Auntie Advises 20 Year Olds To Flip To Get On The Ladder

[Fully Detached]

If you're 20 then expensive housing is a fact of life. I was 9 on Black Wednesday and I remember it. This generation will have been 9 in 2004 or so - already halfway into Brown's mega-bubble.

This has dragged on so long we may as well write off everyone between the ages of 21 and 35. We're screwed, and even a correction will come too late for us.

Yes, it's a fact of life currently, but what I meant was they don't seem to feel that it is something that can and must be changed. They just seem to accept it as it is and look for ways around the brick wall rather than working out how to knock it down.

Edit to add - and in doing so they become the poster boys of the VI brigade.

Edited March 24, 2015 by Fully Detached

[Drained]

50,000 new council houses to house the 500,000 new immigrant labour voters they'd led in every year.

I see a problem here.

I was more thinking it would create sentiment in the market and lead to a drop in prices as the banks would see they're not the only show in town.

But Labour won't do it anyway so its pie in the sky.

[Drained]

At just 50,000 a year across the country, I suspect they will be priced at current local market rates unless something makes those prices unaffordable. And if the latter, then we will have the HPC and the country may start to resolve its many problems. If new builds remain unaffordable they won't be built in the first place. And therein lies the problem that I don't expect either mainstream party to address. You may have to change your name to 'BoneDry'

I expect 200,000 to be built if there is a property crash rather soon, as if nothing else building will create jobs.

But i am truly drained with waiting and the status quo, If we get a Tory govt of any variety in May i'm moving to abroad for 2-3 years and will put my kid in private school which costs about £7-8K PA ... Id sooner spend the 14-24K on schooling than dance to Gidiots tune.

And if the Labour party are backed by the SNP i can see SNP creating chaos to ruin the UK economy as a way of causing a breakup, its a HPC best option imho.

Greece, Russia, Euro crisis, Oil price crash, rising debt and every other bullet doesn't seem to have made a difference so maybe internal politics is the last hope for a speedy HPC.

[Si1]

Ah. Radio one's newsbeat.

Clearly the right channel for incisive financial advice.

Nomia Iqbal take a bow. Never before did a btec in journalism reach so high.

[long time lurking]

Thats exactly what i thought, his stutter almost led to him giving the game away .... but this time 5 years ago Gidiot and Dave were clearly coming out with the fact that expensive property is bad for the economy and country, and we know where that went.

But at least Balls knows the only way to build 200000 houses in the private sector is for a crash to happen, minor falls in the next 4 years won't enable the lie that labour will let 200,000 houses built happen.

They all know this but they will do their utmost to stop it happening,hence all the promises are we will build XXX amount of houses a year BY 2020

What they are actually saying is we will lie to you now and with a bit of luck you will have forgotten about it in five years time

[Guest]

In five years time, if flats are still 10x my wages, or if my savings have been destroyed by hyperinflation, I will go do a Brian Haw and camp outside parliament.

You can't 'forget' a situation that you're still living in.

[Drained]

They all know this but they will do their utmost to stop it happening,hence all the promises are we will build XXX amount of houses a year BY 2020

What they are actually saying is we will lie to you now and with a bit of luck you will have forgotten about it in five years time

It is that, hence chaos is our best hope come May.

[LiveinHope]

I expect 200,000 to be built if there is a property crash rather soon, as if nothing else building will create jobs.

But i am truly drained with waiting and the status quo, If we get a Tory govt of any variety in May i'm moving to abroad for 2-3 years and will put my kid in private school which costs about £7-8K PA ... Id sooner spend the 14-24K on schooling than dance to Gidiots tune.

And if the Labour party are backed by the SNP i can see SNP creating chaos to ruin the UK economy as a way of causing a breakup, its a HPC best option imho.

Greece, Russia, Euro crisis, Oil price crash, rising debt and every other bullet doesn't seem to have made a difference so maybe internal politics is the last hope for a speedy HPC.

I am of the opinion that you need the HPC to get (insert a decent number) houses built and sold.

Personally, I am not sure if I would buy a house even if 50% of current prices.

My concern about high houseprices are their knock-on economic and societal effects.

Edited March 24, 2015 by LiveinHope

[dances with sheeple]

I expect 200,000 to be built if there is a property crash rather soon, as if nothing else building will create jobs.

