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eric pebble

First-Time Buyers Can Forget Stepping Onto The Property Ladder Unless They Earn £50,000

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First-time buyers can forget stepping onto the property ladder unless they earn £50,000

Read more: http://www.dailymail.co.uk/property/article-3320329/First-time-buyers-forget-stepping-property-ladder-unless-earn-50-000.html#ixzz3rk0k921c

Don't know about anyone else here ---- but SURELY- this means that - effectively - the "market" MUST grind to a halt?!?

Can't see how this can go on --- it is UNSUSTAINABLE - Surely!!!!????

All those muppets who bought their "dream home" for silly money - they surely MUST be left high and dry now -- they CAN'T SELL their slaveboxes - because NO ONE can afford them - so the "market" MUST BE DEAD....???!!? No??? :unsure::unsure::unsure:

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First-time buyers can forget stepping onto the property ladder unless they earn £50,000

Read more: http://www.dailymail.co.uk/property/article-3320329/First-time-buyers-forget-stepping-property-ladder-unless-earn-50-000.html#ixzz3rk0k921c

Don't know about anyone else here ---- but SURELY- this means that - effectively - the "market" MUST grind to a halt?!?

Can't see how this can go on --- it is UNSUSTAINABLE - Surely!!!!????

All those muppets who bought their "dream home" for silly money - they surely MUST be left high and dry now -- they CAN'T SELL their slaveboxes - because NO ONE can afford them - so the "market" MUST BE DEAD....???!!? No??? :unsure::unsure::unsure:

they can rent them out and move up the pyramid that way.

I keep saying it, but I really can't believe what is going on and how stupid people are.

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I keep saying it, but I really can't believe what is going on and how stupid people are.

Yep.

Interest rates were reduced to emergency levels in 2009 so people could cope with all the debt they had. So what did people do in response? Took on more debt.

:rolleyes:

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Hey yes HPC Guru --- You're SO right.... It is BEYOND BELIEF isn't it...?! :rolleyes::rolleyes:

It proves the Keynesians are wrong. Economies aren't self-correcting, equilibrium-restoring mechanisms after all.

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yup and when the hairdresser on family tax credits cant afford top pay the mortgage or help to buy on there 250k shitbox they will demand tax payers bail them out from nasty predatory banks. Wont someone think of the children?

the liar loans are back the streets round me are full of for sale boards and I am pretty sure everyone has went more mental/stupid. Oh and everyone has new german luxury cars bought on pcp, did you ever think you would see the day when working class neighborhoods in yorkshire are full of german luxury cars? garages at me are now doing pcp on second hand cars and I know someone on benefits who just bought an evoque. The big debt gravy train continues!

I am done with it, I will not be buying a house now.

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FT - Taylor Wimpey sales surge with Help to Buy support: http://www.ft.com/cms/s/0/78553998-8c38-11e5-8be4-3506bf20cc2b.html

"Christmas has come early at Taylor Wimpey,” said Anthony Codling, equity analyst at Jefferies ... The Help to Buy scheme, launched in 2013, offers government-backed loans for first-time homebuyers, with a large slice dedicated to new-build houses. Properties bought through Help to Buy account for 30 to 40 per cent of housebuilders’ sales.

16th Nov trading statement:
...Against this backdrop, we are reporting record order book levels and expect to deliver an improvement in operating profit margin of over 200 basis points in 2015 and a return on net operating assets of over 25%.
...As previously guided, build costs have increased by c.5% during 2015. These build cost increases, which have been weighted towards labour costs, continue to be more than offset by sales price growth.
...The land market remains stable, with investment operating margins averaging c.20% and remaining above historical highs. We continue to benefit from a high quality short term landbank, which is at the optimum scale for our business. This, coupled with a strong strategic pipeline, means we are focused on investing selectively in great locations - balancing high margin with a high return on capital. During 2015 we have continued to successfully drive conversions from the strategic pipeline - working with land owners, local authorities and communities to convert over 7,600 plots (as at 25 October 2015) from the strategic pipeline into our short term landbank.
...We continue to evaluate the increasing number of land opportunities available which have a lower land and capital risk funding structure and a high return potential, through our Major Developments team. This will remain an area of focus and is an attractive route to creating additional value whilst further reducing future cyclical risk.
...In the first year of our medium term targets, we expect to deliver an improvement in operating profit* margin of over 200 basis points in 2015 (FY 2014: 17.9%) and a return on net operating assets** of over 25%.

Edit: Statement - https://otp.tools.investis.com/clients/uk/taylor-wimpey2/rns/regulatory-story.aspx?cid=229&newsid=593398

Edited by northshore

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yup and when the hairdresser on family tax credits cant afford top pay the mortgage or help to buy on there 250k shitbox they will demand tax payers bail them out from nasty predatory banks. Wont someone think of the children?

the liar loans are back the streets round me are full of for sale boards and I am pretty sure everyone has went more mental/stupid. Oh and everyone has new german luxury cars bought on pcp, did you ever think you would see the day when working class neighborhoods in yorkshire are full of german luxury cars? garages at me are now doing pcp on second hand cars and I know someone on benefits who just bought an evoque. The big debt gravy train continues!

I am done with it, I will not be buying a house now.

The UK is starting to properly freak me out now - everyone is so entitled they must have everything right now. ZIRP is causing this socially destructive greed and I fear for what it is doing to our society.

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Salaries of Average London Homebuyers Breaks £100,000 Barrier

The average buyer of a home in London in the third quarter earned a record 104,000 pounds ($158,000) a year as apartment and house prices surged.

Homebuyers in the U.K. capital typically borrow an average of 340,000 pounds, according to data compiled by the Office for National Statistics. The previous record for earnings was 98,000 pounds in the second quarter.

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The UK is starting to properly freak me out now - everyone is so entitled they must have everything right now. ZIRP is causing this socially destructive greed and I fear for what it is doing to our society.

I think UK culture is already destroyed. People worship house prices, trinkets, and celebrity. The UK economy is supported by virtually unlimited cheap labour from the EU, tax credits, and cheap money.

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but not for their home buyers.

Hope they are planning to stay there for some time....they may have to, unable to reach the next rung.

When living today means borrowing for many more years into the future.... borrowing to learn and to educate then borrow to live to earn, till death do debt depart. ;)

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Is that combined wages i.e. A couple?

With average house prices edging towards £200,000, it means they'll need to be earning considerably more than the average salary of £26,500 if they have any hope of buying their first home without financial assistance.

No its 50k per person

I'll be interested to see the state of play in a few years when all these people using the HTB scheme get letters asking them to start paying back the government loan part ...if by then interest rates have gone up and RPI likewise they could be in for a rude awakening when they see the interest on that loan.

Edited by Nabby81

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It proves the Keynesians are wrong. Economies aren't self-correcting, equilibrium-restoring mechanisms after all.

Unfortunately, all central bankers believe they are! And that they have the tools to keep it all under control! :rolleyes:

Edited by renting til I die

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On a 50k salary, borrowing 200k is "only" four times salary (ignoring deposit for a second). Banks are lending that are they not?

They're called LIAR LOANS........

THE KEY TO THE WHOLE HPI PHENOMENON....

THE WORLD'S GREATEST EVER PYRAMID/PONZI SCAM....

Edited by eric pebble

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Lying about being on 50k?

I have heard that --- loads and loads of wannabe "first time buyers" out there are resorting to easier and less-checked Buy to Let Loans in order to get onto the "ladder" ... sorry... onto the pyramid ponzi snake.... :rolleyes:

i.e. Just another form of

PREDATORY LIAR LOANS :rolleyes:

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