Comments on: Young? Can’t afford a house? You’re getting shafted by the government http://monevator.com/2008/12/10/young-cant-afford-a-house-youre-getting-shafted-by-the-government/ Make more money, invest profitably, retire early Sat, 11 Feb 2012 01:13:50 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ben http://monevator.com/2008/12/10/young-cant-afford-a-house-youre-getting-shafted-by-the-government/comment-page-1/#comment-131223 Ben Wed, 11 Jan 2012 15:41:20 +0000 http://monevator.com/?p=641#comment-131223 @Mark It probably won't continue as there isn't any money to drive it (outside of central london) Eventually house price to earnings ratio will revert to the mean, hopefully even undershoot it and we can all buy mansions @Mark

It probably won’t continue as there isn’t any money to drive it (outside of central london)

Eventually house price to earnings ratio will revert to the mean, hopefully even undershoot it and we can all buy mansions

]]> By: Mark http://monevator.com/2008/12/10/young-cant-afford-a-house-youre-getting-shafted-by-the-government/comment-page-1/#comment-131178 Mark Wed, 11 Jan 2012 13:07:33 +0000 http://monevator.com/?p=641#comment-131178 fiannce advice, Surely what you have just stated is the actual problem in the first place. I am currently trying to sell my 1 bedroom flat and a first time buyer would need a wopping £30,000 deposit (20%) as a min to buy. How many first time buyers do you know with £30K in the bank. . I also then have the problem of I need to buy something bigger, due to new baby. How will I get a mortgage for a bigger place and how will i find a £50,000 deposit. It's just never going to happen. I am now considering renting my flat out and renting myself a bigger place as I just can't move up the ladder. Thing is I get no help at all because I am not a first time buyer, I'm considered to earn to much money for any benifts of any kind, we can't afford child care, so my wife can't work. I have been told that if I want a small 2 bed house in my area I need to save up £40,000 and the repayments would be £1000 a month. I reckon I could save £200 a month at the moment. So after 16.6 years saving I will have the deposit, then oh hang on house prices would have doubled again by then. . . . so the circle continues. . . . i guess we should just accept that there is no housing market any more. It's just a play ground for the rich and we should all just be happy and pay them loads of rent so they can get richer. So the class divide widens once again. See you all on the way down .. . . . . . . . fiannce advice, Surely what you have just stated is the actual problem in the first place. I am currently trying to sell my 1 bedroom flat and a first time buyer would need a wopping £30,000 deposit (20%) as a min to buy. How many first time buyers do you know with £30K in the bank. . I also then have the problem of I need to buy something bigger, due to new baby. How will I get a mortgage for a bigger place and how will i find a £50,000 deposit. It’s just never going to happen. I am now considering renting my flat out and renting myself a bigger place as I just can’t move up the ladder. Thing is I get no help at all because I am not a first time buyer, I’m considered to earn to much money for any benifts of any kind, we can’t afford child care, so my wife can’t work. I have been told that if I want a small 2 bed house in my area I need to save up £40,000 and the repayments would be £1000 a month. I reckon I could save £200 a month at the moment. So after 16.6 years saving I will have the deposit, then oh hang on house prices would have doubled again by then. . . . so the circle continues. . . . i guess we should just accept that there is no housing market any more. It’s just a play ground for the rich and we should all just be happy and pay them loads of rent so they can get richer. So the class divide widens once again. See you all on the way down .. . . . . . . .

]]> By: fiannce advice http://monevator.com/2008/12/10/young-cant-afford-a-house-youre-getting-shafted-by-the-government/comment-page-1/#comment-24055 fiannce advice Tue, 09 Feb 2010 11:23:38 +0000 http://monevator.com/?p=641#comment-24055 In the financial world, everybody is getting the facts and figures wrong and they paid for it with the financial crisis that happened mainly during 2009. House prices have been sharply going up as the wages now are not matching the housing prospects. Even cheap house prices are still expensive and banks are taking less chances on handing out mortgages so a relapse doesn’t happen again so if you want a house make sure you can afford the repayments and put as big down payment as you can to get as best interest rate as possible. In the financial world, everybody is getting the facts and figures wrong and they paid for it with the financial crisis that happened mainly during 2009. House prices have been sharply going up as the wages now are not matching the housing prospects. Even cheap house prices are still expensive and banks are taking less chances on handing out mortgages so a relapse doesn’t happen again so if you want a house make sure you can afford the repayments and put as big down payment as you can to get as best interest rate as possible.

]]> By: Monevator http://monevator.com/2008/12/10/young-cant-afford-a-house-youre-getting-shafted-by-the-government/comment-page-1/#comment-21015 Monevator Sun, 10 Jan 2010 01:44:17 +0000 http://monevator.com/?p=641#comment-21015 Well, I wouldn't go quite so far personally Martin, but just getting rid of the tax breaks on buy-to-let would be a start and help first-time buyers compete with landlords who can current write their rental income off against their mortgage payments (which normal home buyers can't!) Well, I wouldn’t go quite so far personally Martin, but just getting rid of the tax breaks on buy-to-let would be a start and help first-time buyers compete with landlords who can current write their rental income off against their mortgage payments (which normal home buyers can’t!)

]]> By: Martin McHugh http://monevator.com/2008/12/10/young-cant-afford-a-house-youre-getting-shafted-by-the-government/comment-page-1/#comment-16856 Martin McHugh Sun, 29 Nov 2009 18:43:27 +0000 http://monevator.com/?p=641#comment-16856 Great stuff. I think you do not go far enough. The government is full of property speculators (as is the media). My solution: Minimum room sizes. Maximum property ownership of 3 props (any more heavily taxed). Ban on property conversions. Outlaw banks collecting properties in land banks. Publicise property ownership to reduce mysterious empty houses. Stop buy to let mortgages to control demand side. Pressure group needed Great stuff. I think you do not go far enough. The government is full of property speculators (as is the media).
My solution:
Minimum room sizes. Maximum property ownership of 3 props (any more heavily taxed). Ban on property conversions. Outlaw banks collecting properties in land banks. Publicise property ownership to reduce mysterious empty houses. Stop buy to let mortgages to control demand side.
Pressure group needed

]]> By: A Fundamental Question – Answered? | Five Pence Piece http://monevator.com/2008/12/10/young-cant-afford-a-house-youre-getting-shafted-by-the-government/comment-page-1/#comment-10920 A Fundamental Question – Answered? | Five Pence Piece Mon, 21 Sep 2009 07:08:09 +0000 http://monevator.com/?p=641#comment-10920 [...] in my view is merely a dead cat bounce.  A mortgage is expensive. My generation has all but been priced out of house-buying, and the current bubble house prices remain in keep this so.  Even an interest [...] [...] in my view is merely a dead cat bounce.  A mortgage is expensive. My generation has all but been priced out of house-buying, and the current bubble house prices remain in keep this so.  Even an interest [...]

]]> By: First time home buyer programs http://monevator.com/2008/12/10/young-cant-afford-a-house-youre-getting-shafted-by-the-government/comment-page-1/#comment-2598 First time home buyer programs Thu, 11 Dec 2008 14:08:25 +0000 http://monevator.com/?p=641#comment-2598 [...] we found a very interesting article about how difficult it is for first time home buyers to get onto the property ladder. It appears [...] [...] we found a very interesting article about how difficult it is for first time home buyers to get onto the property ladder. It appears [...]

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