Guest Posted September 25, 2017 Share Posted September 25, 2017 3 girls, early/mid 20s, agreeing that they couldn't afford to buy, so best way to "get on the ladder" was to invest in BTL. Had I not been getting off at the next stop I might have tried to offer some words of wisdom.... Quote Link to comment Share on other sites More sharing options...
Noallegiance Posted September 25, 2017 Share Posted September 25, 2017 23 year old lad last week said to me that property was the game to get into. I sensed the brain-freeze when I said 'not any more'. Quote Link to comment Share on other sites More sharing options...
RomfordDon Posted September 25, 2017 Share Posted September 25, 2017 10 minutes ago, Grab_Some_Popcorn said: 3 girls, early/mid 20s, agreeing that they couldn't afford to buy, so best way to "get on the ladder" was to invest in BTL. Had I not been getting off at the next stop I might have tried to offer some words of wisdom.... Should have suggested they should just marry a rich old bloke Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted September 25, 2017 Share Posted September 25, 2017 26 minutes ago, Grab_Some_Popcorn said: 3 girls, early/mid 20s, agreeing that they couldn't afford to buy, so best way to "get on the ladder" was to invest in BTL. Had I not been getting off at the next stop I might have tried to offer some words of wisdom.... Unfortunately, that attitude is so ingrained in the psyche of the general population that a sizeable crash will be necessary to eradicate it once and for all. For that reason alone, a soft landing is not possible. Quote Link to comment Share on other sites More sharing options...
Pooch Posted September 25, 2017 Share Posted September 25, 2017 People need educating about the financial markets to make money, not bl00dy houses which are for living in! Quote Link to comment Share on other sites More sharing options...
sPinwheel Posted September 25, 2017 Share Posted September 25, 2017 How many cups? Quote Link to comment Share on other sites More sharing options...
Guest Posted September 25, 2017 Share Posted September 25, 2017 I experienced this ignorance with my own sister last year - wanted to buy a BTL (priced out of owning). Did not understand yield, taxes, voids, responsibility for repairs, rent v loan requirements, insurance, eviciting non-paying tenants, responsibility for rehoming tenants if hosue becomes unlivable, etc. People literally see BTL as "put down a deposit, house pays for itself, riches follow soon after". Quote Link to comment Share on other sites More sharing options...
Guest Posted September 25, 2017 Share Posted September 25, 2017 Just now, sPinwheel said: How many cups? Um, you've lost me!?! Quote Link to comment Share on other sites More sharing options...
anonguest Posted September 25, 2017 Share Posted September 25, 2017 (edited) 5 minutes ago, Grab_Some_Popcorn said: Um, you've lost me!?! And of course those would likely have been the words of the young ladies had the OP interjected and mentioned things such as " yield, taxes, voids, responsibility for repairs, rent v loan requirements, insurance, eviciting non-paying tenants,...." People of this age are, sadly, merely a product of the education system their generation has been supplied with - compared with what I, and other of my age group a generation earlier, benefitted from. Critical thinking combined with essential life knowledge (such as understanding and calculating interest payments, etc) is not something they are exposed to. Edited September 25, 2017 by anonguest Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted September 25, 2017 Share Posted September 25, 2017 40 minutes ago, RomfordDon said: Should have suggested they should just marry a rich old bloke Sad but true. Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted September 25, 2017 Share Posted September 25, 2017 At least the 20 somethings now realise they are screwed. Might see some real movement at the next election. Cheap houses for some, pension cuts for others Quote Link to comment Share on other sites More sharing options...
Oh Well :( Posted September 25, 2017 Share Posted September 25, 2017 (edited) Unfortunately property is still the best investment. Even if the price drops you still have it. Of course if Corbyn gets in and there is civil war, beans and shotguns would be the better options Edited September 25, 2017 by Oh Well :( Quote Link to comment Share on other sites More sharing options...
frederico Posted September 25, 2017 Share Posted September 25, 2017 Corbyn is going to build a million homes during his first 10 years in power. He said so. Quote Link to comment Share on other sites More sharing options...
rantnrave Posted September 25, 2017 Share Posted September 25, 2017 15 minutes ago, frederico said: Corbyn is going to build a million homes during his first 10 years in power. He said so. Just 100k a year - new lows then? Quote Link to comment Share on other sites More sharing options...
