Saturday, December 29, 2012

This is gonna hurt a few ftb’s

First-time house buyers at five-year high in 2012

The Council of Mortgage Lenders recently estimated that 65% of first-time buyers had financial assistance in mid-2012, compared with 31% seven years earlier.

Posted by happy mondays @ 03:05 PM (3475 views)
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13 thoughts on “This is gonna hurt a few ftb’s

  • Story also in other papers… Only the last line, explaining that since 2007 it’s up but a year earlier and the numbers game doesn’t make such a great headline. It’s less than 50% less than 2006.

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  • What always gets me about these stories is the way these numbers (still huge by most working people’s standards) are thrown around so casually. “The average FTB deposit is around £28000 la la la”. £28000! TWENTY-EIGHT THOUSAND POUNDS! If people just stopped and thought about what this really represents they might realise the madness of the situation we have got ourselves in to (or have allowed others to get us in to).

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  • this is all the usual end of year BS, trying to talk things up, did you know xmas box of quality street has stayed same price since last year but the box is 20% smaller than last year with 20% less chocolates inside ! talk about inflation

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  • greenshootsandleaves says:

    And, to make it all even more meaningless, ‘first-time buyers’ apparently includes people who are not necessarily buying their first property and, in some cases, may already be home owners.

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  • In Spain, a lot of the older people who fell into mortgage trouble only did so because they were re-mortgaging their own homes to help their kids get a deposit. It would be sad to see the same fate here.

    I have a lot of sympathy for people with mortgages. It’s the ones who bought a house for tuppence fifty years ago and who are now debt free who really grind my gears. LVT would sort ’em all out, of course.

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  • drewster bet this guy really annoys you then , a friend of a friend paid 65k for a house his mortgage is pretty much finished, he put house on market for 275k and said he wont drop price until he sells, in the meantime he has bought another house he is doing up to move into, he told my friend if it doesnt sell he can wait it out

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  • Bank of mum and dad.

    Interesting how ALL the money is getting sucked into maintaining house prices that are effectively an an all time high.

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  • @7 hpwatcher

    At some point they will all learn a lesson as to the meaning of the word ‘illiquidity’.

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  • greenshootsandleaves says:

    drewster @ 5: ‘It’s the ones who bought a house for tuppence fifty years ago and who are now debt free who really grind my gears’

    Yeah! A farthing down and tuppence three farthings (including interest) payable over 20 years. AND they managed to watch live cricket on the BBC! They didn’t know they were born! Or maybe they did, even choosing a date of birth which ensured they could benefit from house prices and mortgages like those. What they should have done, of course, is say to themselves: ‘No. This is far too easy! I must share the plight of future generations’. While, to be fair, some of them managed to do just that (by releasing equity), blame for the present state of the property market clearly lies at the door to their three-bed semis.
    Still, there’s comfort in the thought that they too have to fork out for a licence fee AND a subscription to Sky (AND put up with adverts on Sky) in order to watch the cricket.

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  • mark wadsworth says:

    We’re in the wrong country.

    Most of the other house price bubbles around the world have popped nicely, even as close as in Ireland and Northern Ireland and probably the less-subsidised parts of the UK. The bubble in UK commercial land and buildings prices started much later, popped much sooner and is now back below pre-bubble levels*.

    How much longer can the UK government keep the plates spinning?

    * Chart from the Bank of England’s Feb 2010 Inflation Report (click to download Powerpoint slides, via the ever reliable Tutor2U

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  • @9,
    Don’t forget their free TV license if they’re aged 75+, final salary pensions, job security, etc. They even had hope & optimism, the promise that tomorrow would be better than today. In the 1950s and 60s things were ever-improving: man landing on the moon, cheap cars, good music. They believed that they were building a new Jerusalem. By contrast today we’re constantly told that the economy and the environment are falling apart and we’re all going to hell in a hand-cart; while technological innovation is limited to slightly bigger mobile phones which we can use to check how late our train is running.

    I don’t blame the older generation as individuals, just as I don’t blame landlords for entering the business – they’re all acting as rational individuals. It’s the system what needs changin’.

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  • @11 – Don’t forget the winter heating allowance that they claim whilst on holiday in the Algarve for 3 months of the winter.

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  • First-time house buyers at five-year high in 2012

    Couldn’t help but think – too many magic mushrooms,perhaps?

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