Army Opinion On House Prices

[Conrad]

Check out this housing thread from the Army rumour service forum, interesting opinions

http://www.arrse.co.uk/property/138554-will-house-prices-now-have-drop-realistic-levels.html

Looks like there are stirrings in the general populous. Though there are alot of people that have forgotten the crash of the 90's

I like this quote:

"

There will always be two opposing camps in this argument but the side with all the power are those with the homes, however much you would like them to sell their houses on the cheap they don't have to and no one can force them!"

[TheCountOfNowhere]

Check out this housing thread from the Army rumour service forum, interesting opinions

http://www.arrse.co.uk/property/138554-will-house-prices-now-have-drop-realistic-levels.html

Looks like there are stirrings in the general populous. Though there are alot of people that have forgotten the crash of the 90's

I like this quote:

"

There will always be two opposing camps in this argument but the side with all the power are those with the homes, however much you would like them to sell their houses on the cheap they don't have to and no one can force them!"

Unless you die, go bankrupt, repossessed, divorced, need care, no longer can afford your home, downsize....

[Conrad]

Exactly CountofWherever..

If you lose your job you can't afford to pay your mortgage.

Following the SDR (stragic defence review) there could be a number of Admirals and Generals looking for work...

[erranta]

<br />Check out this housing thread from the Army rumour service forum, interesting opinions<br /><br /><a href='http://www.arrse.co....tic-levels.html</a><br /><br />Looks like there are stirrings in the general populous. Though there are alot of people that have forgotten the crash of the 90's<br /><br />I like this quote:<br /><br />"<br />There will always be two opposing camps in this argument but the side with all the power are those with the homes, however much you would like them to sell their houses on the cheap they don't have to and no one can force them!"<br />

That's why the bankers have conjured an 18yr housing cycle.

They can con the next generations (who are too young to remember) with their housing propaganda and thru media manipulation (property porn).

Just to put your members in the right frame of mind (coz we have all been brainwashed by the Financiers & rich landowners)

A house should cost 2x a single salary over a 16yr mortgage term (nothing more) and they did for hundreds of years previously - until the late 1970's!

[Boughtin95]

Exactly CountofWherever..

If you lose your job you can't afford to pay your mortgage.

Following the SDR (stragic defence review) there could be a number of Admirals and Generals looking for work...

You obviously have no idea how much an Admiral or General's pension on retirement or redundancy would be.

The terminal grant they receive would be sufficient to buy an average house outright, without having to touch their monthly pension.

[Executive Sadman]

You fail to take into acount that the majority of houses cannot have the sale price reduced to far as they are mortgaged by their current owners.

What majority. Average house turnover is 23 years. Only 1 in 9 non-remortgaged new residential mortgages were taken out in the last ten years.

This is the scandal. Allowing prices to go back to where they should be (2001) would actually disadvantage a tiny minority of people. The rest, it either makes no difference or is beneficial. The vast majority can sell for 2001 levels, only instead of tripling or quadrupling their gains, theyve merely doubled them. Hardly a terrible state of affairs.

[bobthe~]

Unless you die, go bankrupt, repossessed, divorced, need care, no longer can afford your home, downsize....

If you don't want to sell at the market rate, then you don't want to take advantage of the drops in price to move up the ladder. You are saying that you will wait till you get that extra 50k on your home value and pay an extra 100k on the next house.

Plenty of people will want to trade up even in a falling market.

Sorry, "You" didn't mean you, obviously, it meant anyone who argues that people won't sell.

Edited July 29, 2010 by bobthe~

[xux42]

You obviously have no idea how much an Admiral or General's pension on retirement or redundancy would be.

The terminal grant they receive would be sufficient to buy an average house outright, without having to touch their monthly pension.

Not if you quietly remove thier golden parachutes on the understanding that they will remain in post for a good few years, wait a decent interval then give them the boot.

Oh, and exercise the options to serve notice on the ex-admirals, generals and air marshalls already living in grace & favour houses instead of putting their hands in their pockets and spending their frickin pensions on rent.

