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Times - New Property Era For Wealthy Families, Investors And Foreign Billionaries Only

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http://www.timesonline.co.uk/tol/money/pro...icle6788138.ece

The recession has caused a huge shift in the housing market that will lock out first-time buyers and amateur landlords and leave only wealthy families, wealthy investors and Middle East billionaires with a chance of buying.

Research carried out for The Times by Savills, the estate agent, suggests that many people who need a mortgage may have to abandon hope of ever owning a home.

The research shows that in the post-downturn housing market, the sort of new-build flats snapped up by first-time buyers and small buy-to-let investors before the credit crunch will fall into the hands of cash-rich investors and young people in receipt of big parental handouts. At every stage of the new-model housing ladder, equity-rich buyers will dominate, Savills said.

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The research shows that in the post-downturn housing market, the sort of new-build flats snapped up by first-time buyers and small buy-to-let investors before the credit crunch will fall into the hands of cash-rich investors and young people in receipt of big parental handouts.

What a shame! :lol:

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I guess all of us non-billionairres had better be culled. As what is the point in us living if we can't even afford the basic human requirement of a house. We're never going to be paid enough because our bosses need all the money for themselves, our leaders and our humble bankers too - they need all of the worldly goodsjust for themselves. The rest of us, well we can swivel. Or let me think, when has this economic model ever resulted in a satisfactory result? No, I've thought about it and it always ends badly. If they don't capitulate on this one fairly soon, it ends in a very bad way indeed for these elite few :ph34r:

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many people who need a mortgage may have to abandon hope of ever owning a home.

......for ever and ever and ever

Now there's a contra-indicator if ever I've heard one.

Sounds a bit like "It seems we've reached a permanently high plateau"

We all know what heppened next right?

:lol::lol::lol::lol::lol::lol:

Edited by Jin

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Research carried out for The Times by Savills, the estate agent, says house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices house prices , or something like that.

I think that's what I read. Does anyone actually see this tosh and really think "yes, I think that's an accurate view of the future"??

:lol:

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Research carried out for The Times by Savills, the estate agent, suggests that many people who need a mortgage may have to abandon hope of ever owning a home.

Research carried out suggests that if this is the case many people will abandon the thought of owning an overpriced piece of crap in the UK and head off to other places,,,

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Research carried out for The Times by normal people suggests that estate agents will come out with absolutely any degree of nonsense rather that even suggest the possibility of by far the most probable outcome; that house prices will in fact fall.

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This is an estate agents opinion, it's about as reliable as the weather forecast.

Hey, it's odds on for a BBQ summer!

The old joke is that economists' purpose is to make weather forecasters look good, not sure I can come up with something vitriolic enough for estate agents just now :(

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Research carried out for The Times by Savills, the estate agent, suggests that many people who need a mortgage may have to abandon hope of ever owning a home.

I never listened to those "revolution nutters" before, but if this is what the future holds, then civil unrest is indeed on the cards.

Watch this space :ph34r:

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Ms Barnes added: “In the equity- starved areas, where 20 years ago people on lower incomes were able to buy and work their way up the ladder, you will find that this won’t be able to happen any more as equity-rich investors will buy homes and let them.â€

They really are totally shameless, are they not?

How are the "equity rich" investors going to use this equity to buy up all the peasants housing then?

By selling their property in order to release their paper money? In which case, er, who to, exactly - seeing as the renting scum can no longer afford it?

Or by borrowing against it? See above.

In order for this equity to keep it's value, money must enter the market somewhere, prices cannot increase on existing equity alone.

Either the lowly ftb proles put it in, or the equity rich borrow more in order to out bid each other as they "snap up" more property to sell only to themselves.

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Research carried out suggests that if this is the case many people will abandon the thought of owning an overpriced piece of crap in the UK and head off to other places,,,

that is one option or we the people could start a revolution which is the way i would go personally start taking out a few elitist and the others would flee big time , everybody has a right to shelter !

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So the "newspaper" most guilty of massive ramping of the property market pays SAVILLS for some dumb blonde bint called "Yolande" (ffs) to write a scary piece about how if you don't buy now (near the bottom of the market) :lol::lol::lol: you will be priced out for life!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Her clever analysis misses out one key detail (as did the lenders' during the boom......) That house prices might actually fall............. ( and we know where that led!) to a price where they might actually be worth purchasing again!!! Someone might like to tell her that there is a chance that interest rates might actually rise back towards...(or even above... :ph34r: ) long term trends of 5-9%). At this point those with cash might smile a bit, those with equity will be poor or maybe even homeless. She will be unemployed and her piece in the times will no longer be wrapping fish and chips!

I will never buy the Times again as of tonight!!!!

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The recession has caused a huge shift in the housing market that will lock out first-time buyers and amateur landlords and leave only wealthy families, wealthy investors and Middle East billionaires with a chance of buying.

No, it's quite the opposite. The market pre-2007 ensured that only those with family wealth or the kind of income associated with celebrities or investment bankers could buy houses. The recession has, by contrast, suddenly opened the prospect for those of us who work hard for a living and earn decent but not obscene money.

But it's good that the meeja is saying this: it's opening a debate that should have been happening for the last eight years or so of property madness.

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No, it's quite the opposite. The market pre-2007 ensured that only those with family wealth or the kind of income associated with celebrities or investment bankers could buy houses. The recession has, by contrast, suddenly opened the prospect for those of us who work hard for a living and earn decent but not obscene money.

But it's good that the meeja is saying this: it's opening a debate that should have been happening for the last eight years or so of property madness.

I think the point that they were trying to make is that it would "lock out" the equity/cash poor from easy access to astounding levels of debt in comparison to their earnings, making them simply unable to borrow the money required to support today's level of house prices.

Their thinking from that point onward seems a little bit lacking to me.

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Perhaps someone should tell Savills there is a world outside Chelsea, Kensington and Belgravia.

How many billionaires and wealthy families want to buy property in Uxbridge, Croydon or Romford (i.e. where real people live).

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