House buying

[MPH]

If i was PM i'd ban people from buying houses purely to let and start increasing the stocks of council housing instead. Everyone needs a place to live and allowing those with wealth to leech money off the younger generation and those of lesser incomes is so obviously unhelpful to society that i'm surprised none of the main parties have looked at this more seriously.

 

I am guessing the only reason why they do that though is because there is a demand for letting houses?.. like you said, everyone needs a place to live? My sister prefers to rent too as she likes the flexability of just upping and moving to a different place if she wants to.. its not quite so cut and dry as 'those with wealth leeching money'

[MooseBreath]

Nothing wrong with the rental market. There are plenty of reasons why someone would be better off renting. Property isn't the risk free high return investment that a lot of people seem to think it is. Quite a few people are much better off renting, so you do need a market.

[FoxesAreBlue]

Art of the stress in buying my flat is that plans were wrong. And it was such a glaring mistak I can't believe that since 1983, when they were built that nobody has spotted it - trying to explain it to all the relevant parties was also a mare.

Also my mortgage advisor was/is an incompetent **** who failed to tell me about a rate chance and thought my date of birth was in 1900. I had to double check everything he did.

[leicsmac]

I am guessing the only reason why they do that though is because there is a demand for letting houses?.. like you said, everyone needs a place to live? My sister prefers to rent too as she likes the flexability of just upping and moving to a different place if she wants to.. its not quite so cut and dry as 'those with wealth leeching money'

 

It's a horse and cart scenario. The reason there is a demand for letting houses is precisely because many people cannot get on the property ladder, and that is because of those same people buying more than one home as an investment and keeping the price high through limited supply. 

 

Make more houses available through restricting second-home buying for letting and boosting council house stock will reign in the market and allow more people to have the choice, at least, of owning a home if they so wish.

[ADK]

There are reasons for renting other than not being able to afford a house. Students for example arnt going to want to buy a house for their 3 years of study, anything where you are only expecting to live somewhere short term will favour renting. But i'd like the government to step in and take more of an interest in the market.

 

Everyone needs a roof over their heads so it is something where the government can step in and own stocks of housing which can then be rented at a lower cost. It would lower the cost of living especially for those at the bottom end where the reductions would have a bigger proportional effect too.

[leicsmac]

There are reasons for renting other than not being able to afford a house. Students for example arnt going to want to buy a house for their 3 years of study, anything where you are only expecting to live somewhere short term will favour renting. But i'd like the government to step in and take more of an interest in the market.

 

Everyone needs a roof over their heads so it is something where the government can step in and own stocks of housing which can then be rented at a lower cost. It would lower the cost of living especially for those at the bottom end where the reductions would have a bigger proportional effect too.

 

Certainly agree with that.

[Guest]

If i was PM i'd ban people from buying houses purely to let and start increasing the stocks of council housing instead. Everyone needs a place to live and allowing those with wealth to leech money off the younger generation and those of lesser incomes is so obviously unhelpful to society that i'm surprised none of the main parties have looked at this more seriously.

 

There are millions of people who don't want to buy.

 

If you were PM would you make shops sell food at cost price or have the government take control of the food industry ......and the clothing industry?

[leicsmac]

There are millions of people who don't want to buy.

 

If you were PM would you make shops sell food at cost price or have the government take control of the food industry ......and the clothing industry?

 

It's about being able to offer them the choice. Right now millions of people don't have it.

 

I dislike the idea of Government intervention too but housing as a totally free market is like health or education as a totally free market - dodgy.

[ADK]

There are millions of people who don't want to buy.

 

If you were PM would you make shops sell food at cost price or have the government take control of the food industry ......and the clothing industry?

 

If the food or clothing industries were struggling to provide for all then i'd want to step in to those markets too. As it happens this isn't the case, in fact the food industry is accused of creating a problem of overconsumption amongst the poor. Likewise clothing is very affordable.

[Foxhateram]

Cheers guys have got lots of things to ask at our meeting on Thursday. We will be talking to hsbc for mortgage as this has been my bank for many years but will shop around ofc. Cross fingers sticking to a known company will help and be reliable. Lawyers wise I have no idea but again will research this and find one at a fixed rate. It really is so so complex, no wonder people can't be arsed with it.

