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Old 14th October 2021, 20:52   #21
macafee2
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Originally Posted by grivas View Post
The point the OP is trying to make, and making in point of fact is that the housing market is artificially propping up a broken economy, spiralling into chaos, and orchestrated by an incompetent government, headed by an unelected PM, who has mislead the country into the disaster that is Brexit. Utter maddness, meanwhile our younger generation are wasting their lives chacing a shadow, never likely to be able to afford to buy a home, this is how societies dissolve and dissappear, that is the point, just wondering if anyone else had a differing opinion, that is it.
Could you clarify for me how old the younger generation are?
I thought Boris "won" a general election.
I thought the vote for Brexit was taken before Boris was pm.


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Old 14th October 2021, 21:31   #22
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As a Midlander, I went to work in the southeast (not London) after University in 1970 and despite a "cheap" mortgage available from my company (Legal & General), I realised that I could not hope to buy in that area, so worked on a plan to return to the Midlands, which I did in 1978.

Today's problems are no different. Pure supply and demand in varying areas of the country, and until the population comes under control, it will never be resolved. Climate change is no different - 30% of the world's population born THIS century.
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Old 14th October 2021, 22:38   #23
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It is more than supply and demand.

Look at the willingness of banks to lend money. Often too much, to people who cannot afford it.

Blair and Brown rocketed house prices from about 2001-2007. They removed housing from the official inflation measures, so claimed we could keep rates low. The UK economy looked marvellous as people with houses were borrowing money against them to spend on nonsense.

I never understood why housing should need to be provided by the state. Surely. private rents could cover this? Of course, another crime of the last 30 years is housing benefit (now LHA) which also inflates rent and house prices.

I wish prices would divide by, say, five overnight. Then my kids might be able to buy one.

Big mortgages are silly... It would be better for all to enjoy the money!
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Old 15th October 2021, 07:39   #24
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It is more than supply and demand.

Look at the willingness of banks to lend money. Often too much, to people who cannot afford it.
Yes that is an historic problem, banks are greedy. When I bought my house 21 years ago I rung Abbey National and said how much I needed to borrow, I am self employed and my accountant was ready to back this up. My solicitor rung me 3 days later to tell me he had the money when needed, no checks just sent the money.

Now the opposite, I was looking at a new van earlier in the year, I need about £20k. They want guarantees and insurance that adds to cost of the loan, I am going to stick with my old van.
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Old 15th October 2021, 07:48   #25
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Originally Posted by richw View Post
It is more than supply and demand.

Look at the willingness of banks to lend money. Often too much, to people who cannot afford it.

Blair and Brown rocketed house prices from about 2001-2007. They removed housing from the official inflation measures, so claimed we could keep rates low. The UK economy looked marvellous as people with houses were borrowing money against them to spend on nonsense.

I never understood why housing should need to be provided by the state. Surely. private rents could cover this? Of course, another crime of the last 30 years is housing benefit (now LHA) which also inflates rent and house prices.

I wish prices would divide by, say, five overnight. Then my kids might be able to buy one.

Big mortgages are silly... It would be better for all to enjoy the money!

How old are your children and what area would they be looking to buy?
Oh boy, there are a number of reasons why the state needs to provide housing, sometimes temporary and sometimes permanent. Refugees, those to sick to work are a couple of examples, those that lose their home for one reason or another and perhaps cannot get work so cannot afford to rent.
Some say that rental properties add to the housing shortage.
I thought housing benefit was now capped and this had lead to people being evicted as they cannot afford the rent.

If a big mortgage gets you the home you want, is that not enjoying your money? I've driven down a few roads to see the expensive car on the drive yet thought omg what a dive of an area to live. People enjoy their money differently. The car is much more obtainable then a house when funds a re limited.


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Old 15th October 2021, 08:10   #26
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I've driven down a few roads to see the expensive car on the drive yet thought omg what a dive of an area to live. People enjoy their money differently. The car is much more obtainable then a house when funds a re limited.


