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swankyman

Constituency Home Too Pricey For Mp

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poor MP

A Liberal Democrat MP has claimed he is unable to afford to buy a home in his

own constituency despite his salary of almost £66,000. Stephen Gilbert, who has represented

the St Austell and Newquay constituency in Cornwall since last year's General Election, said

that while his salary went up when he was voted in, the deposits required for property have

also rocketed and left him unable to get on the housing ladder. The 34-year-old former PR

consultant, who is chairman of the all-party parliamentary group on housing, moved out of his

parents' home after being elected and is currently renting a flat in the Trethowel area of St Austell.

He said that while his salary would allow him to make the monthly mortgage repayments, he is

unable to raise a deposit that often equates to 25% of a house's value.

"This isn't a 'woe-is-me' plea - that would be nonsense. But if I am in this position, finding it hard to

save for the deposit for a mortgage to become a first-time-buyer, there must be lots of other people

in a similar predicament," he added.

"The average age of a first-time buyer is now 37, but 15 or 20 years ago it was much lower. There

is a generation that is finding it difficult to leave the hotel of mum and dad and set up home for

themselves."

He called on the Government to look at ways to make better use of existing houses, saying there were

750,000 houses lying empty across the country.Cornwall has a large number of second-home owners,

with almost 5% of houses thought to be holiday retreats, which have pushed up prices. In some areas,

the average price of a house is 15 times the typical local salary. Cornwall Council recently took almost

1,000 people off its electoral register because they were second-home owners who did not live full-time

in the county and there were fears they could affect elections. Andrew Goundry, Cornwall spokesman

for the National Association of Estate Agents (NAEA), said anyone looking to buy a standard

two-bedroom house in the county was now looking at finding a deposit of around 25% before they get a

mortgage.

"Newquay and St Austell, along with Camborne and Redruth, are probably the more affordable parts of

the county," he said.

"The issue is that the entry level price for a two-bedroom house is around £125,000 and the lenders have

tightened their criteria. Gone are the days of five times a single person's salary.

"A 25% deposit of around £30,000 is the best part of double the average salary in Cornwall.

"There are people backed up in the queue to buy property - they often have the salary but they

don't have the deposit."

How does anyone think they can afford to buy a property if they can't even save up a reasonable deposit

:blink:

Edited by swankyman

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How does anyone think they can afford to buy a property if they can't even save up a reasonable deposit

:blink:

They dont...they dont care...they are just trying to save their own backs. If the ponzi scheme collapses the bankers and maybe the MPs will be strung up...they dont want that, funnily enough.

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Stephen Gilbert

5. Gifts, benefits and hospitality (UK)

Name of donor: Miss Joanna Kenny

Address of donor: private

Amount of donation or value if donation in kind: accommodation value £9,100

Date of receipt of donation: 7 May 2010

Date of acceptance of donation: 7 May 2010

Donor status: individual

Register last updated: 28 Mar 2011

http://www.theyworkforyou.com/mp/stephen_gilbert/st_austell_and_newquay#register

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What?

Because he thinks deposits are too high, implying he favours a return to reckless lending?

Exactly. The only reason he can afford the mortgage part is because interest rates are at historic lows.

If interest rates were closer to 8/9% (where they should be at the moment), then house prices would be closer to 40% of where they are today, and a 25% deposit would not be unresonable.

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How long will it take people to realise its the PRICE stupid, not the deposit.

Prices are too high because of the LOOSE lending which in turn lead to the CREDIT CRUNCH

The sheeple want a return to LOOSE lending, so they can buy at the current prices, but NO ONE ;) wants a return to another financial disaster

Can't have it both ways idiots !!!!

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What?

Because he thinks deposits are too high, implying he favours a return to reckless lending?

According to the article he acknowedges that the age of FTBs is much higher than in the past and that if an MP can't get on the ladder then others must be really struggling to. That insight puts him ahead of a lot of MPs IMO, including my own who hasn't bothered to reply to the email I sent him about the issue.

