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Realistbear

R I C S Claims Wealthy Parents Can Help F T Bs

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http://observer.guardian.co.uk/cash/story/0,,1728816,00.html

Get a home loan leg-up from the folks

Lisa Bachelor

Sunday March 12, 2006

The Observer

First-time buyers have long been struggling to get on the property ladder,
but their plight looks set to worsen. An upturn in the housing market has already pushed prices even further beyond the reach of potential first-time buyers,
says the Royal Institution of Chartered Surveyors, forcing many to continue to rent. Its latest quarterly letting survey showed the biggest rise in tenant demand for four-and-half years. Now the National Association of Estate Agents believes rising council tax and utility bills will be the 'final straw' for struggling youngsters.
In spite of all this, many twenty-and thirtysomethings are still finding ways to buy - many
with the help of parents who have made money on their own properties over the years.

With RICS not seeing a HPC they have come up with the solution for the wealthy members of society. In Gordon "Miracle Economy" Brown's world the rich are doing fine and we will just have to forget about those who are priced out forever as their struggle to own a home slips further and further away.

But help IS on the way for FTBs as IR around the world begin to work their way through the system despite RICS attempt to ignore the fact that house prices go down every few years, and they go down hard.

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So parents MEW so their offspring can buy a property - thus adding fuel to the fire!

And if interest rates rise, then both the parents and the children lose their houses?

Billy Shears

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Guest The_Oldie

Ever since tax relief on SIPPS was disallowed, this common theme of "give/lend money to your children/grandchildren" has been rolled out by many of the VIs. They have to replace the SIPPS "wall of money", on which EAs were pinning their 2006 hopes, somehow.

RICS seem pretty desperate these days, they roll out this old chestnut at any opportunity :rolleyes:.

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In spite of all this, many twenty-and thirtysomethings are still finding ways to buy - many with the help of parents who have made money on their own properties over the years.[/indent]

Translation: Many twenty and thirtysomethings are still finding ways to buy. So you better jump on the housing ladder before you find yourself priced out....cos...you know, they are still buying.

F@cking RICS.

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And if interest rates rise, then both the parents and the children lose their houses?

Billy Shears

Not all parents MEW. Most I know give them cash from their savings - I'm able to do that for my kids, and would do so even after prices crash.

I'd rather see them enjoy their inheritance while I'm still alive than to leave it after I'm gone

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Not all parents MEW. Most I know give them cash from their savings - I'm able to do that for my kids, and would do so even after prices crash.

I'd rather see them enjoy their inheritance while I'm still alive than to leave it after I'm gone

Yes, but if prices fall, then the inheritance has vanished into thin air.

Billy Shears

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Always a risk. Same thing could happen if I left it as an inheritance

But the difference is, you wouldn't be kicked out on the street for the state to look after at 85, and they would have somewhere to run to when the worst comes to worst.

This is just a way of trying to keep a bubble boiling. The next three years will be boring old history all over again.

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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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