Jump to content
House Price Crash Forum

Government Calls Crisis Meeting On First-Time Buyers


Recommended Posts

  • Replies 142
  • Created
  • Last Reply

Top Posters In This Topic

All first time buyers in waiting should band together and just refuse to buy - lets crash the already stalled market through inaction!

Well thanks to BTL they haven't needed FTBs for over 10 years.

Nevertheless, I'm with you. I refuse to buy until prices are at a level that I'm prepared, indeed able, to pay.

I'm going to derive great pleasure from seeing over-indebted BTLs become unstuck. I did do in 2008/09 and I'm going to do so again this year and next. I can't wait to see their bleary-eyed faces in photos from sob stories in the papers and on TV on how the greedy parasites lost it all.

Haha, brilliant, can't wait and FUC.K YOU!! :D

Link to post
Share on other sites

Helping FTB to buy a property at these prices is not helping FTB its helping homeowners that are selling.

Like getting money from the bank of mum and dad, they are giving money to the sellers not their kids.

That is indeed so.

Roll up, roll up and get your foot on the property ladder, kiddies:

Ladder-Pyramid-Bookcase_5D519E68.jpg

The shape? Don't you worry your pretty little head about that. Just climb aboard and aspire yourself all the way to the top.

I have no intention of purchasing someone else's indebtedness.

Link to post
Share on other sites

What about a government guarantee to the lender covering all loss on a new mortgage to a FTB?

Only in some flakey fascist state ... oh wait, read this veeery depressing post by Yves Smith about the ultimate scam being hatched by the US banks:

Well, we did it in the crisis, why not make it policy? After all, we’ve conditioned the banks to expect it, right? Ain’t Mussolini-style corporatism wonderful.

http://www.nakedcapitalism.com/2011/02/wall-street-co-opting-nominally-liberal-think-tanks-banks-lobbying-to-become-new-gses.html

Maybe it's just the mood I'm in today, but I can't see any hope of rescue from this disaster.

Link to post
Share on other sites

One solution would be to take from everyone that has brought since 1995 say 1% of the increase in value of their house

(in real terms), put it in a pot to use as an incentive to 1st time buyers when they want to buy.

Everyone could just fill in a form saying how much they think they may owe - collect it as a tax return through NI numbers,

any non-responders get investigated and potentaily stung. Even if someone has made £200,000 1% is only 2 grand.

People buying since 1995 should be seriously well off compared to the youngsters coming though now and hopefully

(especially with multiple buy-to-let offenders) if they've been foolish and spent the equity some may have to sell up!

Edited by 911-caused-it-all
Link to post
Share on other sites
  • 2 weeks later...

Coming soon - the M&S mortgage?

Ministers are to encourage a wave of new mortgage providers into the housing market in a drive to boost lending to first-time buyers.

Grant Shapps, the housing minister, will this week hold a first-time buyers’ “summit” at which he will call on industry chiefs to “step up efforts” to help aspiring homeowners get on the property ladder.

Statistics show that the average of age a buyer gets their first home if they have no financial support from their family is now 37. There are 1.4million households where members want to own a home but cannot do so because prices are too high or they cannot get a mortgage.

Mr Shapps said: “The lack of competition in the mortgage market is absolutely the key thing to tackle.” The problem will become even more acute if interest rates rise over the next few months, as many experts predict.

Asked if he would encourage High Street (HIGHSTREE.BO - news) names which currently do not provide mortgages to do so, he replied: “If Marks & Spencer offered mortgages I would welcome it.”

Mr Shapps said even would-be home buyers with 20 per cent deposits, and who represented no realistic future risk to lenders, were being turned away. “We need to see more imaginative schemes, he added.

Ministers are already backing innovative products which allow parents to support their children into home ownership, such as those offered by Lloyds-TSB (045340.KQ - news) . The bank’s “Lend a Hand” deal allows a buyer to provide a deposit of just five per cent as long as somebody else, usually a parent, offers savings as additional security for the mortgage - usually up to 20 per cent of the value of a property.

Mr Shapps said a big threat to the hopes of first-time buyers is the huge debt crisis facing Britain, and that the government’s cuts programme will improve this in time.

http://uk.finance.yahoo.com/news/Coming-soon-M-S-mortgage-tele-185361135.html;_ylt=AiXWLR5KlpGFLwQdEa7dgWfSr7FG;_ylu=X3oDMTE5bmhvYTQzBHBvcwMxMQRzZWMDeWZpVG9wU3RvcmllcwRzbGsDY29taW5nc29vbi10?x=0

Link to post
Share on other sites

I initially read this as "government aims to help first time buyers", but actually it doesn't say that anywhere in the press release.

