Eager FTB Posted January 2, 2010 Share Posted January 2, 2010 Hello I have been reading and posting on this forum for a while now and i am a bear. I am starting to wonder if i will be priced out of the housing market forever in this country all i can seem to afford woudl be a tiny little flat. are prices ever going to become affordable in this country will this government carry on stealing my interest on my savings to keep peopel in their houses? im loosing my faith in waiting Sibley dont bother to reply as i think you are a vile man who thrives on others being un-happy. I know exactly what you mean! They are stil asking £90 - £100k round here for back to back terraced houses in grotty areas. Things are very out of kilter right now, being patient is very hard when this has been dragged on for so long. Surely it cannot last forever, with FTB's priced out? Quote Link to comment Share on other sites More sharing options...
Tonkers Posted January 2, 2010 Share Posted January 2, 2010 STAY COOL. Quote Link to comment Share on other sites More sharing options...
Guest tbatst2000 Posted January 2, 2010 Share Posted January 2, 2010 More tenants means they require better protection to stop that happening, there has got to be better and more secure ways of renting than ast. Totally agree, the AST system is despicable, particularly given that the government has promoted the private rental sector over social housing. Whilst it might have been a reasonable approach when most people in private rented accommodation were only doing it for the short term now that it's the default long term option for most people who aren't on benefits it should be replaced with something else. Since all those BTLers are in it for the long term, I imagine they'd approve of a change too. Quote Link to comment Share on other sites More sharing options...
New_Renter Posted January 2, 2010 Author Share Posted January 2, 2010 Things are very out of kilter right now, being patient is very hard when this has been dragged on for so long. Surely it cannot last forever, with FTB's priced out? ahh another FTB like me yeah being patient is hard work expecially when you see everything around you telling you its getting better. the greed of the peopel and the manipulation of the gov kind of re-write the rule book and put logic to the wind. i understand the term lost generation and i truly know how it feels to be in it. Quote Link to comment Share on other sites More sharing options...
RDW Posted January 2, 2010 Share Posted January 2, 2010 The "perfect storm" is brewing. I'm probably an economic thickie compared to a lot of people on here, but interest rates the lowest for what, 300 years (and being kept artificially low), and massive printy printy to try and keep the country going. After the next election (be it March or May), where the next budget will be appalling for the average Joe. Summer onwards? Well, who knows, but I still believe that this pack of cards are ripe to truly collapse big style.. I'm not convinced about this 'perfect storm' thing, I hope it does happen as I am more prepared than most, both financially and mentally, thanks to this site. But I get more of a forboading of a 'boiled frog' scenario happing right now, than a perfect storm coming. http://ezinearticles.com/?The-Boiled-Frog-Phenomenon&id=932310 Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted January 2, 2010 Share Posted January 2, 2010 Or he maybe getting older each year and watching his peers soar ahead of him, it's always a gamble whenever you buy but when you loose on the swings you gain on the roundabout's it's all about timing and circumstances isn't it ? But you have to start somewhere. what do you mean by "soar ahead"? Ooh, ive got tons of stuff, that means I can claim more benefits? You are shallow Hal and I claim all I can as you do. Quote Link to comment Share on other sites More sharing options...
Guest tbatst2000 Posted January 2, 2010 Share Posted January 2, 2010 they want it as a cash machine/pension/bragging rights "my house earned twice as much as me this year hawhaw". You know what, I've never heard anyone actually say that. SWP = socialist worker party???? Quote Link to comment Share on other sites More sharing options...
Georgia O'Keeffe Posted January 2, 2010 Share Posted January 2, 2010 More tenants means they require better protection to stop that happening, there has got to be better and more secure ways of renting than ast. yes, this is another points, laws change, they come and go depending on the time and the place. IF more people lose there homes and need to rent, which is the only way of actually dealing with the economic problems long term, there will be political pressure to change these laws to something based more on stability rather than the idea of property as wealth, particularly if property owners are also getting rinsed by negative equity. The perception of home ownership will gradually change, just as it has changed over the last 10 years Quote Link to comment Share on other sites More sharing options...
