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Kirsty On Radio-4 Now.... :(


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Kirsty on radio-4 now.... :(

Thought I'd vent off, so I wrote this in to the programme....

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A few comments about your discussion about FTB's.

Kirsty said, "I bought my first flat when 21" she failed to mention that with her 'expertise' she put herself into negative equity. This is now a real risk for anyone, especially FTB's thinking of buying property now. If a so called property expert managed it before, then how many naieve FTB's and wannabe BTL landlords have put themselves in that position this time?

Why never mention negative equity? This is a real risk, now that house prices are priced vastly over the long term mean, that anyone buying now drops straight into negative equity. Especially with interest only mortgages.

If prices are falling, and rents are cheaper than Interest only mortgages.... why does your panel not make it clear that the obvious thing to do is to rent? Is it perhaps because both their careers are based on the continuation of house price inflation.

Why is it that the BBC only ever has Vested Interests on to talk about property who always talk the market up, and fail to sufficiently explain the risks of buying at the peak of a property bubble such as the one we are arguably in just now.

The only obvious solution to the problem is for house prices to fall back in line with the historical mean.

If you had any economists without a vested interest in the market on your program, they would tell you that a) the market has been declining for 7 months now, and looks to continue falling. B) there is likely to be interest rate rises (due to inflationary pressures brought on by oil prices, wage increases etc) and council tax rises after the election leading to an increase in repossessions c) the market is well above the historical mean and is due for a large correction d) to remember that an interest only mortgage, without saving capital to pay off the balance, is the same as renting, ie wasted money.

Sadly I fear many people are still not aware of these facts, as the TV and radio continue to allow the vested interests in the market to spout their propaganda.

If you want to see an indication of where the market is going, look at the high levels of estate agents being closed down, the increasing levels of bankrupcy, the falls in shares of house builders, the talk of increasing interest rates, need I go on?

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not very well written, but it gets a few worthy points across I hope!

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Seems like the guy from the CML knows little about mortgages - he said that low rate/dicount products provide a couple of cheap years and you then go on to a standard product - you don't you go nto a higher rate to pay the difference back.

Not even the industry poodles know what the are talking about.

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Seems like the buy form the CML knows little about mortgages - he said that low rate/dicount products provide a couple of cheap years and you then go on to a standard product - you don't you go nto a higher rate to pay the difference back.

Not even the industry poodles know what the are talking about.

Why don't you write to the program and make that point too! .... they often quote emails, so the more who write in to complain, the better...

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I'd have to learn to type properly first ;-) Have fixed the typo's.

I'll check to see if the piece is on the web, there was plenty in there that made little sense.

-bump-

bumping this thread so that more people might take my initiative and write in to the beeb to complain....

the more the 'sentiment' from the public... the more likely the 'sentiment' in the media is likely to change... :)

remember ! we are a powerful lobby group!

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TV and radio continue to allow the vested interests in the market to spout their propaganda.

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I've been reading on this site about people with VI and posters on this site dimissing any points because of this. How many people who visit this website can honestly say they dont have a vested interest. By your own reasoning, we should ignore everyone.

STR - Extreme vested interest. Could potentially lose a fortune if gamble is wrong

FTB - Obvious VI. Want to buy a place

Owner Occupiers - Most dont want to see a crash.

BTL - Some like KOTC I feel will be okay whatever, as they see a crash as an opportunity not a problem. Others such as those who jumped in too late are praying for no crash.

So can we all stop using VI as a reason to dismiss peoples points please. It just shows you up as a hypocrite! :angry:

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1) Everyone has a vested interest in the housing market, one way or another. This can be taken for granted.

2)

people with VI and posters on this site dimissing any points because of this

If you have been reading the site for more than a short while, you will know that the VI's recycle the same old arguments time after time which have already been amply refuted in detail and at length on this forum. Hence why people often do no bother to hash through something which has already been said on this site a million times before.

using VI as a reason to dismiss peoples points please.

VI's arguments are easily shown to be fallacious. Being a VI has nothing to do with it; it is their arguments, not the fact of their financial interest and agenda in the housing market, which are flawed.

It just shows you up as a hypocrite!

Try not to throw labels and epithets around like confetti. It just gets people's backs up.

