Property around Griffin Park

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rebus

rebus

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Should have bought up all the houses round GP in the 1930's/40's!

At one point, the club did some in New Road and one in the row of houses in that link. Lange sold the latter off IIRC.
 

cheshirebee

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The first house that I owned was 16 Braemar Road. Bought it for £27k in 1983. I was 22 earning a fairly average wage. How could a 22 year old afford to buy a similar house today ?? Can’t properly remember but I’m thinking I was earning about £8k pa then so the house was about 3xmy annual salary. Today you would have to be earning £180k to be in the same position. My 26 year old daughter spent 5 years at uni and teacher training college and is doing pretty well as head of geography at a secondary school in London and earns £36k. She has no chance of being able to buy the same kind of property that her relatively uneducated Dad did 36 years ago. Crazy times.
 
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TOMOGP

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Web link on home page to the Grudgeon review of Brentford together with the comments, quite funny really
 

aberdeenbee

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The first house that I owned was 16 Braemar Road. Bought it for £27k in 1983. I was 22 earning a fairly average wage. How could a 22 year old afford to buy a similar house today ?? Can’t properly remember but I’m thinking I was earning about £8k pa then so the house was about 3xmy annual salary. Today you would have to be earning £180k to be in the same position. My 26 year old daughter spent 5 years at uni and teacher training college and is doing pretty well as head of geography at a secondary school in London and earns £36k. She has no chance of being able to buy the same kind of property that her relatively uneducated Dad did 36 years ago. Crazy times.
Yeah my generation are pretty much fooked when it comes to that unless we decide to move to Peterhead or Bleanau Gwent or somewhere similar...
 

Edmundo

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The first house that I owned was 16 Braemar Road. Bought it for £27k in 1983. I was 22 earning a fairly average wage. How could a 22 year old afford to buy a similar house today ?? Can’t properly remember but I’m thinking I was earning about £8k pa then so the house was about 3xmy annual salary. Today you would have to be earning £180k to be in the same position. My 26 year old daughter spent 5 years at uni and teacher training college and is doing pretty well as head of geography at a secondary school in London and earns £36k. She has no chance of being able to buy the same kind of property that her relatively uneducated Dad did 36 years ago. Crazy times.
To be fair, interest rates are about a quarter of what they were back then, so turn £180k into £45k. Still crazy, but the truth is that property was very undervalued until the 1990s.
 

nocoat

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To be fair, interest rates are about a quarter of what they were back then, so turn £180k into £45k. Still crazy, but the truth is that property was very undervalued until the 1990s.

This makes little sense to me. Any chance of showing some workings? Fact is the median Annual Salary (which he was near in 1983) in uk is about 28k now so if you triple that like Cheshire bee did in 1983 you would own 1/5 of a house on Braemar instead of a whole one like he did

Interested to understand your maths though. And do factor in mortgage relief* if you can as that was surely a factor


*Mortgage interest relief at source, or MIRAS, was a scheme introduced in the United Kingdom from 1983 in a bid to encourage home ownership; it allowed borrowers tax relief for interest payments on their mortgage.
 

Chorlton Bee

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I bought 73 Brook Road South with my ex for 92k in ‘97 mortgage was about £650 between us on a £5k deposit.

Sold it when we split up 2 years later for £126k and split the profit. I thought I was the richest man in the world and spunked the money in about a year and only got back onto the property ladder last year.....in North Yorkshire.

Living in rental digs for the years afterwards I learned to stop looking at the estate agent pages, within a couple of years of selling houses on Brook Road had jumped a £100k
 

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Just goes to show the difference in area prices.....up here (Kings Lynn) its a 1hr.40mins commute into KX.

We have a 3 bedroom end of terrace (ex council) very,very good condition with 100 foot back garden, front garden, on street parking, backing onto a park,15 minute walk into town, schools and doctors same distance, hospital 10 minute drive.
We have just had it valued.........£140,000...!!

Same type of place near GP would fetch around £600,000.............unbeelievable the differences in house prices around the country.
 

Isleworth_Bee

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I reckon as soon as we move out they will jump another 100k in short time.



Yes, mate. I found somewhere I could actually afford to buy!

