interestrateripoff Posted May 20, 2011 Share Posted May 20, 2011 http://www.dailymail.co.uk/news/article-1389012/British-time-buyers-fear-wont-property-ladder-40--given-trying.html Outside capital, buyers expect to be 38 when buy their first home Average deposits 23%, meaning £34k on a £150k house Buyers do not expect to be able to afford their first home until they are 43 if they live in London and 38 if they live outside the capital. Furthermore, faced with high prices and the need for big deposits, nearly a one third have given up even trying to get on the property ladder. The number of different mortgages available for first-time buyers has increased by nearly 200 during the past year, but at 1,581, the level of choice is still running at around a 10th of the level seen before the credit crunch. First-time buyers are also still putting down average deposits of 23 per cent of their home's value, meaning someone buying a £150,000 property would have to save £34,500, according to moneysupermarket.com It's almost as if they can't force people to borrow money... Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted May 20, 2011 Share Posted May 20, 2011 It's almost as if they can't force people to borrow money... If they won't the government will borrow on your behalf! Quote Link to comment Share on other sites More sharing options...
MrFlibble Posted May 20, 2011 Share Posted May 20, 2011 If they won't the government will borrow on your behalf! They will indeed, from the article... Housing Minister Grant Shapps said he recognised the 'huge difficulties' first time buyers often face due to the lack of large deposits. He added that £500million had been made available over the next two years for deposits on new build homes as part of the government's Firstbuy Scheme. It is hoped this will help 10,000 people to get a foot one the property ladder. Different government, same old stupidity. At some point the markets are going to wake up to the fact there is no austerity! Quote Link to comment Share on other sites More sharing options...
leicestersq Posted May 20, 2011 Share Posted May 20, 2011 They will indeed, from the article... Different government, same old stupidity. At some point the markets are going to wake up to the fact there is no austerity! Just madness from the government. Can the Right Honorable Grant Shapps see that all that taxpayer money is doing is helping 10000 people get on to the housing ladder, at the expense of a different 10000 who could have got on to the ladder but will now be outbid? Those 10000 are suffering the housing equivalent of being shot in the head, and having to foot the bill for the execution. Quote Link to comment Share on other sites More sharing options...
bendy Posted May 20, 2011 Share Posted May 20, 2011 They will indeed, from the article... Different government, same old stupidity. At some point the markets are going to wake up to the fact there is no austerity! why would they when it's a credit of their account? Quote Link to comment Share on other sites More sharing options...
General Congreve Posted May 20, 2011 Share Posted May 20, 2011 And 0.5% have spent there would be deposit on gold and silver bullion and are looking forward to buying six houses each in a few years time. Quote Link to comment Share on other sites More sharing options...
Milton Posted May 20, 2011 Share Posted May 20, 2011 (edited) Write Shapps off. Doesnt give a t@ss about FTB. None of them do. Labour, Tories, Lib Dems. All willing supporters and beneficiaries of the biggest fraud in history. They only want to create debt slaves. Id like to see all politicians horse whipped. Publicly flogged, then placed in the stocks, whilst people throw excrement at them. Edited May 20, 2011 by Dan1 Quote Link to comment Share on other sites More sharing options...
MrFlibble Posted May 20, 2011 Share Posted May 20, 2011 Id like to see all politicians horse whipped. Publicly flogged, then placed in the stocks, whilst people throw excrement at them. I like your thinking here Quote Link to comment Share on other sites More sharing options...
Georgia O'Keeffe Posted May 20, 2011 Share Posted May 20, 2011 (edited) I like your thinking here its rather drab, despite being fortunate enough through an accident of birthdate to have benefitted from 2 booms and subsequent currency depreciation under Blair, Brown and Cameron and understanding that its a systemic and time based thing id like to see (doing the deed would be too much to ask for) every politician shot at point blank range with an elephant gun and recorded so i could watch it in slomo when i got home Not through blame but simply because they are all systematically lying coonts which should be the recognised definition of politics, until it is recognised by enough people to scare them they will all continue to bend over the electorate and redistribute amongst their chosen clique Edited May 20, 2011 by georgia o'keeffe Quote Link to comment Share on other sites More sharing options...
spyguy Posted May 20, 2011 Share Posted May 20, 2011 There is a likihood that, apart from the banks going t*ts up, the low number of FTBs may be down to demographic changes. The boomers have hit 65. The busters have now hit peak 'house buying' age - 30-40. Its a triple whammy - banks gone bust (no cpaital = no lending), end of SLES + demographics changes. The number of people trying to sell is about 3 times larger than the number of buyers. Imagine what will happen when sellers realise this - big cut in price or no sale. Quote Link to comment Share on other sites More sharing options...
enrieb Posted May 20, 2011 Share Posted May 20, 2011 Write Shapps off. Doesnt give a t@ss about FTB. None of them do. Labour, Tories, Lib Dems. True, but thats only temporary, the housing market needs FTBs to support the property market. Back when FTBs were initially priced out the BTL investors took their place due to the lax credit standards and mortgage fraud, partly using increased home equity. It was a positive feed back loop that helped push prices higher beyond the point were all but the most wealthy FTBs with access to the bank of mum and dad were priced out. Quote Link to comment Share on other sites More sharing options...