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Well put, I deliver to a customer who always seems to have a new car but the house he lives in obviously needs some work, what amazed me the most was he does not have a 3 piece suite but has garden furniture in his living room and the biggest TV I have ever seen.

Its like the people who smoke a packet of fags every day, drop into the pub for a couple of pints after work most days yet cant afford to feed or cloth there children. Some of use waste huge amounts of money on our hobbies but at the end of the day its your money and you do with it what you want. The bit that annoys me is the people who claim to be broke because they waste what they do earn and then look for handouts from the government and other organisations.
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Old 15th October 2021, 19:45   #27
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Came to this a bit late so I hope I'm not repeating anything.

The purchase price of property doesn't matter, it's the repayment details that do the deciding for a generation that lives on credit. It overtakes all other factors in the equation.

The rates of interest on mortgages are largely irrelevant over 25 years. Anyone remember when rates were 15%? The rates on offer are not just a result of the housing market variations (there is no such thing) and there are probably five different periods of varying affordability in that time. That's why 'the market' picks up when rates are low.

Personal standings vary probably just as much. Interest rates are entirely dependent on the availability and cost of lenders borrowing capital on the international markets.

It's the BIG BOYS that control it - according to the amount of land made available by landowners. Across the spectrum of the economy, this bears very little reflection of the true value of any asset. Those levers are carefully guarded.

Anyone see that news clip about the painting by Banksy that auctioned for £18 million? As the hammer went down the picture which was mounted on a trick frame, dropped down to be destroyed through a shredder. By contrast, houses are bought with desperate emotion.

Many people equate a personal desire with a mistaken idea of an enhanced social approval growth, hence Semi/Detached/Landed/Post Code and borrowing- to-the-hilt (and speculating above that).

I forget who said: 'It's the economy, stupid!'
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Old 15th October 2021, 22:42   #28
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Came to this a bit late so I hope I'm not repeating anything.

The purchase price of property doesn't matter, it's the repayment details that do the deciding for a generation that lives on credit. It overtakes all other factors in the equation.

The rates of interest on mortgages are largely irrelevant over 25 years. Anyone remember when rates were 15%? The rates on offer are not just a result of the housing market variations (there is no such thing) and there are probably five different periods of varying affordability in that time. That's why 'the market' picks up when rates are low.

Personal standings vary probably just as much. Interest rates are entirely dependent on the availability and cost of lenders borrowing capital on the international markets.

It's the BIG BOYS that control it - according to the amount of land made available by landowners. Across the spectrum of the economy, this bears very little reflection of the true value of any asset. Those levers are carefully guarded.

Anyone see that news clip about the painting by Banksy that auctioned for £18 million? As the hammer went down the picture which was mounted on a trick frame, dropped down to be destroyed through a shredder. By contrast, houses are bought with desperate emotion.

Many people equate a personal desire with a mistaken idea of an enhanced social approval growth, hence Semi/Detached/Landed/Post Code and borrowing- to-the-hilt (and speculating above that).

I forget who said: 'It's the economy, stupid!'
When it comes to terraced, semi or detached have you considered the noise transmitted through the walls into the adjoining property or from one garden to the other and some may therefore desire detached with land for the piece and quiet?

Does 10 acres and a 4 bed detached worth £500,000 trump 3 bed terraced worth a million? For me it does due to piece and quiet from neighbours.

macafee2

I dont have 10 acres and I did not pay £5000,000 for my house
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Old 16th October 2021, 07:40   #29
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..... Anyone remember when rates were 15%? ......
I forget who said: 'It's the economy, stupid!'
Oh yes .

And the massive number of folks with serious negative equity.

And the folks with the cast iron guarantee that the endowment mortgage would absolutely, definitely not only pay off the mortgage buy deliver a tidy lump sum as well - but not in writing .

Ah, the lessons of history.................
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Old 16th October 2021, 08:47   #30
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Oh yes .

And the massive number of folks with serious negative equity.

Ah, the lessons of history.................
But have we learned the lesson?How much longer will interest rates remain so low?
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