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fedupFTB

This Country Is Trully @#!&%

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my partner and myself have been interested in buying my first home for about a year now im 23 and i live in northants i earn a good wage and im very cheesed off at the rediculously high house prices. I simply will not get myself into all that debt for 25 yrs for a poxy two bed semi!! i feel like everyone out there is completely blind or under some sort of spell telling me to buy now , buy now!! you must buy now!!!

can they not see beyond whats printed inside the local newspapers!!!! :angry: :angry: :angry:

Personally im preying that there is a crash!! and im sure so are many more thousands of people!!!.

sorry for this heated first post but i am feeling so stressed at the whole situation especially after just watching the interview with Kirstie Alsopp god she needs strangling! all that bull$&^$ about low interest rates and high employments levels etc etc. did she forget to mension the whole country is a debt time bomb!!!!!

:rolleyes: :angry:

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Firstly, welcome.

It's entirely understandable you feel the way you do.

Unfortunately it's going to be a long process for house prices to fall, but I am convinced it will happen. It becomes a longer process the more you watch and measure it (much like watching a kettle boil).

My advice is to get on with living, enjoy yourself, and save as much as you can. At least that way, you will minimise the feeling of waiting and should have a nice wodge of cash for when prices have fallen.

It's your call though.

NDL

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??????????????

Sorry did he forget to sound the alarm...

... AWOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOGA!

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Sorry did he forget to sound the alarm...

... AWOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOGA!

what are you on about??? if your not going to post anything worthwhile to my thread then go away!!

do all new members get the same treatment??

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yes they do.....

but bare this in mind...

as bad as you feel..

Imagine having a £180,000 interest only mortgage... realising that prices have dropped you into negative equity and that inflation is never going to increase your salary enough to pay that bad boy lump of uber debt of..

Meditiate on that...

Put yourself there.. and..

Well your blood should run cold..

you will shiver...

Look at the market...

you don't own a home, you don't have massive debt....?

Well hold onto your hat and for gods sake count yourself lucky..

the house you buy is the only thing you have that will enable you to pay of your debt if you have an interest only mortgage..

so there are a lot of people in a worse place then you..

and unless you could have bought at 17... not many of your age in better...

You don't have a home?

You jammy git

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what are you on about??? if your not going to post anything worthwhile to my thread then go away!!

do all new members get the same treatment??

Find out the treatment you get if you dare to point out some facts on why houseprices may not crash!

Lenders have also produced grim reports on your future in the UK.

http://www.skipton.co.uk/publicity_campaig...in_a_decade.asp

The skipton projected that the 1 trillion of debt would grow to 1.6 trillion in a decade by 2015.

The effects projected? - a population with no realist retirement, unable to afford children, and huge housing costs facing a grim slavelike treadmill.

Since publishing this report in 2004 the debt mountain has not stopped. Immigration flows undercut labours pricing power, and so the moneyprinting/debt binge continues as the BOE lowers rates.

The worst thing you can do is follow the apathatic people on this board and believe a crash is around the corner for years without bothering to understand the main supply and demand factors underlying the boom.

The best thing you can do is try to unionise and demand the price of your productive labour compensates you for the real living cost.

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he's right...

If house prices don't crash the economy is nadgered.. debt levels will be massive and everything fails..

Of course.. house prices may crash...

I have seen 2 bed new builds shed £40,000 last year..

BTL mortgage companies are now not lending against new builds 2 major reasons, unsustainable pricing and an oversupply..

We have more homes per capita then we did before the boom..

It was a speculative market.. it now isn't.. and I knew true speculative investors..

They sold a while ago..

Trust me..

There has never been a boom without a bust.

In any market..

ever..

not once...

never before..

ever..

and prices are dropping already

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Its all good stuff, but the other thing we have been studying in detail on this board is renting and saving the difference we would have to pay on an interest only mortgage; and then how to invest(gamble) wisely in ways that beat the housing market.

