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mitchbux

Daily Mail - Saturday

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I don't know if anyone has already posted this one?

http://www.dailymail.co.uk/news/article-10...l.html#comments

I just loved the case study. Am I supposed to feel sorry for these people.

After 20 years in their much-loved bungalow, Robin and Winsome Ward have no choice but to sell it.

The struggle to survive on a fixed income of £200 a week is proving too much for the retired couple, pictured right, who still have a £50,000 mortgage.

But selling their home in Winterton, near Scunthorpe, North Lincolnshire, has proved to be a nightmare.

They had hoped to sell it for £145,000 but it sat on the market for months. They have now found a buyer - but only one who is offering about £120,000, almost 20 per cent below their asking price.

To add to their worries, the buyer is having problems selling his own home which could mean the sale will fall through.

Even if the sale goes ahead, the couple's plans to buy another cheaper home in the area have been crushed.

They had hoped to get the full asking price, buy another home and put some money aside for their retirement.

Mr Ward, 65, a retired supermarket warehouseman, said: 'At the moment, we feel like we've worked all our lives for nothing.'

They've been living there for 20 years, so they must have bought the place for a lot less than the £50K they still owe.

A MEW with a last payment date well past retirment age. :unsure:

The sale of the house, even at full asking price, was only ever going to release them just under 90K after fees. They expected from that to buy a cheaper house and put some money aside!?

Maths clearly isn't their strong point :blink:

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Maybe maths isn't their strong point, but I see them as victims of the madness that has afflicted this country for at least the last decade.

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you do sort of get that feeling that there are many boomers who've seen HPI as their old age bail out.the possibility that prices might fall has obviously never been considered.

Even without price falls things were never going to add up for this pair, with a £50K MEW plus fees to clear first.

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ahhh diddums do you think a supermarket warehouseman could afford a house now?

Yes, quite right.

The only people who should be able to afford houses in a new modern forward thinking Britain are a few over leveraged BTL people and anyone lucky enough to earn what? £50/60,000 a year, less than that they are obviously paupers and should be happy with a cardboard box.

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After 20 years in their much-loved bungalow, Robin and Winsome Ward have no choice but to sell it.

The struggle to survive on a fixed income of £200 a week is proving too much for the retired couple, pictured right, who still have a £50,000 mortgage.

and you lose some

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Guest happy?
I don't know if anyone has already posted this one?

http://www.dailymail.co.uk/news/article-10...l.html#comments

I just loved the case study. Am I supposed to feel sorry for these people.

They've been living there for 20 years, so they must have bought the place for a lot less than the £50K they still owe.

A MEW with a last payment date well past retirment age. :unsure:

The sale of the house, even at full asking price, was only ever going to release them just under 90K after fees. They expected from that to buy a cheaper house and put some money aside!?

Maths clearly isn't their strong point :blink:

Like most Daily Mail stories the details don't add up. The facts are skewed to a pre-determined narrative. In this case we can only begin to guess why it is that after 20 years in the property this couple still have 30%+ still outstanding on their mortgage. As a case study the couple in question bear no resemblance to the preceeding story in any event - which was essentially about cash-rich couples unable to free-up equity because of falling demand. The case-study couple clearly do not have equity to free-up.

What the article should have discussed was the impact of changing demographics on property-as-pension. The type of property this couple have has been expensive precisely because of the fact they are baby-boomers as those boomers all want to downsize simultaneously their property will fall in value (along with demand) and the smaller properties they cherish will rise.

For any sensible person the key to a reasonable retirement must lie in diversification - eggs and baskets.

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Like most Daily Mail stories the details don't add up. The facts are skewed to a pre-determined narrative. In this case we can only begin to guess why it is that after 20 years in the property this couple still have 30%+ still outstanding on their mortgage.

That this couple “…still have a £50,000 mortgage…” might just be that they bought 20 years ago over a 25 year term. Asked by DM what their mortgage was, they answer £50k but actually have less than 20% of the term outstanding. Doesn’t work as well for the story!

What the article should have discussed was the impact of changing demographics on property-as-pension. The type of property this couple have has been expensive precisely because of the fact they are baby-boomers...

They’re not baby boomers unless we’re going to continue to use this term for anyone born before 1950. If we’re trying to identify the “boom” in birthrate then that’s still to hit us, so look out if you're aged 40 to 45!

ukImage.gif

.... as those boomers all want to downsize simultaneously their property will fall in value (along with demand) and the smaller properties they cherish will rise.

Unless the real "boomers" all behave in a completely different way then upward pressure on smaller house prices generated by to-day's pensioners is just a warning of what's to come!

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Like most Daily Mail stories the details don't add up. The facts are skewed to a pre-determined narrative.

Go wash your mouth out! How dare you use language like that on this board?

Ninety-five percent of regulars on here read that rag from cover to cover every day. They know, for a fact, that every word it says is true because everything ties in - exactly - with how they see the world. Just read their posts!

p

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Guest DissipatedYouthIsValuable
Yes, quite right.

The only people who should be able to afford houses in a new modern forward thinking Britain are a few over leveraged BTL people and anyone lucky enough to earn what? £50/60,000 a year, less than that they are obviously paupers and should be happy with a cardboard box.

Vote with your feet.

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Like most Daily Mail stories the details don't add up.

Shocking! The couple have "lost" the fall in the differential between their current house and the new "downsized" house. Given that their current house was worth a maximum of £145k, just how cheap did they think they could buy a smaller house for? Let's optimistically assume they could buy somewhere for £80k at the peak. That nets them 65k. They've lost 20% of that (at most) due to the crash. So 13k. Not a great of money really.

I've probably lost more than that in my expected future pension pot this year (I'm retiring in thirty years time) and I don't even own a house! So who is the real victim again here?

Edited by pablopatito

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Everything's relative as my old Grandma used to say when talking about the black sheep of the family.

Remember-Deficit's don't matter-VP Cheney in 2004.

Do ya still think that Dick??????

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Pat "The Prat" Primer on his favourite subject.. The Daily Mail

"Ninety-five percent of regulars on here read that rag from cover to cover every day. They know, for a fact, that every word it says is true because everything ties in - exactly - with how they see the world. Just read their posts!"

Pat, somewhere in that that vacuum you call a brain are, I'm sure, a few remaining active cells. Why don't you use them before giving us all the benefit of your ignorance and ridiculous posts. I would suggest the majority of of HPC'ers do NOT read The Daily Mail. Looking through the wide variety of opinions and views expressed I am constantly surprised at the depth of knowledge that is shown. Your willingness to demean 95% of us is an insult.

You continually take the piss out of anyone who dares to differ from your Nu Labour blinkered views. You, yourself, very rarely have an original thought or interesting view on anything. I don't know why you even bother coming here. You as good as admit you are a Troll. Why don't you do us all a favour and disappear into obscurity where you belong.

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  • 395 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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