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Chit Chat
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"High house prices are nothing to be proud of. If the average house cost a nominal £20k then every person could own one and enjoy every penny they earned on the things in life they wanted.
Instead this country has chosen to break the back of it's population with crippling high house prices. On paper we may have once looked like a rich nation but socially we are poorer than we have ever been.
And the government wonder why the young are out binge drinking, what else are they going to do? Sit in their rented dump aspiring to own the average £160k house with their measly £12k salary while coughing up £600 a month in rent.
The younger generation have been completely hosed to preserve the unearned housing riches of the older generation."
Spot on IMHO.
Instead this country has chosen to break the back of it's population with crippling high house prices. On paper we may have once looked like a rich nation but socially we are poorer than we have ever been.
And the government wonder why the young are out binge drinking, what else are they going to do? Sit in their rented dump aspiring to own the average £160k house with their measly £12k salary while coughing up £600 a month in rent.
The younger generation have been completely hosed to preserve the unearned housing riches of the older generation."
Spot on IMHO.
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Spot on, we have such a false economy .
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Yeah !
Everyone abroad has so much more money to spend ....................... like Haiti. |
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What about those of us who've worked hard to pay off the mortgage on an average house worth £200-300k? How are we gonna deal with the devaluation to £20k?
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all those poor youngster will inherit their parent's fortune before too long so dont fret for them too much.
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But you will probably be over 60 when the parents do pass away and then the tax man will probably steal some of it.
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lol, its supply and demand...
people pay 450k for a place that may have been worth 580 last year... but long before the price dropped to 20k people would pay it. whilst the country is overpopulated and geting worse that whole opening passage is nothing more than a laundrette b1tch whilst waiting for the washing to finish it's spin lol price of property has very little relation to its build cost when it is already built... |
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garlicbread 24 Jan 21:30
"High house prices are nothing to be proud of. If the average house cost a nominal £20k then every person could own one and enjoy every penny they earned on the things in life they wanted. Instead this country has chosen to break the back of it's population with crippling high house prices. On paper we may have once looked like a rich nation but socially we are poorer than we have ever been. And the government wonder why the young are out binge drinking, what else are they going to do? Sit in their rented dump aspiring to own the average £160k house with their measly £12k salary while coughing up £600 a month in rent. The younger generation have been completely hosed to preserve the unearned housing riches of the older generation." Spot on IMHO. spot on maybe, but what you gonna do about it? why were banks happy to lend out 5 or 6 times their salaries to fund their houses?, which made the house prices rocket, not that the tories would've done anything about it why did Maggie Thatcher make the council houses available to buy at such a cheap price creating loads of landlords etc? shame on the tories! |
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house prices rocketed because those that were in the know and had connections were overpricing places and paying massive backhanders to get people mortgages with built in deposits etc that shouldnt have had them...
because these places were being recorded as being sold they became legitimate "comparibles" and people selling got over confident with their own estimates and so on... normal people also used them to guage the price of a potential purchase and it fed each other... |
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Only people who always make money out of houses are the banks - the higher the mortgage they can sell you the more money they make!
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"creating loads of landlords" lol, these people didnt just go and become tenants somewhere else.
these people were homeowners... if they let out a property or two on the way to their final home then so fkin what, well played them... they weren't council tenants any more and the tenants in the properties implied by the last poster would have been occupied by peolple who would have took a council property or a council paid property regardless of its owner. big deal... up with investment and down with poncement imo |
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the banks have lost millions, maybe billions in some cases to bad debt. stop waffling.
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punterfleecer has it right. Everybody I know with a modicum of sense thought it was crazy when banks and building societies started offering 125% mortgages at 5 times of salary. Irresponsible lending and irresponsible borrowing.
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they were offering that to people who would have bought at the start of it and still be in positive equity now and very low repayments if they picked the right product... those same people would find it IMPOSSIBLE to get a mortgage now if they actually needed the 5x multiple.
fair play for offering it... pi55 off mugs who took it as the only feasible option... should have thought more about making the "biggest purchase of your life" etc etc... |
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also, easy to say crazy... but for 4 of the 3 years it wasnt crazy.
do u always wish you backed the winner when you watch an allweather sprint on CH4? |
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I'm struggling with the idea of '4 of the 3 years'? Crazy may not be the best choice of words - 'not sustainable' might be better.
