Quote:
Originally Posted by VVC-Geeza
I think you have answered your own question here.The government is squarely to blame for the housing stampede and have actively fueled it by almost zero interest rates and the stamp duty holidays.This has had a knock on in the rental sector which is also reflecting the sky high prices of the sales market.Lets hope it doesn't all end in tears for those buyers who have paid over the odd's!
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when it comes to paying over the odds, perhaps buyers consider the property is worth that amount because of x, y or z and also perhaps take the view that paying over the odds now wont matter in 20 years time.
Not sure what point the OP is trying to make.
As for the stamp duty holiday, some buyers may not have saved money as the price of the house went up a bit as the seller may have thought " if they are saving X on stamp duty I want some of that" and in my case ended up in a bidding war. We paid I think £45,000 above asking and perhaps £20,000 above value but in 20 years will it matter and we have been able to start living again. We were in a small rented property and had to empty stuff out of the garage every time we wanted anything.
As for first time buyers, some earn so little it will always be hard if not impossible to buy, others spend what they earn so save little or nothing, not everyone has the bank of mum and dad to give or loan them large amounts of money.
Decisions made 20 years ago and I'm think about what they did with their money, could be reaping rewards today or be coming back to haunt people.
Council houses should never have been sold. You would be surprised how much green land we have,when you fly over the country you realise just how much there is.
Years ago children got married and got their own place, now they leave home and get their own place so now 2 properties are required.
macafee2