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Here is an essay from Mr Gilbert about housing:

First-time-buyers are now effectively priced out of the market, despite a decade of easy credit and 125% mortgages. Wage inflation has fallen well short of house price inflation. Demand is up, but supply is down and falling further. In 1968, almost half-a-million homes were built in Britain.[5] In 2008 it's just 182,000 and 2010 is expected to see the fewest homes built for a hundred years.[6]

Part of this is a classic supply and demand problem. Prices soared because of increased demand on the available housing stock. Developers failed to respond in a timely way. Partly at fault is the cumbersome planning system but the market failed to buy land at the right time. And the banking crisis has hit first-time-buyers hard. Even though house prices have fallen, lenders are now asking for 20 to 25% deposits, so the goalposts for first-time-buyers have moved again.

Solving the problem will need intervention in the market. First, the publically owned banks need to be asked to revisit the criteria on which they are lending and the level of despots they are asking for. Local Councils should be encouraged to offer mortgage schemes themselves. And, if we are not just going to sit back and wait for market conditions to pick up, then we need to find innovative ways of encouraging underwriting of the costs that developers face on consented but stalled schemes to get the private sector moving.

http://stephengilbert.org.uk/en/page/housing-essay

He sees a problem but doesn't understand the cause or solution.

His "despite" should be "because of".

He thinks prices rose due to demand not easy credit. His answer is more easy credit.

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poor MP

How does anyone think they can afford to buy a property if they can't even save up a reasonable deposit

:blink:

Excellent - I went to university with this guy and I've been drip dripping in his ear about housing inaffordability ever since he got in.. maybe it's actually having an effect!

edit: now i've re-read his article in depth.. not quite as excellent as I thought.. I will go back and repeat my mantra

..prices must fall 30% ..prices must fall... must fall.. fall..

Edited by Lambie

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Excellent - I went to university with this guy and I've been drip dripping in his ear about housing inaffordability ever since he got in.. maybe it's actually having an effect!

edit: now i've re-read his article in depth.. not quite as excellent as I thought.. I will go back and repeat my mantra

..prices must fall 30% ..prices must fall... must fall.. fall..

How much have prices gone up in his constituency about 180%?

£100k house 10% deposit was £10k

Easy credit, lack of deposits, 125% mortgages pushes prices up

£280k house 10% deposit is £28k

He thinks the £28k deposit is the problem not the £280k price.

He wants banks to make lots more mortgage interest and builders to have much larger profit margins at the expense of house buyers. He is a clueless gimp or a VI puppet, just like Shapps.

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poor MP

How does anyone think they can afford to buy a property if they can't even save up a reasonable deposit

:blink:

...yes....welcome to the real world....not the Nulabour one where they told everyone ...everything is free.... :rolleyes:

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So let me get this straight.

The MP is paid much more than his constituents, and acknowledges this to be true.

The MP cannot afford to buy a house. It is a natural conclusion that his constituents are in the same boat.

MP comes up with a solution that would suit him, but his constituents can go fvck themselves. I mean its not as if he's supposed to serve them is it?

Hope his mum and dad do one of those lend a hand schemes and they all get fecking burned!

Edited by Caveat Mortgagor

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* He's aspires to buy a 2 bed (or bigger) house just for himself? :blink:

* He takes £66k p.a. off the taxpayer, lives with his parents and can't afford to save £30,000? :blink:

He's part of the problem - wants to under use an asset (in this case a home) and use his salary to outbid lowly paid locals to do so and he's a housing minister???

Edit:

then we need to find innovative ways of encouraging underwriting of the costs that developers face on consented but stalled schemes to get the private sector moving.

:lol: Missed his use of the word.

there's thousands of empty 2 bedders up North mate. Nothing at all wrong with supply/demand There's already been massive intervention in the market. Why do you think we are where we are? Now, if you advocated a policy to improve wages and permit house prices to fall to become more affordable rather than outbidding a less well paid local then you might have the bones of a reasonable policy. but we all know that ain't happening.

