Jump to content
House Price Crash Forum
Sign in to follow this  
ARENAPUA

Daily Mail: Wealthy Families Exploiting Help to Buy

Recommended Posts

I know I've been more 'half glass empty' with the potential for drops in the current environment but it really heartens me to see articles like this not just in the mainstream press but mainstream tabloid press no less.

Tide and opinion is turning, and there is a gradual, growing realisation of the devastating effects of high house prices.

The article was even published in abbreviated version in The Times (which is great in itself), and referred to the Daily Mail article which is how I found it.  People are slowly starting to get it - every little helps.

http://www.dailymail.co.uk/news/article-4957030/Wealthy-families-exploit-7billion-Help-Buy-home-scheme.html

Share this post


Link to post
Share on other sites
2 minutes ago, stuckmojo said:

Comments focus on £50k not being wealthy. I agree. Especially in the south. And mostly due to the cost of housing

100% agree esp with rent costs and commuting costs which cannot be avoided

Share this post


Link to post
Share on other sites

HTB is a subsidy to the big building companies to help them shift their newbuild stock not  FTB. It is an attempt adjust the failure of the supply side of the economy to produce enough houses for sale. Just another sign that the UK property market is not really a market at all since there is an effective monopoly over landownership and the amount of building land on the market at any time. If you want to see where the British property market is heading think Ireland in the 1830s. 

Edited by stormymonday_2011

Share this post


Link to post
Share on other sites

The editor was on LBC saying it props up house prices and only really benefits the house builders who's share price rose following this.

So nice to see the truth being said.

Share this post


Link to post
Share on other sites
10 minutes ago, wish I could afford one said:

I agree.  Today that would buy a 55 year old a Single life, RPI, 5 year guarantee annuity worth £1,012 per annum.

Shocking.......big future retirement income problems to come.:o

Share this post


Link to post
Share on other sites
50 minutes ago, winkie said:

Shocking.......big future retirement income problems to come.:o

Very few are taking responsibility for their own futures.  The savings figures show that.  

When the time comes though they'll of course vote for the party that will take from those who did think of their future.

I'm one of the few who is.  Hopefully I'll be protected from the raid by no longer being here...

Share this post


Link to post
Share on other sites

Good and strong pushback by some in Daily Mail article, but the points were made so clearly by some housing organisation when HTB was first introduced, with some very compelling charts/graphs and clever graphics about how it makes housing more less affordable for priced out, and how those who already own property gain. 

I can't recall each aspect of 'how' now, but am going to revisit it.

HTB; It has so many effects in my view, making those who already own property more minded to not sell to cash in, for HTB suggests a supply-and-demand problem, and 'not enough houses' (rather than housing financialisation issues).

Crapitalism (h/t Bland Unsight).

It also in my opinion saw a surge of BTLers double-down into the market (at high/higher prices), with belief Gov stands behind house prices with such policies, and again 'supply and demand' seeking to lay claim to more property to rent out into the forever HPI.   To play their part in making non-important priced out Generation Rent, say non-important priced out Generation Rent Forever.

Haven't found it at The Times online website, and will look for it in the paper later this afternoon.

There's also this from The Times today (online edition).

Quote

House prices hit record high, says Halifax
October 6 2017, 12:00pm, 
The Times

Restricted supply and high employment, rather than improved demand, are credited with the increase. The average price of £225,109 last month was a 0.8 per cent increase on the £223,271 recorded in August

----------

https://www.thetimes.co.uk/edition/business/house-prices-hit-record-high-says-halifax-0z6q2hg38

Selection of comments - I've never made a comment at The Times myself.


Maximilian Hell 3 hours ago
Some people have emerged completely unscathed from the financial crisis. Record asset prices helped by record low interest rates. Austerity had been an Illusion for them.

Dudleydoright 3 hours ago
The media are obsessed by "records".   With inflation,  prices are bound to go up over time.

borris 4 hours ago
With the new injection of £10bn for Help to Buy it’s trebles all round!

 

 

Share this post


Link to post
Share on other sites
33 minutes ago, rantnrave said:

This is front page of the print edition today.

Not in my edition of the printed paper.

£50K is not a lot against ballooned housing financialistion house prices.

However it normally takes a lot of effort and work to be on £40K+ in my view, vs HPI long wave price extremes easy life, where my life of please landlord kicks back with 5 rental properties that have trebled in value since early 2000.

