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Home Ownership In England At Lowest Level In 30 Years As Housing Crisis Grows

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Hope Theresa is reading the comments.

toadalone
14m ago

Getting more people to buy more houses won't solve the problem, which is that the UK economy is an insane, property-based economy. House prices are the only economic indicator governments care about, and are used to obscure the utter dysfunction of the economy.

So you "have" to buy a house for all kinds of reasons which are nothing to do with having a place to live.

Want any kind of security of tenure? Buy a house.
Don't want to be a victim of parasite scumbag letting agents? Buy a house.
Want an investment? Buy a house.
Want to get rich? Buy a house (and then 3-4 more).
Worried about not having a pension in your old age? Buy a house.
Economy flatlining? Get everyone to keep buying houses, and hopefully no-one will notice.

An alien landing from Planet Xá-vűgrht would think that houses are the dominant lifeform on this crazy island. If that's true, it doesn't really matter that all the things that are useful for people - decent housing whether you're renting or owning, decent pensions, safe, profitable and productive ways to invest your money - are wiped out, because the houses will make them all unnecessary!

So more and more people have to be fed into the hopper of this insane system, just to keep the illusion going. And more and more of our money has to be spent: in HB payments to keep landlords rich, in ludicrous "government-assistance" schemes to supposed "help people buy" (but really, to keep prices high). No wonder we're skint: all this money ends up in the hands of the banks, the landowners and the housebuilding companies.

Meanwhile, the houses themselves get smaller and smaller, shittier and shitter every year. Because this isn't and never has been about actual housing. It's a cult, keeping money in the hands of those who already have more than enough, and preventing it from being used for anything that might actually be economically useful.

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Well houses are the dominant wealth generator in UK as they earn more every year than the average worker ... even with all the hard-working immigrant workers who have more skills and are not lazy like Uk nationals

The only thing houses are generating is a massive Debt which is going to bite us big style. Edited by awaytogo

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Hope Theresa is reading the comments.

Brilliant comments, hope she takes note and will act to undo what has been done to our housing market.

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Removal of basic rate income tax allowance from BTL.

Basel3 increases to BTL capital capital charges.

Same again for IO loans, putting cost of BTL IO loan to 9%+.

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Removal of benefits eso in work TCs from nonUK residents.

Reform of UK benefits, aligning HB with median wages.

Cap HB at 600/month.

The Cons have still not rolled back most of that moron Browns idiotic schemes.

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Why is the media collectively reporting about Falling Home Ownership? The guardian, independent, BBC .... I mean why Today? Is something going to be announced soon? Another anti BTL announcement ?

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No. Just a report out.

Report going on about fall in HO in Greater Manc in 2003. Wonder what happened then?

All this change driven by incredibly risky IO mortgages.

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Why is the media collectively reporting about Falling Home Ownership?

Because of this : according to a new report by the Resolution Foundation think tank..

Will be forgotten by Thursday. Besides too late to do anything and any 'help' won't stretch further than shared ownership plus some form of HTB.

Only solution is:

- Massive HPC

- Complete annihilation of high street agents due to low transactions and newer, cheaper business models.

- Slow and painful death of BTL due to S24.

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Removal of benefits eso in work TCs from nonUK residents.

Reform of UK benefits, aligning HB with median wages.

Cap HB at 600/month.

The Cons have still not rolled back most of that moron Browns idiotic schemes.

Rolled back? After saying, pre the 2010 election....

the "old" economic model was built on "shaky foundations" of a public spending boom, an "overblown" banking sector, and consumer borrowing based on a house price "bubble" - and said new sources of growth were needed

They've added their own idiotic schemes. FLS, HTB etc, to keep the house price "bubble" inflating.

http://news.bbc.co.uk/2/hi/uk_news/politics/8492583.stm

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No. BTLwill be a relative fast death.

BTL has been growing since late 90s, took over from FTB since 2002.

Most will have to be sold off in 4-5 years.

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No govt is willingly going to destroy pseudo wealth.

They were falling in ,2010. They just neded to stand aside andlet the market work. Blame Labour and have scope for increasing prices later.

Now theyve backed themselves in a corner where IR are a large risk. Lots of unhappy people.

2002-2016 saw failure of ukgov. Brexit is one outcome. Others will follow.

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They were falling in ,2010. They just neded to stand aside andlet the market work. Blame Labour and have scope for increasing prices later.

Now theyve backed themselves in a corner where IR are a large risk. Lots of unhappy people.

2002-2016 saw failure of ukgov. Brexit is one outcome. Others will follow.

If nothing else, the Brexit referendum gave us the opportunity to get rid of Cameron and Osborne.

Will May now stand aside and let the market work or back herself further into the corner?

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Very easy to find out what is going on around the country......find out who is buying to rent out, where they live and how they financed the transactions. ;)

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Very easy to find out what is going on around the country......find out who is buying to rent out, where they live and how they financed the transactions. ;)

LL

All over.

They didnt finance, just grossly overleveraged.

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Top story on sky news this morning. Mentioned getting thousands of calls tweets etc from people furious with the situation.

Even touched on house sizes and other matters. All the presenters were flabbergasted when someone said they were sharing a ROOM with 4 other people

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LL

All over.

They didnt finance, just grossly overleveraged.

Quite they finance with interest only borrowed from the equity from a place where free equity was freely given.....forcing the rest of the county to enrich them further.......

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Think tank report may just be an excuse. Something is cooking up .... Perhaps preparing the masses for a massive HPC?

This may be a right time to change my career to Expectation Management.

Edited by Fairyland

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Forget Brexit, this will be the true test of May and Hammond (wow just realised the gov is just missing a Clarkson) will be what they do about housing.

I suspect they still think that every home owner is a potentital Tory voter and will consider this trend as something that needs to be addressed, it's just a matter of what they decide to do or not.

Will they abolish the HTB schemes or will they just invent new ones in a desperate attempt to keep the bubble inflated (I have horrid visions of the growth of government shared equity schemes)? Will they introduce new LL taxes / remove subsidies and allow the bubble to deflate or will they listen to the bleating of the LLs and get rid of the few good things Osborne actually did?

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Forget Brexit, this will be the true test of May and Hammond (wow just realised the gov is just missing a Clarkson) will be what they do about housing.

I suspect they still think that every home owner is a potentital Tory voter and will consider this trend as something that needs to be addressed, it's just a matter of what they decide to do or not.

Will they abolish the HTB schemes or will they just invent new ones in a desperate attempt to keep the bubble inflated (I have horrid visions of the growth of government shared equity schemes)? Will they introduce new LL taxes / remove subsidies and allow the bubble to deflate or will they listen to the bleating of the LLs and get rid of the few good things Osborne actually did?

Gidiot bought into the Brown boom.

He did not mive to shutdown Tcs. Then made a mess of it when he did.

FLS HTB just sent the wrong signal and will bankrupt anyone who took those on.

Removal of IR relief should have happened as soon as BTL mortgages sorted. IO BTL should just not exist, in terms of regulation and risk they are insane.

He did get the budget deficit down from -11% GDP to -6%. That took some doing. But it dhould be 0% - the UK finances looks like a developing country but with rich world demographics.

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