Brainclamp et al also offer fascinating insights into the possible future for the UK FTB and this stuff really broadens our horizons and keeps us from being too one tracked.

So you can be up.

You can take your savings abroad if you want but we are also studying interst rates/ currency fluctuations.

Its a long slog but if you ask the right questions and study the relevant threads this place is a goldmine for us FTBs.

Its a really emotive subject, so expect emotive postings.

Best wishes

Cornish Pasty (FTB of the future)

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That Skipton "report" is quite interesting - how about this:

"The Skipton report cites over-reliance on borrowing and credit as key factors in the next decade’s debt accumulation, with higher interest rates, unemployment and lower house prices as underlying threats to household income."

So let's get this straight - lower house prices are a threat to household income - ?! How did they work that one out?

As usual, this might have been interesting if they could get their heads round the idea that HOUSE PRICES CAN FALL. THis report assumes yet again that they will at worse stabilise at around current levels and that somehow things will go on more or less as they are now, with people somehow finding money to increase their savings while al lelse remains the same. This isn't a report, it's propaganda. It's also b*ll*cks, but that's another matter.

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Yeah, but if you're a 67 year old deportee from Australia with a sex offenders record as long as ya arm then you've hit the Jack-pot. Uncle Tony (Blair) and his merry men will give you £9000 towards doin' ya flat up and a free car for that nasty disability!!! What a 5H1T country we live in.

Edited by crash co-ordinator

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Yeah, but if you're a 67 year old deportee from Australia with a sex offenders record as long as ya arm then you've hit the Jack-pot. Uncle Tony (Blair) and his merry men will give you £9000 towards doin' ya flat up and a free car for that nasty disability!!!

I think that's viewed as revenge for us sending them our convicts for so long.

Mind you, that wave of convicts were only guilty of such things as spitting and stealing bread. Not quite the same magnitude of sociopathy, even when adjusted for historic-moral-value-judgement-inflation :huh:

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BTL mortgage companies are now not lending against new builds 2 major reasons, unsustainable pricing and an oversupply..

Wasnt the real reason for this the difficulty in getting down to the true purchase price ie behind the incentives. It seems to me that Building Societies were at risk of being conned by their borrowers.

Remember last time just before the market turned people were doing a Mandleson and giving false mortgage application forms, solicitors and valuers in conspiracy to commit mortgage frauds with multiple applications and dodgy valuations.

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fedupftb

you've arrived at just about the right time - some have waited years for things to get to this point -

ignore the media and the fancy graphs and spin - house prices are just one aspect of ecconomics and it (ecconomics) runs in cycles - its been going up for years and now its on the turn - things get interesting from here.

But don't expect it to be quick - no one is going to cut HPI's head of - this is the death of a thousand cuts with the VIs spinning all the way down.

And unless we have the 3rd world war, ecconomics will continue to run in cycles based on nothing more than confidence (or the lack of it) -

the country isn't completely buggered but things are going to get rough for a bit - better than living in some other countries though

PO

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Labour has screwed this country in an amazingly short space of time.

Everyone is all too aware of the absurd debt levels propping up the economy, the billions stolen from pension funds by Gordon Brown and the flood of unskilled immigrants pouring into the country - but the thing is they wont ever admit theyve been wrong, and will simply dig deeper and deeper to keep things afloat until the next election.

I dont believe Labour will be fighting very hard when the next election comes - knowing full well that the economy (and country as a whole) will be in a state of terminal decline.

The Tories will win, but they'll have the impossible task of trying to restore things back to a sustainable state.

As for house prices, I feel that the only thing that will really save future FTB's is a big tax on 2nd or 3rd homes. I think really this site should do a petition signed by FTB's demanding that 2nd or 3rd homes are heavily taxed to the point where they arent really viable as an investment.

If prices remain at these levels then whats the point staying in the UK?

Edited by Pete95

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I simply will not get myself into all that debt for 25 yrs for a poxy two bed semi!!