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Sorry, I withdraw the hypocrite remark. Apologies if I offended anyone. But my point is that you say anyone with VI throws the same old arguments up. I see the same old arguments from all sides on this site. Everyone has VI, and as such can be very selective about what they report. You get a lot of "My friends, uncles cousins brother once went into an estate agent" type of "facts", which tend to get jumped upon as proof of a crash when they cannot be verified.

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Take your point about everybody having a VI. The problem is these people get inordinate amounts of airtime and column inches and a lot of the time their prognoses are riddled with factually incorrect stats, and totally suprious assumptions regarding the economy/housing market/interest rates/relative affordability etc. It is not much different from teh "experts" who advised on pensions/investment products/endowments - most of them were experts in the field due to their position of peddling the products, on this basis they should be careful of what they encourage, they are generally not. This is one of the main reasons why they get so much flack.

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Right, and the point of this website is to get at much column inches/airtime/phoning into radio polls. Some people would call that VI propaganda.

On your point of factually incorrect statistics, statistics are not factually incorrect. They are simply slanted or placed out of context. This occurs all the time on this site, with posters jumping on the statistics that they want and ignoring others. I mean you could say that 90% of people would kill to protect a loved one. Another way of putting this is 90% of all people are potential murderers. Out of context it looks bad

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Right, and the point of this website is to get at much column inches/airtime/phoning into radio polls. Some people would call that VI propaganda.

On your point of factually incorrect statistics, statistics are not factually incorrect. They are simply slanted or placed out of context. This occurs all the time on this site, with posters jumping on the statistics that they want and ignoring others. I mean you could say that 90% of people would kill to protect a loved one. Another way of putting this is 90% of all people are potential murderers. Out of context it looks bad

In response to the calls of "hypocrite" ... I admit that it sounds that way... but what I should really have said was that fair enough, let these monkeys on to keep the market dumn, boyant, and compliant.... but lets hear the OTHER side of the argument... the warnings about the dangers... the economic issues IN A LITTLE MORE DETAIL, the point is, we hear VERY LITTLE from the other VI's .... you have to agree that what we need is balance, not the one sided, vested interest, minced arguments that only represent one side of the story.

One might say I have a vested interest in the good of the public... I want them to hear the facts without the slant... (ok I gave my rant with alot of slant, :ph34r: .... but its a reaction against these so called experts.... I lost my cool :) but I wasn't brought in as an 'expert'.... and don't claim to be one either! )

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This site is invaluable!

Over time it will speed up the crash.

A few regulars may remember a few days ago that I made an offer

on a property.

The property was £120k and I offered £115k.I was a muppet.

The property was what I was looking for and for anybody that resides in the

Midlands it was in the Aldridge area of Walsall.

With regard to current prices in the area I do not think it was

massively overpriced hence my offer but on reflection and from

comments from regulars on site I have withdrawn offer.

I believe I have made the right decision.

I am now going to wait for another six months at least.

It is very easy to get carried away when contemplating a house purchase.

Even a sage can lose his head.

I will now lie low for a while as my credibility is in tatters..............

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This site is invaluable!

Over time it will speed up the crash.

A few regulars may remember a few days ago that I made an offer

on a property.

The property was £120k and I offered £115k.I was a muppet.

The property was what I was looking for and for anybody that resides in the

Midlands it was in the Aldridge area of Walsall.

With regard to current prices in the area I do not think it was

massively overpriced hence my offer but on reflection and from

comments from regulars on site I have withdrawn offer.

I believe I have made the right decision.

I am now going to wait for another six months at least.

It is very easy to get carried away when contemplating a house purchase.

Even a sage can lose his head.

I will now lie low for a while as my credibility is in tatters..............

You're not a muppet sage. Most FTBers here want to get somewhere and get on with the more important business of life, kids etc etc. I have certainly wondered if we (i.e.my wife and I) should have bought. This whole topic is emotional, because of it being "close to home", as it were. When I step back for a moment, and look at the issue in the cold light of day, then I feel I've almost certainly done the right thing.

I already feel very much relieved that we didn't buy last year. Each passing week brings further confirmation that we were right to stay away.

PS Just heard from the landlord that we can stay in our flat indefinitely, no quibbles over rent as we're considered trustworthy. We're happy where we are, and are going to see this one out from the sidelines...

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  • 439 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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