Well last week’s article “The Unfairness of the Hounslow Baby Boomer’s £3,137,470,000 windfall?” caused a stir. In it we looked at a young family member of mine who was arguing the case that Millennials (those born after 1985) were suffering on the back of the older generation in Hounslow. They claimed the older generation had seen the benefit of the cumulative value of Hounslow properties significantly increasing over the last 25/30 years (which I calculated at £3.14bn since 1990). In addition many of the older generation (the baby boomers) had fantastic pensions, which meant the younger generation were priced out of the Hounslow housing market.
When I go on a valuation in and around Hounslow, either before or after me are all the other local agents eager to give a figure to entice the seller to choose them.
We are 12 years in estate agency so far, after hearing all the negative comments about estate agency it shocks me that sellers who know that agents tend to inflate the price to to come across they have their best intentions etc.etc…. still today fall for the same old bull.
Recently I was having a chat with one of my uncles at a big family get-together. The last time I had seen him and his children were when his children were in their early teens (just like I was). Now their children are all grown up, have partners, dogs and children (Just like me – but I dont have a Dog yet). Wow – how time flies!
So, I got talking over a glass of lemonade with my uncle and a couple of his grown up kids about the property market etc….also about the times of 15% interest rates and how the more mature members of our family had to endure the 3 day week, 20% inflation and the threat of nuclear annihilation in 4 minutes ..
so, foolishly, I said…..
I received a very interesting call the other day from a Hounslow resident. He declared he was a Hounslow homeowner, retired and mortgage free.
He stated how unaffordable Hounslow’s rising property prices were and that he worried how the younger generation of Hounslow could ever afford to buy? He went on to ask if it was right for landlords to make money on the inability of others to buy property and if, by buying a buy to let property, Hounslow landlords are denying the younger generation the ability to in fact buy their own home.
Rents in the private rental sector in Hounslow will increase sharply during the next five years. Even though the council house waiting list has decreased, the number of new council and housing association properties being built is at a 70 year low. The government crusade against buy-to-let landlords….
50 years ago, in 1967, the first human heart transplant was performed by Dr Christian Barnard in South Africa. In the same year Sweden switched from driving on the left-hand side to the right-hand side of the road.
The average value of a Hounslow property was £5,172, interest rates were at 5.5% and The Beatles released one of their albums – their Sgt Peppers album …
but what the hell has that to do with the Hounslow property market today?? Quite a lot actually … so with my CD Player turned up loud – let me explain my friends!
In November 2015, George Osborne disclosed plans to restrain the buy-to-let (BTL) market, implying its growing attractiveness was […]
I predicted that the rate of rental inflation (i.e. how much rents are rising by) had eased over the last year. At the same time I felt that in some parts of the UK rents had actually dropped for the first time in over eight years. Recent research backs up this prediction.