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Record 38% Of Homes Bought With Cash

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Another brick against people struggling to get a mortgage, if they want one, of course.

Not being card carrying soclialist, but it would be better for all concerned if people don't buy up property given just how important they are for all rungs of society in general.

I was even toying with the idea that people shouldn't buy any more than one other proerty than their main residence, and if they did then the proceeds / rents should be taxed to death.

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Isn't it more the case that because so many mortgages are getting rejected, along with historically low sales volumes, naturally the percentage of cash buyers will rise?

Bingo

Super insight

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Also, what if you extend your London mortgage and use it to buy a second property? What percentage of cash buyers have obtained non-mortgage finance?

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Why not close the banks, with all this global sloshy money, seems no need for them for mortgages.

Can't see cash-buyers making banks any money.

Wonder economy. No more recessions or busts.

Whilst those pushing and falling over themselves to pay high prices needing a mortgage, have to pass MMR.

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btl filling boots with cheaper properties in N East, rich buying second homes in S West.

whats happening in yorkshire, maybe money is still under bed.

survey done in 2013 nothing more up to date.

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btl filling boots with cheaper properties in N East, rich buying second homes in S West.

whats happening in yorkshire, maybe money is still under bed.

survey done in 2013 nothing more up to date.

an occam's razor shaped fail my trolling BTL friend

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You can just imagine the following scenario.

Rich Chinese guy has factory or some other way to get his hand on dollars/£ possibly borrowed against the company etc.

Goes to Hong kong/Singapore expo of uk properties and gets a loan there to buy uk property cash.

Once prices rise in UK uses equity to borrow against property here.

So in effect that cash may have been borrowed twice before it even comes to the UK and then thrice once here.

Those 9 trillion dollars in global debts outside the USA are the source of this London bubble (and pretty much every internationally connected city in the world).

Edited by Fromage Frais

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How much of this is baby boomers retiring and downsizing?

Not much because people would need a mortgage to buy their old property.

Mayb it's the boomers trading between themselves? No mortgage required if your swapping your 3 bed Glastonbury semi for a 2 bed bungalow in Burnham-On-Sea.

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It's easy, sell in London buy outside for cash.

....and any surplus equity can then be used as a top-up income/pension...BTL in reverse. ;)

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So, less of a problem if house prices fall by 50% as so many are owned outright. The banks must be starting to feel the heat though.

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Why not close the banks, with all this global sloshy money, seems no need for them for mortgages.

Can't see cash-buyers making banks any money.

.

I can. Mam with cash pays off mortgage of idiot who bought house at 2007 bubble prices.

The banks have stitched people up like kippers.

2% mortgage for anyone with a forty percent deposit.

now, what's the phrase That sums that up...

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I can. Mam with cash pays off mortgage of idiot who bought house at 2007 bubble prices.

The banks have stitched people up like kippers.

2% mortgage for anyone with a forty percent deposit.

now, what's the phrase That sums that up...

Eh. Idiot now owns house outright, in that situation.

Don't expect me to fall into line with the victim-giving apologies, and commit seppuku, as some HPCer want all renters to do.

No one is dragging anyone to viewings to pay silly high prices, put down their 40% and sign up to 2% mortgages. It's free-will decisions.

Without such 'victim' buyers - there will be no one to buy, and then we could have a HPC.

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It's easy, sell in London buy outside for cash.

Yep, but when it`s gone it`s gone, unless the London Bubble On A Bubble is infinite. The more people who spray their cash up against the wall in this bubble the better, the come down will be all the harder.

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Eh. Idiot now owns house outright, in that situation.

Don't expect me to fall into line with the victim-giving apologies, and commit seppuku, as some HPCer want all renters to do.

No one is dragging anyone to viewings to pay silly high prices, put down their 40% and sign up to 2% mortgages. It's free-will decisions.

Without such 'victim' buyers - there will be no one to buy, and then we could have a HPC.

:lol::lol: You make me laugh Venger. Here is a little "Death Poem" for you -

I was happily renting in the valley of debt

But a Troll on MSE said I should buy and forget

Forget the debt because houses ALWAYS go up

Don`t be a loser, get on the ladder

Don`t be a chooser just follow the flock

Hamish will help you with charts and advice

Others will praise you for painting it nice

HPC victim lovers will say "told you so"

Banker man will say, don`t worry....I will cut you slow!

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