Monday, November 12, 2007

Screwing those who can least afford it.

'It's a first-time buyers' market'

Everybody knows the Market is falling in Northern Ireland. Terrible time to buy. Especially for a first time buyer. This is the most immoral article I've read yet. The "Journalist" must have invested a lot in property.

Posted by thetrashheap @ 11:04 AM (1191 views)
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8 thoughts on “Screwing those who can least afford it.

  • The Belfast Telegraph is an utter joke when it comes to reporting property stories – no doubt the advertising revenues from developers and estate agents provide a substantial part of their income. You can smell the desperation and panic in this article, along with a lot of the posts on this blog recently – note how almost insulting the language used by the estate agents is when appealing to buyers. ‘Buy now before prices go up – are you stupid or something?’

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  • converted lurker says:

    It is becoming a first time buyers’ market, as to when ftbs jump in is very much a personal issue. Do they wait until HPC have said it’s OK, or do they wait until they can reasonably afford to buy without recourse to a 125% ten times joint salary mortgage? You could in theory wait a long time for this market to bottom out and how many can call that timing exactly?

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  • My ‘jump-in’ level, seeing as I’m now classed as an FTB again, will be when the buying sums are comparable to those of renting in my area. At current mortgage levels and prices, I’d need to see falls of 60% to make it a viable option. I’m not sure we will see that, but with 40% falls over the next 5 years and rent inflation, the rent to buy equation may converge to unity.

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  • little professor says:

    Utterly irresponsible – this “buy now before prices start to rise again” line is getting increasingly worn.

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  • “Won’t you walk into my parlour, said the spider to the fly”

    I trust and hope that the FTB’s are too fly to fall for this claptrap.

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  • Also in this issue…
    A leading Car salesman says ‘now is the right time to buy a car’, a leading Travel agent says ‘go on holiday now or you may not get another days sunshine’, and an undertaker says ‘if you don’t die soon we’ll have to bury you in a bin bag’.
    Why is it that estate agents are allowed to comment like this and the sheeple don’t question it, but any other industry would be ignored. If there’s anyone else out there who wants to criticize confused76 for his comments read this, and realise why so many of us here have no sympathy.

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  • Can the FTBs who do decide to jump into the market feet first based on this article then sue the journalist and quoted estate agent when they’re sitting with 100k of negative equity around their necks next year? This article is a blatant attempt to talk up the market and create false pressure for FTBs to panic buy. Property VIs complain so much when any negative coverage is in the press and accuse others of being ‘doom-mongers’ who are deliberately talking down the market so they can buy up assets on the cheap. Surely the same insults should be thrown at them when they talk the market up?

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  • “An estate agent says, ‘now is the time to buy'”. Can someone explain to me how this qualifies as ‘news’ in a ‘newspaper’?

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