Know a few senior military personnel. Pretty tight lipped about this kind of stuff but do let slip a few things with the help of drinkies.

God only knows how bad the stuff they keep quiet about is. One thing I can say is that they seem to genuinely feel that risking their lives entitles them to be treated extremely well in later life. Well maybe but only if the grunts get the same...

[Minos]

Check out this housing thread from the Army rumour service forum, interesting opinions

http://www.arrse.co.uk/property/138554-will-house-prices-now-have-drop-realistic-levels.html

Looks like there are stirrings in the general populous. Though there are alot of people that have forgotten the crash of the 90's

I like this quote:

"

There will always be two opposing camps in this argument but the side with all the power are those with the homes, however much you would like them to sell their houses on the cheap they don't have to and no one can force them!"

Unless you've got a gun and an army.

[Live Peasant]

Following the SDR (stragic defence review) there could be a number of Admirals and Generals looking for work...

Who will immediately become consultants to private military/security companies or NGOs at four times their current salary with generous perks.

Would you be so kind as to ask Miss Perks to step in for a moment.

[JustYield]

Check out this housing thread from the Army rumour service forum, interesting opinions

http://www.arrse.co.uk/property/138554-will-house-prices-now-have-drop-realistic-levels.html

Looks like there are stirrings in the general populous.

I wouldn't describe ARRSE posters as the "general populous sic" if I were you.

[juvenal]

Who will immediately become consultants to private military/security companies or NGOs at four times their current salary with generous perks.

Would you be so kind as to ask Miss Perks to step in for a moment.

Or Miss Partridge. She's a game bird...

[RichM]

I wouldn't describe ARRSE posters as the "general populous sic" if I were you.

Looks like we've got a Walt people.

[Roman Roady]

Most forces pensions are nothing of the sort. There is no 'pot'....they come out of the defence budget!!

I say most because when someone gets into the Generals and Admirals, they dont even retire. They merely go onto the 'inactive' list....full pay!

[Conrad]

Looks like we've got a Walt people.

Arrse posters would surely have similar opinions on houseprices as the general populous. Just thought it would be interesting reading.

[Lagarde's Drift]

Arrse posters would surely have similar opinions on houseprices as the general populous. Just thought it would be interesting reading.

May be skewed by single accomodation / SLAM, married accomodation, and AFPS75 providing good income. Basically probably just as bullish / foolish as the general population.

[huw]

You fail to take into acount that the majority of houses cannot have the sale price reduced to far as they are mortgaged by their current owners.

What majority. Average house turnover is 23 years. Only 1 in 9 non-remortgaged new residential mortgages were taken out in the last ten years.

This is the scandal. Allowing prices to go back to where they should be (2001) would actually disadvantage a tiny minority of people. The rest, it either makes no difference or is beneficial. The vast majority can sell for 2001 levels, only instead of tripling or quadrupling their gains, theyve merely doubled them. Hardly a terrible state of affairs.

What if you include the remortgaged ones? MEW etc?

TBH it's not the effect on the borrowers that's concerning. Worst-case for them is they go bankrupt -- sad for them and their families, but it happens. It's the wider effect of all that debt defaulting, and the inflationary/deflationary consequences.

[ingermany]

May be skewed by single accomodation / SLAM, married accomodation, and AFPS75 providing good income. Basically probably just as bullish / foolish as the general population.

As the 2008 crash gathered pace soldiers were all reminded by the chain of command (via a personal email) that they could get shared equity/0% loans/ 8K advance of pay to cover expenses and that there was never a better time to buy a house. Also Persimmon were in every NAAFI offering military personnel 100% loans on BTL properties with all solicitors fees and duty paid. Literally, get the house with zero money up front and Persimmon appointing a solicitor and letting agent. There was a big publicity push to get soldiers to buy 2 years ago. I would guess that may now have NE. Just as many are about to lose their jobs due to SDR.

