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Second Time-buyers Stay Put

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http://www.thisismoney.co.uk/mortgages/art..._page_id=8&ct=5

Property is not only too expensive for the FTB but also those looking to move"up the ladder"

Have we not been saying this for years?

HPI is NOT an FTB problem!! We suffer the most but every man and his dog is getting screwed over by the government and the banks!

TB

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http://www.thisismoney.co.uk/mortgages/art..._page_id=8&ct=5

Property is not only too expensive for the FTB but also those looking to move"up the ladder"

I personally think this is going to be the trigger that will send prices down slowly, the peril of the First time seller will be a lot worse than that of the first time buyer.

I think they will, and are starting to become very frustrated that they will not be in a position to "Trade UP" and when the realisation that their properties have not and are not going to increase, then the prices will come down one way or another, either by pricing against first time sellers in a similar position or BTL landlords wanting to get out as they are not making the returns they expected.

and with the new "Fix up to sell your house" TV programs’ on TV, these people will be plowing in more money in these properties overstretching themselves further.

Edited by Disillusioned ftb

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Another box ticked, bloody obvious from the start, what will people do when they realise that there is no property ladder to climb, only a ladder of debt and they have been lied to all along?

This is not the property market of previous generations, this is a country that is economically sinking for good it is being outsourced, offshored becuase now it is too expensive for companies to do otherwise. It should have been stopped, it wasn't, it was encouraged,

Edited by OnlyMe

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Adrian Coles, director general of the BSA, said:

'An active housing market is good news for first-time buyers’

No it isn’t, an inactive one for a couple of years means they will get property at a 35% discount from the peak!

Adrian Coles, director general of the BSA, said:

‘More sophisticated affordability criteria are helping more people onto the property ladder’.

No, more lax lending criteria by institutions that should know better, is allowing tens of thousands of people to take on huge debts, many of which will ruin their lives.

Adrian Coles, director general of the BSA, said:

'Once on, existing homeowners will benefit from above inflation returns’.

Except in areas where this isn’t currently happening. He’s a Vested Interest giving out investment advice, buyer beware.

Pablo Silver or Lead?

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So who are rising prices good for then - estate agents and mortgage companies!! No wonder they're always spinning it as such good news.

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I'm in exactly the same boat.

that'll be the one that I missed then :P

Adrian Coles, director general of the BSA, said:

‘More sophisticated affordability criteria are helping more people onto the property ladder’.

No, more lax lending criteria by institutions that should know better, is allowing tens of thousands of people to take on huge debts, many of which will ruin their lives.

I like this - quite right P-SOL?

helluva euphemism, rather like describing someone who is sexually promiscuous and indiscriminate as "sophisticated". More spin than a Shane Warne leg-break into the rough on a fifth day Indian wicket

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"One in three second-time buyers told the study that they wanted to move because they didn't like their current area"

That's because the muppets could only afford to buy (i.e. stretch themselves to afford) a place in the chaviest part of town, where prices even there equate to what a detached house in a good area of town would have been only 5 years ago! They were told it was an 'up-and-coming area', or some such nonsense... :huh:

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Have we not been saying this for years?

HPI is NOT an FTB problem!! We suffer the most but every man and his dog is getting screwed over by the government and the banks!

TB

Yes, but up to now nobodies been listening.

It's a real no brainer really, sheeple are buying houses they cannot afford, and those already owning a house cannot afford to move, it's what is called the affordability gap

No problem you get around that by applying Without A Paddle type creative accounting methods :P You increase borrowing multipiles, reducing interest rates, offering shared ownership schemes, Key worker schemes, IO mortgages, invest in BTL properties, and plough the money you used to spend on Donna kebabs on a Friday night into gold...................What ? it's already been done mmmmmmmm...............................leave it with me and I'll come back to you with some more figures :ph34r:

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Totally agree with this, I'm a 2nd time buyer but just cant make the jump.

It's not only you guys and gals on the first and second time buying rung

I'm a 4th time buyer - but the older you get the less time you have to correct bad investment

I can afford to buy but am not prepared to gamble what I have worked hard for 30+ years for when prices are set to drop - I wonder how many more are like me?

CS

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So who are rising prices good for then - estate agents and mortgage companies!! No wonder they're always spinning it as such good news.

Or......EA's would make better money if prices were lower and there were more transactions!!!

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Or......EA's would make better money if prices were lower and there were more transactions!!!

Mildura, I like you.. I think you add a lot to the debates on here and I 100% agree with your comments. BUT.....

So why are they not doing it then?

I have never been, or never will be an Estate Agent, so I am not talking through experience. But I can guarantee that if all the EA's in your area got together and drove the market down then this will get back on track. Whilst there is greed (seller moreso than the EA's) I find it very difficult to have sympathy when they drive the market to its limits and it crashes big time.

