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No Life Left - But I've Got A House

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Spent an evening last night with a group of people playing poker for charity. One of the lads, about 22 years old, works for his Dad in his Dad's business. Has just bought his first house, a four bedroomed terrace in Huddersfield (no idea what he paid for it). He was telling me how he has just applied for a bar job at a local nightclub because he is so skint now that he has the house, that he needs to earn extra money to pay for it.

So basically he will be working all day, followed by working into the early hours of the morning, just so he can afford to live in the house that he will barely see.

Seems like another FTB'er who's been mis-led by VI spin and propaganda to get on the housing ladder before it's too late... even if it means giving up his life to do so.

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So basically he will be working all day, followed by working into the early hours of the morning, just so he can afford to live in the house that he will barely see.

Instructive isn't it.....he has to work so hard to pay for his overpriced house that he doesn't need a house because he is always out working. He'd be better off kipping in his car. I've always marvelled at the fact that most people spend most of their lives working to pay for something that lies empty for 80% of the day.

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I've always marvelled at the fact that most people spend most of their lives working to pay for something that lies empty for 80% of the day.

I think you might be onto something.... the timeshare mortgage! You buy the house for 12 hours a day... or maybe even 8! A house could then sell to three couples, all on 2x average earnings. Think of the multiples the banks could lend on then! This could blow the bubble to new and unanticipated dimensions.

Of course the tricky part would be persuading everyone to wear the same clothes, which would save the trouble of working out where all the extra wardrobes would go. Might need a bigger fridge as well... though I suppose those American-style fridges are probably large enough for 3 Brit families if you rip out the ice maker and diet coke dispenser.

Andrew McP

PS Hang on, I think I just re-invented the hotel. Maybe I need to think about this a little bit more before I approach the Halifax with a business plan scribbled on the back of a bit of loo roll.

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Spent an evening last night with a group of people playing poker for charity. One of the lads, about 22 years old, works for his Dad in his Dad's business. Has just bought his first house, a four bedroomed terrace in Huddersfield (no idea what he paid for it). He was telling me how he has just applied for a bar job at a local nightclub because he is so skint now that he has the house, that he needs to earn extra money to pay for it.

So basically he will be working all day, followed by working into the early hours of the morning, just so he can afford to live in the house that he will barely see.

Seems like another FTB'er who's been mis-led by VI spin and propaganda to get on the housing ladder before it's too late... even if it means giving up his life to do so.

4 bed house bought by a 22 year old? Either the house must be amazingly cheap or he must be a super-lawyer or something. I could hardly afford to feed myself at 22.

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4 bed house bought by a 22 year old? Either the house must be amazingly cheap or he must be a super-lawyer or something. I could hardly afford to feed myself at 22.

Perhaps it used to be bedsits and there are ONLY 4 bedrooms and no other living spaces :D

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If he rents out 3 rooms - he will be laughing

And in 25 years (or 15 or whenever his mortgage runs to ) he will own a 4 bed house.

So what a fool he is, he will have a mortgage free house at the age 47 - I feel sooooooo sorry for him - what a muppet.

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If he rents out 3 rooms - he will be laughing

Not really the reason you buy your own house for though is it? If he wanted to live with 3 strangers he could look in the guardian flatshare.

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Not really the reason you buy your own house for though is it? If he wanted to live with 3 strangers he could look in the guardian flatshare.

Well why on earth else would a 22 year old buy a 4 bed place?

I bought a 3 bed place when ! was 22 & rented 2 rooms out - that's what people wanted to do - share with friends -You either rent a place together or one owns it & the other 2 pay rent.

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Well why on earth else would a 22 year old buy a 4 bed place?

I bought a 3 bed place when ! was 22 & rented 2 rooms out - that's what people wanted to do - share with friends -You either rent a place together or one owns it & the other 2 pay rent.

User! <_<

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Guest Bart of Darkness
Well why on earth else would a 22 year old buy a 4 bed place?

Maybe he likes plenty of space?

I'm planning to buy at least a 3 bedder and keep it all to myself, so there! :P

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If he rents out 3 rooms - he will be laughing

And in 25 years (or 15 or whenever his mortgage runs to ) he will own a 4 bed house.

So what a fool he is, he will have a mortgage free house at the age 47 - I feel sooooooo sorry for him - what a muppet.

Yes - he can live like a student in a shared house until he is 47 years old - but at least he will own it.

What if he wants a family?