Hmm sorry, I had to bite. What do you want if you don't mind me asking? A 6 bedroom mansion for 20p? I mean if you are genuine no offence but I would be quite happy to own a 2 bed semi. My 2 bed terraced will have to do. :) (HPC or no HPC).

The next bit is not aimed at you FFTB, but I too from the other side of the coin will get something off my chest :)

I don't know if there will or wont be a HPC soon, I have bought already and bit the bullet so I hope not but I can afford it a bit of a crash, and a bit of a hike in interest rates. I of course want neither.

I get quite cheesed off with people on here who want to be able to buy houses without going into any debt whatsoever. I have lost count of people who say they plan to do this when the HPC does come. :)

People have been taking out mortgages for years and years, why do HPC bears suddenly feel they should be able to buy houses for peanuts, with cash?

This site is becoming very, very strange compared to when I first visited, its becoming more and more extreme and less and less reasoned. Still its a good one stop shop, for all the doom and gloom in the UK :(

Mike

Edited by stormy

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Labour has screwed this country in an amazingly short space of time.

Everyone is all too aware of the absurd debt levels propping up the economy, the billions stolen from pension funds by Gordon Brown and the flood of unskilled immigrants pouring into the country - but the thing is they wont ever admit theyve been wrong, and will simply dig deeper and deeper to keep things afloat until the next election.

I dont believe Labour will be fighting very hard when the next election comes - knowing full well that the economy (and country as a whole) will be in a state of terminal decline.

The Tories will win, but they'll have the impossible task of trying to restore things back to a sustainable state.

As for house prices, I feel that the only thing that will really save future FTB's is a big tax on 2nd or 3rd homes. I think really this site should do a petition signed by FTB's demanding that 2nd or 3rd homes are heavily taxed to the point where they arent really viable as an investment.

If prices remain at these levels then whats the point staying in the UK?

I completely agree!!

Hmm sorry, I had to bite. What do you want if you don't mind me asking? A 6 bedroom mansion for 20p? I mean if you are genuine no offence but I would be quite happy to own a 2 bed semi. My 2 bed terraced will have to do. :) (HPC or no HPC).

The next bit is not aimed at you FFTB, but I too from the other side of the coin will get something off my chest :)

I don't know if there will or wont be a HPC soon, I have bought already and bit the bullet so I hope not but I can afford it a bit of a crash, and a bit of a hike in interest rates. I of course want neither.

I get quite cheesed off with people on here who want to be able to buy houses without going into any debt whatsoever. I have lost count of people who say they plan to do this when the HPC does come. :)

People have been taking out mortgages for years and years, why do HPC bears suddenly feel they should be able to buy houses for peanuts, with cash?

This site is becoming very, very strange compared to when I first visited, its becoming more and more extreme and less and less reasoned. :(

Mike

I understand your views. But i certainly don't expect a great big house and have to pay peanuts for it!. All i want is the chance to be able to get onto the housing ladder with atleast a 2 bed terraced or semi. But unless you have been lucky enough to have given a nice deposit or family help then your screwed!!!

im 23 my career isn't at its highest point due to my age and finding 25- 30k for deposit,fees etc etc is easier said than done especially while paying rent to keep a roof over my head.

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Hmm sorry, I had to bite. What do you want if you don't mind me asking? A 6 bedroom mansion for 20p? I mean if you are genuine no offence but I would be quite happy to own a 2 bed semi. My 2 bed terraced will have to do. :) (HPC or no HPC).

The next bit is not aimed at you FFTB, but I too from the other side of the coin will get something off my chest :)

I don't know if there will or wont be a HPC soon, I have bought already and bit the bullet so I hope not but I can afford it a bit of a crash, and a bit of a hike in interest rates. I of course want neither.

I get quite cheesed off with people on here who want to be able to buy houses without going into any debt whatsoever. I have lost count of people who say they plan to do this when the HPC does come. :)

People have been taking out mortgages for years and years, why do HPC bears suddenly feel they should be able to buy houses for peanuts, with cash?

