Am I Being Unreasonable To Feel Seething Resentment Towards Those Who Profited From The House Price Bubble

[flatnose]

Interesting reading at Mumsnet.

Am I being unreasonable to feel seething resentment towards those who profited from the house price bubble and hot anger at the Governments who allowed it to happen?

Click here to read the Mumsnet thread

[Frank Hovis]

Most of those mumsnetters seem to have their heads screwed on correctly.

There is the odd muppet but we had Sibley, Hamish and HPC Convert posting their rubbish for years on here.

[Mr. Miyagi]

perceptionreality Fri 13-Apr-12 21:19:17

Life's not fair - you're right. But at least you have a home which you actually own.

Er no, the op has an interest only mortgage and from reading between the line has no repayment vehicle. Classic zombie household, just waiting for an interest rate hike to put them out of their misery.

[Russe11]

^^^^ ^^^^

[okaycuckoo]

Didn't read it all, but it is interesting.

Not your usual plucky mumsnetters.

[goldbug9999]

Interesting reading at Mumsnet.

Am I being unreasonable to feel seething resentment towards those who profited from the house price bubble and hot anger at the Governments who allowed it to happen?

Click here to read the Mumsnet thread

Mumsnetters are the ones who lapped up property porn and nagged their "DH"'s to buy at all costs, so they've got f*ck all to complain about now.

[flatnose]

On page seven : "You only have to go onto House price crash to see what resentment does to a person. Some of them have been foaming at the mouth for 8 years now, every newspaper headline gives them hop that you and I will be homeless on the streets with our children (breeders we're called) because we over stretched, lied to get loans apparently and now we are stealing their free money interest too.

It's not pretty."

[Russe11]

On page seven : "You only have to go onto House price crash to see what resentment does to a person. Some of them have been foaming at the mouth for 8 years now, every newspaper headline gives them hop that you and I will be homeless on the streets with our children (breeders we're called) because we over stretched, lied to get loans apparently and now we are stealing their free money interest too.

It's not pretty."

forgot to mention subsidising them with tax credits

[KingBingo]

forgot to mention subsidising them with tax credits

*chortle*

[DeepLurker]

Jesus.

That thread belongs on HPC!

I thought it would be another 5 years before sentiment turned massively anti-HPI.

[thecrashingisles]

Very revealing thread. There are so many comments from people whose parents can't understand why their children are struggling despite good jobs and qualifications.

[ska_mna]

It's an interesting thread and quite bearish. But there are also a few gems in there that are worth trolling out here on HPC:

We have been lucky but we have taken risks, scrimped and saved. We bought out first house for £45 K about 17 years ago. We drove an old banger and had a lodger. We made several moves up the ladder, taking the lodger with us until I was pregnant with our first! We then downsized by 25% value as I was becoming a SAHM.

Seventeen years on we live in our " forever" house worth over 3/4 milllion.

How have we got here? Luck, prudent investments. hard work, savings and taking risks. DH earning well is probably as big a factor, TBF.

We had lodgers for a decade aswell. How many people are willing to make that sort of sacrifice, though?

Nothing is handed to most of us on a plate.

I only own my house outright because over the 10 years that I've been on my own I have bought up tiny wrecks, lived in them with the DDs, done them up and moved to the next one.

I've been up decorating at 2am most nights for nearly a decade. I've worked damn hard and imo I deserve what I have now achieved. There is no other way for me to have done this legally.

It's not always just luck, some of us have struggled, lived in very shitty conditions, and worked very hard.

i also bought in 2006 with 100% mortgage, we still have no equity in our house because prices dropped, so we cant move or remortgage, but we own our home and are steadily paying it off, the mortgage costs little more than rent would and at some point prices will go up again. Im glad that we bought when we could get 100% mortgage because we would have no chance of saving the big deposit and fees needed today.

But yes, I found the thread very revealing otherwise; feels like there's more and more people who I would have traditionally thought of us "blue pill types" have actually woken up and taken the red pill.

[KingBingo]

Very revealing thread. There are so many comments from people whose parents can't understand why their children are struggling despite good jobs and qualifications.

While they rattle around with their elderly spouse in a 4 bed, 2 sittings room family house by themselves 'worth' £500k that they paid £30k for 25 years ago.

If they ever stopped to ask where the extra £470k came from they might realize that it is coming out of the pockets of their children and grandchildren right now. Hence all the struggling.

Mind you that would sail so far over the heads of the average breeder I wouldn't bother attempting to explain that.

[KingBingo]

We have been lucky but we have taken risks, scrimped and saved. We bought out first house for £45 K about 17 years ago. We drove an old banger and had a lodger. We made several moves up the ladder, taking the lodger with us until I was pregnant with our first! We then downsized by 25% value as I was becoming a SAHM.

Seventeen years on we live in our " forever" house worth over 3/4 milllion.

How have we got here? Luck, prudent investments. hard work, savings and taking risks. DH earning well is probably as big a factor, TBF.

We had lodgers for a decade aswell. How many people are willing to make that sort of sacrifice, though?