Si1 Posted May 20, 2011 Share Posted May 20, 2011 There is a likihood that, apart from the banks going t*ts up, the low number of FTBs may be down to demographic changes. The boomers have hit 65. The busters have now hit peak 'house buying' age - 30-40. Its a triple whammy - banks gone bust (no cpaital = no lending), end of SLES + demographics changes. The number of people trying to sell is about 3 times larger than the number of buyers. Imagine what will happen when sellers realise this - big cut in price or no sale. +1 good post plus the busters' demographic continues, with a likkle boomlet in people born 1983ish (so 35 in 2018, mini boom then), right thru in a large baby-bust until about 2005 when it picks up again, so the next significant demographic boom is not until 2005+35 = the year 2040!! Quote Link to comment Share on other sites More sharing options...
200p Posted May 20, 2011 Share Posted May 20, 2011 Forget demographics - we need more immigration! Open the flood gates! Stuff each terraced house with 10 renters. Make the UK the BTL capital of the world! (Mad laughter) Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted May 20, 2011 Share Posted May 20, 2011 (edited) There is a likihood that, apart from the banks going t*ts up, the low number of FTBs may be down to demographic changes. The boomers have hit 65. The busters have now hit peak 'house buying' age - 30-40. Its a triple whammy - banks gone bust (no cpaital = no lending), end of SLES + demographics changes. The number of people trying to sell is about 3 times larger than the number of buyers. Imagine what will happen when sellers realise this - big cut in price or no sale. yup, although I wonder about the demand for downsizing amongst boomer. Seems perfectly sensible on the face of it, but Ms cheeznbreed's parents are now looking to upsize to allow family visits now the kids have longterm partners and kids in tow themselves. They were originally looking to buy a bigger place but now are looking at extending their current place. Perhaps this is not 'the norm', though but I have little other direct experience other than my own parents, who did move from a house to a flat (F.K.W. tbh), but both of similar interior sizes. I guess both sets of parents were not troubled by debt etc (AFAIK) so there is little pressure for them to change. That may not be the case for many. Edited May 20, 2011 by cheeznbreed Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted May 20, 2011 Share Posted May 20, 2011 This is already happening. And for the large 6 and 7 bed houses in Maida Vale and Chelsea we just need some asylum seekers with 7 kids so the council can pay the LLs their rent. According to my council website, there is no longer any HB rate for anything more than a 4 bed. The most per week that can be paid anywhere is £400 per week. In my area it's £368.08. Quote Link to comment Share on other sites More sharing options...
Self Employed Youth Posted May 20, 2011 Share Posted May 20, 2011 They will indeed, from the article... Different government, same old stupidity. At some point the markets are going to wake up to the fact there is no austerity! http://www.insidehousing.co.uk/news/armed-forces-to-get-top-housing-priority/6515188.article Fought for your country? Been paid a pittance and unable to afford to live in the country you fought for? Why not get a tiny home and a lifetime of debt (mortgage). You fought for the bankers country, now prop up their business! Quote Link to comment Share on other sites More sharing options...
Self Employed Youth Posted May 20, 2011 Share Posted May 20, 2011 According to my council website, there is no longer any HB rate for anything more than a 4 bed. The most per week that can be paid anywhere is £400 per week. In my area it's £368.08. Oh dear god! How much is the minimum price of a 4 bed with such a high rental yield. Taxpayers funding that housing benefit earn less than that, pay tax and come out with even less! Quote Link to comment Share on other sites More sharing options...
Snugglybear Posted May 20, 2011 Share Posted May 20, 2011 Good, but is this just for new claimants, the existing ones are still getting the money (the LLs not the people living in the property). IIRC the time limit was extended by a year (hope I am wrong). There's a comprehensive (i.e. too large to cut and paste) guide on changes from April 2011 here http://www.manchester.gov.uk/info/500180/housing_benefit/5005/rule_changes_for_housing_benefit_and_council_tax_benefit_from_april_2011/1 and on changes from April 2012 here http://www.manchester.gov.uk/info/500180/housing_benefit/5005/rule_changes_for_housing_benefit_and_council_tax_benefit_from_april_2011/2 Quote Link to comment Share on other sites More sharing options...