But i am truly drained with waiting and the status quo, If we get a Tory govt of any variety in May i'm moving to abroad for 2-3 years and will put my kid in private school which costs about £7-8K PA ... Id sooner spend the 14-24K on schooling than dance to Gidiots tune.

And if the Labour party are backed by the SNP i can see SNP creating chaos to ruin the UK economy as a way of causing a breakup, its a HPC best option imho.

Greece, Russia, Euro crisis, Oil price crash, rising debt and every other bullet doesn't seem to have made a difference so maybe internal politics is the last hope for a speedy HPC.

SNP are on a massive roll, UKIP will pick up a lot of support, that is going to cause chaos this time.

[dances with sheeple]

I am of the opinion that you need the HPC to get (insert a decent number) houses built and sold.

Personally, I am not sure if I would buy a house even if 50% of current prices.

My concern about high houseprices are their knock-on economic and societal effects.

There are plenty of houses, especially if the UK starts to re-negotiate the numbers that can come here to live? The problem is multiple ownership, BTL, and the prevention of price discovery by the PTB. Looks like the deflation monster is going to mess with their plans though, really not a good time to have big mortgage debt.

[iamnumerate]

50,000 new council houses to house the 500,000 new immigrant labour voters they'd led in every year.

I see a problem here.

I was thinking that as well.

[billybong]

I watched Ed Balls on that SKy debate yesterday and he almost blurted out the fact no one is going to build 200,000 homes at the moment as they are too high

That would maybe help to explain why he said during his conference speech last year that Labour would build 200,000 new homes by 2020 (on average about 40,000 a year).

Rather than 200,000 new homes a year.

It seemed at the time as if it might be just a verbal slip during the speech (missing out the a year bit) but perhaps he actually meant to communicate that low number to the conference audience. To those that were listening that is.

Possibly part of their fall back plan if they get in power and if the Conservative/Libdem coalition has set up house prices for a fall. Him having said that will make the Labour manifesto on new home numbers interesting. As well as the other parties manifestos.

It's also the complete opposite to the Conservatives position that prices have to be high to encourage builders to build (not that they've built many during the last Parliament when house prices have still been relatively high).

The LibLabCon's policy of trying to bluff and confuse the electorate and then renege comes as no surprise.

Edited March 24, 2015 by billybong

[LiveinHope]

There are plenty of houses, especially if the UK starts to re-negotiate the numbers that can come here to live? The problem is multiple ownership, BTL, and the prevention of price discovery by the PTB. Looks like the deflation monster is going to mess with their plans though, really not a good time to have big mortgage debt.

yes, my simplistic manifesto would cease BTL mortgages and end holiday home ownership.

[Si1]

I am of the opinion that you need the HPC to get (insert a decent number) houses built and sold.

Personally, I am not sure if I would buy a house even if 50% of current prices.

My concern about high houseprices are their knock-on economic and societal effects.

I suspect that a full hpc would take much NIMBY motivation away, bolstering your argument

[Wurzel Of Highbridge]

From where i`m sitting none of them will actually do it, some might talk about it just like Dave&Co talked about 200-250K new houses a year in 2010 but only ever delivered a fraction of that number

The only way any party could actually reliably achieve their promises would be if they build council houses ,as they would have control over the process and numbers other than that any party are at the mercy of the DEVELOPERS which will do everything to keep their margins as high as possible

There is no need for the government to build and control house production and hence prices.

All that need to happen is planning permission to be relaxed so that individuals can build their own homes or even live in a caravan/mobile home until they can afford to do so.

The 'housing shortage' and high cost of rents is deliberate. Only relaxing planning and controlling credit will resolve the issue.

[winkie]

I watched Ed Balls on that SKy debate yesterday and he almost blurted out the fact no one is going to build 200,000 homes at the moment as they are too high

At 13.10 He states that peoples wages can't afford in the current market

A right pair.....can't work out if it is me that doesn't get it or them....people do not earn enough to house themselves, ie pay the rents and mortgages.....maybe they could change it to 200,000 rooms they might just about afford to rent one room.

[long time lurking]

There is no need for the government to build and control house production and hence prices.

All that need to happen is planning permission to be relaxed so that individuals can build their own homes or even live in a caravan/mobile home until they can afford to do so.