Shows how mad the market can be. Will be interesting to see how far it does jump on the basis that there isnt a football ground on your back wall lol
 

beebopalula

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Supply and demand Rodders. You have to ask who is buying.Those with money to invest and get a better return on savings, overseas buyers and those who simply have the money.There's good evidence that the market has stalled in London. I wouldn't believe the asking prices as they are always inflated for obvious reasons. Recently l had to sell a property in Isleworth as the executor of my late aunt's estate. The Agent value seemed very high to me and in the end it was sold for considerably less.
So IMO if you're a gambler look and see how you think the current supply and demand factors might change and why.
 
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EarleyBee

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To be fair, interest rates are about a quarter of what they were back then, so turn £180k into £45k. Still crazy, but the truth is that property was very undervalued until the 1990s.

Property wasn't undervalued it sold for the price the market at the time valued it at. What we did was alter market conditions by flogging off the option to rent from the council if you couldn't afford to buy. What we now have is a situation where a lot can't afford to rent or buy, I am sure I read somewhere that last year the amount paid by the government (read tax payer) to private landlords, hotels, etc to put a roof over those less fortunates heads had risen to > £18B
 

nocoat

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I reckon as soon as we move out they will jump another 100k in short time.



Yes, mate. I found somewhere I could actually afford to buy!

see i dont know as im not an expert but i would RATHER have a house there with a football ground used 25 times a year than for 365 times a year have loads more people, houses and traffic clogging up all local infrastructure. are you sure they will jump?
 

WarrenBee

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see i dont know as im not an expert but i would RATHER have a house there with a football ground used 25 times a year than for 365 times a year have loads more people, houses and traffic clogging up all local infrastructure. are you sure they will jump?

Agree with that.
 
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rebus

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see i dont know as im not an expert but i would RATHER have a house there with a football ground used 25 times a year than for 365 times a year have loads more people, houses and traffic clogging up all local infrastructure. are you sure they will jump?

Yes. We love the place but potential buyers are scared off. It’s the noise and disruption. Look at how hard the estate agent in that link tried to airbrush the fact the house backs onto a football stadium.

The houses around Maine Road went up ten-fold pretty soon after City moved out.
 

kaebess

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see i dont know as im not an expert but i would RATHER have a house there with a football ground used 25 times a year than for 365 times a year have loads more people, houses and traffic clogging up all local infrastructure. are you sure they will jump?

Yep
 

Isleworth_Bee

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see i dont know as im not an expert but i would RATHER have a house there with a football ground used 25 times a year than for 365 times a year have loads more people, houses and traffic clogging up all local infrastructure. are you sure they will jump?

I think they would. If you werent a football fan would you buy one of the houses that back onto GP?

Or lets take away the Brentford factor........... Would you buy a house that backs onto Luton FC? ;)

I get what you are saying but the removal of a sports ground will improve the area and its appeal.
 

nocoat

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I was honestly talking with my head not my heart on that one. Just my opinion and I guess it will be relatively easy to see come the time!!

It’s going to be carnage around there If they build loads of flats surely.
 

Edmundo

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This makes little sense to me. Any chance of showing some workings? ...

*Mortgage interest relief at source, or MIRAS, was a scheme introduced in the United Kingdom from 1983 in a bid to encourage home ownership; it allowed borrowers tax relief for interest payments on their mortgage.
No workings, just a fact that if interest is much lower, you can service a larger debt on the same salary. MIRAS was a factor, sure, and it's demise led to the house price crash around 1990. The main causes of the relative rise in house prices compared to salaries are low interest rates and the promotion of buy to let.
 

johndub

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The first house that I owned was 16 Braemar Road. Bought it for £27k in 1983. I was 22 earning a fairly average wage. How could a 22 year old afford to buy a similar house today ?? Can’t properly remember but I’m thinking I was earning about £8k pa then so the house was about 3xmy annual salary. Today you would have to be earning £180k to be in the same position. My 26 year old daughter spent 5 years at uni and teacher training college and is doing pretty well as head of geography at a secondary school in London and earns £36k. She has no chance of being able to buy the same kind of property that her relatively uneducated Dad did 36 years ago. Crazy times.

My wife and I bought 60 Braemar Road as our first house in 1979. I think we paid £20,500 for it. We were both working and had to do some shopping around before we could get a mortgage. We had a small deposit.

Like you, one of my daughters is in teaching. Think she earns about £38k and her partner earns around £40k. There is no way, however, that they could buy any house in Brentford at the moment. They can only rent.

