Posted 26 March 2005 - 10:15 AM
We are the website the Times loves to hate, aren't we?
So, the author reckons that:
"LOTS of people are getting anxious about their debts"
People are "Aghast at the amount they have spent on their credit cards"
"reluctant to embark on the purchase of a larger property with a supersized home loan"
people are "over-indebted", "whose blunders included short-termism"
"A homebuyer with a Â£150,000 loan who took out a two-year 3.40 per cent in 2003 must now be content with a rate of 4.95 per cent. The extra cost is Â£1,500 a year"
"short-termism could have nasty long-term consequences"
"Hundreds of thousands of people are not putting aside money to repay their interest-only mortgage at its term, hoping that something will turn up to clear the debt"
"not investing in pensions"
"The choice will be to sell the home to repay the loan and live in penury, or continue with a mortgage into their dotage, as the Japanese do"
But the author still believes that:
"They are not disenchanted with bricks and mortar"!
Hmm, even the bulls on this site are now selling their properties, there are no FTbers propping up the housing market, and numbers of transactions as well as prices are falling - if they're not disenchanted with property now they will be soon!
Welcome to anyone who found this site after reading today's Times!
Proverbs 19:14 - Houses and wealth are inherited from parents, but a prudent wife is from the LORD.