Share this post


Link to post
Share on other sites

I had to turn off radio 4 just (BH)...this morning or else smash my radio up...they had two youngsters debating the housing crisis and the leader of the young conservatives said its better for the young today than it was for their parents because today they have HTB...i despair.

I could have posted on the thread about how the conservatives have no future.

Share this post


Link to post
Share on other sites
51 minutes ago, Wayward said:

I had to turn off radio 4 just (BH)...this morning or else smash my radio up...they had two youngsters debating the housing crisis and the leader of the young conservatives said its better for the young today than it was for their parents because today they have HTB...i despair.

I could have posted on the thread about how the conservatives have no future.

It's better for the young today who happen to have a 6 figure gifted deposit off their family, because the riffraff can't compete the way they did 20 years ago

Share this post


Link to post
Share on other sites

from the DM comments

 

Quote

Princess, reading, United Kingdom, 1 day ago

We paid £250k 4 years ago our house is worth £375k now. We remortgaged as soon as we could to pay it off after 2 years. We had to beg steal and borrow to get enough to pay it off but that was always our plan. We now rent it out (that wasn¿t our original plan) but have relocated ¿up north¿

I enjoyed this one too:

Quote

Busty D1splay, Kralendijk, Bonaire, Sint Eustatius and Saba, 17 hours ago

Red arrowed by all the London snowflakes who think you need a passport to go outside the M25. Why you're obsessed with that dump these days escapes me. It's all acid throwing, moped mugging, knife attacking, van ramming over priced and full of people who can't even speak English. And what the hell IS that smell down there? It reeks. Smells like old pizzas and skips. LOOOL!

 

Edited by mrtickle

Share this post


Link to post
Share on other sites
12 minutes ago, mrtickle said:

from the DM comments

 

 

How does one beg borrow or steal £200k in two years?

Share this post


Link to post
Share on other sites
1 minute ago, Si1 said:

How does one beg borrow or steal £200k in two years?

I think they meant they remortgaged to be able to pay off the 20% HTB component. Not the whole house.

 

Share this post


Link to post
Share on other sites

To be honest, i think any outrage that well off people are using help to buy just reinforces the propaganda that the scheme is meant to benefit the young and "ordinary" people(whatever that means) when it obviously isnt. A prop is a prop, the government and housebuilders couldnt care less if the Duke of Westminster was using HTB as long as it was helping shift their new builds and getting borrowed money into the housing market. The main purpose of help to buy was to prime the borrowing pump at the bottom of the market.

Im always dubious when people talk about unintended consequences of a policy. Consequences are rarely unintended. 

Share this post


Link to post
Share on other sites
3 hours ago, Wayward said:

I had to turn off radio 4 just (BH)...this morning or else smash my radio up...they had two youngsters debating the housing crisis and the leader of the young conservatives said its better for the young today than it was for their parents because today they have HTB...i despair.

I could have posted on the thread about how the conservatives have no future.

If it makes you feel better Wayward I was snoozing to the radio then but had to out of the bed to switch it off as well.

There was the Oscar Wilde saying "There is only one thing in life worse than being talked about, and that is not being talked about."

However it feels that most of the talking on the housing crisis still isn't tacking the issues and it's becoming an annoyance.

The real issues are still being side lined although the media is parading their talking heads to pretend that they are.

 

Share this post


Link to post
Share on other sites

Great to see the government policy being seen for what it is i.e. Self interest of just duping the public that they the government are doing something to solve a problem when in fact they are just perpetuating it. 

Share this post


Link to post
Share on other sites

To be honest why would they care who gets help, anybodies help to get into greater debt is gratefully accepted....why should they care whose money it is or where it comes from.....a sale is a sale is a sale. ;)

Share this post


Link to post
Share on other sites
2 hours ago, nothernsoul said:

To be honest, i think any outrage that well off people are using help to buy just reinforces the propaganda that the scheme is meant to benefit the young and "ordinary" people(whatever that means) when it obviously isnt. A prop is a prop, the government and housebuilders couldnt care less if the Duke of Westminster was using HTB as long as it was helping shift their new builds and getting borrowed money into the housing market. The main purpose of help to buy was to prime the borrowing pump at the bottom of the market.

Im always dubious when people talk about unintended consequences of a policy. Consequences are rarely unintended. 

This. The little people barely even exist to Cameron and Osborne.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 293 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.