Where is this all going to end?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    #31
    Originally posted by landlord-man View Post
    I'm a huge fan of euthanasia.

    Imagine if every person was "ended" at 80 years of age -
    .

    I would be in favour right up to my 79th birthday

    Very Logan's Run, aka the lovely Jenny Agutter worth the watch alone.

    But to the various questions.... where will it end ? In higher prices for the tenants, that is it, by hook or by crook if there are less rental properties on the market then rents will rise, we are the mirror image of the home sales market. Why would the outcome in the rental sector be any different, less properties and more people.... a perfect storm.

    The government is doing sod all to assist the younger generation and it could be argued are directly discriminating against them with the total lack of social and affordable homes.

    Over the years i have used agents to tenant find for me, but only in the last few months have they contacted me direct asking if i have any properties to let, this has never happened before. I have always contacted them, it must be bad.

    Given the chaos in the sales and the let markets at present i am making sure that my children have enough of a deposit to purchase a property in the next few years, god help the kids with parents who cannot help them in the way my wife and I can, they are stuffed. It should not be this way, we are damming a generation to a life of permanent rent, with no secure tenure in old age and very little choice in the future in regards retirement.

    To have to pay ever increasing rent when you are classed as an OAP must be the worst position to be in.



    Comment


      #32
      I don't fall for these sob stories where people complain they cannot afford to buy a house, they can't save for a deposit, bla bla bla. As harsh as it sounds, maybe they should review their lifestyle.

      I speak from personal experience because I had been renting for 10 years and then bought my first property 9 years ago. My partner wasn't working and I was earning a little over minimum wage. I just bought what I could afford on my single salary: a run-down property in the North-West at £65k, not a new-build with en-suite, etc.

      I had no car then. When we were viewing houses, we were going there on bicycle. We viewed 3 in a row once and tried to keep up with the agent in the car. And it was raining. I've never seen anyone else going to viewings on bike.

      Smartphones came out in 2008. I didn't have one for years, certainly not until I had bought all my properties. When renting, I remember the temperature indoors sometimes being 11 deg. Once the front door had frozen shut.

      Needless to say, no holidays for years. I cycled to my workplace instead of paying for transport. I cycled everywhere in fact.

      I got a good pay rise with bonus soon after buying my first house and was able to pay off the mortgage within 3 years - mostly because the purchase price had been low and the deposit relatively big.

      When I see how my tenants live, a car each, BMW, personalised reg plate, heating on all the time, I understand why many can't save a deposit. They're just not cut out for the responsibility of a mortgage and house maintenance. They can't see further than the pay check for the month.

      Comment


        #33
        Originally posted by kelbol View Post
        When I see how my tenants live, a car each, BMW, personalised reg plate, heating on all the time, I understand why many can't save a deposit. They're just not cut out for the responsibility of a mortgage and house maintenance. They can't see further than the pay check for the month.
        I see where you are coming from as one of my work colleagues (male - 35yrs old) is still living at home !!! But he has recently taken on a new PCP for a very smart M series BMW...... but not all are like that, i too live in the North West and property prices are still some of the most affordable in the country, but as we know if you are '' lucky '' enough to live down south (east or west) then buying is really out of the question if they were in the position you were in.

        Lifestyle can impact badly on your ability to buy but it is not always the number of Latte's that are bought, there can be a lot of factors outside of a persons ability to change.

        Comment


          #34
          I have a friend in the south who bought out the property he was renting for 7 years.
          The number of latte defines your lifestyle. You will find BMWs, regular holidays, designer clothing and so on hiding behind...
          And people can always move from the south to the north. I used to rent in London!

          Comment


            #35
            Originally posted by kelbol View Post
            I don't fall for these sob stories where people complain they cannot afford to buy a house, they can't save for a deposit, bla bla bla. As harsh as it sounds, maybe they should review their lifestyle.

            I speak from personal experience because <snip>
            Cool story bro

            Whilst I agree with some of what you're saying, well done you got a payrise in an appreciating property market in one of the cheapest areas in the country. Not everyone can just make that happen, so please don't belittle people with the avocado on toast rant, maybe lay of the daily mail for a bit. My tenants (they happen to be in SE London, not the most expensive bit of London) are hardworking couples who no matter what they do are never going to get a suitable deposit together quickly, save for divine intervention. (my most recent leaver received an inheritance to put down as deposit).

            They live sensibly as you appear to have done but you didn't get where you are by eschewing a smartphone, please

            Comment


              #36
              I can't remember exactly when now but I had cause to look at IVAs for my mothers partner (looong story for another time)

              Anyway, on a forum I found, there was (probably still is) much discussion on what you can write down under the Monthly Expenses category.

              There was more than 1 person who successfully declared their HORSE (not house its not a typo) as being an essential expense.

              And that - as mentioned by kelbol is the problem.

              By all means have a stable full of horses if you can pay for them, but if you cannot meet other financial obligations then the horse, netflix etc has to go - sadly, that thought process is not shared by those in debt who seem to have the only voice being heard.

