Jump to content
House Price Crash Forum
Sign in to follow this  
Sogy

Belfast Telegraph For Co-ownership

Recommended Posts

Here's a new opinion one:

http://www.belfasttelegraph.co.uk/news/opi...icle3535703.ece

But the more people have a stake in society, through home ownership, the better society as a whole functions. Is £15m a year enough to help the neediest households to get started?

Certainly, not enough, if the Government is to save the specuvestors' profits!

Share this post


Link to post
Share on other sites
If a ceiling has been reached, the problem should ease in time, as prices come down and more affordable housing comes on the market. It can even be argued that the availability of the co-ownership scheme has helped to keep prices high - and, now that this money has been curtailed, they should be on a downward path.

At least the writer is starting to "get it"!

The only certainty, in difficult times, is that there remains a large pool of low earners and mostly young people who desperately want to get out of renting, at high cost, and into what has been the best long-term investment in the past

Renting at high cost? What planet are they living on? It's about twice the price to get an interest only mortgage on the same 4 walls as to rent. Renting *should* be more expensive (or at least comparable and without the need for a large deposit), but this reflects the lunacy of the market.

IMO, the difficult times will come to those who are BTLers or recent FTBs. Those staying out of the market are saving themselves a small fortune and biding their time!

Share this post


Link to post
Share on other sites

Agree that the collapse of the co-ownership option is probably a blessing in disguise in the long run, but has anyone else detected an annoying, VI-ish tone to the media's response? along the lines of 'oh dear now the first time buyers will be competing madly for rental properties and the price of renting will go through the roof.' There is a column in today's BT to that effect, not in the online edition yet.

Rents are reasonable in NI, in line with our lousy salaries. There seems to be a real determination amongst landlords to force them to ridiculous London-type levels. Hardly surprising when you consider how many of them have been caught out by buying at the height of the boom.

It would be a tragedy if FTBs were to avoid being burnt as buyers only to be crippled by gigantic, exploitative rents.

Share this post


Link to post
Share on other sites
Agree that the collapse of the co-ownership option is probably a blessing in disguise in the long run, but has anyone else detected an annoying, VI-ish tone to the media's response? along the lines of 'oh dear now the first time buyers will be competing madly for rental properties and the price of renting will go through the roof.' There is a column in today's BT to that effect, not in the online edition yet.

Rents are reasonable in NI, in line with our lousy salaries. There seems to be a real determination amongst landlords to force them to ridiculous London-type levels. Hardly surprising when you consider how many of them have been caught out by buying at the height of the boom.

It would be a tragedy if FTBs were to avoid being burnt as buyers only to be crippled by gigantic, exploitative rents.

You should read Laurence White in the Tele tonight. Some staggeringly confused thinking. Apparently landlords will be making a fortune off these folks who've lost out on co-ownership.

Share this post


Link to post
Share on other sites
Apparently landlords will be making a fortune off these folks who've lost out on co-ownership.

They'd love to - but they can't. This is not London, you know - not quite the job market, not quite the salaries. vNo russian oligarchs either.

The cold hard fact is that the Kerryvestors are now bound to lose lots of money. They can't sell their "leverage" at a price they need to make even, nor can they rent it out for enough money to cover their mortgage payments. The trap has closed on these primitive and greedy folks, and the last thing I want to happen is the NI government bail them out at our expense.

Share this post


Link to post
Share on other sites
They'd love to - but they can't. This is not London, you know - not quite the job market, not quite the salaries. vNo russian oligarchs either.

The cold hard fact is that the Kerryvestors are now bound to lose lots of money. They can't sell their "leverage" at a price they need to make even, nor can they rent it out for enough money to cover their mortgage payments. The trap has closed on these primitive and greedy folks, and the last thing I want to happen is the NI government bail them out at our expense.

I would think most of the speculators are from this neck of the woods, primitive or not. I know of one local solicitor who has leveraged his business to buy 14 houses, and he's not from Kerry.

Edited by Vespasian

Share this post


Link to post
Share on other sites
I would think most of the speculators are from this neck of the woods, primitive or not. I know of one local solicitor who has leveraged his business to buy 14 houses, and he's not from Kerry.

Do you think we should want to save the local ones? I don't.

Anyway, the bubble would have never reached its amazing proportions without the Kerrymen - they had the cheap credit and no restraints.

Share this post


Link to post
Share on other sites
Do you think we should want to save the local ones? I don't.

Anyway, the bubble would have never reached its amazing proportions without the Kerrymen - they had the cheap credit and no restraints.

hi Sogy

" take it easy "

on the poor kerryvestor

just done a few sums and boy is he suffering

if he bought this time last year around these parts

190-195K was the going rate add in costs

comes to at least 200 k for easy counting

or 294 000 euros at conversion rate of 0.68

today if he is lucky enough to find a buyer

he will have lost 20% at least in sterling terms

brings it down to £160000

but con rate now 0.78

so is only worth 205 000 euros!

just 90 000 euros blew if he is lucky!

if he becomes unlucky enough to be a motivated seller

and has to resort to say Wilsons

what would he get?

my guestimate could be as low as £120 000

at which it still wouldnt make BTL a money spinner

or 154000 euro!!!

almost half his or the banks euros gone!!!!!!!!!

anybody spare a dime or a sleeping tablet

for a poor kerryvestor and his bank manager?

rock on!!!!!!!!

Share this post


Link to post
Share on other sites
for a poor kerryvestor and his bank manager?

rock on!!!!!!!!

I know it's turned into a veritable Second Battle of the Boyne :) and is to get a lot worse for them yet.

However, I don't want to NI Gov't help them salvage a single penny or euro cent - at our expense. Let them - and the German bankers - deal with the consequences of the mess they have greatly helped to create. BTW, I hope the local specuvestors won't be bailed out either.

Share this post


Link to post
Share on other sites
I know it's turned into a veritable Second Battle of the Boyne :) and is to get a lot worse for them yet.

However, I don't want to NI Gov't help them salvage a single penny or euro cent - at our expense. Let them - and the German bankers - deal with the consequences of the mess they have greatly helped to create. BTW, I hope the local specuvestors won't be bailed out either.

hi Sogy

many of the savy locals were using the cheapo euro loans

they are suffering just as much as the kerrymen

they will be thrown to the dogs

even the lowly bank officials may get the boot

but for the banks themselves

i very much doubt it

rules will be altered

taxpayers money will be thrown at them

all will be done to stop the contagion spreading

all for the national good of course!

oh to be a rothchild!

rock on!

Share this post


Link to post
Share on other sites
hi Sogy

many of the savy locals were using the cheapo euro loans

they are suffering just as much as the kerrymen

they will be thrown to the dogs

even the lowly bank officials may get the boot

but for the banks themselves

i very much doubt it

rules will be altered

taxpayers money will be thrown at them

all will be done to stop the contagion spreading

all for the national good of course!

oh to be a rothchild!

rock on!

Well, if they took the mortgages before this year, they've been winning all the way until now. The time of the last recession, I heard of a BA pilot who'd got his London mortgage switched to Swiss francs because the interest rate was lower - just in time for the pound to crash. With judgment like that, it made taking the ferry seem like a better idea.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 296 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.