Sunday, March 23, 2008

“Pity the plight of the first-time buyer? Not a chance”

No pity for first-time buyers

Rosie Millard, what a b|tch! Hope she is having nice Easter weekend!

Posted by confused76 @ 01:04 PM (1644 views)
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17 thoughts on ““Pity the plight of the first-time buyer? Not a chance”

  • I noticed she bought her house at pretty much the lowest point in the last crash in 1994. I wounder if she was living at home living off mum & dad at that point? I’m guessing she has at least cheap rental accomadation. We won’t be as she puts it ” In a year or two, you too will be a rapacious seller on the housing ladder”. We maybe looking at buy at this point however!! 🙂

    James.

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  • ..Hackney? Perhaps she would have them move to the outer hebrides! Rosie when you bought your flat/house/pied a terre whatever how much as a percentage of yours and Mr Millards income were you using to service the mortgage? What was yours and the average lending multiples at the time? i.e. how affordable was your purchase compared with current prices? I wish i knew her burglars, they deserve a reward in my view, shes quite dispicable really.

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  • I’m beginning to think this woman is a bit mentally ill.

    “God forbid that we should look at first-time buyers as lucky so-and-sos who have probably been living off the Bank of Mum and Dad while working in the City, and thus have a nice little deposit ready to slam down at the appropriate juncture.”

    Rosie Millard come in! Rosie Millard come in! This is planet earth calling. What a slap in the faces for all those in their 20s and 30s who want to get a little living space of their own and maybe start a family.

    “We moved into the house and, because we were FTBs, unpacked all our lovely new stuff, then left the empty boxes outside by the bins, thereby demonstrating what lovely new stuff we had. Two weeks later, we were burgled. That comes with the territory of being an FTB.”

    When I moved into my rented flat in a slightly dodgy part of town, I made a point of not leaving any clues for the local scroats – even to the point of wrapping some computer equipment boxes in black bin bags when carrying it in. I don’t see the relationship between careless personal security and being an FTB.

    Also the “all our lovely new stuff” quote is a bit odd. Implying that FTBs have loads of cash to spend or what?

    ““First-time buyers always complain because they can’t buy that flash City flat,” snorts David Whittaker, managing director of the broker Mortgages for Business.”

    Somebody needs to get out a bit more. There is more to the UK than the “City”. Sounds like complete drivel to me.

    “All right, FTBs. It is tough out there, but please don’t squeak too much about it. In a year or two, you too will be a rapacious seller on the housing ladder. It happens.”

    Did Rosie ever consider that some of us just want to get on with our lives instead of looking for free money by speculating?

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  • Bambino06111 says:

    Toffee nosed douchebag. Bank of mum and dad, don’t think so. A 2 bed mid terraced house in my area is 7.2 times my salary, house prices would need to drop approx 50% for my family to realistically be able to afford a mortgage on the cheapest of properties.

    The tides are turning fat cats.

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  • “We moved into the house”

    ….todays FTB’s are priced out of badly, cheaply built rabbit hutches, you sanctimoniuo B*tch. The front of this woman and the front of the Times to print her evil, scared vitriol. She is running scared, as should all bTL parasites who have moved the goalpoatss further and further away from the income multiples of old. Also, she bought in Hackney towards the end of the last crash, not at the top of the most recent boom. What a B*tch.

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  • Very popular sophism. It is not about how much money they take from you in the long run. No, it is all about how much you can afford spending monthly.
    And don’t you dare counting your money! If one can afford her slavery, one should be happy and ignorant.
    Join the club now, and, later, you’ll be able to live off those less fortunate. That’s how gentrification happens, or does it?

    In a sense, she is right, though. There is no pity in this market. On the way down, too. There will be long 10 or 15 years of going down, like in Japan.
    And of paying those debts with many zeros.

