Sunday, December 13, 2009

As Attitudes Change, A Price Crash Becomes Inevitable

Desire to own a home in decline

"The era in which all Britons aspire to own their own home may soon be coming to an end as people turn to renting instead."

Posted by wdbeast @ 10:51 AM (1325 views)
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5 thoughts on “As Attitudes Change, A Price Crash Becomes Inevitable

  • Hurray. In my usual optimistic fashion, part of me thinks that the failed economic model of Home-Owner-Ism will just die out of in its own accord, just like Socialism.

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  • and who does he think will own these houses being rented? IDIOT.
    The rich will, and they will get richer. Because the Government are surely not building any.

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  • “Yet not even a drop in the housing market can convince people not to use their home as a store of wealth.”

    Two drops should do it. I wonder what’s going to happen with the million empty houses in this Country if prices deflate substantially. They will no longer be seen as a store of value (but the smart money will be buying them up for the next boom) and as houses they don’t have much use as they’re clearly not needed at the moment. Mass demolition?

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  • I think desire, in this context, is relative. I don’t have a desire to own an overpriced shoe-box which will take me the rest of my life to pay off at the expense of my pension, Friday nights, holidays and the occasional gadget. I do, however, have the desire to own a nice, sensibly priced house of decent proportions, with a mortgage that will not jeopardise my pension, friday nights, holidays and the occasional gadget.

    The respondents are likely answering the former not the latter. So desire is relative, that is what I am saying and the story was a waste of time reading so don’t. Any old monkey with a typewriter could churn out an artical like this give, let’s say, half an hour!

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  • I’m happy for my landlord to pay to maintain the house we live in. And I don’t think our landlord is “rich.” With the market value of his house falling, I don’t think he’s going to be “rich” anytime soon either. (Not that I would begrudge him — he’s a nice guy).

    Compared to the full cost of owning, it’s relatively inexpensive for us to rent. We have a nice place to live without the hassles of owning. We’ve owned three places over the 20+ years of marriage, so we know firsthand what it takes to own a house. When house prices fall sufficiently, we’ll take the cash we’ve got saved and buy a house outright.

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