At this rate I see the next 'big bubble' being shares in IVF clinics.

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If he rents out 3 rooms - he will be laughing

And in 25 years (or 15 or whenever his mortgage runs to ) he will own a 4 bed house.

So what a fool he is, he will have a mortgage free house at the age 47 - I feel sooooooo sorry for him - what a muppet.

Yes, I'd be laughing if I spent a third of my life living with 3 strangers. All for a four bed house in a dying country.

Deal of the decade.

I'll stay renting until I jump off HMS BleedTheYoung and take my skills abroad thanks.

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You guys are hysterical!

Yes if his salary nnever increased or he never found a partner - but if he did - he could throw out his tennants & live there with his partner or alternatively on his own with his increased salary.

I'm sure he'll never be affected by negative equity and live happily ever after.

Yep, it's the Life of Riley for him.

Better nip down to the local Estate Agent right away before they close down, er close I mean.

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I'm sure he'll never be affected by negative equity and live happily ever after.

Yep, it's the Life of Riley for him.

Better nip down to the local Estate Agent right away before they close down, er close I mean.

Don't forget to take your iPod and DVD into Ca$h Converters on the way to top up your deposit.

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Don't forget to take your iPod and DVD into Ca$h Converters on the way to top up your deposit.

I've got a half eaten cheese sandwich on my desk, maybe I should take that along, could get an extra bedroom. You never know.

I'm all excited now!!!!

Wish me luck!!

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Guest horace

A Knocking Shop.

This is this young man`s solution (excuse pun).

Import (as au pairs) a few big titted east european birds and he`s home and dry. (Again excuse pun)

horace :D:D:D:D:D

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Actually LL is onto quite a good idea at the moment. If he rents out 3 rooms this should cover the mortgage and he can live rent free in the fourth. Do this for a couple of years, build up a healthy slice of equity and then either move out and keep it as a buy to let or get rid of the tenants and live there on your own.

Of course the economics do rather fall apart if prices fall significantly.

Edited by Young Goat

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Actually LL is onto quite a good idea at the moment. If he rents out 3 rooms this should cover the mortgage and he can live rent free in the fourth. Do this for a couple of years, build up a healthy slice of equity and then either move out and keep it as a buy to let or get rid of the tenants and live there on your own.

Of course the economics do rather fall apart if prices fall significantly.

Why do they fall apart? he's still living in his house. the price will recover in the long term even if it does fall in the short term.

it is EXACTLY the same model that I used and I traded up as and when I could .

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Why do they fall apart? he's still living in his house. the price will recover in the long term even if it does fall in the short term.

it is EXACTLY the same model that I used and I traded up as and when I could .

The idea is to live rent free and build up your capital at the rate of £10,000 per year. It falls apart if you are losing £20,000 per year on the capital value of the house. Yes the price will recover in the long term however as I demonstrated on a separate thread yesterday, this will still leave you worse off than if he had not bought.

It may be the same model as you used and generally speaking it is a very good one but there is one crucial difference. You did not buy when real house prices were at an all time high and probably set for a 30% fall, he did.

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Why do they fall apart? he's still living in his house. the price will recover in the long term even if it does fall in the short term.

it is EXACTLY the same model that I used and I traded up as and when I could .

And what happens when someone can't ride out the short term falls?

There is a big difference between buying a BTl and buying a home.

I fear there are too many young couples who have taken on mortgages they just can not afford. It may not even be a shock such as unemployment/sudden illness that tips them over the edge - just the realisation that they can not afford to pay the mortgage - especially if they are coming off a fixed rate mortgage or IR go up.

What happens when these people have to sell and realise that the new build dream home they were sold is now worth less than they paid for it?

Not everyone is a BTl and not everyone sees a house as an investment.

Most people just want a home to live in and many just can not afford that. It isn't a choice, they just can not afford it.

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The idea is to live rent free and build up your capital at the rate of £10,000 per year. It falls apart if you are losing £20,000 per year on the capital value of the house. Yes the price will recover in the long term however as I demonstrated on a separate thread yesterday, this will still leave you worse off than if he had not bought.

It may be the same model as you used and generally speaking it is a very good one but there is one crucial difference. You did not buy when real house prices were at an all time high and probably set for a 30% fall, he did.

Well actually I did - I bought in 1979, 1981, 1984 , 1988, 1996, 1997 and 1999

The 1988 one was not great at the time - but it has worked out fine.

The general trend is up and we have already seen a corrections in real terms.

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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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