Mammon Posted January 2, 2010 Share Posted January 2, 2010 wow this is going well im not interested in IO really and i have 30K in the bank but that may aswell be 30p. i dont mind renting but i think i would like to put my cables in the walls and my projector in the celing and renting is not the best option if you want to make the place your own. i live at home with parents at 30 and it is kind of depressing, not as depressing as owing shed loads of money for a pile of bricks. each day i look now everything you read see and hear says UP UP and UP. p.s if the average house is 162K then 1%is 1600 odd pounds. how can you compete if prices rise more than you save each month. I dont think you are 'Priced Out', you sound like you just dont want to pay the going market price. Quote Link to comment Share on other sites More sharing options...
winkie Posted January 2, 2010 Share Posted January 2, 2010 Totally agree, the AST system is despicable, particularly given that the government has promoted the private rental sector over social housing. Whilst it might have been a reasonable approach when most people in private rented accommodation were only doing it for the short term now that it's the default long term option for most people who aren't on benefits it should be replaced with something else. Since all those BTLers are in it for the long term, I imagine they'd approve of a change too. Completely agree....that is what I would call a real positive change, living in a home with a reasonable rent that you can put down roots and bring up a family without the fear of being thrown out is not a lot to ask for surely. Quote Link to comment Share on other sites More sharing options...
OnionTerror Posted January 2, 2010 Share Posted January 2, 2010 Really? Doesn't the lack of security of tenure trouble you? If you're young and moving around regularly I can see that's not a problem but, as soon as you want to settle down to any extent and, particularly if you have kids in school, the prospect of being turfed out of your home at someone else's whim would bother most people. Not particularly...I'm now in my early 30's, and I've lived in long-term rented properties all my life (either with my parents or in a house share with friends), so I'm not "daunted" by it at all. I couldnt afford to buy in my early 20's (when prices were reasonable), as I couldn't afford it (earning bugger all), and I had student debts to pay. I'm not planning to have kids, so thats not a problem there. I can see the potential benefits of "owning", but I wont if its to cripple me financially for the rest of my life. People who have kids etc, I can understand their quandry on wanting to buy (security and to stop the constant earache from the other half). These are probably the main reasons why many people push their finances to the limit in order to buy - but at the end of the day, it could lead them to financial ruin. Quote Link to comment Share on other sites More sharing options...
winkie Posted January 2, 2010 Share Posted January 2, 2010 yes, this is another points, laws change, they come and go depending on the time and the place. IF more people lose there homes and need to rent, which is the only way of actually dealing with the economic problems long term, there will be political pressure to change these laws to something based more on stability rather than the idea of property as wealth, particularly if property owners are also getting rinsed by negative equity. The perception of home ownership will gradually change, just as it has changed over the last 10 years Absolutely...it will no longer be the get rich quick, money for nothing for the few to the detriment of the many as it has become over recent years. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted January 2, 2010 Share Posted January 2, 2010 I dont think you are 'Priced Out', you sound like you just dont want to pay the going market price. delete the word Market and you may make some sense. Quote Link to comment Share on other sites More sharing options...
New_Renter Posted January 2, 2010 Author Share Posted January 2, 2010 i w0udl not say i dont want to pay the going price. What i dotn want to do is borrow as much as i can to get a tiny little house when i am in a good job earning good money. Quote Link to comment Share on other sites More sharing options...
Georgia O'Keeffe Posted January 2, 2010 Share Posted January 2, 2010 Absolutely...it will no longer be the get rich quick, money for nothing for the few to the detriment of the many as it has become over recent years. yep, particularly as it looks like in the UK going forward second home ownership is unlikely to be the free taxpayer funded goldmine it has been for MPs in the last decade. There will be little political monetary interest in the current status quo, Funny that Quote Link to comment Share on other sites More sharing options...
Eager FTB Posted January 2, 2010 Share Posted January 2, 2010 ahh another FTB like me yeah being patient is hard work expecially when you see everything around you telling you its getting better. the greed of the peopel and the manipulation of the gov kind of re-write the rule book and put logic to the wind. i understand the term lost generation and i truly know how it feels to be in it. Yep, I'm patiently waiting for the madness to come to an end, I have a sizeable deposit ready just like you, but I can't see the point of wasting it on a house right now. The amount of market manipuation is staggering, to bail out the feckless and save the skins of Politicians! I'm just sitting back to see what happens this year, especially after the election, as I'm sure there is a very large amount of brown stuff getting very close to the fan!! Quote Link to comment Share on other sites More sharing options...
