Monday, Jul 09, 2007
My goodness - lenders really are getting desperate
Firstrung: First time buyers urged to give up fags to get on the 'first rung'
They have lent increasing ridiculous income multiples, upped the maximum amount forwarded to 125% of valuation, introduced self-certification 'liar' mortgages, tried to guilt parents into providing large deposits, tried to push naive FTB's into shared purchasing schemes with complete strangers, duped inexperienced BTL's into propping up the market (now devoid of FTB's) in the short term ... etc .... and are now suggesting that ex-smokers should now use the money saved to get on the market.
It is becoming increasingly comical how desperate the lenders are getting in order to maintain the illusion of increasing house prices. Thankfully for those with a little bit of nouse, these desperate measures only act to reinforce the fact that HPC is now inevitable.
9 Comments
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1. enuii said...
Damn, I knew I should have started smoking years ago then I could give up now and become instantly wealthy!
2. confused76 said...
They hope for an interest rate easening, if that happens they stand to make S**loads of money
3. Cannycat said...
Perhaps they'd like us to give up bread and water too?! That would solve EVERYBODY'S problems!!
4. dohousescrashinthewoods said...
Hey, kidies, listen to us, we'll tell you how to save your pocket money so you can afford la-la-house in Cuckoo land to impress all your competitive dinner guests.
Give me a break. This stinks.
To anyone who still actually believes there is any reality whatsoever in the housing market, here's 3 pounds of cold wet kipper slapping you in the face.
You really really really only have to look at what is in front of your nose. As has often been said here: "Kansas.. bye bye". It's been a Titanic certainty for quite some time now. There are some pretty worn-out cassandras here, so if you're reding this and you think these people are nuts, try re-evaluating your paradigm.
Strikes me the only thing that can hold up house prices now is inflation. Think carefully about that statement.
5. george monsoon said...
I have an alternative argument..
Why not give up smoking so that you might live long enough to see the houseprices crash.
6. Scott said...
No smoking, no drinking, no clubbing, beans on toast every night, walk instead of buses and cars, only buy second hand, hitch-hike on motorways instead of trains, return the empties. If we all did this the economy would collapse.
7. confused76 said...
From addicted to smoke to addicted to property... houses should be regulated by the (mental) health authority!
8. Feefifofum said...
I wonder what 'educated' class of people the writer of the 'give up smoking' comment had in mind?
9. dobber said...
Is that cigarettes I can smell, is it cigars then?
No you fool there's a smoking ban in force now, it's burning roof trusses, the property market is going up in smoke and the house is about to cave in on the speculators.