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Uk Housing Review - Prof Steve Wilcox

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Twenty per cent of all working households under the age of 40 are no longer able to afford to buy a home, according to Professor Steve Wilcox. In a study commissioned by the Joseph Rowntree Foundation, he identifies a 'yawning' gap in the market for alternative 'intermediate' housing products, such as shared ownership.

Full audio/text here: Cantos Indepth

See also: http://www.ukhousingreview.org.uk/

My own thought is that schemes such as shared ownership only serve to prop up the House of Cards that is the UK property market. A point I intend to make by emailing him here: stevewpwilcox@aol.com

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Full audio/text here: Cantos Indepth

See also: http://www.ukhousingreview.org.uk/

My own thought is that schemes such as shared ownership only serve to prop up the House of Cards that is the UK property market. A point I intend to make by emailing him here: stevewpwilcox@aol.com

The bigger shocker might be the % of under 40 working households who are "home owners" and won't be able to afford or sustain their position over the coming decade or so..

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Full audio/text here: Cantos Indepth

See also: http://www.ukhousingreview.org.uk/

My own thought is that schemes such as shared ownership only serve to prop up the House of Cards that is the UK property market. A point I intend to make by emailing him here: stevewpwilcox@aol.com

....and as has been discussed here many times, most shared ownership schemes are an excuse for developers and councils to collude in selling off overpriced apartments and small houses at well above premium, provide almost no security for the "buyer", carry draconian restrictions, are based on RICS over-valuations and are in essence a complete con.

VP

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Seeing as there was no shortgage of property, is is not time to start smashing up EA's windows etc? I mean whats the fricking point in high prices? It only goes one way- more debt, whether this is paid now or paid by people half-way through uni, or kids in primary school. Sooner or later you have to pay £500,000 for a 1 bed studio? Is this what they're suggesting? Where does the buck stop? £10mn for it? Is this their idea of a sound economy? :rolleyes:

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....and as has been discussed here many times, most shared ownership schemes are an excuse for developers and councils to collude in selling off overpriced apartments and small houses at well above premium, provide almost no security for the "buyer", carry draconian restrictions, are based on RICS over-valuations and are in essence a complete con.

VP

Agreed ... everyone give him the message: stevewpwilcox@aol.com

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This is what I said in my e-mail to him:

Dear Mr Wilcox

The secret to easing the plight of First Time Buyers is not to create shared ownerships schemes which simply pile up huge problems for the future.

No, the sensible answer is for house prices to drop back to sane levels based on historical fundamentals. The current market is a preposterous bubble driven by investor speculation, criminally lax lending criteria, and artificially low interest rates engineered by one of the worst Chancellors in history.

Sooner or later this huge bubble will burst and it is appalling to contemplate the prospect of 'shared ownership' concepts driving young buyers into negative equity in an attempt to prop up this shocking pyramid scam.

Kind regards

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Seeing as there was no shortgage of property, is is not time to start smashing up EA's windows etc? I mean whats the fricking point in high prices?

To be fair to EA's they are now trying to get buyer's to reduce prices and accept low offers. Was speaking to someone today at work who has been trying to sell her 2 bed flat in london for £340,000. She has shared ownership and might have accepted but the other person she's sharing with wont accept anything less than the asking price. She said they are willing to wait until they get the asking price - I told her she could be in for a good long wait - maybe four years!

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The secret to easing the plight of First Time Buyers is not to create shared ownerships schemes which simply pile up huge problems for the future.

No, the sensible answer is for house prices to drop back to sane levels based on historical fundamentals. The current market is a preposterous bubble driven by investor speculation, criminally lax lending criteria, and artificially low interest rates engineered by one of the worst Chancellors in history.

Sooner or later this huge bubble will burst and it is appalling to contemplate the prospect of 'shared ownership' concepts driving young buyers into negative equity in an attempt to prop up this shocking pyramid scam.

HEAR HEAR.

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It ain't even so much the neg-eq that's the problem.

If you buy with a mate, what in God's name are you both supposed to do in 3-4 years when you've both found birds?

Yeah.

You sell up and each have ... half a house's worth of equity to put forward to your next house....

How's that supposed to add up?

Total bollo...

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It ain't even so much the neg-eq that's the problem.

If you buy with a mate, what in God's name are you both supposed to do in 3-4 years when you've both found birds?

Yeah.

You sell up and each have ... half a house's worth of equity to put forward to your next house....

How's that supposed to add up?

Total bollo...

It adds up very easily. Your new bird also has half a house's worth of equity, so between you you have a full house.

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She said they are willing to wait until they get the asking price - I told her she could be in for a good long wait - maybe four years!

Try 15 years instead.

I know a couple who bought a large house at the top in 1989.

It's currently worth £20k more than they paid for it.

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It adds up very easily. Your new bird also has half a house's worth of equity, so between you you have a full house.

Ah, I see, so the fact that five years ago a single male could have afforded the same house alone - hence would have a FULL house worth of equity - PLUS his gf's FULL house worth - is irrelevant, right?

Where we are now, it still adds up to the same problem.

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It ain't even so much the neg-eq that's the problem.

If you buy with a mate, what in God's name are you both supposed to do in 3-4 years when you've both found birds?

Yeah.

You sell up and each have ... half a house's worth of equity to put forward to your next house....

How's that supposed to add up?

Total bollo...

Hi,

I am thinking of an old episode of "Steptoe and Sun" (check the reruns on Comedy Gold Channel) where Albert and Harold Devided the house in half with gaffer tape partitions, rope and curtains so that they didn't have to cross each other day to day. That could work in a shared ownership arrangement.

On a serious note I know a couple who are divorced and unable to complete the separation because of a combination of debts and working location. 20% HPI a year has been nice as long as nothing untoward happens in your circumstances.

Boomer

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It ain't even so much the neg-eq that's the problem.

If you buy with a mate, what in God's name are you both supposed to do in 3-4 years when you've both found birds?

Yeah.

You sell up and each have ... half a house's worth of equity to put forward to your next house....

How's that supposed to add up?

Total bollo...

Heard a story about 2 chicks who did just this before the last crash. Big falling out over a guy. Its a she liked him, invited him to a party... he liked her friend, invited her on a picnic... ahhh... sweet... story. Except that chickie no. 1 was so p*ssed that when nature took it course and the two lovebirds wanted to set up their nest she wouldn't sell her half to the new partner at any price. So it went on the market, and the market was falling, and the flats not selling, and time is passing, and finally... both chickie 1 and chickie 2 lost a lot of money for her spite. A year and a half previously the partner would have paid her in profit. Hell hath no fury, but it can turn around and bite you on the bum if you let it!

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  • 301 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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