This site is becoming very, very strange compared to when I first visited, its becoming more and more extreme and less and less reasoned. Still its a good one stop shop, for all the doom and gloom in the UK :(

Mike

I think we must be on different forums. I don't think anyone here expects to get anything for free. But if you saw the article on the back of the Observer Money section recently, you'll know that the average UK property is ten times average wages across practically the whole of the country. I don't expect average properties to be 3.5 times average wage; why should they be, as they're not generally bought by FTBs. But allowing for a low inflation environment with low projected wage rises, starter homes should be about 4 times average wages (say £100K) and average homes should be about 6 times average wages (say £150k). Still a stretch and still a considerable mortgage. But ten times is way too high.

If there is a consensus here I reckon it's that it is irrational to buy AT ALL in today's market because it isn't sustainable. Unless you get offered some extraordinary opportunity. And I mean houses to live in, not speculative BTL/HMO conversion. Why buy at the top of the biggest bubble in recorded history, when the economic indicators are poor?

This post says more about you than it does about this site. But as you said...you just had to bite.

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im 23 my career isn't at its highest point due to my age and finding 25- 30k for deposit,fees etc etc is easier said than done especially while paying rent to keep a roof over my head.

Well I can see your point too, I had saved for a hell of a long time before I could afford to do it, and the crash will prolly come soon as my luck is not usually the best ;). So dont be too down.

Still some people talk of 40-50% drops, which would put the 2 bed terraced I have bought WAY under 3x my salary without a single bean in deposit. So maybe a drop should come, maybe it will come but greed can work from both sides of the fence, and sometimes this site seems to suggest all home owners who want HPI are evil, twisted beings and that anything less that 40-50% drops are unacceptable :)

I couldnt care less if HPI is stuck at 1% for 10 years, even modest falls I would swallow, I didnt buy my house to make cash, I bought it because I wanted my own place.

I wish I had bought 5 years ago, C'est la vie :)

Edited by stormy

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Labour has screwed this country in an amazingly short space of time.

Everyone is all too aware of the absurd debt levels propping up the economy, the billions stolen from pension funds by Gordon Brown and the flood of unskilled immigrants pouring into the country - but the thing is they wont ever admit theyve been wrong, and will simply dig deeper and deeper to keep things afloat until the next election.

I dont believe Labour will be fighting very hard when the next election comes - knowing full well that the economy (and country as a whole) will be in a state of terminal decline.

The Tories will win, but they'll have the impossible task of trying to restore things back to a sustainable state.

As for house prices, I feel that the only thing that will really save future FTB's is a big tax on 2nd or 3rd homes. I think really this site should do a petition signed by FTB's demanding that 2nd or 3rd homes are heavily taxed to the point where they arent really viable as an investment.

If prices remain at these levels then whats the point staying in the UK?

I am not convinced that the majority of the population are aware of the damage being done to the economy.

many people will have owned houses say< 2001 and unless their job prospects diminish or they have to move because of divorce, they will feel pretty ok. they will believe their property has gained in vaue and they will still be earning.

the ones with a different perspective are in a number of camps;

FTBers who cant afford even a dump without huge amounts of debt

people who lose their job . this has been masked through public sector job creation and other labour wheezes but unemployment is beginning to rise with easten european immigrants taking a lot of lower paid but vital jobs

existing home owners who want to buy a better property but wont willingly swallow the debt

better informed people who look beyond the spin and media garbage and realise the econmoic growth is based on debt , whch cannot go on for ever

clearly there are more people in the first group because labour got re-elected in 2005.

it is hard to be clear whether cameron might have made a difference last may( unlikely in my view)

by the time of the next election the pain will be everywhere.

labour will blame someone else(probably the oil companies) for the recession.

the public will wake up and hopefully the opposition will ask the awkward questions that the public needs answering.

