tonification Posted June 19, 2006 Share Posted June 19, 2006 'Returners' boost housing market The UK housing market is being buoyed by a new breed of first-time buyer, Nationwide Building Society has said. These "returners" are older people who may be moving back into the market after time spent renting, perhaps following a relationship breakdown. These people have bigger deposits and incomes and are more able to take on substantial mortgages to get onto the property ladder. Nationwide estimated returners account for one in five first-time buyers. http://news.bbc.co.uk/1/hi/business/5095186.stm OK, I'm not understanding this. How can someone who is returning to the market be a First Time Buyer? If they are genuine first time buyers, then surely the story should be titled "Average age of FTB rises"? But that would be a negative story, wouldn't it.... Quote Link to comment Share on other sites More sharing options...
DonnieDarker Posted June 19, 2006 Share Posted June 19, 2006 UN-FECKING- BELIEVABLE. The spin from these @rseholes is SO devious. returning from what? ..."perhaps following a relationship breakdown.". OR PERHAPS because they have been totally priced out and only after 5 years+ saving they find themselves in their late 20's or 30s actually ABLE to buy. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted June 19, 2006 Share Posted June 19, 2006 Since FTBs became extinct they had to find another species to take up the slack. Returners! What about the Buggeredoffs? Quote Link to comment Share on other sites More sharing options...
DonnieDarker Posted June 19, 2006 Share Posted June 19, 2006 I'd like to meet the copywriter who came up with that for the Nationwide. I'd rearrange their face for them. Return from that! Quote Link to comment Share on other sites More sharing options...
tonification Posted June 19, 2006 Author Share Posted June 19, 2006 I'd like to meet the copywriter who came up with that for the Nationwide. I'd rearrange their face for them. Return from that! The person in question: "No longer can we think of first-time buyers as the fresh-faced young person or couple," Fionnuala Earley, Nationwide Group economist, said. "Rather the category includes a significant proportion of buyers returning to the market...such buyers often have access to deposits funded from past increases in house prices," she added. HOW CAN A FTB "HAVE ACCESS TO DEPOSITS FROM PAST INCREASES IN HOUSE PRICES"? Quote Link to comment Share on other sites More sharing options...
DonnieDarker Posted June 19, 2006 Share Posted June 19, 2006 I have a name. I'm off to get my claw hammer. Quote Link to comment Share on other sites More sharing options...
Jason Posted June 19, 2006 Share Posted June 19, 2006 I think Gordon Brown helped Nationwide redefine what a FIRST TIME BUYER is. Quote Link to comment Share on other sites More sharing options...
brassfarthing Posted June 19, 2006 Share Posted June 19, 2006 I'd like to meet the copywriter who came up with that for the Nationwide. I'd rearrange their face for them. Return from that! Calm down dears, it's only a news story --- and a pretty reasonable one at that. By "first time buyer" they obviously mean people without a property to sell before they buy. Yes, the description is ambiguous but I don't think they're being misleading or devious, and certainly don't deserve thereats of physical violence. I have been in that category that they are talking about. Bought and sold a flat in the 80s. When I bought again in the mid-90s, yes, after 8 years of renting I felt exactly like a FTB, and it's how I was treated by the various mortgage companies. They all had discounted products aimed at the FTB, and because I was the end of the chain (i.e. had no property to sell), I was regarded as a FTB. So this isn't a new marketing angle for 2006 - it's been like that for a long time. "Returning" buyers is probably a less ambiguous description but you're being a bit paranoid to think it's deliberate deception. Quote Link to comment Share on other sites More sharing options...
CrashConnoisseur Posted June 19, 2006 Share Posted June 19, 2006 I think Gordon Brown helped Nationwide redefine what a FIRST TIME BUYER is. [Jason] Maybe they are New First Time Buyers? Quote Link to comment Share on other sites More sharing options...
Pablo-silver or lead? Posted June 20, 2006 Share Posted June 20, 2006 Another way of putting it. Older second time arrounnd FTB's forced to saddle themselves with huge mortgages condeming themselves to a life sentence at the top of this property cycle. Their called Forty something Unemployment fodder Counselling receiving Embittered Divorcees FUCED! Pablo Silver or Lead. Quote Link to comment Share on other sites More sharing options...
G-Man Posted June 20, 2006 Share Posted June 20, 2006 "Returning" buyers is probably a less ambiguous description but you're being a bit paranoid to think it's deliberate deception. I think that it is quite obviously meant to be deceptive. The whole market grinds to a halt if it is not being fed from the bottom so if the bottom can be boosted so can the overall market. Classifying 'returners' as FTB's is like saying you are a virgin if you havn't had sex for a while. G-Man Quote Link to comment Share on other sites More sharing options...
othello Posted June 20, 2006 Share Posted June 20, 2006 (edited) THe point about this story is the spin. What exactly does the headline mean? How do 'returners' boost the market any more than any other category of buyer. Why do we never see headlines like 'STRs cause market slump' after all if they are born-again FTBs they were at some point STRs and so the cycle goes on. Overall just another attempt to boost a floundering market I suspect. Edited June 20, 2006 by othello Quote Link to comment Share on other sites More sharing options...