[Lagarde's Drift]

As the 2008 crash gathered pace soldiers were all reminded by the chain of command (via a personal email) that they could get shared equity/0% loans/ 8K advance of pay to cover expenses and that there was never a better time to buy a house. Also Persimmon were in every NAAFI offering military personnel 100% loans on BTL properties with all solicitors fees and duty paid. Literally, get the house with zero money up front and Persimmon appointing a solicitor and letting agent. There was a big publicity push to get soldiers to buy 2 years ago. I would guess that may now have NE. Just as many are about to lose their jobs due to SDR.

I did not realise the Army did that. I was aware of the "essential workers" scheme that was also open to civvies such as policemen and nurses, but not a specific Armed Forces scheme. Was the Navy and RAF in on this too?

Edited July 29, 2010 by Cash with Nowhere to Go

[ingermany]

I did not realise the Army did that. I was aware of the "essential workers" scheme that was also open to civvies such as policemen and nurses, but not a specific Armed Forces scheme. Was the Navy and RAF in on this too?

I assume it was pushed across all Services by JSHAO (see link): My link

It was variant of Open Market Homebuy run by Co-op Bank (amongst other schemes), with the Equity loan starting at 0% and rising over a number of years.

The Persimmon thing was quite different. They were offering a BTL package to folks who had no money to invest up front.

Quite a lot of incentives were aimed at military buyers, but only sold aggressively when the credit crunch hit in 2008.

[D.C.]

As the 2008 crash gathered pace soldiers were all reminded by the chain of command (via a personal email) that they could get shared equity/0% loans/ 8K advance of pay to cover expenses and that there was never a better time to buy a house. Also Persimmon were in every NAAFI offering military personnel 100% loans on BTL properties with all solicitors fees and duty paid. Literally, get the house with zero money up front and Persimmon appointing a solicitor and letting agent. There was a big publicity push to get soldiers to buy 2 years ago. I would guess that may now have NE. Just as many are about to lose their jobs due to SDR.

Without wishing to offend any ARRSE posters, but you have to look at the mindsets.

Group A: Why not die a nasty death a long way from home so that we can get rich?

Group B: For Queen and Country! Death before Dishonour! Chaaaaargeeee!

Group A: :DB)

Are you surprised that the armed forces ended up getting scammed on BTL as the last takers in the world's largest ponzi scheme?

Now if only the army would turn a bit communist and start shooting the rich guys instead of shooting the poor guys on behalf of the rich...

[ingermany]

By ingermany at 2010-07-29

And here's more marketting to HM Forces at the height of the banking/credit crisis.

Selling on a first come first sold basis is just brilliant.

They were quoting examples of no money down BTL purchase with mortage repayments of less than £400 and rent of £800.

I do suspect that when business was slack military personnel dived into the market, spurred on by these sorts of deals.

Many have probably done well out of it, and I hope they have.

Edited July 29, 2010 by ingermany

[RichM]

Arrse posters would surely have similar opinions on houseprices as the general populous. Just thought it would be interesting reading.

Sorry, just making an Arrse joke

[erranta]

I assume it was pushed across all Services by JSHAO (see link): My link

It was variant of Open Market Homebuy run by Co-op Bank (amongst other schemes), with the Equity loan starting at 0% and rising over a number of years.

The Persimmon thing was quite different. They were offering a BTL package to folks who had no money to invest up front.

Quite a lot of incentives were aimed at military buyers, but only sold aggressively when the credit crunch hit in 2008.

Fekkin EVIL bastards - preying on you lot like that!

They know you are abroad loads of the time, so have no idea of the real housing situation in the UK.

They know you are mostly in your 20's and meeting/marrying partners who want a place outside of army camp.

Coming home from warfields with a wad - that could be used towards a downpayment etc

Got to admire their cheek for brilliant 'targetting' - they hit the bulls-eye with Blitish Military services market!

[geoffk]

I got a £1000 armed forces discount/deposit when i bought in 1982 from barrets.. nothing new...