Thursday, January 31, 2013

Renters continue to be shafted

First-time buyer shortage a concern, says Nationwide

Bizarrely, FTB's can't seem to save 60k after paying the rent.

Posted by jalopy @ 09:03 AM (2301 views)
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8 thoughts on “Renters continue to be shafted

  • sibley's b'stard child says:

    Rather ironic, you’d think these financial boffins would be able to put 2 and 2 together. I mean, it’s not as if there’s more than 4 years of data to suggest something might be ever so slightly awry.

    Still, if HPI is the problem; credit is the solution.

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  • First time buyers who are able to complete are getting a massive cash (Deposit) injection from BOMAD and grandparents without which the FTB numbers would be significantly lower. Recent completion on FTB where gifted deposit/fees was £75K. The other FTB “lifeline” is newbuild/discount/newbuy scam which I strongly advise against – but have yet to have anyone take any notice !

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  • happy mondays says:

    First time buyer shortage a “Concern” say’s N/wide.. I am more Concerned for the ftb’s who have sold out to the Devil that is the housing ponzi scheme !

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  • mark wadsworth says:

    Maybe this will just go on for ever?

    The “financial crisis” and the boom which preceded it were caused by subsidies for banks and landowners and high taxes on productive work. Subsidies for banks and landowners have increased significantly over the past few years, as have taxes on productive work. Result is, bank shares have bottomed out again, house prices are just as high as ever and unemployment is as high as ever (it’s not changed much for thirty years, if truth be told, the big leap was during the 1970s).

    So we’ve got more of the stuff which caused the crisis, not less, so we can assume that being in a mild recession with high unemployment and unaffordable housing is now a more or less permanent state of affairs.

    Who voted for this?

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  • Anybody who takes out a 25 year mortgage deserves a medal, I don’t what I’ll be doing in six months let alone 25 years.

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  • Confession – I bought a place last Sept, cheaper than I originally planned to hedge my bets. I was so sick of renting after selling up in early 2008. I moved to a cheaper part of the country from West Dorset (where the landlord had <2% yield) and ended up paying the same rent on a much cheaper place (>6% yield). After huge letting agent fees, the landlord trying to sell it for months (until I threatened to move out) and a feeling of being ripped off, I caved in. I see the (non-London) market staying flat but am happy to see falls, maybe then I’ll buy the place I should have.

    In the meantime I urge any renters to help Shelter build up a decent survey sample for when they lobby against rip-off letting agent fees.
    http://england.shelter.org.uk/campaigns/letting_away_with_it

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  • @4 MW: “Who voted for this?”

    The existing home owners did. Remember more were added in the 80s as subsidised houses (council housing).

    We have now run out of housing to give away, and many people, through inheritance or other means, have gained extra houses which they can happily rent. As long as this group of people continue to actively vote why should anything change?

    This is not party political as all main parties buy into it. They *have* to to get their votes.

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  • mark wadsworth says:

    Dude, yes, that answers my question. But sooner or later we’ll reach a stage when land ownership is so concentrated that only a minority own land, then the electoral calculation will change.

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