This isn't meant to make FTBs' lives easier- just as the foot and mouth crisis measures weren't designed to help livestock.

FTBs to be burnt and put in mass graves? Can't see that helping much.

p-o-p

Link to post
Share on other sites

Express is quoting the housing minister as proposing the simple solution of borrowers taking out insurance on their loan. So if they default "everything's covered" and "no one can lose money". I'm guessing this is the sort of payment protection insurance that has been subject to misselling claims and is generating income for a lot of law firms at present. In addition they want to allow FTBs to "get on the ladder" one room at a time. Scary. Shows that the politicians just don't understand the problem..

Link to post
Share on other sites

shared ownership on any purchase on a ratio of x:y, government holding the provision?

long term that would mean that the 'government' would no doubt eventually hold more than 50% of the nations housing stock.

wasn't uk plc up for sale last year according to some bifta toking lord? national privatisation the long term goal?

It'd be cheap council housing in effect - cheaper for govt but bad for "owners" who'd have to fully repair whilst only owning 50%.

Link to post
Share on other sites

All first time buyers in waiting should band together and just refuse to buy - lets crash the already stalled market through inaction!

The idea of a buyers strike makes good press but is ultimately ineffective. There is no common collective interest. Most people will bail as and when a property that they like appears at a price they are willing to pay. Most collective strike action is also supported by coercion by the striking group. You can send me a few rotten emails by the internet if you want, but I'm willing to bet that that won't be as effective as having to walk past a howling mob of colleagues screaming "scab".

As for the government intervention on house buying, listen not to what the mouth says, but watch what the hands do.

The government cannot compel the banks to lend. It knows this. It can only shift around the burden if it wants. Talk of making more cash available through the banks is cheap. The government can say the banks must lend more, and blame the greedy bankers if they don't, but it can't force the issue.

What it could do is try something like increase stamp duty on houses over £400k by x4, and give that money as a rebate on house purchase to FTB's. Or maybe introduce a property tax. Can't see that happening though.

I suspect that there will be a lot of hot air about how the banks must lend more but precious little action.

Personally I think the best help the government could give is to start the crash asap. Then we lose the unproductive "wealth" that is sitting in houses and get a moving market that stimulates demand in the economy for all kinds of goods and services as people start to move again and require building, white goods, carpet fitters etc.

Link to post
Share on other sites

Express is quoting the housing minister as proposing the simple solution of borrowers taking out insurance on their loan.

Er, isn't that what interest is (partly) for?

Trouble is, you never know if the politicians genuinely don't get it or if they're pretending they don't get it so as not to scare the sheeple.

Link to post
Share on other sites

Er, isn't that what interest is (partly) for?

Trouble is, you never know if the politicians genuinely don't get it or if they're pretending they don't get it so as not to scare the sheeple.

I bet there's going to be hundreds of insurance companies out there who will be delighted to insure loans the banks deemed too risky to issue in the first place.

Anyway, effectively identical to a rise in IR as far as I'm concerned.

If they are really proposing this then they are full of more hot air than I originally anticipated.

Link to post
Share on other sites

I think the government are getting worried. The crash is on as far as I am concerned and it is going to lay this economy and the banks to utter waste. And what a good naffin thing that will be to clear the system of parasites.

+1

The crash is most definitely on in Essex. You could say I am a little spoilt for choice at the moment. :lol:

Link to post
Share on other sites

+1

The crash is most definitely on in Essex. You could say I am a little spoilt for choice at the moment. :lol:

Where abouts in Essex are you? From what I'm seeing by this time next month there will be more available houses for sale than there was at the highest point of last year.

Just a shame the prices are still so high.

Link to post
Share on other sites

I bet there's going to be hundreds of insurance companies out there who will be delighted to insure loans the banks deemed too risky to issue in the first place.

Anyway, effectively identical to a rise in IR as far as I'm concerned.

If they are really proposing this then they are full of more hot air than I originally anticipated.

Don't think savers will think it's identical to a rise in IR.

Link to post
Share on other sites

Where abouts in Essex are you? From what I'm seeing by this time next month there will be more available houses for sale than there was at the highest point of last year.

Just a shame the prices are still so high.

I'm noticing this where I'm looking as well (Harlow, Essex) - lots coming onto the market, however, some of the prices are still beyond belief. Saw this beauty come on the other day....

http://www.rightmove.co.uk/property-for-sale/property-32588147.html

Thing is, some mug will probably pay this....

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.