Giraffe Posted September 25, 2017 Share Posted September 25, 2017 1 hour ago, sPinwheel said: How many cups? 3 girls, 2 cups. Quote Link to comment Share on other sites More sharing options...
crazypabs Posted September 25, 2017 Share Posted September 25, 2017 2 hours ago, sPinwheel said: How many cups? Â Quote Link to comment Share on other sites More sharing options...
kzb Posted September 25, 2017 Share Posted September 25, 2017 But are they Millennials or Snowflakes? Or was there something in between those? Quote Link to comment Share on other sites More sharing options...
PropertyMania Posted September 25, 2017 Share Posted September 25, 2017 2 hours ago, Grab_Some_Popcorn said: I experienced this ignorance with my own sister last year - wanted to buy a BTL (priced out of owning). So how can she  afford BTL, but not her own place? Even if she could, it's highly inefficient to be both a tenant and a landlord. Quote Link to comment Share on other sites More sharing options...
Guest Posted September 25, 2017 Share Posted September 25, 2017 1 hour ago, Giraffe said: 3 girls, 2 cups. I am astonished!!!! My mind is usually in the gutter but even I didnt make that link Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted September 25, 2017 Share Posted September 25, 2017 very hard to get BTL these days without first having your own home,  so even if they wanted to it would be very hard, if you cant afford your own home generally you cant get a BTL either Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted September 25, 2017 Share Posted September 25, 2017 (edited) 9 hours ago, Oh Well said: Unfortunately property is still the best investment. Even if the price drops you still have it. Of course if Corbyn gets in and there is civil war, beans and shotguns would be the better options Which can be like an allbatross around your neck. often because in a crash, you can't sell it. Which is a disaster if you have to move for work / divorce etc. you are also a trapped target for skint Govs' / Banks I remember an old hpc quote from an Ea " if  nothing is selling, there's no market " Edited September 25, 2017 by Saving For a Space Ship Quote Link to comment Share on other sites More sharing options...
Bland Unsight Posted September 25, 2017 Share Posted September 25, 2017 11 hours ago, Oh Well said: Unfortunately property is still the best investment. Even if the price drops you still have it. Of course if Corbyn gets in and there is civil war, beans and shotguns would be the better options *Leverage* Quote Link to comment Share on other sites More sharing options...
Habeas Domus Posted September 26, 2017 Share Posted September 26, 2017 16 hours ago, Oh Well said: Unfortunately property is still the best investment. Even if the price drops you still have it. Not always, if you buy with a mortgage then the repayments + interest over 20+ years are significantly higher than the purchase price. If the value falls significantly over a long period of time, then you can find the repayments, which are based on the higher price you paid, exceed the value of the house to the point where it makes financial sense to just go bankrupt, hand the house back and start again. In that scenario you do not "still have it". Quote Link to comment Share on other sites More sharing options...
Guest Posted September 26, 2017 Share Posted September 26, 2017 11 hours ago, Saving For a Space Ship said: Which can be like an allbatross around your neck. often because in a crash, you can't sell it. Which is a disaster if you have to move for work / divorce etc. you are also a trapped target for skint Govs' / Banks I remember an old hpc quote from an Ea " if  nothing is selling, there's no market " If I get into crippling debt just to get on the ladder... And struggle to pay the mtg for next 25yrs as rates rise ... I'm hardly better off than if I'd waited for the inevitable crash. Quote Link to comment Share on other sites More sharing options...
Si1 Posted September 26, 2017 Share Posted September 26, 2017 On 25/09/2017 at 8:06 AM, Bruce Banner said: Unfortunately, that attitude is so ingrained in the psyche of the general population that a sizeable crash will be necessary to eradicate it once and for all. For that reason alone, a soft landing is not possible. This. High prices like this are a function of sentiment. Sentiment is a function of the positive rate of change of house prices. It follows that once house prices stop rising, if without further props, they'll fall, and overshoot on the downside. I can't believe the hospital pass Osborne has left May. Quote Link to comment Share on other sites More sharing options...
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