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  • japanese uncle says:

    FTBs are in the best imaginable position right now, provided they have already saved some money with reasonably job security . All they have to do is to wait until this turmoil is blown over. Things are moving incomparably faster this time, than 1990 house market collapse in Japan. And I must mention that even at that time, 100/125% mortgage was seen in the market at the last stage of bubble, say for less than a year before the collapse started, as I recall it. Look what they have done here, 100/125% mortgage has been around for quite a while now, hasn’t it? How many hundreds of thousands of the financially naives have been caught in this toxic honey trap meanwhile? And many of them are operating on an incredibly thin ice, just a few weeks away from default in the event of financial contingency not least the job loss whose prospect is becoming bigger by the day in all industries, except default lawyers and the like, maybe. Mortgage is quickly becoming a very rare commodity and people will soon have to raise at least 50% deposit in normal mortgage arrangement. By that time, unemployment would certainly reach the level not seen since the 80’s while average salary might well be 10~20% lower than now. And again how many hundreds of thousands of the financially naives have squeezed thousands of pounds out of nowhere but their own houses in the name of ‘equity release’? They will be receiving fateful calls from their banks sooner rather than later, telling them that they will have to place their houses on the market. Flooding houses vs ultimately shrunk affordability. Better than average eleventh form student can tell the answer. There will be over 50% drop in house prices throughout the country, while as mentioned earlier, in places like London, up to 80% drop should not be ruled out. It actually happened in some areas in Tokyo, and the economic environment in Japan at that time was almost a Shangri-La compared to the UK now.

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  • japanese uncle says:

    Just to follow-up:

    Equity release was a rather rare phenomenon in Japan in those days, except for the cases of a small business (land) owners who were ‘pushed’ millions by their banks that were ‘pushed’ credit facilities under the window guidance of the Bank of Japan. That’s why hundreds of ferraris and Lamborghinis were sold (bought by those landowners without any reasonable way to spend the money) in the country in that period.

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  • Downsized And Waiting says:

    It is a long time since I have read such a loathsome pile of self-serving, smug drivel as this “article”.

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  • How long did this ill-thought out tripe take to write? Did any thought at all go into it?

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  • The responses to Rosie Millard’s article (apart from Japanese Uncle) smack of more than a little old fashioned mysogeny to me. Right, she might not be the brightest crayon in the box, but that’s no reason to call her despicable or a b*itch. Is it because she is a woman? Like Kirsty?….

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  • planning4acrash says:

    Her family didn’t visit her for 10 months when she moved to Hackney, she got robbed on her first week there after showing off about her new stuff. Maybe her family hate her and only visited after 10months after persistent whinging, maybe her neighbours discovered her to be an idiot in the first couple of days.

    But her analysis? House prices should not fall because we should not feel sorry for first time buyers? What a load of nonsense. Prices will fall because any sustainable market must eventually correct to allow first time buyers onto the market, because there is no market without them, once speculators have dissapeared. This isn’t about charitable sentiment, its about market sentiment.

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  • planning4acrash says:

    But this article is great news. We are well and truly heyond the denial phase. People like her will soon become compliant to their fate once they have internalised the situation. No doubt she is in for a big mortgage re-set. I read an article somewhere about somebody who is getting a 1 grand a MONTH hike when going back to standard variable rate next month, a reporter, who wrote about her fate in a paper this weekend. Expect more of this, as the commentators who put their money where their mouths are become forced to eat humble pie whilst they regurgatate their sub-prime mess.

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  • crash bandicoot says:

    What a stupid article. Any FTB with enough sense to stay out of the market until now is hardly likely to be enticed into buying at the top by this tirade of abuse. What’s the point of it.

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  • Cheekie Charlie says:

    “First-time buyers must – and I stress must – be treated with as much care and solace as ickle baby bluetits that have just fallen out of the nest. They have to face off not only the big bad birds that are already on the housing ladder, but the horrid estate-agent squirrels and the nasty tomcats of buy-to-let land, always ready to crush their hopes and feathery ambitions in their rapacious jaws. ”

    Stupid cow.

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  • Cheekie Charlie says:

    Stupid cow.

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  • Crashwatcher says:

    I think what she is saying is she has recently moved, taken on a massive mortgage in order to get the kids into the right school. House prices are going to fall and wipe out all her equity (and more!). She is just saying you should be listening to her sqeeling.

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