New_Renter Posted January 2, 2010 Author Share Posted January 2, 2010 Yep, I'm patiently waiting for the madness to come to an end, I have a sizeable deposit ready just like you, but I can't see the point of wasting it on a house right now. The amount of market manipuation is staggering, to bail out the feckless and save the skins of Politicians! I'm just sitting back to see what happens this year, especially after the election, as I'm sure there is a very large amount of brown stuff getting very close to the fan!! yeah i think im getting board of waiting and reading the crap of the self loving gloting sibbers of the world who would rip of their own nan to keep their house "estimate price" up. i think i may wait 6 months and they rent and leave money in savings for the winter. higher interest rates would not go a miss. how can we stop these c****ts stealing out interest to keep others in houses they cannot afford. Quote Link to comment Share on other sites More sharing options...
house123 Posted January 2, 2010 Share Posted January 2, 2010 Hello I have been reading and posting on this forum for a while now and i am a bear. I am starting to wonder if i will be priced out of the housing market forever in this country all i can seem to afford woudl be a tiny little flat. are prices ever going to become affordable in this country will this government carry on stealing my interest on my savings to keep peopel in their houses? im loosing my faith in waiting Sibley dont bother to reply as i think you are a vile man who thrives on others being un-happy. This is a very common situation and in my opinion is a major contributor to why prices rose in 2009, as affordability returned for a few. In short, there is not enough of the right kind of housing in the right locations and this was a major contributor to the rise in prices from the mid nineties onwards. Supply of the right kind of properties is and has been the problem for the last 25 years and begun with the sell off and non existance of the building of suitable council houses. This meant that future lower classes would be in the market for buying houses, the banks made mortgages more available with lower LTV's and greater multiples and boom. The housing market may come down a little more, but only until it reaches the top of the current unaffordable group. The long and short of it is we must temporarily close our borders and then sacrifice green field sites and build enough houses for us all, whatever our incomes. The country side is beautiful, but I would give some up for a happier population with more available cash in their pockets. At the end of the day, what’s a nice view when most of the population are so fecking miserable. Just imagine if everyone could buy a property and service the mortgage with 25% of their income. This would mean that the wealth of this country would be more evenly spread through all levels of society and would have major benefits for the whole economy and society as a whole. Anyone who says the years leading up to 2007 was a credit bubble is talking rubbish. If there had of been enough property in this country, credit would have never been an issue. Finally and controversially anyone who thinks that the supply of new housing has not been controlled is naïve, this is modern capitalist tool at creating ever greater wealth from nothing, but of course this only works for so long as people can afford to join the pyramid at the bottom. The sad thing is the general population are the only people who can end this, they must demand, a lessening of building restrictions on green belt, a new council house infrastructure where needed and new builds of the right type and in the right locations. About 3 million people marching through London about six weeks before the general election should do it. Who’s with me? OK, Sorry, rant over. Quote Link to comment Share on other sites More sharing options...
Tunnel Vision Posted January 2, 2010 Share Posted January 2, 2010 wow this is going well im not interested in IO really and i have 30K in the bank but that may aswell be 30p. i dont mind renting but i think i would like to put my cables in the walls and my projector in the celing and renting is not the best option if you want to make the place your own. i live at home with parents at 30 and it is kind of depressing, not as depressing as owing shed loads of money for a pile of bricks. each day i look now everything you read see and hear says UP UP and UP. p.s if the average house is 162K then 1%is 1600 odd pounds. how can you compete if prices rise more than you save each month. My girlfriend and I feel exactly the same as you Seanie. We are renting and have a decent deposit in the bank. However, it seems pretty worthless when measured against property. In my view all these rises of late are due to QE but that can't go on forever. I think that you/we need to wait until a year after the election to get an idea of where things are heading. These recent rises are artificial and pollitical to see labour to the polls. Just remeber that QE will stop and interest rates have only one way to go, and that is UP. These are facts, so prices should come down (hey look logical thinking). But what will a Conservative government do? More of the same?? I'd like to say that our frustration will end soon and it will all be alright, but the more this goes on I can see that the Government has fcuked things up to such a point that high house prices are key to our economy. Hang on until after the election and see what the Torys have in store for us, but don't get too excited. Good luck Quote Link to comment Share on other sites More sharing options...
