Friday, Sep 24, 2010
Tighter rules on mortgages will take ownership out of the reach of millions
The Daily Telegraph: Don't meddle with our right to buy a home
I've already had my "right" to buy a home taken away from me by the 1997-2007 bubble. Doctor of Finance and the median house in my far-from-wealthy commuter village outside York is priced at 5.5 times my salary.
Posted by monty032 @ 09:30 AM (1230 views) Add Comment
15 Comments
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1. Vox Populi said...
Don't meddle with our right to buy a home at a reasonable price
2. jackas said...
Here here, Monty - repossessions of the feckless down, dispossessions of the prudent up.
Feck this. I'm leaving the country.
Can someone ring a bell when gold hits $1300 today please? Thanks.
3. sibley's b'stard child said...
"Even before the current crisis hit, this presumed "right" to home ownership was under threat. According to the last English Housing Survey, owner occupation fell from 70.9 per cent of households in 2003 to 67.9 per cent in 2008/9".
What a numpty. Join the dots you feckin' moron.
4. alan_540 said...
I think right to buy could have worked but only if the proceeds of the sales were reinvested to build new council houses on a one for one basis. Of course, this would have meant the houses being sold for at least their rebuild cost. I seem to remember this was how the idea was sold to us by Thatcher in the first place?
5. mark wadsworth said...
SBC hightlights yet more Double Think inherent in Home-Owner-Ism
They claim that they want to 'encourage' homeownership, which any normal person would understand as meaning "a wider spread of homeownership" but what happens in practice is that the number of owner-occupiers decreases.
It's a bit like Lenin or Stalin saying that by nationalising everything that everybody will be able to enjoy the benefits of industrialisation when what they actually meant was that the Party appartschicks will enjoy the benefits of everybody else's slave labour.
6. Ra02127a said...
'the Financial Services Authority plans to impose a straitjacket of new rules and regulations governing access to home loans.'
Looks like the lunatics are losing control over the asylum.
7. mark said...
Bank of America are now asking US citizens for proof of money in bank to cover 24 months payments on mortgage, as well as usual deposits etc.
Is that acting in a responsible manner or stopping you buying a house?
8. hash browne said...
"Northern Rock was brought down not by the quality of its mortgage lending – which, though not brilliant, was across the book perfectly sustainable...."
Oh the desperation!
Lets see...you buy a £150k house with a 125% mortgage and straight away you are in £37.5k negative equity.
By my calcs, if prices remained static for a duration, it would take 9 years on a repayment mortgage just to get into positive territory.
Even if prices were rising by an annual 5%, it would still take 3 years to attain postive equity. Clearly, such lending practices were reckless and unsustainable.
What a douche! I so wish you could comment on this article.
9. jackas said...
Ding Dong
10. inbreda said...
hash browne - you can comment on the article.
11. icarus said...
mark w @4 - why go back 70-odd years? Your second para could also have read "It's a bit like Wall Street bandits saying that privatising everything........(substitute Wall Street bandits for party apps).......It's just a bit less noticeable when it's done on a global scale because then there's nothing to compare it with.
12. doomwatch said...
Prices are going down you dumb hack. I realise your main circulation
are dumb true blue Tory baby boomers , but it's time to smell the coffee
boy.
13. doomwatch said...
Prices are going down you dumb hack. I realise your main circulation
are dumb true blue Tory baby boomers , but it's time to smell the coffee
boy.
14. mark wadsworth said...
Icarus 9, that is quite true, but I wanted to highlight the similarities between Blue Socialism and Red Socialism.
Anyway, it's quarter to four and I haven't mentioned Land Value Tax yet today, so let me point out that if Home-Owner-Ism reduces the spread of homeownership (which we are agreed is A Good Thing) then the opposite of Home-Owner-Ism (i.e. Georgism i.e .Land Value Tax/Citizen's Income) increases the spread of homeownership.
15. clockslinger said...
Hey up Monty, it's t' Daily Telegraph. Don't you know about t' bloody political agenda of't organ, lad? Your comment on this posting brings back painful memories. These Southerners think HPI is mostly in London and the SE. Us of Viking stock know different. The prices in commuter villages round York are absolutely astonishing, despite the horror of the ring road on the "commute". More so the price of any decent terrace house within the city walls. As for Harrogate, bloody rotate! Last time I looked it was more expensive than Brighton.