Quote:
Originally Posted by dogsbody70
well house prices in UK are astronomical--------
Maybe sangetsu would find a way topay but surely there needs to be a limit to the highprices.
Our economy is really bad here although Bankers are doing alright with their outrageous bonuses.
The rents here are high especiallysouth of London.
Some one told me that in Japan often families inherit the cost of mortgages in japan carrying on paying after the death of first mortgagees. I don' tknow if that is a fact or not.
are modern homes being built with different materials?
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Housing like any market is about supply and demand. If the demand is high and there is a lack of supply then there will remain upward pressure on pricing.
Much of my current wealth has been made through property investment both in Australia and here in Japan. I have bought and sold 5 properties so far and currently still own 3 properties. I was very lucky in that I bought my first property just at the start of a major property boom in Australia. It was not unusual to receive returns of 50-100% per year for awhile there.
The investment property I had here in Japan was at the resort I work at which is one of the few areas in Japan that has seen increasing house and land prices. We made in excess of 50% return in only 18 months on that investment.
The house we live in here on the other hand was not really an investment. We will be lucky to get the money back that we invested in the house when we renovated and that will only be possible if we sell to other foreigners. But we were able to buy this house and renovate it without any loan whatsoever.
We have just bought a house in Australia and even though it is 2 hours outside of a major city (Melbourne) it still cost 5 times what our house is worth here in Japan.
We also have 1st home buyers in Australia bitterly complaining about the cost of housing. One of the big issues I see though is that most of them are not prepared to work up to their dream homes. They want it all from day one. They want to live in a nice suburb in a good size house and have 2 cars and the plasma TV that covers half the wall. No one seems to realise that you need to work up to that sort of thing anymore. So they get massive loans to affford it all and as soon as interest rates rise a couple of percent they are stuffed.