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MSE News: Guest Comment - Glimmer of hope for first time buyers
Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"It is hard not to feel sorry for the current crop of beleaguered property-owning wannabes but help to get them a mortgage could be at hand ..."
"It is hard not to feel sorry for the current crop of beleaguered property-owning wannabes but help to get them a mortgage could be at hand ..."
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Comments
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As a FTB I'm quite happy for mortgages to continue to be restricted thanks. So I'm not competing for properties with financial incompetents who have never saved more than a couple of quid and therefore are willing to bid higher and higher for properties since they don't understand the vast extra debt burden they are putting on themselves.0
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As a FTB I'm quite happy for mortgages to continue to be restricted thanks. So I'm not competing for properties with financial incompetents who have never saved more than a couple of quid and therefore are willing to bid higher and higher for properties since they don't understand the vast extra debt burden they are putting on themselves.
I agree 100%! :T
I think that this is an irresponsible article.
What helps FTBs?
Not shared ownership.
Not developers offering gifted deposits on overpriced new builds.
Not parent-child mortgages.
Not >90% mortgages.
Not anything that 'enables' them to borrow more money than they need to.
These things only help sellers shift their overpriced houses.
THE ONLY THING THAT HELPS FTBs IS LOWER HOUSE PRICES.
Shared ownership, Firstbuy etc are just tools to prop up house prices. Ignore them and the other 'wolf in sheep's clothing' schemes that DON'T actually help FTBs and let house prices fall to their natural level.
FTBs are not stupid. We are happily watching house prices fall and will wait till we feel that they represent good value before buying.Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
eBay sales - £4,559.89 Cashback - £2,309.730 -
In the meantime, first time buyers need to have a sensible approach to saving.
I would always recommend at least a 10% deposit and the act of sacrificing something or curbing your lifestyle to save for this is good practice for dealing with additional costs that owning a home brings.
While the guest commentary articles are definitely a good thing for keeping the MSE blog fresh, comments like this are unhelpful, verge on patronising and ignore key issues with mortgage supply rates and general market conditions.
The reason FTBs need to save more money isn't because we're !!!!ing our hard earned away on manicures and iPads, it's because the market is massively inflated.0 -
I agree. And the guest article is just another shill touting shared ownership as a solution for priced out buyers when the truth is that shared ownership is just a means of keeping the market over inflated. Shared ownership is poor value for those who have to use it, for reasons discussed here at great length and on numerous occasions.edinburgher wrote: »... The reason FTBs need to save more money isn't because we're !!!!ing our hard earned away on manicures and iPads, it's because the market is massively inflated.
I deplore Martin giving this article 'guest' status. Its author should have been told to come here and slug it out with us.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Seriously, has this guy paid to place this "guest comment"?
I couldn't agree more with the two posts above. The only "glimmer of hope" FTBs want is lower house prices.0 -
THE ONLY THING THAT HELPS FTBs IS LOWER HOUSE PRICES.
Maybe so, but that's not what you're going to get, so you have to deal with the compromise of cheaper debt, higher LTVs and shared-ownership.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Turnbull2000 wrote: »Maybe so, but that's not what you're going to get, so you have to deal with the compromise of cheaper debt, higher LTVs and shared-ownership.
We're already getting it, thanks.
Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
eBay sales - £4,559.89 Cashback - £2,309.730 -
We're already getting it, thanks.
Really? First-time buyer numbers are at all time low, transaction numbers are at all time lows and sales priced a meaningful margin below peak are small in numbers as forced sellers have been pretty much eliminated due to state intervention.
You'd have a point if masses of first-time buyers were entering the market at prices below peak. They aren't. A lucky minority might find a bargain, but most are handing over large deposits thanks to their parents, taking up shared-ownership or renting.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Turnbull2000 wrote: »Really? First-time buyer numbers are at all time low, transaction numbers are at all time lows and sales priced a meaningful margin below peak are small in numbers as forced sellers have been pretty much eliminated due to state intervention.
You'd have a point if masses of first-time buyers were entering the market at prices below peak. They aren't. A lucky minority might find a bargain, but most are handing over large deposits thanks to their parents, taking up shared-ownership or renting.
Prices are still falling... :cool:Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
eBay sales - £4,559.89 Cashback - £2,309.730 -
I'm glad I'm not alone. The problem for FTB for a long time is stupid prices, this doesn't address the real problem.0
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