, my dad works in Norway so away 2-3 weeks, back 2weeks, mum always working and at the stables.

They understand how tough it is, i was jobless for so long but im sensible i save most my money, currently have 17k saved for a deposit and still plan on staying at home for as long as possible. I'm single, dont have any local friends so living alone doesnt really appeal to me as no one would ever come see me. My parents let me live here rent free to help me save, in exchange i look after the house, dog, cut the lawns, spend some of my days off working in shop.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"I was very lucky to buy my house just before prices went through the roof here about 13 years ago. I had to start again at the age of 35 when I got divorced.

especially with prices that high!

If you bought prooerty in Aberaeron itself ist crazy ! Worked there and seen the prices of property compared to other areas of Ceredigion senseless !

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

ted.

If you read the OP the figure of 78, 000 was property millionaires created in the past year:

"An estimated 323,684 homes across Britain are now worth more than £1 million, marking an increase of one third or 77,894 more properties compared with 12 months ago, according to Zoopla.co.uk."

Ah..... I misread it! I shall thrash myself in penance.. Lol! But I wasn't too far out on the total figure, going by those stats...

ted.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

In real terms a modern day millionaire needs to be worth around £5m

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

Money money money, doesn't make you happy but it certainly helps

Best thing I ever did was keep property. My pension

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"Just at my desk and reading on MSN that apparently there have been 78,000 NEW property Millionaires created in the last year...

How is that possible?...banks aren't lending money for Mortgages.

If I could get a mortgage I would, I need to get my foot on the property ladder considering I'm renting

at mo and I'm not a "bank of mum and dad" guy.

Go to the bank and the computer says "No

I find that baffling reading..."

My father always said that the dire lack of housing stock in this country will always keep property prices artificially high !

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

The key to property is know the area, one of the best areas for buying property is near to university's or hospitals as they are good areas for renting, also good transport links and buy cheap

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

Our 3 bedroom house ho here is with approx 145k down sth ie in the London area it would be worth treble that amount, and maybe more with the size of garden could easy make it a 5 bedroom with extensions

Reply privately

Reply in forum

Reply +quote

By *iss_tressWoman
over a year ago

London

My daughters will only be able to buy with our help.

Which is something I don't want to do.

My sister accepted their help.

She's older than me and I moved out before her.

I make my own moves in this world.

Might take me longer..but I'll get there.

On a more serious note. ..

House prices in london are crazy.

To me its an urban fucking hell hole, expected to pay top end money to live in pure mayhem!

They've lived up to our expectations. They're all university educated, all gainfully employed or still at uni, married, in relationships with equally hard working decent blokes and no kids.

It's not their fault the goalposts have moved and they'll need a bigger deposit. They have not asked, we've offered. It's money they'll inherit anyway, this way I can see them enjoying my money now!

Reply privately

Reply in forum

Reply +quote

By *iss_tressWoman
over a year ago

London

"A mates house has risen 40% in 3 years in London. 3 bed flat for £535k is fucking mad!"

My sister is moving to Leeds with her kids and she'll be mortgage free. She's sold her small London flat for a four bed house.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"A mates house has risen 40% in 3 years in London. 3 bed flat for £535k is fucking mad!

My sister is moving to Leeds with her kids and she'll be mortgage free. She's sold her small London flat for a four bed house."
and I bet she will still have money left over, good on Her

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"Just at my desk and reading on MSN that apparently there have been 78,000 NEW property Millionaires created in the last year...

How is that possible?...banks aren't lending money for Mortgages.

If I could get a mortgage I would, I need to get my foot on the property ladder considering I'm renting

at mo and I'm not a "bank of mum and dad" guy.

Go to the bank and the computer says "No".

I find that baffling reading..."
yes but you will find out of those 78,000 90% are only thAt on paper, most are owned by the Bank as most just 're mortgage to move onto the next property, so if there is a big crash they go with a big Bang

Reply privately

Reply in forum

Reply +quote

By *iamondsmiles.Woman
over a year ago

little house on the praire

Jay owns properties mostly in Plymouth and rents out to students. He lives in a big house in the country with two acres of garden a paddock and an orchard, its worth around the million pound mark, was worth more. He wants to downsize to be nearer me when the time is right

Reply privately

Reply in forum

Reply +quote

By *nnyMan
over a year ago

Glasgow

I find that baffling reading...yes but you will find out of those 78,000 90% are only thAt on paper, most are owned by the Bank as most just 're mortgage to move onto the next property, so if there is a big crash they go with a big Bang"

And, on the subject of most people, most people forget (whilst mouthing off about how much money they've 'made' on their house) to take into account the mortgage payment/ month x the number of months they've been paying it.

It doesn't make such good reading then.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

It doesn't make such good reading then. "
an but the same can be said about paying rent with nothing to show for it after the same term

Reply privately

Reply in forum

Reply +quote

By *nnyMan
over a year ago

Glasgow

It doesn't make such good reading then. an but the same can be said about paying rent with nothing to show for it after the same term"

Whislt there's no doubt what you say is correct, I've yet to hear a tenant bumming their load about how much 'profit' they've made on their house.

Reply privately

Reply in forum

Reply +quote

By *estless in batterseaMan
over a year ago

Wandsworth

"In real terms a modern day millionaire needs to be worth around £5m"
No! It's actually £3m

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

It doesn't make such good reading then. an but the same can be said about paying rent with nothing to show for it after the same term

Whislt there's no doubt what you say is correct, I've yet to hear a tenant bumming their load about how much 'profit' they've made on their house."
no they won't unless they have a nerve to try and sell their rented accommodation , and yes that has been tried before

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

House prices in london are crazy.

To me its an urban fucking hell hole, expected to pay top end money to live in pure mayhem!

nail on the head. Visits to London are like visiting a third world slum . Anything inside the m25 should be taken out with a well placed nuke. Tongue only partially in cheek.

Freedom for the North

Viva PRT"
so glad it was not the Boro they were in about, would love to hear you comments about that place

Reply privately

Reply in forum

Reply +quote

By *iss_tressWoman
over a year ago

London

"A mates house has risen 40% in 3 years in London. 3 bed flat for £535k is fucking mad!

My sister is moving to Leeds with her kids and she'll be mortgage free. She's sold her small London flat for a four bed house.and I bet she will still have money left over, good on Her"

Enough to work part time...if she wants plus the rental income from her other two properties.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"A mates house has risen 40% in 3 years in London. 3 bed flat for £535k is fucking mad!

My sister is moving to Leeds with her kids and she'll be mortgage free. She's sold her small London flat for a four bed house.and I bet she will still have money left over, good on Her

Enough to work part time...if she wants plus the rental income from her other two properties. "
work part time, well that depends if she can stay out of Harvey Nichols

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"In real terms a modern day millionaire needs to be worth around £5mNo! It's actually £3m"

Loose change lol

Reply privately

Reply in forum

Reply +quote

Post new Message to Thread