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Dave Beans

"'nimby' Homeowners Stop Young Getting On Property Ladder By Opposing New Developments, Says Top Economist"

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The elephant in the room is the "price", it isn`t a sustainable price level without PTB intervention, and even with that intervention it isn`t sustainable, house prices now are a function of the biggest credit to the masses experiment we will ever see in our lifetimes, and only with desperate props can the illusion just barely be kept alive. It ceased being a "ladder" a long time ago. May the 8th will be an interesting watershed for the UK I think, and as the refrain on here used to go the only thing sensible people can do now is "Protect Themselves". So glad I am not attached to a fantasy house price via the umbilical cord of a large un-payable debt.

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I thought I saw this article in my grans archive from 1912....they soon fixed that problem.

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I have these discussions with my old mum and she tends, after some careful discussion, to agree house prices are dangerously high.

But then a week or two later she changes her mind and starts defending high prices again and being a general NIMBY. It's a personal identity thing, oldies strongly identify with their high house prices.

Edited by Si1

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5% interest rates would probably produce more realistic prices. But how likely are we to see this happening (barring a Labour election win)?

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the only thing sensible people can do now is "Protect Themselves".

Exactly. Putting your life savings, then borrowing a 5 or 6 figure sum on top of that into a single asset that's already showing it's been hitting a ceiling price for the last 6 years (and only kept there because of more and more desperate props)....is financial madness. Furthermore, most FTBs will rely on 2 incomes to pay the mega-mortgage. A precariously balanced economy + a promise to pay a massive loan over the next 25 years using two full-time incomes? More madness and denial required.

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Exactly. Putting your life savings, then borrowing a 5 or 6 figure sum on top of that into a single asset that's already showing it's been hitting a ceiling price for the last 6 years (and only kept there because of more and more desperate props)....is financial madness. Furthermore, most FTBs will rely on 2 incomes to pay the mega-mortgage. A precariously balanced economy + a promise to pay a massive loan over the next 25 years using two full-time incomes? More madness and denial required.

It's called "doing the right thing" by Cameron.

Presumably then being a NIMBY and forcing house prices up to the million pound mark whilst destroying the life opportunities of several generations is is also doing the right thing, going off Tory party propaganda and proposed tax breaks

Edited by Si1

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I have these discussions with my old mum and she tends, after some careful discussion, to agree house prices are dangerously high.

But then a week or two later she changes her mind and starts defending high prices again and being a general NIMBY. It's a personal identity thing, oldies strongly identify with their high house prices.

They're not all like that and I have seen personally, on more than one occasion, age 60+ homeowners genuinely concerned about the lunacy of current high prices and the implications for their grandchildrens generation.

My own parents-in-law surprised and shocked their immediate neighbours, of several decades, in their desirable and, now, 'affluent' area by refusing to sign a petition a while back opposed to new developments nearby. They explained repeatedly, initially calmly and rationally, all the usual reasons why high prices are anything but desirable in the long term but observed it was futile - it was as if all those seemingly nice, reasonably intelligent, morally decent people were on some sort of mind altering drug that prevented them from 'connecting the dots' as well as take a position of extreme sense of 'entitlement'.

On that latter point father in law bluntly retorted to one local, who pressed the point that their house was their pension and they had nothing else, that because some of them had made stupid financial decisions did not entitle them to make their children pay the price. The look my F-I-L got back, apparently, was a cross between having been hit in the head by a brick followed by him fuming red as if his head was about to explode. LOL

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The look my F-I-L got back, apparently, was a cross between having been hit in the head by a brick followed by him fuming red as if his head was about to explode. LOL

Ah

Your F.I.L. met my dad then

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