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Hmm sorry, I had to bite. What do you want if you don't mind me asking? A 6 bedroom mansion for 20p? I mean if you are genuine no offence but I would be quite happy to own a 2 bed semi. My 2 bed terraced will have to do. :) (HPC or no HPC).

The next bit is not aimed at you FFTB, but I too from the other side of the coin will get something off my chest :)

I don't know if there will or wont be a HPC soon, I have bought already and bit the bullet so I hope not but I can afford it a bit of a crash, and a bit of a hike in interest rates. I of course want neither.

I get quite cheesed off with people on here who want to be able to buy houses without going into any debt whatsoever. I have lost count of people who say they plan to do this when the HPC does come. :)

People have been taking out mortgages for years and years, why do HPC bears suddenly feel they should be able to buy houses for peanuts, with cash?

This site is becoming very, very strange compared to when I first visited, its becoming more and more extreme and less and less reasoned. Still its a good one stop shop, for all the doom and gloom in the UK :(

Mike

We have had massive house price infaltion over the last five years and the complete erosion of the traditional earnings to borrowing ratio. Most who take a mortgage have a debt for a substantial period of their lives, but what we are talking about now is house prices at such a level that they are unaffordable.

We are talking about affordability. :(

Edited by jonsfedup

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[quote name='

the public will wake up and hopefully the opposition will ask the awkward questions that the public needs answering.

Its amazing that as an issue the opposition parties never seem to mention the current housing market nightmare and the current BOOM we have? I feel its because there are so many vested interests they dare not to mention it.

I also agree that it amazes me just how tunnel visioned those that believe unaffordable housing and high house prices is a good thing. A good thing only for them and they don’t look past the weight of their wallets. The longer this situation continues the worse the state of this country will be in.

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BC

The skipton projected that the 1 trillion of debt would grow to 1.6 trillion in a decade by 2015.

This pig of an unproductive economy is relying on about £100Bn of debt a year in lieu of real growth.

We are now at or around £1.15T*, so £1.6T over the next 9 years - well that is "only" £50Bn a year, half of current debt growth - looks like that isn't going to be enough, but is still possibly too much for the borrowers to chew on.

* Total UK personal debt broke through the £1.1 trillion barrier (£1,100,000,000,000) in June 2005. This is 11 months since it broke through the £1 trillion barrier in July 2004

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my partner and myself have been interested in buying my first home for about a year now im 23 and i live in northants i earn a good wage and im very cheesed off at the rediculously high house prices. I simply will not get myself into all that debt for 25 yrs for a poxy two bed semi!! i feel like everyone out there is completely blind or under some sort of spell telling me to buy now , buy now!! you must buy now!!!

can they not see beyond whats printed inside the local newspapers!!!! :angry: :angry: :angry:

Personally im preying that there is a crash!! and im sure so are many more thousands of people!!!.

sorry for this heated first post but i am feeling so stressed at the whole situation especially after just watching the interview with Kirstie Alsopp god she needs strangling! all that bull$&^$ about low interest rates and high employments levels etc etc. did she forget to mension the whole country is a debt time bomb!!!!!

:rolleyes: :angry:

Welcome from a fellow Newbie. I wouldn't be too worried about some of the comments from some of the older members, just be grateful that you found this site when you did. Some of the arguments from political and economic perspectives make interesting reading.

I am in a similar position to yourself, except that I am older (29) and still in no position to buy. I'm currently renting and hoping to save a few quid towards a deposit if and when any HP correction takes place.

Affordability is the main issue as a FTB. The market has been boosted by BTL, who have taken the place of FTBs at the lower end of the market, therefore sustaining the level of price inflation in the housing market for the last couple of years. Unfortunately for the new BTLs, there are so many rental properties out there, that they can only command rents at a market rental value, despite having paid a relative premium for the property. High mortgage payments in relation to the rent being received (if at all due to high chance of rental voids)? Surely something has to give eventually?

Gav

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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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