[MPH]

It's a horse and cart scenario. The reason there is a demand for letting houses is precisely because many people cannot get on the property ladder, and that is because of those same people buying more than one home as an investment and keeping the price high through limited supply. 

 

Make more houses available through restricting second-home buying for letting and boosting council house stock will reign in the market and allow more people to have the choice, at least, of owning a home if they so wish.

 

 

err... did you read the whole of my post?

 

the reason is not 'precisely' that... there are other factors to consider. And As I said in my previous post, my sister PREFERS to rent. She likes the flexibility of not being tied down somewhere.. of moving about. Not so easy when you own a home.

 

What might be right for you may not be right for some.. it takes different strokes to make the world...

[leicsmac]

err... did you read the whole of my post?

 

the reason is not 'precisely' that... there are other factors to consider. And As I said in my previous post, my sister PREFERS to rent. She likes the flexibility of not being tied down somewhere.. of moving about. Not so easy when you own a home.

 

What might be right for you may not be right for some.. it takes different strokes to make the world...

 

Yeah, sorry - I should have made myself clearer. 

 

Young people and first-time buyers should at least have the choice of being able to buy a first home for a reasonable amount compared to average wages. Right now that's simply not the case. Obviously some people don't like being tied down and want to rent places, that's more than fair enough, but those who want to buy are (mostly) priced out of the market right now, for the reasons I mentioned above.

[Bob Weasel Fox]

Cheers guys have got lots of things to ask at our meeting on Thursday. We will be talking to hsbc for mortgage as this has been my bank for many years but will shop around ofc. Cross fingers sticking to a known company will help and be reliable. Lawyers wise I have no idea but again will research this and find one at a fixed rate. It really is so so complex, no wonder people can't be arsed with it.

Get as much advice as you can from as many people, friends, family etc etc as you will need every ounce of knowledge you can get.  House buying or selling is full of pitfalls, just sold my house of Narborough Road 3-4 weeks ago, still haven't bought anywhere else yet, will have to rent for a bit (not good with a 4 month old baby in the house)

[Foxhateram]

Get as much advice as you can from as many people, friends, family etc etc as you will need every ounce of knowledge you can get.  House buying or selling is full of pitfalls, just sold my house of Narborough Road 3-4 weeks ago, still haven't bought anywhere else yet, will have to rent for a bit (not good with a 4 month old baby in the house)

Cheers yer had advice from my parents and the partners rents too, both seem positive about the scheme and the idea of us just getting a foot on the ladder. Just wish it was cheaper round here. So so expensive.

[MooseBreath]

Yeah, sorry - I should have made myself clearer. 

 

Young people and first-time buyers should at least have the choice of being able to buy a first home for a reasonable amount compared to average wages. Right now that's simply not the case. Obviously some people don't like being tied down and want to rent places, that's more than fair enough, but those who want to buy are (mostly) priced out of the market right now, for the reasons I mentioned above.

 

To be fair that's exactly what these government schemes are all about, helping to get people onto the ladder.

[leicsmac]

To be fair that's exactly what these government schemes are all about, helping to get people onto the ladder.

 

Yep, and it's good that they're attempting to help. 

 

However, lower house prices would mean that this kind of Government intervention and spending would not be necessary.

 

Edit: Well, the intervention would be (in the form of legislation against buying-to-let in various circumstances) necessary, but the spending wouldn't be.

[Guest]

If the food or clothing industries were struggling to provide for all then i'd want to step in to those markets too. As it happens this isn't the case, in fact the food industry is accused of creating a problem of overconsumption amongst the poor. Likewise clothing is very affordable.

 

Or you kids could live with your parents and grandparents for longer until you've EARNED enough money to buy a house. That'd also mean if you are daft enough to have kids too young the state doesn't have to support your partner as your parents/grandparents could look after the kids and your partner could work to EARN money to buy a house. That'd also mean that oldies don't get dumped on the state but have family looking after them.

