Wednesday, April 11, 2007

House market and young generations

Struggling to buy a house?

Better than a thousand editorials in The Economist... read for yourself the desperation of young people trying to start a family and their careers and who cant afford a roof! Also the few lucky(!) that are "on the ladder" are not happy at all... c*@ppy flats, huge mortgage payments, soaring utilities and taxes... but how can the economy "do so well" and people feel so bad about it?

Posted by confused76 @ 06:56 PM (642 views)
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4 thoughts on “House market and young generations

  • I like Isla the mortgage brokers comment, as an insider to the financing of property buyers she says:-

    ‘I work for a mortgage broker and see what the market and interest rates are doing. House prices are still increasing because banks are lending much more than people can afford (due to 5x income).

    This means that there is still the initial funds available to purchase and the property valuations will increase. Repossession are now also on the increase which could mean a big dip in valuations and people who have bought when high won’t be able to remortgage for a better rate because the property isn’t worth what it used to be.’

    Need you say more!

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  • Wasn’t there a Daily Telegraph headline today or yesterday “banks to lend 6x salary?”

    That will help ;o)

    I reckon we need more evictions in this country – starting at No.10 and No.11 Downing Street.

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  • I like this comment:
    “I know people who sitting on 20 properties. They want to sell and invest property elsewhere in the economy. By doing this they will pay 40% capital gains Tax , so they wont sell and as the result the money cannot be injected in the system….”

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  • Cyril, I think that comment is being made by a BTLer who would like to see CGT removed on property so that they can increase their profits. — I think no-one who doesn’t have property would think that removing CGT would be a good thing.

    if you were being paid a million pound salary you’d still be paying top rate tax. — and i don’t see any difference in that and selling your assests as a BTLer to cash it in as income. after all money has got to come from somewhere.

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