Waiting for us to pop our clogs, I think. 🤫
 

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Tax relief was given on owner-occupiers' mortgage interest for many years before 1983; it used to be included in your code number on an estimated basis, which meant lots of work for the then Inland Revenue when they had to adjust it to the actual amount paid after the end of the tax year. It's just that in 1983 Mortgage Interest Relief At Source was introduced, so that tax relief was given on the actual amount paid as you went along. It was set at just below the basic rate of tax, but was gradually reduced to 10% and then abolished in the late 1990s.

There was a lull in the housing market between 1979 and 1982, and then a reduction in prices between 1989 and about 1993, owing to the recession in the South-East. The rise over the last few years has been due to supply and demand - the latter exceeding the former for a number of reasons. As for the future, who knows?
 

cheshirebee

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To be fair, interest rates are about a quarter of what they were back then, so turn £180k into £45k. Still crazy, but the truth is that property was very undervalued until the 1990s.


Yes , but what about paying down the actual loan amount too which is a big part of the monthly payment on a mortgage this size.
Monthly payment would be approx £2.5k on a £500k loan against a take home of about £2800 on £45k salary.
Also, how would someone earning £45k get approval for a loan for 11-12 times salary ?
Maybe a couple both on £45k might just be able to do it.
 
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Kingston Bee

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No workings, just a fact that if interest is much lower, you can service a larger debt on the same salary. MIRAS was a factor, sure, and it's demise led to the house price crash around 1990. The main causes of the relative rise in house prices compared to salaries are low interest rates and the promotion of buy to let.

You also need to take into account a lack of houses on the market. There is a shortage that has been acknowledged as the main reason for prices going back up last month.
 

Indian Bee

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The last 10 years have been the perfect opportunity to buy with super low interest rate. I tell everyone whom have a mortgage if they can get onto a 5/ 7/ even 10 year fixed rates as middle of 2020 I can see interest rates rising. It's difficult as it is for many getting onto the property ladder and will be harder post Brexit for many.
 

Edmundo

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The last 10 years have been the perfect opportunity to buy with super low interest rate. I tell everyone whom have a mortgage if they can get onto a 5/ 7/ even 10 year fixed rates as middle of 2020 I can see interest rates rising. It's difficult as it is for many getting onto the property ladder and will be harder post Brexit for many.
Be careful about long term fixes as break fees can be extortionate and circumstances are always changeable. It's costing me ten grand to get out of a five year fix after two years.
 

Hullbee

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Be careful about long term fixes as break fees can be extortionate and circumstances are always changeable. It's costing me ten grand to get out of a five year fix after two years.

I suppose the break fees pay for those low rates for others. If you work out how much interest you would have paid on a variable against what you saved on the fixed rate it doesn’t make the break out clause seem to bad
 

nocoat

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No workings, just a fact that if interest is much lower, you can service a larger debt on the same salary. MIRAS was a factor, sure, and it's demise led to the house price crash around 1990. The main causes of the relative rise in house prices compared to salaries are low interest rates and the promotion of buy to let.

Sorry Ed but no workings as your numbers were flawed! Or if they were not I can’t follow them . It feels you were taking solely about interest rates rather than other slightly important things such as the house price
 

grutter

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The last 10 years have been the perfect opportunity to buy with super low interest rate. I tell everyone whom have a mortgage if they can get onto a 5/ 7/ even 10 year fixed rates as middle of 2020 I can see interest rates rising. It's difficult as it is for many getting onto the property ladder and will be harder post Brexit for many.

Fine, as long as they factor in how much more they'll pay per month when rates do rise. My suspicion is that an awful lot of people are already paying out as much as they can afford on very low rates, which spells trouble ahead. I think the rates would have gone up by more already if this wasn't the case. The hardest thing for the youngsters is raising the deposit. Where are those savings meant to come from, other than bank of mum and dad?
 

Edmundo

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Sorry Ed but no workings as your numbers were flawed! Or if they were not I can’t follow them . It feels you were taking solely about interest rates rather than other slightly important things such as the house price

If the interest rate is only a quarter of what it was, then you can service four times the debt with the same payment. Which leads to house price inflation.
 

nocoat

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lol not if the house price itself is a higher multiple of your salary ! It’s like playing chess with a pigeon Ed :nono:
 

nocoat

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Fine, as long as they factor in how much more they'll pay per month when rates do rise. My suspicion is that an awful lot of people are already paying out as much as they can afford on very low rates, which spells trouble ahead.