The Matador Posted May 20, 2011 Share Posted May 20, 2011 Housing Minister Grant Shapps said he recognised the 'huge difficulties' first time buyers often face due to the lack of large deposits. ....and the prevalence of overpriced houses. Quote Link to comment Share on other sites More sharing options...
Lagarde's Drift Posted May 21, 2011 Share Posted May 21, 2011 yup, although I wonder about the demand for downsizing amongst boomer. Seems perfectly sensible on the face of it, but Ms cheeznbreed's parents are now looking to upsize to allow family visits now the kids have longterm partners and kids in tow themselves. They were originally looking to buy a bigger place but now are looking at extending their current place. Perhaps this is not 'the norm', though but I have little other direct experience other than my own parents, who did move from a house to a flat (F.K.W. tbh), but both of similar interior sizes. I guess both sets of parents were not troubled by debt etc (AFAIK) so there is little pressure for them to change. That may not be the case for many. Well I hope they are relying on wealth rather than pension as that will go up in smoke and they'll feel the pinch of ever increasing fuel and maintenance bills. Worst case scenario would be being forced to downsize at the wrong time. Retirement flats are tiny for a good reason, oldies just don't need that much space but need heating. Quote Link to comment Share on other sites More sharing options...
Si1 Posted May 21, 2011 Share Posted May 21, 2011 yup, although I wonder about the demand for downsizing amongst boomer. Seems perfectly sensible on the face of it, but Ms cheeznbreed's parents are now looking to upsize to allow family visits now the kids have longterm partners and kids in tow themselves. They were originally looking to buy a bigger place but now are looking at extending their current place. Perhaps this is not 'the norm', though but I have little other direct experience other than my own parents, who did move from a house to a flat (F.K.W. tbh), but both of similar interior sizes. I guess both sets of parents were not troubled by debt etc (AFAIK) so there is little pressure for them to change. That may not be the case for many. since when did this tradition of upsizing when you don't need the space come into play? surely it's the opposite Quote Link to comment Share on other sites More sharing options...
Darkman Posted May 21, 2011 Share Posted May 21, 2011 43 It's staggering. And hugely depressing. Yet the nation remains blind to it, and the Govt. continues to shaft people who are literally "homeless". Maybe in this economic climate it'll get even worse. The cons and scams will increase, as desperation to make a buck takes over. Be on your guard. And then there are the gullible twits who fall for the cons. Such as these lovely chaps.. 'I bought a house with my friends' One says "I'm lucky to have such good friends". Well try saying that five years down the line once you've grown apart, or one of them has had an affair with your girlfriend. And then there is this..... Land 'scams' techniques revealed "Many were persuaded to pay tens of thousands of pounds for land that is unlikely ever to be built on." We're watching the wheat separated from the chaff. I do have some sympathy for the victims though. We have the UKs greed and selfishness to thank for this. Personally I've had enough. Quote Link to comment Share on other sites More sharing options...
Mr. Miyagi Posted May 21, 2011 Share Posted May 21, 2011 43 And then there is this..... Land 'scams' techniques revealed "Many were persuaded to pay tens of thousands of pounds for land that is unlikely ever to be built on." We're watching the wheat separated from the chaff. I do have some sympathy for the victims though. We have the UKs greed and selfishness to thank for this. Personally I've had enough. Pure greed. They clearly didn't take note of the old saying "if it's too good to be true, then it probably is". You can't protect people from themselves. Quote Link to comment Share on other sites More sharing options...
Ruffneck Posted May 21, 2011 Share Posted May 21, 2011 There is a likihood that, apart from the banks going t*ts up, the low number of FTBs may be down to demographic changes. The boomers have hit 65. The busters have now hit peak 'house buying' age - 30-40. Its a triple whammy - banks gone bust (no cpaital = no lending), end of SLES + demographics changes. The number of people trying to sell is about 3 times larger than the number of buyers. Imagine what will happen when sellers realise this - big cut in price or no sale. Ridiculous post , what about all those under 30 immigrants from Poland doing fruit picking?? There is a massive amount of these newly arrived immigrants ready to buy 200k homes with the large amount of wealth they have accrued by fruit picking and casual labouring. The housing market is about to BOOM again! Quote Link to comment Share on other sites More sharing options...
Si1 Posted May 21, 2011 Share Posted May 21, 2011 Ridiculous post , what about all those under 30 immigrants from Poland doing fruit picking?? There is a massive amount of these newly arrived immigrants ready to buy 200k homes with the large amount of wealth they have accrued by fruit picking and casual labouring. The housing market is about to BOOM again! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.