Agree the consumers have to bear some responsibility for poor financial decisions but the banks can hardly whinge about bad debts when their employees exercised such poor judgment about who to lend money to because they did n't bother to investigate properly whether the customers could actually afford the repayments. Don't watch or bet on all weather sprints on C4 - very poor betting medium - my personal investment choices are more selective.i |
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Dealem, you're talking rubbish
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Dealem.... 24 Jan 23:10
the banks have lost millions, maybe billions in some cases to bad debt. stop waffling. have they? how come they are still giving out millions in bonuses? |
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sorry i meant to correct 4 out of 5 years to 3 out of 5 but changed the wrong one.
why do you think im talking rubbish PF? i am spouting my cr4p with complete honesty as far as i know. |
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Are you a banker, Dealem?
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Dealem.... 24 Jan 23:18
they were offering that to people who would have bought at the start of it and still be in positive equity now and very low repayments if they picked the right product... those same people would find it IMPOSSIBLE to get a mortgage now if they actually needed the 5x multiple. that in bold is a load of sh!t for starters, or else why did banks give mortgages to lots of people who happen to be in negative equity right now? |
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well u need to speak to donworro about that.
i dont know too much about banks debt and dont prefess to, but i am sure Lloyds wrote off something like 500 mill not long ago. Northern Rock obv werent in a great position or they wouldn't have had to go the way they went and there are a few well known others. gov handouts etc etc. having had dealings with a few of them my experience is that HSBC are the biggest w***ers so they are probably safest when it comes to bad debts. |
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if Lloyds wrote off 500million which I doubt, are they giving bonuses to bankers? if so? then why? cos they mustn't've done their job properly!
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because now they were at the latter stages of the "property boom" and they have been bitten.
quite simple. if peopple got in early there was enough of an increase to have absorbed the drop we are experiencing now. apart from a couple of N Yorkshire places i am only speaking of London property, but since a lot of people live here it should be still valid for more of the property buyers than not IMO. |
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The problem is that we have such a fetishisation of property ownership in this country, aided by a media that carps on about the problem all the time. In places like Germany, more people rent and it isn't such an issue.
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the thing is, banks wouldn't have been in this position in the first place if they knew what they were really doing!
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I agree DarkDagger
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they have bad debts because they've managed their businesses poorly. Plenty of big cheeses who are great when the good times roll but could n't manage their way out of a paper bag in times of austerity.
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PF, why do u think people are screaming at them getting the bonuses?
they don't deserve it. of course they don't. fact is, a lot of them are still geting it, another fact is the people paying the bonueses are running at massive paper losses yet still pay. |
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Agree with Darkdagger to an extent but rent money is dead money.
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rent money is dead money only to those that would like to own property.
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The obsession with house prices in this country is a sickness at the source of nearly every financial ill that has befallen us in the global crisis, which is a long way from over.
Of course, tell that to someone with $50k equity in their house and all they hear is the voice of the teacher from Charlie Brown.."waaa waaaaaa waa waa waa" |
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There is no money to be made on a house once youve added up all the payments (asnd what you could have otherwise earnt on that money ).
I only pay a mortgage because it's less to shell out for than the rent equivalent ;) |
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that is because we dont have goats to leave our families...
it is absolutely plain to most that it is nice to build uyp a little bit of supposedly financial security for those you will leave behind when you die. we are back to supply and demand. if you won something more than one person wants it increases in price... if you don't then it decreases till you do. it's not hard... |
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rent money is dead money indeed
but I think, well say in Greece, I have a friend there, and his mum and dad built his house, apparently thats normal over there we don't do that here, but however we have a generation that own houses, however, shouldn't really be seen as an investment but something to pass on down to your kids my mum and dad are the first generation house owners in my family, in fact they can do whatever they like with their house, but in reality, I think they should pay it off which they can do and leave it at that, and they can pass it down to their kids i.e. me et al so we can pay off our houses, and we'd do the same with our houses to our kids |
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INFLATION is your answer.
Inflation really is hte effect of a paper currency, and this feeds the pysche that house always make money in the long run. As each generation comes and goes there is a pattern of houseprices to fall and rise, (much like anyother investment), and since we are always going to buy a house to live in, we then take a slight opinion change on it as also being an investment. And so the story loops. The answer would be to rate houses and index link them. Will never happen though, ever. |
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Dealem.... 24 Jan 23:44
rent money is dead money only to those that would like to own property. When you've bought it you have a (generally) appreciating asset which you can leverage for other purposes. What have you got when you've paid out £600 per month (or equivalent) rent for 20 years? |
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but I certainly don't see a house as an investment for myself but just a roff over my head
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roof
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lol, and i think my Mum shouldnt pay off her house, or my Dad, i think they should reap the rewards of paying off most of it and forget about us and the repayments. i tell them to just pay interest and fk us.
in fact, i have told them both to pull a load out and live comfortably instead of being a slave to the repayments. (both have seperated ages ago btw) |