I disagree. Banks have been so cautious in last ten years that I see a massive buffer. A friend of mine ;) knew his wife’s entire annual civil servents salary was going to disappear to look after kids but could still make the payments but the bank would not have accepted if they had known .
 

nocoat

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Not sure I get your analogy, but it's simple maths that if the interest rate falls, the same payment will support a higher loan.

I give up . Your missing a fundamental and obvious point.
 

Jezybee

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I can only think that we are talking at cross purposes and that you think I am trying to make a point that I'm not trying to make. Peace.

Fair enough mate !! :D

Could one of you be talking about “interest only” mortgage and the other “capital repayment”?

Agree if you’re paying interest only that at historically low interest rates you’ll be able to stretch your borrowing further.

Alternatively, if you’re repaying the capital and interest on £500k vs. £100k over 25 years then it will be the cost of the house that has the greatest influence on the amount of your monthly mortgage payment.

If neither of these apply, I also give up :)
 

westwing

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Just goes to show the difference in area prices.....up here (Kings Lynn) its a 1hr.40mins commute into KX.

We have a 3 bedroom end of terrace (ex council) very,very good condition with 100 foot back garden, front garden, on street parking, backing onto a park,15 minute walk into town, schools and doctors same distance, hospital 10 minute drive.
We have just had it valued.........£140,000...!!

Same type of place near GP would fetch around £600,000.............unbeelievable the differences in house prices around the country.

Walk up the road from GP, just past The Globe and you enter W5, add another £200,000 on the price!!
 

ruislip bee

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Walk up the road from GP, just past The Globe and you enter W5, add another £200,000 on the price!!

My brothers first house was in Belsise Ave Northfields bought in 1975 for circa £30k. They go for circa £800k now!
 

westwing

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My brothers first house was in Belsise Ave Northfields bought in 1975 for circa £30k. They go for circa £800k now!

The houses on Belsize were smaller than some of the other streets around there as well.
Used to be a creepy junk shop on the corner which never opened and always had a light on.
At the other end was a derelict laundry warehouse / building, we used to play in there and knock
around in the alley that runs behind the Belsize houses. Happy days!!
 

ruislip bee

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The houses on Belsize were smaller than some of the other streets around there as well.
Used to be a creepy junk shop on the corner which never opened and always had a light on.
At the other end was a derelict laundry warehouse / building, we used to play in there and knock
around in the alley that runs behind the Belsize houses. Happy days!!

I noticed the alley is now closed off from Northfields Ave last weekend. Used to use it going to school as I went to Walpole which was at the bottom of Cranmer Ave opposite the Church. Got turned into a housing Estate in the early 1980's. Remember the junk shop and Chinese Chans Chippy which was next door. The laundry was next to the school.
 

westwing

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I noticed the alley is now closed off from Northfields Ave last weekend. Used to use it going to school as I went to Walpole which was at the bottom of Cranmer Ave opposite the Church. Got turned into a housing Estate in the early 1980's.

The alley has been closed for years, we used it all the time, going to Mount Carmel
or to the cinema. Scary to think we were Primary school age using back street alley
ways for short cuts.
 

jlove

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The house in Kew we sold in 1973 for £19,100 was sold last year for £1,335,000 and has undergone complete renovation since!
 

nick logan

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Sold it when we split up 2 years later for £126k and split the profit. I thought I was the richest man in the world and spunked the money in about a year

Just when i thought i couldn't like you anymore. Spectacular work :love:
 

wanderer paul

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The house in Kew we sold in 1973 for £19,100 was sold last year for £1,335,000 and has undergone complete renovation since!

Didn't you add a "sell-on clause" into the contract? :scratch:

You'd never make a DoF at BFC.
 

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I can only think that we are talking at cross purposes and that you think I am trying to make a point that I'm not trying to make. Peace.

House prices and salaries haven’t gone up at same rate over 35 years and banks won’t give 10 times salary even if interest rates are low. 8k per annum salary could get you a mortgage for a house in Braemer in 1983 but the equivalent now is £35k per annum wouldn’t get you a mortgage without about £150k deposit.
 
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