The 'housing shortage' and high cost of rents is deliberate. Only relaxing planning and controlling credit will resolve the issue.

That would be the ideal solution without a doubt ,

The chances of that actually happening though are nonexistent

So for any government to reliably hit their targets baring giving the developers a blank check is to build them themselves other than that their targets are just wish lists and appeasing words that are only ever going to be achieved by luck if at all

I agree that high prices are deliberate i also believe this country can`t build it`s way to affordability from the price levels we are at without ending up like the ROI

it will make any crash so much bigger TPTB know this

On the whole i don`t think there is a massive shortage (in some areas yes there is ,this is where the building should be)

Edited March 24, 2015 by long time lurking

[Ash4781]

Oh FFS.

Renting is a dirty word, dead money, paying someone else's mortgage, going to use the profits as a deposit on their own house each. It's a full house on the property porn edition of ******** bingo.

http://www.bbc.co.uk/news/uk-32029804

Lol. We aren't told where the cash is coming from to do the place up. A new stair case sounds expensive, looks to need full re-plastering/ plaster-board, carpets (they mention heating, electrics) . Presumably they continue to live near rent free at parents.

They say they didn't plan to live in it. I am unsure how that works in the CGT liability (eg. reliefs) as they are planning to flip presumably for a much higher price. I think they have to live in it even though they do not seem to not get on? edit (well say they lived there )

This is not advice.

Edited March 24, 2015 by Ash4781

[CHF]

Unbelievable! What really got my goat was when the presenter said, matter of factly, "They plan to sell the house, and with the money they make use it as deposits for their own homes".

There's absolutely no guarantee they'll make any money. They've bought in Preston FFS - the property market here is flatter than a pancake.

Scandalous reporting.

I bought my first house 9 years go with a friend with the plan of selling up in a few years and splitting the profit to get our own deposits.

I'll take what I paid for it now if anyone's offering?

(Please don't check zoopla tho and see my neighbours house that sold for 10k less just last year!)

[renting til I die]

Unbelievable! What really got my goat was when the presenter said, matter of factly, "They plan to sell the house, and with the money they make use it as deposits for their own homes".

There's absolutely no guarantee they'll make any money. They've bought in Preston FFS - the property market here is flatter than a pancake.

Scandalous reporting.

I hope that chimney breast wasn't structural!

Lol. We aren't told where the cash is coming from to do the place up. A new stair case sounds expensive, looks to need full re-plastering/ plaster-board, carpets (they mention heating, electrics) . Presumably they continue to live near rent free at parents.

They say they didn't plan to live in it. I am unsure how that works in the CGT liability (eg. reliefs) as they are planning to flip presumably for a much higher price. I think they have to live in it even though they do not seem to not get on? edit (well say they lived there )

This is not advice.

I also thought that. The whole article was typical BBC ramping.....'You can't lose in propertieeeee!'

Edited March 24, 2015 by renting til I die

[MattW]

yes, my simplistic manifesto would cease BTL mortgages and end holiday home ownership.

You would have my vote, LiveinHope.

[Venger]

Unbelievable! What really got my goat was when the presenter said, matter of factly, "They plan to sell the house, and with the money they make use it as deposits for their own homes".

There's absolutely no guarantee they'll make any money. They've bought in Preston FFS - the property market here is flatter than a pancake.

Scandalous reporting.

BBC Newsbeat, blatent propertyganda brain washes the youngsters

Thing is these young kids seemed relatively bright and 20/30/40/50 years ago would have made a good life for themselves through working and probably creating a business.

But the LIBLABCON has turned them into property gamblers just so they can buy a house.

The younger one is positively brimming with the joys of HPI profits. It's just reporting... BBC didn't force them to buy. BBC isn't going to pay their mortgage or cover their negative equity if it goes wrong.

How completely absurd this country has become, where two bright twenty somethings resort to this kind of thing (full of risk as mentioned above) Just to buy a house. And all the nonsnse they are going through is only necessary to keep boomers onside.

Bright?

They're outbidding others, similar for same types doing that in my area outbidding my family. Pure ego how they plan to flip it for profit (stupid renters.. £500pm mortgage when it will rent for £800pm). Just same as almost every other year for the past couple of decades, and all the HPI-flip HUTM type winners who've gone before them.