Golden Shower Posted June 20, 2006 Share Posted June 20, 2006 You know the bears are losing it when they resort to threats of violence. The article sounds like the STR brigade are deserting their sinking ship, probably realising that the hot air about inflation and high IRs is just that, not likely. Quote Link to comment Share on other sites More sharing options...
brassfarthing Posted June 20, 2006 Share Posted June 20, 2006 Another way of putting it. Older second time arrounnd FTB's forced to saddle themselves with huge mortgages condeming themselves to a life sentence at the top of this property cycle. No one is "forced" to take on a huge mortgage FFS. Quote Link to comment Share on other sites More sharing options...
Time to raise the rents. Posted June 20, 2006 Share Posted June 20, 2006 You know the bears are losing it when they resort to threats of violence. The article sounds like the STR brigade are deserting their sinking ship, probably realising that the hot air about inflation and high IRs is just that, not likely. Yep, STR's are the best candidates to be called returners. Then divorcees buying after renting for a while, ex-pats returning from OS, there are probably many if I wanted to write a long list. But one that really comes to mind is people who sold & made sure they were chain free to facilitate the sale going through. The UK is a new place people. THA 1988/1996 has changed everything. Now there are rentals available everywhere, people can afford to be the top of the chain & know they can rent instead. In the past, finding a rental may have been a serious problem & people would prefer to move up a rung by being in a chain, ie not selling unless somewhere to move was available as well. But these days that isn't a problem anymore. Being the top of the chain has been a valid thing in Australia for a long time, with people putting their houses up for auction knowing they'll have to find a place themselves, but no worries as they can always rent if they don't find a place straight away. At least that puts them in a strong position when they buy. So what we have here is the smart money re-entering property............... Quote Link to comment Share on other sites More sharing options...
Given Up Posted June 20, 2006 Share Posted June 20, 2006 (edited) Yep, STR's are the best candidates to be called returners. Then divorcees buying after renting for a while, ex-pats returning from OS, there are probably many if I wanted to write a long list. But one that really comes to mind is people who sold & made sure they were chain free to facilitate the sale going through. The UK is a new place people. THA 1988/1996 has changed everything. Now there are rentals available everywhere, people can afford to be the top of the chain & know they can rent instead. In the past, finding a rental may have been a serious problem & people would prefer to move up a rung by being in a chain, ie not selling unless somewhere to move was available as well. But these days that isn't a problem anymore. Being the top of the chain has been a valid thing in Australia for a long time, with people putting their houses up for auction knowing they'll have to find a place themselves, but no worries as they can always rent if they don't find a place straight away. At least that puts them in a strong position when they buy. So what we have here is the smart money re-entering property............... I thought you had moved over "there" are you back here now? Confused Edited June 20, 2006 by Given Up Quote Link to comment Share on other sites More sharing options...
Guest wrongmove Posted June 20, 2006 Share Posted June 20, 2006 Why do we never see headlines like 'STRs cause market slumpt' Because the market hasn't slumpt ? Quote Link to comment Share on other sites More sharing options...
othello Posted June 20, 2006 Share Posted June 20, 2006 Because the market hasn't slumpt ? Ok, it was early when it posted. Quote Link to comment Share on other sites More sharing options...
Guest wrongmove Posted June 20, 2006 Share Posted June 20, 2006 Ok, it was early when it posted. Sorry Othello, it wasn't your spelling I was trying to highlight, it was the fact that the market simply hasn't slumped. So why would we see headlines about STRs crashing the market ? Quote Link to comment Share on other sites More sharing options...
othello Posted June 20, 2006 Share Posted June 20, 2006 Sorry Othello, it wasn't your spelling I was trying to highlight, it was the fact that the market simply hasn't slumped. So why would we see headlines about STRs crashing the market ? Of course the market has slumped! Hasn't crashed but has slumped. Last quarter Land Registry figures: prices fall in all regions except London. YOY prices static or falling in many areas. Isn't that a slump? Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted June 20, 2006 Share Posted June 20, 2006 (edited) I thought you had moved over "there" are you back here now? Confused Judging by this thread on the "other place". If you want to make a difference in the site move, Make sure to log out & only visit there as a guest TTRTR is incapable of even following his own advice. Edited June 20, 2006 by Bart of Darkness Quote Link to comment Share on other sites More sharing options...
Guest pioneer31 Posted June 21, 2006 Share Posted June 21, 2006 (edited) I'm so sick of the BBC and their spin, I feel like telling them where to stick their licence. They seem to revel in peddling misery. WHY ARE RISING PRICES good? Do they rejoice when car prices rise? or fuel? or food? or anything else? Shall we go and taunt people who can't afford the council tax? "Hey, poor man, great news, council tax is going up again - you can't afford it and I can, neh, neh neh, neh neh!!" I've noticed that hardly a month goes by without yet another load of b****cks story being paraded as 'News'. BBC viewers must be as thick as s**t if they believe this nonsense. You only need to look at the 'source' of the information to realise that it is nonsense. There's nothing like balanced reporting is there? and this is nothing like it. Edited June 21, 2006 by pioneer31 Quote Link to comment Share on other sites More sharing options...
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