hotblack42 Posted July 28, 2018 Share Posted July 28, 2018 The misgivings on here continue to seep into the mainstream (at least in the USA): https://www.linkedin.com/feed/news/millennials-overspending-on-homes-2039290/ Plenty of evidence in comments that its not so much how you are positioned re property and land, but rather intelligence and financial literacy that determines how much people 'get it'. Some who have done extremely well openly admit how ridiculous the situation has become and the risks of such frothy prices. Particularly tragic are the comments from FTBs who fully understand the horrible risk they are taking, but feel they have no choice in the face of obscene rents. "People are doing risky things to try to get out of the renting trap. Rents that would have previously been $400 are now $1000 in my city, and show no signs of stabilizing. " A couple of days ago even my "Rent is dead money" mother in law conceded that we cannot be sure that buying now and foregoing almost all else is the best course for some youngsters. This is someone who has previously got very angry at any expression of doubt about buying property at any point at the cycle. A major milestone in our family. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted July 28, 2018 Share Posted July 28, 2018 49 minutes ago, hotblack42 said: A couple of days ago even my "Rent is dead money" mother in law conceded that we cannot be sure that buying now and foregoing almost all else is the best course for some youngsters. This is someone who has previously got very angry at any expression of doubt about buying property at any point at the cycle. A major milestone in our family. I've seen older converts like this, trouble is sometimes you think it's a major breakthrough in intergenerational understanding/empathy and then 6 months later they're back to their old can't-go-wrong-with-bricks-n-mortar ways. They've been fed that line for their entire adult life from almost everybody around them and the newspapers and TV make sure to keep the dose topped up. Very difficult for most people to resist that level of propaganda. Quote Link to comment Share on other sites More sharing options...
winkie Posted July 28, 2018 Share Posted July 28, 2018 Many parents would not advise their children to buy (in certain places).....those who do decide to buy (with help) have to understand that they will have to stick it out for a while.....there is a ladder but only a few rungs...or quite possibly only one rung. Quote Link to comment Share on other sites More sharing options...
Si1 Posted July 28, 2018 Share Posted July 28, 2018 7 minutes ago, Dorkins said: I've seen older converts like this, trouble is sometimes you think it's a major breakthrough in intergenerational understanding/empathy and then 6 months later they're back to their old can't-go-wrong-with-bricks-n-mortar ways. They've been fed that line for their entire adult life from almost everybody around them and the newspapers and TV make sure to keep the dose topped up. Very difficult for most people to resist that level of propaganda. +1 Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted July 28, 2018 Share Posted July 28, 2018 23 minutes ago, Dorkins said: Very difficult for most people to resist that level of propaganda. This is the reason why the "accepted" indexes will often lie. Quote Link to comment Share on other sites More sharing options...
Guest Posted July 28, 2018 Share Posted July 28, 2018 1 hour ago, hotblack42 said: The misgivings on here continue to seep into the mainstream (at least in the USA): https://www.linkedin.com/feed/news/millennials-overspending-on-homes-2039290/ Plenty of evidence in comments that its not so much how you are positioned re property and land, but rather intelligence and financial literacy that determines how much people 'get it'. Some who have done extremely well openly admit how ridiculous the situation has become and the risks of such frothy prices. Particularly tragic are the comments from FTBs who fully understand the horrible risk they are taking, but feel they have no choice in the face of obscene rents. "People are doing risky things to try to get out of the renting trap. Rents that would have previously been $400 are now $1000 in my city, and show no signs of stabilizing. " A couple of days ago even my "Rent is dead money" mother in law conceded that we cannot be sure that buying now and foregoing almost all else is the best course for some youngsters. This is someone who has previously got very angry at any expression of doubt about buying property at any point at the cycle. A major milestone in our family. 1 hour ago, hotblack42 said: The misgivings on here continue to seep into the mainstream (at least in the USA): https://www.linkedin.com/feed/news/millennials-overspending-on-homes-2039290/ Plenty of evidence in comments that its not so much how you are positioned re property and land, but rather intelligence and financial literacy that determines how much people 'get it'. Some who have done extremely well openly admit how ridiculous the situation has become and the risks of such frothy prices. Particularly tragic are the comments from FTBs who fully understand the horrible risk they are taking, but feel they have no choice in the face of obscene rents. "People are doing risky things to try to get out of the renting trap. Rents that would have previously been $400 are now $1000 in my city, and show no signs of stabilizing. " A couple of days ago even my "Rent is dead money" mother in law conceded that we cannot be sure that buying now and foregoing almost all else is the best course for some youngsters. This is someone who has previously got very angry at any expression of doubt about buying property at any point at the cycle. A major milestone in our family. All the foundations are sitting on good old sandy loose debt that must be topped up constantly, just needs to be starved for a short while. And by that it means 39 year old people living rent free with their parents, travel for two years, live in a crowded rental home with mates and make it work for a while, living on a near sinking boat, convert a big van to a cosy camper, I have become an expert at spotting them just about everywhere now. This could all collapse in 6 months if a huge number of renters just roughed it for that short while, you might get your Kirstie Allsopps preaching how immoral that is, but me and her have differing opinions of what is and is not moral, her property ramping for start and the sucking of life of young adults starting out in life. Quote Link to comment Share on other sites More sharing options...