              ....and all that takes me back to my point about social housing - provide the very bare basics to encourage people to do better and move on.
              My views are my own - you may not agree with them. I tend say things as I see them and I don't do "political correctness". Just because we may not agree you can still buy me a pint lol

              Comment


                #37
                Originally posted by Lesney Park View Post

                Cool story bro

                Whilst I agree with some of what you're saying, well done you got a payrise in an appreciating property market in one of the cheapest areas in the country. Not everyone can just make that happen, so please don't belittle people with the avocado on toast rant, maybe lay of the daily mail for a bit. My tenants (they happen to be in SE London, not the most expensive bit of London) are hardworking couples

                They live sensibly as you appear to have done but you didn't get where you are by eschewing a smartphone, please
                Perhaps they could move to an affordable area, which is what I did when I bought my first property at 20. Funnily enough I didn't have a car either, I cycled the 10 miles a day to and from work. Couldnt afford to switch the heating on for a good couple of years. We never went out, except birthdays, and I waited 6 years until I could comfortably afford a horse and a child. Oh, and always bought 2nd hand furniture, when we could afford it, and I never borrowed money for anything except a mortgage.

                The reality for some people who say they can't afford a house is really they can't afford a house on their terms.

                Comment


                  #38
                  Is "latte drinking" the new "large flat screen TV", the marker of indolence / financial foolishness?

                  You can't compare buying a property a decade ago with buying one now.

                  The affordability criteria are completely different (although they're softening a bit now as the market is getting tighter for lenders).
                  And first time buyers are particularly hit, because they generally don't have much credit history, so they need a higher deposit and pay more interest.

                  Outside government schemes, people are looking for deposits of 15-20% for first time buyers - that's an average of nearly £20k in most areas, have a look - https://www.which.co.uk/money/mortga...e-acs1c3t6f9r0

                  And you have to ask how much suffering is worth the benefits of being on the property "ladder" that can be more like a treadmill.
                  When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                  Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                  Comment


                    #39
                    Given the difficulty of securing a rental at the moment & the rate of increase in rent, being on the property ladder / treadmill looks increasing attractive to me!

                    Comment


                      #40
                      I have seen amortgage valuation that refused to lend on a good value flat because too many of the flats in the block were rented. There are a lot of reasonable flats in the midlands below 100k but are harder to finance tha n a newbuild at twice the price.
                      We should campaign for ex rental starter homes to be easier to sell so the property ladder can start with cheaper homes.

                      Comment


                        #41
                        Originally posted by Codger View Post
                        I have seen amortgage valuation that refused to lend on a good value flat because too many of the flats in the block were rented. There are a lot of reasonable flats in the midlands below 100k but are harder to finance tha n a newbuild at twice the price.
                        We should campaign for ex rental starter homes to be easier to sell so the property ladder can start with cheaper homes.
                        The lenders will be aware that if a block of flats becomes untidy , graffiti etc then the value will plummet and experience will tell them this will be more likely with tenants than owner occupiers. There are cases in the news where flat owners are looking at their flats being worth half what they paid for it due to insulation issues etc and are virtually unsaleable. It's no wonder the lenders are very shy.

                        Comment


                          #42
                          Originally posted by jpucng62 View Post
                          Given the difficulty of securing a rental at the moment & the rate of increase in rent, being on the property ladder / treadmill looks increasing attractive to me!
                          I'm probably over cynical.
                          When I was first in the market for property it was the 1980s and mortgages were very expensive, and it probably colours my views.
                          Right now, money is so cheap to borrow that, if you can, it's almost daft not to.
                          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                          Comment


                            #43
                            I accept alexr s point but it can go the other way when block management improves. This is what we are doing now after I bought the freehold so these flats can go up in value once we get better behaved residents.
                            It helps a lot if the new owners participate in block management, rather than sniping at the people trying to improve theblock.

                            Comment


                              #44
                              Originally posted by jpkeates View Post
                              You can't compare buying a property a decade ago with buying one now.
                              That's what people said a decade ago.

                              I'm not up to date at all on the requirements when buying now but I would have thought it would be easier to ssecure a mortgage now and at very low interest compared to 10 years back when we were emerging from the credit crunch and banks had to be very strict when lending.


                              Originally posted by jpkeates View Post
                              first time buyers are particularly hit, because they generally don't have much credit history
                              First time buyers by definition never have much credit history, this has never changed.

                              Originally posted by jpkeates View Post
                              And you have to ask how much suffering is worth the benefits of being on the property "ladder" that can be more like a treadmill.
                              I used to pay £563 a month rent in London for 5 years approximately. That's nearly £34k. For me, I'd rather pay the bank £34k in mortgage (plus more) and have a house at the end of it than have nothing to show. More than half my income was going in rent. Yet I still managed to save.

                              Comment


                                #45
                                Originally posted by Jon66 View Post

                                Perhaps they could move to an affordable area, which is what I did when I bought my first property at 20. Funnily enough I didn't have a car either, I cycled the 10 miles a day to and from work. Couldnt afford to switch the heating on for a good couple of years. We never went out, except birthdays, and I waited 6 years until I could comfortably afford a horse and a child. Oh, and always bought 2nd hand furniture, when we could afford it, and I never borrowed money for anything except a mortgage.

                                The reality for some people who say they can't afford a house is really they can't afford a house on their terms.
                                That's what I was going to say - they can always move.
                                But prices in London are indeed ridiculous and I would never have been able to buy anything there. I think the prices are artificially high because of wealthy foreign buyers rather than the locals. The foreigners are looking for a place to stash their cash.

                                How many horses do you have now?

                                I still buy second hand furniture. It's hard to get rid of old habits. Anyway, the brand new mdf stuff is crap and doesn't last.

                                Comment

                                Latest Activity

                                Collapse

                                Working...
                                X