T.R.O.Y wrote:
It shows how flawed this argument is when the buyer states that nowadays a "very ordinary property is valued at £650,000.00"
The average cost for a semi-detached is £225K!
Clearly this bloke was lucky enough to buy something in a very well-to-do area (i.e. Grantham) that has seen house prices rise disproportionately to the national average.
So if the current average salary of a 25 year old is £25k then the house was bought for the equivalent of £87,500. No mention of the condition it was in or whether it included 3 acres of land or not.
Add to that nearly 60 years of maintenance, improvements and (knowing Grantham) extensions and upgrades (so perhaps additional cost of several hundred thousand over the years) and it starts to make sense.
The guy says it's impossible for young people but that's bollocks when you can still pick up a ruin in the auctions for peanuts and build it up over the years as we had to do. There are more private individuals getting into property development nowadays than in my lifetime to date so this idiot is talking out of his arse.
Problem is that people see their parents houses that have they have had to pay to develop over many, many years and expect to enter the market with the finished deal instead of starting out in Moss Side or Darwen and working their way up the ladder.
Expectation management and parenting has a lot to do with this "issue".