Mossie Posted July 28, 2018 Share Posted July 28, 2018 1 hour ago, hotblack42 said: Particularly tragic are the comments from FTBs who fully understand the horrible risk they are taking, but feel they have no choice in the face of obscene rents. "People are doing risky things to try to get out of the renting trap. Rents that would have previously been $400 are now $1000 in my city, and show no signs of stabilizing. " Read that from 2008 as prices have surged up. Tragic and no choice, for individuals who buy houses. They make the choice. If they buy a house they think it's better risk and position, at whatever price they've paid, than renting. You can't have it both ways. End. Quote Link to comment Share on other sites More sharing options...
winkie Posted July 28, 2018 Share Posted July 28, 2018 Young people who do not have a ready flow of cheap money to pay rent with will just have to become more inventive.....there are ways around not paying another's mortgage and/or lifestyle when should be investing hard earned money into own future and the kid's futures not a stranger with leveraged debt that requires servicing and payment with your hard earned money. Quote Link to comment Share on other sites More sharing options...
Maximus Skepticus Posted July 28, 2018 Share Posted July 28, 2018 5 hours ago, winkie said: ....there are ways around not paying another's mortgage and/or lifestyle Camping? Quote Link to comment Share on other sites More sharing options...
winkie Posted July 28, 2018 Share Posted July 28, 2018 27 minutes ago, Maximus Skepticus said: Camping? House-sitting? Quote Link to comment Share on other sites More sharing options...
Sugarlips Posted July 28, 2018 Share Posted July 28, 2018 4 hours ago, Maximus Skepticus said: Camping? Squatting? Is that still a thing? Quote Link to comment Share on other sites More sharing options...
maverick73 Posted July 28, 2018 Share Posted July 28, 2018 Its not rocket science, the quite secret, that after the end of the great depression in the ‘30’s... the house prices crashed. The net cause was QE. This ome will be worse because QE is a short term 2 year affair. The US wanted to start the cycle in 2015... but European economics was shagged... 2016 China had a melt down, Brexit and Trump... 2017 was a super inflation injector from tax cuts... Another tax cut looms... meaning American inflation is super charged... so the fed dot path is shifting upwards... normalisation has begun. ? Quote Link to comment Share on other sites More sharing options...
winkie Posted July 29, 2018 Share Posted July 29, 2018 (edited) 10 hours ago, Sugarlips said: Squatting? Is that still a thing? Not that long ago squatting was made illegal in empty private homes......the law makers must have known that far many more homes would be left empty in places of high demand, investment owners often living overseas.....they must have predicted greater numbers of homeless people in the future?...... BTW. House sitting is not squatting.......it is being paid to care for another's home and or pets.......the wealthy have always in the past provided free accommodation in often very nice houses in nice places to trusted others ......... Inequality gap is widening again.? Edited July 29, 2018 by winkie Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted July 30, 2018 Share Posted July 30, 2018 On 28/07/2018 at 23:04, Sugarlips said: Squatting? Is that still a thing? Only in commercial property , It's illegal in residential now Quote Link to comment Share on other sites More sharing options...
UnconventionalWisdom Posted July 30, 2018 Share Posted July 30, 2018 On 28/07/2018 at 13:00, winkie said: Young people who do not have a ready flow of cheap money to pay rent with will just have to become more inventive.....there are ways around not paying another's mortgage and/or lifestyle when should be investing hard earned money into own future and the kid's futures not a stranger with leveraged debt that requires servicing and payment with your hard earned money. But think about the service the debthead LLs think they provide ? Quote Link to comment Share on other sites More sharing options...
UnconventionalWisdom Posted July 30, 2018 Share Posted July 30, 2018 On 28/07/2018 at 12:59, Mossie said: Read that from 2008 as prices have surged up. Tragic and no choice, for individuals who buy houses. They make the choice. If they buy a house they think it's better risk and position, at whatever price they've paid, than renting. You can't have it both ways. End. Like everything in life, you take a punt and hope it pays off. If it doesn't, you need to live with it. Quote Link to comment Share on other sites More sharing options...
Timbuk3 Posted July 30, 2018 Share Posted July 30, 2018 1 hour ago, Saving For a Space Ship said: Only in commercial property , It's illegal in residential now If a BTL portfolio is put in to a Ltd Company format to avoid the new tax regime does that mean that the houses are now commercial property instead of residential ?? And therefore are fair game for squatters to live in. Does anyone know what the definition of commercial property is ? Quote Link to comment Share on other sites More sharing options...
darkmarket Posted July 30, 2018 Share Posted July 30, 2018 12 minutes ago, Timbuk3 said: If a BTL portfolio is put in to a Ltd Company format to avoid the new tax regime does that mean that the houses are now commercial property instead of residential ? No, a change in ownership of a residential property is different to a change in its use classification. https://www.planningportal.co.uk/info/200130/common_projects/9/change_of_use Quote Link to comment Share on other sites More sharing options...
Timbuk3 Posted July 30, 2018 Share Posted July 30, 2018 2 hours ago, darkmarket said: No, a change in ownership of a residential property is different to a change in its use classification. https://www.planningportal.co.uk/info/200130/common_projects/9/change_of_use Ah. Thank you. Shame really. Would have been interesting to see loads of empty flats getting squatted. Quote Link to comment Share on other sites More sharing options...
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