iLegallyBlonde Posted January 2, 2010 Share Posted January 2, 2010 I totally disagree. People want to own property partly for that reason but mainly over the last 10-15 years because they want it as a cash machine/pension/bragging rights "my house earned twice as much as me this year hawhaw". They have been sold the myth that houses only ever go up by Labour & The Conservatives (mainly Labour) and the politicians will rob savers to keep homeowners who they see as their core vote happy. Renting is more about enjoying life: Probably a 1/3 - 1/2 better house than you could afford to buy on an I/O mortgage - better area, better spec. No commitment (well hardly any) No maintainence I think that's where 90% on this site assume incorrectly and have an utterly blinkered view of life. People buy a house because they do not want to sell it or move that's the whole point the stability. And why so many have taken fixed rate mortgages because they want to know what their outgoings will be for the next 25 years. Quote Link to comment Share on other sites More sharing options...
house123 Posted January 2, 2010 Share Posted January 2, 2010 Hang on until after the election and see what the Torys have in store for us, but don't get too excited. Good luck Who said the tories are getting in? Remember the same people who think unsustainable house price rises are a good thing (The many), can also see a recovery underway, whether it be real or not. Quote Link to comment Share on other sites More sharing options...
house123 Posted January 2, 2010 Share Posted January 2, 2010 I think that's where 90% on this site assume incorrectly and have an utterly blinkered view of life. People buy a house because they do not want to sell it or move that's the whole point the stability. And why so many have taken fixed rate mortgages because they want to know what their outgoings will be for the next 25 years. + 1 Quote Link to comment Share on other sites More sharing options...
Tunnel Vision Posted January 2, 2010 Share Posted January 2, 2010 (edited) Who said the tories are getting in? Remember the same people who think unsustainable house price rises are a good thing (The many), can also see a recovery underway, whether it be real or not. Merely my opinion sir. However, I get the distinct impression that a few people in this country are sick to the back teeth with Gordon. This also includes one or two home owners. Edited January 2, 2010 by Tunnel Vision Quote Link to comment Share on other sites More sharing options...
Blackholeshine Posted January 2, 2010 Share Posted January 2, 2010 (edited) There is something I cannot figure out if anyone can help: If the average age of the first time buyer is 34 and 84 is a typical age when a person can no longer live independently (there are of course people who buy before 34 and people who live independently past 84 but these may be balanced out by people who die before they have reached 84), this means the entire housing stock of 25 million private homes ( if there is not 25 million private homes now, then the new homes built over the next 50 years should mean this figure will be reached in due course) should change hands every 50 years. Repeat the entire housing stock should change hands every 50 years. Over the next 50 years who will be the new 25 million new owners of properties if almost everyone is priced out? If 25 million homes change hands over the next 50 years this means on average 500,000 homes will change hands every year. There is no where near this level in changes of ownership -- why not? If the entire housing stock is to change hands over 50 years, it is not going to change hands at the present rate of change. Does this mean there has to be some future catch up when there are more changes of property than average such as after a crash when property prices are affordable again. Or will 25 million new owners simply come from the present occupiers passing properties to their children? Edited January 2, 2010 by Blackholeshine Quote Link to comment Share on other sites More sharing options...
house123 Posted January 2, 2010 Share Posted January 2, 2010 There is something I cannot figure out if anyone can help: If the average age of the first time buyer is 34 and 84 is a typical age when a person can no longer live independently (there are of course people who buy before 34 and people who live independently past 84 but these may be balanced out by people who die before they have reached 84), this means the entire housing stock of 25 million private homes ( if there is not 25 million private homes now, then the new homes built over the next 50 years should mean this figure will be reached in due course) should change hands every 50 years. Repeat the entire housing stock should change hands every 50 years. Over the next 50 years who will be the new 25 million new owners of properties if almost everyone is priced out? If 25 million homes change hands over the next 50 years this means on average 500,000 homes will change hands every year. There is no where near this level in changes of ownership -- why not? If the entire housing stock is to change hands over 50 years, it is not going to change hands at the present rate of change. Does this mean there has to be some future catch up when there are more changes of property than average such as after a crash when property prices are affordable again. Or will 25 million new owners simply come from the present occupiers passing properties to their children? INVESTORS. Housing is a market place and it has existed for the last 20 years to make people money. We will just become a nation of renters Quote Link to comment Share on other sites More sharing options...
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