Nothing is handed to most of us on a plate.

Nothing handed to you on a plate...... Apart from the £705k capital appreciation then.

[bmf]

Nothing handed to you on a plate...... Apart from the £705k capital appreciation then.

The reason this person cannot understand the problem is the same reason we had to have a debt fuelled binge. The British are thick yet want to live better than most people in the world.

[KingBingo]

The reason this person cannot understand the problem is the same reason we had to have a debt fuelled binge. The British are thick yet want to live better than most people in the world.

They want everything good in their life, in this case capital appreciation of £705k to be attributed to their skill, hard work and judgement.

Whereas if they had any honesty it would be attributed to having ridden a bubble that screwed over the youngest.

[CrashedOutAndBurned]

Sea change of opinion right across society.

People realise how screwed they are by HPI now.

Back in the height of the boom I lost count of how many friends or colleagues squeezed themselves to get on the ladder, struggling almost from the first month. No cushion, no pension, no savings, no real way to get the serious extra money they'd need through standard career progression. We're talking people with interest only mortgages, often liar loans, taken on to obtain £250k terraced houses when a (non existent) 70 or 80k home made more sense to their finances. They are effed with a capital F.

The OP on the Mumsnet thread is just a pretty normal middle-of-the-road woman. If there hadn't been the unchecked boom they would have paid half the price for their home, hubby could start saving for a pension, and they could live well enough within their means.

We too have older friends able to buy pre-boom and they didn't stretch themselves in the bizarre way people did at its height. Middle earners that paid £75-120 for a home in the mid-late 90s now with tiny mortgages less than a young person pays to rent a room in a student-digsy BTL slum, less than half a working couple pay to rent dank 2-bed flats, sometimes with a kid or two crammed in too.

HPI has ruined society, utterly trashed it, killed it, buggered it, raped the corpse.

if the working-class homes that were selling for £50-£60 in the late 90s and now on the market for 200-250k were the £80k they should be then pretty much everything would be fixed, or at least a heck of a lot easier.

[flatnose]

The British are thick yet want to live better than most people in the world.

Sadly so true

[chronyx]

Sea change of opinion right across society.

Sorry but no. A savvy mate of mine wants to add an extension to his house ASAP to 'add' 40K to the value, and no shortage of SOLD boards round my way.

He bought places at 18 (Ten years ago nearly) and now has two BTL properties that, to be fair, have done him well.

I wish you were right, but it's not going to happen.

[bmf]

Sorry but no. A savvy mate of mine wants to add an extension to his house ASAP to 'add' 40K to the value, and no shortage of SOLD boards round my way.

He bought places at 18 (Ten years ago nearly) and now has two BTL properties that, to be fair, have done him well.

I wish you were right, but it's not going to happen.

Totally agree. I have only met one person who is over 50 who thinks housing is too expensive. Most think it will continue to go up (though of course they don't mean real vs nominal as they don't understand either term).

[Solitaire]

Mumsnetters are the ones who lapped up property porn and nagged their "DH"'s to buy at all costs, so they've got f*ck all to complain about now.

My thoughts too when reading the thread. For those in her situation I would lay the blame firmly on Allsop, Spencer et al.

HPI has ruined society, utterly trashed it, killed it, buggered it, raped the corpse.

+1

[winkie]

I have no sympathies for these types of people.....they blame everyone except themselves, they shouldn't of bought something they couldn't afford, they shouldn't have payed over the odds for something that was not worth the money...blaming the banks, the IFA, the economy, every man and his dog....100% borrowing, what investment or sacrifice did they put towards what they thought was going to be easy money for nothing ...they took a gamble and lost.....where would they be now if 100% was not available, renting a property like the rest who were wise and sensible enough to see the whole picture and not stupid enough to sell themselves to an investment without investing that turns out to be an expensive mistake...back to the drawing board....

[olliegog]

Totally agree. I have only met one person who is over 50 who thinks housing is too expensive. Most think it will continue to go up (though of course they don't mean real vs nominal as they don't understand either term).

not met me yet then.

to be fair, you cannot bash the boomers this time as they are too old to be participants in Mumsnet fora.

[Norbert]

I really couldn't give a monkey's what the mummies on that site are saying.

What rattles me more than any ill-thought-out herd opinion they have is their constant use of DS and DH. For goodness sake, just ****ing say husband or daughter and stop being so ****ing pretentious.

I could of course construct a valid argument against them, but I've learnt that in terms of the general population, herd mentality is not worth fighting against. It's easier just to generally rant about their little habits, as that's equally as valid as their pointless witterings

As for the tide turning, this will only happen when the reality slaps people repeatedly in the face over a period of about 2 years.

If anyone from mumsnet is reading, I hope this post reads as suitably resentful

Edited April 14, 2012 by GreenAndPeasantLand

[bmf]

not met me yet then.

to be fair, you cannot bash the boomers this time as they are too old to be participants in Mumsnet fora.

No I haven't met you. HPC posters are hardly representative of the UK though, are they?