Sunday, November 28, 2010

Don’t buy then you idiots

FTB face decade of mortgage shortage

"Having bricks and mortar seems to be the only way of guaranteeing you might have access to some kind of money in the future. My flatmate and I are in the same situation. We're a bit of a lost generation as far as homes go." Like lambs to the slaughter.

Posted by chrisch @ 09:35 AM (1433 views)
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9 thoughts on “Don’t buy then you idiots

  • The Observer? Its the Guardian. You know, the newspaper whom support Labour who created the housing bubble…..

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  • A decade is about 15% of our lives. It is hardly fair to call someone an idiot for wanting to spend this time in their own space and not at the mercy of some parasitic landlord of which, in my experience, there are many!

    Easy to say but some of us would prefer not to be lifetime renters and to have a place that is ours. Over the last decade the idiots were the ones that didn’t buy because those that did have got themselves an asset that will be protected until the last.

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  • I don’t buy the ‘mortgage shortage’ line though.

    I reckon good old free market capitalism will sort this out – either lend or see the size of your capital fall perilously low. If FTBs are locked out of the market, there’s only really one way for prices.

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  • Before the late 1980’s mortgages were rationed based on building society receipts, best bib ‘n’ tucker was required when seeing the manager to get one and only so many were issued every month. Then again prices were sensible and a 3-bed semi was to be had on a modest income at 3x salary with 1x another if needed.

    I don’t buy the scare tactics, so don’t over-commit, a mortgage is for life, don’t let it become a life sentence of financial penury.

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  • greenshootsandleaves says:

    Briony, 26, tells us she “got so fed up of cheap accommodation and of getting ripped off by private landlords”.

    I don’t know much about the state of Briony’s finances but it’s most unlikely that deciding to become an owner will suddenly enable her to afford a better standard of accommodation.

    On a more general plane, the Government should simply ignore the invitation to intervene which is implicit in this sort of article. Apart from introducing legislation to prevent landlords from systematically pocketing tenants’ deposits (definitely room for regulation there!), the best thing it can do to help FTBs is sit back and watch as house prices return (under their own lack of steam) to more sensible levels.

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  • We all want house prices to drop.

    However, without access to mortgages the FTB will still be frozen out, allowing the BTL scum to hoover up all the cheap properties!

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  • greenshootsandleaves says:

    phils @ 02:39 …’allowing the BTL scum to hoover up all the cheap properties’

    Unless they require no help from the lenders I’m not sure that they’d be able to do much hoovering. Let’s face it, for many BTLs the motivation lay not in the rental income (which often failed to cover their interest payments) but in the feeling that their investment was rising in value.

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  • @ brickormortis – you’re dead right mate. Renting is a pain in the neck.

    I don’t want government (ie taxpayers) handouts.

    I just want them to stop interfering in the housing market and let prices return to a sane level where people can afford them.

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  • greenshootsandleaves says:

    peter @ 06:37: ‘I just want them to stop interfering in the housing market and let prices return to a sane level where people can afford them’

    I’m sure we’d be half way there if would-be owner occupiers did not have to compete with the wilsons and their ilk.

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