When does the self-responsibility ever begin? There's a market. If bright 21-25 year olds choose to buy together to refurb and flip for HPI that's their own choice. (They bought it for £155K) As it will be if it turns out there's little demand for £200K+ properties in Preston.

They have got a parent involved in the HPI quest... (media's fault... nothing generations of Forever HPI lovers at all... all this push that those who rent/save/delay upsizing have to worry about the 'brainwashed' (eg = HPI chasing free-will decisions with backing of parents in market were only owners can't ever lose).

Best thing these kids could do is get out of Britain.

Best thing would be if they didn't exist at all, imo. My brothers and sister and their wives and husband (all renters) don't exist to carry young bragging HPI chasers and protect them from debt-decisions they happily embraced, and have a parent involved in the refrub. These kids are not my kids or responsibility; and they're gagging for higher prices. Unlike others, my family doesn't say a prayer for these type of HPI chasers each night. It's a ruthless market, as many of us know, so utterly priced out by other HPI chasers/investors 'just wanted a home (at any silly high price)'-ers.

They plan to finish it all in about four months, with a lot of help from Oliver's dad, which is handy. The plan is instead to sell the property off to raise more cash for deposits towards their individual homes.

..But low interest rates mean housing is becoming more affordable and that's why Oliver and Adam were keen to become homeowners.

"There is this commonly-held belief in this country that if you're not on the housing market then you're somehow wasting your time," says Adam. Renting is seen as a bit of a dirty word in this country and it's dead money." Oliver agrees and feels that getting on the market as soon as possible is the best move. "My view is that when you rent you're paying someone else's mortgage."

Newsbeat will catch up with them in a few months to see what the finished product looks like.

http://www.bbc.co.uk/newsbeat/32026179

[Venger]

They'll probably make their HPI 'profits' on it - yeahhh - but also maybe not. Their decisions.

Sale Date: 12 Dec 2014. Price Paid: £155,000

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=47168243&sale=53116829&country=england

Other sales in that postcode over the years

http://www.rightmove.co.uk/house-prices/PR4/The-Greenacres.html

One of them is an adult scout.. commissioner or something - got to admit he looks like he does good humble productive work/pursuits with other kids/young adults... just a bit riled now the scouts getting on HPI ladder backed by parental work development help in the quest to flip it for profit.

Not displaying pic below on forum.. seems a bit intrusive and unfair to do so to the young scout girls (who are nothing to do with this flip-profit-seek)... just the link to pic...

http://www.lancashirelife.co.uk/polopoly_fs/1.3922293!/image/image.jpg_gen/derivatives/landscape_630/image.jpg

Future generation HPI questers, Grace, Ellie, Bethany, Ruby listen to super-smart non-dead-money-renter homeowner Oliver explain how to make easy big HPI profits, for their HPI Part-1 badge.

[Venger]

They knocked the seller (inheritor / carehome mover?) down on price...

Was asking £169,950 earlier in 2014. (It sold for £155,000)

Archived listing

http://www.zoopla.co.uk/property-history/11-the-greenacres/hutton/preston/pr4-5su/33899271

Interested to see how their HPI profit works out... (new staircase, rewired, removing fully chimney breast etc) a few other bungalows in a 1/4m search on the market.

Supposed 5 bed (?) under offer at £220K. http://www.rightmove.co.uk/property-for-sale/property-46893809.html

Regular similar to theirs pre refurb, Sold STC £175K. http://www.rightmove.co.uk/property-for-sale/property-47609204.html?premiumA=true

[Si1]

They knocked the seller (inheritor / carehome mover?) down on price...

Was asking £169,950 earlier in 2014. (It sold for £155,000)

Archived listing

http://www.zoopla.co.uk/property-history/11-the-greenacres/hutton/preston/pr4-5su/33899271

Interested to see how their HPI profit works out... (new staircase, rewired, removing fully chimney breast etc) a few other bungalows in a 1/4m search on the market.

Supposed 5 bed (?) under offer at £220K. http://www.rightmove.co.uk/property-for-sale/property-46893809.html

Regular similar to theirs pre refurb, Sold STC £175K. http://www.rightmove.co.uk/property-for-sale/property-47609204.html?premiumA=true

It doesn't say under offer at £220k

It says the asking price is £220k and it is under offer at an unspecified price