Monday, September 27, 2010

Ten per cent of homeowners are stupid – official

One in four parents want house prices to fall

"According to a survey conducted by the National Housing Federation, 34% of middle class parents with kids aged between 20 and 30 would like to see house prices stabilise, while 28% would rather see values fall in real terms... The research also revealed that 82% of middle class parents want more pressure on the banks to help first-time buyers, for example by increasing the availability of high loan-to-value mortgage loans." OK, 28% are smart enough to realise that falling prices is a better way of getting their kids into homeownership, so 72% don't. But 82% per cent want more reckless lending to keep the bubble going. By subtraction, 10% haven't really thought this through, have they?

Posted by mark wadsworth @ 10:50 AM (1595 views)
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12 thoughts on “Ten per cent of homeowners are stupid – official

  • OTOH what does this say about the notion that governments cater to the majority of home-ownerists who want to protect the value of their houses? It just happens that keeping up property values is good for the banks too (it was in the US until the banks transferred the majority of their MBSs to the Fed’s balance sheet, so now the banks there aren’t too bothered either way). I’ve always thought that the interests of the banks are the dominant ones.

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  • sibley's b'stard child says:

    What I don’t understand is the inclusion of ‘middle-class’ into the data – what exactly does that add?

    Reading between the lines, the majority of respondents don’t want prices to rise for their children’s sake but, at the same time, don’t want to see the value of their ‘asset’ suffer…

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  • Not really surprising that many people want to have their cake and eat it, it’s human nature.

    That’s why we need strong leadership/regulation which will prevent house prices rising to this level of unaffordability ever again.

    But I doubt it somehow, and in another 17 years or so I’m sure we’ll be back to where we were a couple of years ago – just give it enough time and another generation and those with short memories will fall for it all over again.

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  • 3. alan_540 said…”Not really surprising that many people want to have their cake and eat it, it’s human nature.”

    Sorry alan, but this is programmed bahaviour. It’s the making of the cake, the visualality, the offering that is true human nature.

    People miss so much in the constant feeding of the mind. The prison warden that locks away a far deeper beauty.

    The people who want their cake and then to eat it, are always left with the crumbs. It is transitory never lasting.

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  • 1. icarus said.. “I’ve always thought that the interests of the banks are the dominant ones.”

    The twisting of socialism and democracy hasn’t gone over your head or many others, but democracy was not introduced for the minority.

    That’s why we are seeing facism instead of socialism. Isn’t ‘mass media’ wonderful when its ultimate goal is to serve none, but a few.

    The Greek overlords knew exactly what they were doing.

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  • mark wadsworth says:

    Icarus, I’ve come to the conclusion that governments put the banks (and their own BTL properties) first – driving up house prices is just a means to this end (and an easy sell, politically).

    SBC, how much longer before the “don’t knows” realise that an HPC is the best thing all round?

    Alan540, for once I’ve find myself agreeing with Crunchy. The problem is that we need “strong leadership” from economists, not from politicians, who will always take the easy option of bribing the electorate with their own money and the Fool’s Gold of rising house prices.

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  • @MW – I’ve probably not read all the aspects of your Homeownerism thesis but it would be good to compile the ideas into a single tome, would it not?

    Seems to me that Homeownerism is the dominant control system of the masses in these post-theistic (godless!) times.

    To question the Homeownerist authority is heresy BUT with articles like this it does seem like the older generation – made “wealthy” through the so-called good times – are starting to identify weaknesses in perpetual HPI.

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  • 7. mark wadsworth said…Alan540, for once I’ve find myself agreeing with Crunchy

    mark, that’s just how I like it. 😉 – Glee.

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  • 7. mark wadsworth said…’Alan540, for once I’ve find myself agreeing with Crunchy. The problem is that we need “strong leadership” from economists’

    Sorry mark, but from a higher authority, that, some think is beneath them.

    That is the ultimate truth that some desperately hide and shield people from, through a constant stream of confusion.

    Feel free to disagree.

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  • mark wadsworth says:

    Mick, it is a mystery to me whether there is any co-ordination behind Home-Owner-Ism or whether it is just a collective delusion that rising house prices make us richer.

    But the outcomes are clear – HO-ism is good for politicians, speculators, senior bankers, large landowners, NIMBYs and other such unworthies, and absolutely appalling for people in general (especially the young), MEW-ers who are sucked into debt, the productive economy, income tax payers, ‘responsible’ savers and actual shareholders in banks etc etc.

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  • Mark, I’m sure you’re right regards self serving politicians. As for agreeing with Crunchy, I don’t understand what he says 99% of the time so I can’t comment.

    Crunchy, I honestly find you very hard to follow. I’m sure you’re an intelligent person, but if you could be a little clearer in your posts I for one would appreciate it.

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  • One in four parents want house prices to fall

    I simply DO NOT believe that headline.

    1.] It implies that 3 out of 4 parents like seeing their children suffer.
    2.] It implies that parents simply do not understand the very basic concept that high house prices hurt everyone.
    3.] Only 7%-8% of the UK homeowning population would be facing negative equity if house prices were to lose 50% off their value.

    “There are three kinds of lies: lies, damned lies and statistics.”

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