I have seen situations where and EA has got a couple of buyers and sellers around a table and bargained to get each property at a FAIR PRICE. Everyone was a winner (Except the banks - I accept a couple of 'k' would not affect an EA's fees that much). WHY IS THIS NOT HAPPENING THEN?

Seller will not accept lower prices when an EA has told them a high price. Now call me callous, but Its the EA's initial valuation that makes them think they are 'giving it away'. So its up to the EA to talk them back down then? Or am I being unfair?

TB

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http://www.thisismoney.co.uk/mortgages/art..._page_id=8&ct=5

Property is not only too expensive for the FTB but also those looking to move"up the ladder"

and how many have not saved their equity for the upgrade but have mewed it for a shiny new car which will be theirs in a mere 300 payments..

also no inflation.. ya da ya da ya da..

Look its an economic cycle.. We know that.

the IMF, amex, nationwide, Merv himself have been saying it will fail..

But the halifax say it will be fine..

It's dead.. with all the evidence out there it is dead..

You have to be a prat to think otherwise..

No other market has not died after a boom, there has never been such a boom..

everything says it is dead... and if you have an argument that it is not dead... well thats because you are insane..

that is it.. today it came to this.. apom.. knows he was right.. not a shadow of a doubt.. its collapsed.

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I have lived in my humble little house for to many years awaiting a time of greater financial security, we got it, went looking for a another house but I am F**** if I am going to pay over a 150K for a semi in Blackpool that 3 years ago was on the market for 67K what do the vendors and EA's take me for

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I have lived in my humble little house for to many years awaiting a time of greater financial security, we got it, went looking for a another house but I am F**** if I am going to pay over a 150K for a semi in Blackpool that 3 years ago was on the market for 67K what do the vendors and EA's take me for

I think thats the feeling of everyone on this site. Unfortunately the majority of people are stupid :(

Just be smart - and dont worry if price halve. Even though your an OO, it will still be cheaper to move on.

TB

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I have lived in my humble little house for to many years awaiting a time of greater financial security, we got it, went looking for a another house but I am F**** if I am going to pay over a 150K for a semi in Blackpool that 3 years ago was on the market for 67K what do the vendors and EA's take me for

I know..

It's the smug grin on those commited to todays values..

"I have had a mortgage against my little house for a decade... and now I owe twice as much... I am so rich.... :) "

The above comment is so common nowadays that it staggars me..

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"revamp of stamp duty to ease the pressures."

How nice of the bulding societies, the amount saved in duty can instead pay for extra charges and an even bigger mortgage.

'Once on, existing homeowners will benefit from above inflation returns.

Benefit = not being able to move up the ladder as the price differentials kick in.

Edited by BuyingBear

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Adrian Coles, director general of the BSA, said:

'Once on, existing homeowners will benefit from above inflation returns’.

except people are worse off from the above inflation returns cos the pesky varmints up the ladder have benefited from it more

and he reeled out bloody stamp duty again - lest we forget, in the same month that the stamp duty threshold rose to £120k, that month's rise in the average house price more than exceeded the saving in tax

what a ******** ******* ****

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I know..

It's the smug grin on those commited to todays values..

"I have had a mortgage against my little house for a decade... and now I owe twice as much... I am so rich.... :) "

The above comment is so common nowadays that it staggars me..

Apom

Who the hell do you think you are tarring all people who already own a house with the same brush

There are many, many people who haven't mewed to buy a new car etc.etc.

Some of us, and that probably includes Robbrent, have worked very hard to get what we've got - different to many of the present 20-30 yr olds who managed to stay in full time education until they were 22 - I'd been working for 7 years by the time I was 22

Most of the posters on this forum are OK but there are some bitter and twisted individuals that think they are the first generation to have had things tough, they think they know it all and moreover resent everyone who already owns a property

Don't forget that you buy and sell in the same market and unless you are downsizing any equity you have has to be transferred as the new property will be as overpriced as the existing one

I have every sympathy with first time buyers who are priced out I have 2 kids the oldest of whom is stuck in the trap

I may have got you wrong - but I doubt it - if I have perhaps you would like to explain the need for such a caustic post

CS

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It's not only you guys and gals on the first and second time buying rung

I'm a 4th time buyer - but the older you get the less time you have to correct bad investment

The slope gets more extreme the further you climb, such are the wonders of differentials. Say you bought your 3rd home for £200k five years ago and your dream home was £350k at the time, a hefty £150k gap, now prices have doubled, your wonderful 'make do' home is now worth £400k, an extra £200k in free 'equity', but that goes no where considering your dream home is now £700k (if not more), a nice £300k gap even after you include your free equity.

We've basically marked up all the existing stock without anything to show for it, the banks have pulled a blinder, all that extra interest on freely created credit for the same old tat. One person stood up to get a better view and now everyone is standing up... now everyone has the same view as before but with aching legs.

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  • 302 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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