Beary McBearface

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About Beary McBearface

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    I come in peace

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  1. Young spend three times more on housing than grandparents

    To be fair to the BBC the second peak of the UK baby boom is quite broad: UK boomers born on the falling edge of the 1963 peak can be argued as going as late as 1970 so not totally unreasonable to propose that the youngest boomers are not yet fifty (I don't like to go too far with this line of argument or I may inadvertently turn myself into a boomer).
  2. House price crash expected - The Times

    That's how you know the ramping is truly desperate. When an editor tells a junior to excise the Partridge reference in the hope of making the ramping more effective, all bets are off. If the lack of a Partridge joke isn't the ultimate sign of a top then I'll give up my home-owning dreams for good and get myself an annuity that'll cover a retirement in a Travelodge.
  3. House price crash expected - The Times

    It is one thing to deprive the boomers of interest income on their state-backed money. Letting its real value fall is something else. The boomers understand inflation.
  4. House price crash expected - The Times

    Great point. Also the Bitcoin is the Bitcoin isn't it? I mean Bitcoin!
  5. House price crash expected - The Times

    Nobody wants house prices to fall more than me, honest guv but because of [INSERT SCIENCY STUFF ABOUT INTEREST RATES] they are never ever going to fall ever ever. And another thing, even if they could somehow fall (even though they actually can't) [the government/Mark Carney/BBC/Ghost of Rod Hull] will never allow it. OK, sorry to interrupt the thread falling house prices falling - what were you guys talking about?
  6. House price crash expected - The Times

    Could be. I'm going undercover to see what's what in the world of the faux bears. Wish me luck. (How bad could 30 days as Beary McBearface possibly be?)
  7. House price crash expected - The Times

    The boomers had a very different experience with house buying because they were getting started when inflation was high. Inflation made short work of the real value of their mortgage. The first peak of the UK baby boom is IIRC 1947 and the second is 1963. Throughout the 1970s RPI was never less than 7.5% and peaked at almost 25% in the mid-1970s. The first peak boomers are about 70 now. Their houses pretty much paid for themselves compared to the experience of people buying today. Any boomer who can look a Millennial in the eye without feeling a deep personal shame* embarrassed by their generation's achievements on the housing front is either an ignorant moron or a sociopath (or both). * Make have slightly overcooked it on the "fake anger" (h/t wotshat - via PM natch ) hence the "compromised second draft".
  8. House price crash expected - The Times

    It's weird because the poster had this name "fuzzy_bear" which made me think they'd totally be down on HPI, but actually they kind of weren't. What's that about?
  9. From the undefeated master of the PR game, Mr G. Dully: Source * I bowdlerised this as the HPC profanity filters are a bit less forgiving that those across the way. Can you really put stuff about **sehole ripping into an AST? Seem a bit full on, even for an HMO tenancy.
  10. Sadly that's not me. (If you had in mind the /B comment, that individual posts a lot of sense and gives the BTL crowd a good beasting.)
  11. MIRAS, buy-to-let, average mortgage terms pushing past thirty years, interest-only lending - they are all different facets of the same thing. Financialisation of housing. If you lengthen a mortgage term you increase both the amount of interest that will be paid in total over the term of the mortgage and, more importantly in this context, the percentage of the cash paid to the bank in the first year that is interest and not capital repayment if the mortgage is a repayment mortgage. If you are fix the interest rate and the principal and compare 25, 30 and 35 year terms then lengthening the term form 25 year to 35 years has almost no effect on the amount of interest paid in the first year of the term but it moves the interest component from about 60% of what you paid to about 75% of what you paid (on a 4% interest rate). Lengthening mortgage terms and MIRAS are means by which we can live with these crazy prices. There is a better option.