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UK houses now cost almost eight times average earnings, says ONS
- Thread starter Lostbox
- Start date
Get out of the cities! 10 years ago we bought a house with 7 acre land on an Island close to our city. Our house is huge, 3 floors and the beach is walking distance- it’s beautiful paradise here snd we have since build on our land small 2 bedroom bungalow that we have been renting out on Airbnb.
get out while you can. With covid more ppl have been coming and searching for properties at our hood. I think places like ours will be out of reach for most ppl soon, I already see million plus properties popping up.
get out while you can. With covid more ppl have been coming and searching for properties at our hood. I think places like ours will be out of reach for most ppl soon, I already see million plus properties popping up.
Never realized how gaajo the UK us til I joined here. It’s like a 2nd world or something.
Another tip for the hard working pp here, is look into city property tax sales. Each year, your city will put on an auction of all properties that are behind on their taxes. These properties addresses are advertised on the newspapers and also on the city website. The property owners have 2 days to come up with the money and if they don’t, they lose to the auction.
Is this a way of getting property for bargains
yes, it can be. The bad side of it is that it can be a gain that is on the back of someone else’s misfortune.:-(
KobeBryant
VIP
London is a good city the rest of the island is shit.
Desert Flower
VIP
We’re too toxic and selfish to do what hindis are doing. Not to mention dysfunctional and short-sided. We’d also rather pay someone else’s mortgage than pool together our money and buy a house. We’re super individualistic, yet pretend to be a collectivist community. Lies.
Desert Flower
VIP
The entire Southern Ontario region is unaffordable now. Places in Windsor and Sarnia are going for $500k when it never went past $200k.
Empress of Hawiye
CUSHITIC
You only need 10% the take out a mortgage. The rent will pay for the mortgage plus expenses.
Houses 10 years ago in Bongoland could've been bought for 100k... Only a 10k deposit needed.
A couple could save that easily within 6 months.
Every year you pay your mortgage you own more and more equity in that property.
They grow their portfolio by using the equity they control. After 5 years they could refinance and buy another property.
After 20 years they'd have half a dozen properties easily.
Property is the only way normal people could become wealthy.
UK taxes though
Empress of Hawiye
CUSHITIC
#somaliexit
Mozart
You need people like me
They bought houses when they were cheap. In the 90s, houses in places like Southall were going for less than 100k. Some of them are now valued at 700k+. Most sold their houses in these areas at the right time and moved to areas like Berkshire (Slough) and again bought houses for cheap.
And they keep that cycle going. Now its Ilford and Tower Hamlets, resell and go to their houses in West Midland, making them have 3 to 4 different houses. True business like idea. They have their MPs and their wards. Somalis are spaced around, no chance of having their own MP.
Mozart
You need people like me
I never made the connection with the MPs but I’m just realising every Indian dominated area I know of has an Indian MP lol that’s crazy. They’re very smart business people.
I'd say it's predominately due to financial illiteracy and an understandable fear of interest more than toxicity. A lot of 1st gen Somali parents had it rough, it's understandable they wouldn't look into ways of exploiting the system, nor could they. They were living off of goverment handouts as well as supporting relatives back home. But our generation has no excuse. All the tools we needs are a few clicks away.
How come home ownership rates among Somalis is basically 0% in the UK when they have been there since before WW2 and have the largest diaspora in the west? On top of that, they have Islamic mortgages offered if they don't want to take regular mortgages which doesn't even fall under usury. Reer UK prefers to spend their money on annual trips to Somalia to flex on the locals (who have gotten tired of them coming) and to lease Mercedes while at home.
Desert Flower
VIP
Many did exploit it, but it was short term (ceydh and government housing).
It’s hard to buy a house without a cushion, (or if your parents did not own a home). Many places require you save 6 figures just for the down payment.
I’m starting to believe that Somalis will become divided into haves and have nots. Those who grew up middle class will marry, and buy homes etc, while those who are low income will marry.
Also, Indians think long term. They’ll suffer for a bit but then come out on top. We’re too selfish, and I stand by that statement 100%. Buy your house but also find a woman with a similar outlook on life to yours. No one has time to catch someone up to speed with life.
MP is a major factor, it correlates with the reason why they have major home ownership and have a majority in areas such as "Southall, Tower Hamlets, Ilford, Slough" and so on.