Edited by Red Karma

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"This isn't a 'woe-is-me' plea - that would be nonsense. But if I am in this position, finding it hard to

save for the deposit for a mortgage to become a first-time-buyer, there must be lots of other people

in a similar predicament," he added.

Yes, estimated to be 1.4 Million Households now, or 2-3 million individuals, by 2015.

And guess who we will not be voting for?

The Party who inflated the housing bubble, and orchestrated this theft.

Or the Coalition who have kept it inflated.

Edited by Dan1

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....tell the moron the smart people in his age group rent ...and keep their eye on the market ....for his area he should be fighting to tax holiday homes out of existence ...although the VIs are probably the ones who got him in.... :rolleyes:

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How long will it take people to realise its the PRICE stupid, not the deposit.

Prices are too high because of the LOOSE lending which in turn lead to the CREDIT CRUNCH

The sheeple want a return to LOOSE lending, so they can buy at the current prices, but NO ONE ;) wants a return to another financial disaster

Can't have it both ways idiots !!!!

It's bizarre isn't it. House prices only ever go up is still deeply ingrained into the british psyche. It's like the japanese buying government bonds. Maybe the UK government will start having adverts on TV and on billboards saying how women find it sexy when a man owns a property etc.

Even people who have a starter home and want to move up the ladder can't get their heads around the huge savings they would make if their house and the one they want t buy dropped by 20 - 30%

Lets not forget that house prices ALWAYS double every 10 years no matter what. Even if we have 100% unemployment and are invaded by china house prices will still double!?!?!?!?!?!?!?

Edited by nohpc

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....tell the moron the smart people in his age group rent ...and keep their eye on the market ....for his area he should be fighting to tax holiday homes out of existence ...although the VIs are probably the ones who got him in.... :rolleyes:

....how right you are. :rolleyes:

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This is one of the most depressing threads on here for a while. An MP is actually affected by the house price mess, which should be a golden opportunity for getting the message across, and he wants more of what caused the problem. Depressingly enough that's probably democratic; at least there's a fair chance he represents the views of a lot of his constituents.

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* He's aspires to buy a 2 bed (or bigger) house just for himself? :blink:

* He takes £66k p.a. off the taxpayer, lives with his parents and can't afford to save £30,000? :blink:

He's part of the problem - wants to under use an asset (in this case a home) and use his salary to outbid lowly paid locals to do so and he's a housing minister???

These people are endlessly dispicable. If he had even a modicum of self respect he'd be resigning.

Edit:

:lol: Missed his use of the word.

there's thousands of empty 2 bedders up North mate. Nothing at all wrong with supply/demand unless you insist on policies which fill 2 bed and bigger houses with snivveling little sh1ts like your good self. There's already been massive intervention in the market you dozy idiot. Why do you think we are where we are? Now, if you advocated a policy to improve wages and permit house prices to fall then you might not be such a moron, but I really doubt it. Get a bird in. I really think you need one.

Lives with his parents?

Stephen Gilbert

5. Gifts, benefits and hospitality (UK)

Name of donor: Miss Joanna Kenny

Address of donor: private

Amount of donation or value if donation in kind: accommodation value £9,100

Date of receipt of donation: 7 May 2010

Date of acceptance of donation: 7 May 2010

Donor status: individual

Register last updated: 28 Mar 2011

http://www.theyworkf...ewquay#register

This poor man has had £9,100 accommodation gifted from a Miss Joanne Kenny. Equates to £175 a week. Presumably this is Ms Kenny as the link is on his site:

http://stephengilbert.org.uk/en/contact/joanna-kenny

http://www.newquayvoice.co.uk/news/5/article/2753/

Seems like Ms Kenny is a Lib Dem councillor who has input on planning issues.

Edited by Redhat Sly

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Looks like Good News

He's unhappy with lots of people being priced out, he knows what it's like.

And he's unhappy with lots of empty houses ....

And he's chairman of the all-party parliamentary group on housing.

What's not to like about it?

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He has a majority of only 1,312! Who would give a big mortgage to someone who's almost definitely going to lose their job in 4 years' time, and will have no chance of getting the same job again for 5 years after that? :P

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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