 

It's NOT your right to own a house. You need to go and earn the money to buy one.

 

Can't really agree with the State - i.e. the taxpayer - paying so much money to subsidise rents either.

[Guest]

To be fair that's exactly what these government schemes are all about, helping to get people onto the ladder.

 

You live in the western world where the market dictates price. If you can't afford a house earn more money. Wait until you're older after saving (i.e. don't waste money on other things like drink and fags and holidays). Those are choices too.

[leicsmac]

You live in the western world where the market dictates price. If you can't afford a house earn more money. Wait until you're older after saving (i.e. don't waste money on other things like drink and fags and holidays). Those are choices too.

 

I think you're preaching to the converted there.

 

But I will say in this case the market is being manipulated to the detriment of many. Houses are grossly overvalued. And besides, relying solely on the market results in monopoly or cartel oligopoly anyway.

 

As for earning more money to pay for one...it's not just the deposit that's a problem (though saving a 5-figure sum with an average job is no picnic) it's that the mortgage payments and overall house prices are no longer in sync with the average salary. 5x average salary for an average house (let's say 2/3 bed semi) should be about the norm. Nowadays it's closer to 8x, and that makes a big difference.

[MooseBreath]

You live in the western world where the market dictates price. If you can't afford a house earn more money. Wait until you're older after saving (i.e. don't waste money on other things like drink and fags and holidays). Those are choices too.

You're preaching to the converted on the anti-entitlement culture score little missy. However it is clear that property is particularly expensive in the UK relative to both other countries and recent domestic history.

Edit: leicsmacdaddy you are a wizard.

[The Year Of The Fox]

I really wouldnt fancy the idea of renting. It's literally pissing a huge wedge of money down the drain whilst paying the very often stingy landlords mortgage.

I genuinely don't see the point if you choose to do so despite having the funds to buy. In my case if we ever split up all myself and the missis would do is put it out for rent and line our own pockets.

[leicsmac]

You're preaching to the converted on the anti-entitlement culture score little missy. However it is clear that property is particularly expensive in the UK relative to both other countries and recent domestic history.

Edit: leicsmacdaddy you are a wizard.

 

 I try. 

[MooseBreath]

I really wouldnt fancy the idea of renting. It's literally pissing a huge wedge of money down the drain whilst paying the very often stingy landlords mortgage.

I genuinely don't see the point if you choose to do so despite having the funds to buy. In my case if we ever split up all myself and the missis would do is put it out for rent and line our own pockets.

Mortgage interest plus buying/selling fees coupled with the very real potential of being in negative equity make renting not seem so bad. You should buy your 'forever home' but if you're planning on moving around a bit it quickly starts to make a lot less sense.

[The Year Of The Fox]

Mortgage interest plus buying/selling fees coupled with the very real potential of being in negative equity make renting not seem so bad. You should buy your 'forever home' but if you're planning on moving around a bit it quickly starts to make a lot less sense.

You still have to pay stupid amounts for searches and the like when renting. Interest rates atm are quite good so I think it's a pretty good time to buy regardless ofreasons.

My house is pretty much one of the top ones on our road- I accept that's not hard, but it is the top end of the market.

My old boss owns and rents one out directly opposite and having worked in it I can say it's a shit hole. He charges 495 a month rent. I pay 450 a month mortgage

[MooseBreath]

You still have to pay stupid amounts for searches and the like when renting. Interest rates atm are quite good so I think it's a pretty good time to buy regardless ofreasons.

My house is pretty much one of the top ones on our road- I accept that's not hard, but it is the top end of the market.

My old boss owns and rents one out directly opposite and having worked in it I can say it's a shit hole. He charges 495 a month rent. I pay 450 a month mortgage

I've never paid a penny for "searches". I've paid deposits and that's it. Can usually get agents fees down to less than £50 if not £0. Contrast that to the thousands you have to pay to buy. I've also never had to shell out thousands for a new roof or boiler etc. I can also move quickly and temporarily for work. I can move instantly if I've buried my irritating neighbour's dog in my backyard. There are plenty of benefits to renting.