Government have today offered everyone a chance to buy!

dean_ham

dudleyboy wrote: »

As usual, this has nothing to do with helping FTB-ers and everything to do with helping this failing government and desperate home builders. If GB wanted to help he should have stopped the housing bubble from getting out of control all those years ago. I'm certainly not going to assist him now by buying into this gimmick.

Well said dudleyboy, im definately waiting another 18 months before i even think about moving and save another £15k - £18k towards my deposit.

Anyway even if i wanted to move, no one is selling their houses now in my area. Lots of houses have been removed from the market in my area and no new houses being listed, anyone else seeing a massive downturn in the amount of houses being listed in their areas?

tr3mor

Dave used Sub-Prime Minister back in January...

http://www.guardian.co.uk/politics/2008/jan/23/economy.uk

steadysaver

tr3mor wrote: »

Dave used Sub-Primt Minister back in January...

http://www.guardian.co.uk/politics/2008/jan/23/economy.uk

hehe

well I didnt steal it knowingly. Maybe had been whizzing around my head subconsiously tho.

Good on him for saying it.

baby_boomer

What are the odds on a re-run?

abaxas

Just a quickie :>

I did some calcs on this over a complete mortgage period. (25 years)

With the 60k interest free loan on a 200k property, this equates to between a 3.5% and 9% price reduction. 3.5% at min payments, 9% at max.

So I would assume that this new 'scheme' has actually devalued most of the uk housing stock by the amount. Nice to know that in one fell swoop GB has 'crashed' the market (ie >20% fall in prices)

Nice work Gordon and chums, did you really think this through?

lostinrates

abaxas wrote: »

Just a quickie :>

I did some calcs on this over a complete mortgage period. (25 years)

With the 60k interest free loan on a 200k property, this equates to between a 3.5% and 9% price reduction. 3.5% at min payments, 9% at max.

So I would assume that this new 'scheme' has actually devalued most of the uk housing stock by the amount. Nice to know that in one fell swoop GB has 'crashed' the market (ie >20% fall in prices)

Nice work Gordon and chums, did you really think this through?

I'm trying some theoretical examples now too but the maths is making my head hurt:o

manhattan

I am sorry to say this but Gordon brown is a down right dirty c0ck sucker and I just hope he gets to read this thread.

He is not helping what so ever as a FTB all he has done is drag out the housing crash to save his own a$$ from a good shafting over the table in the house of commons. What a total plumb wasting millions of tax layers on a scheme that will cause more problems in the coming years.

Leave the housing Market to correct by nature instead of thinking about yourself and your sad excuse for a government.

I am going to help myself by playing the same game your playing and get some of my tax back.

!!!!!!.

gordonstights

I'm a first time buyer, and the stamp duty break won't encourage me to buy now (apart from the obvious reason that prices are still falling dramatically) because as a first time buyer on an average wage, I can't afford the repayments on a house over £125,000 anyway.

I doubt this "incentive" will help the falling market.

Max_Headroom_3

morg_monster wrote: »

Don't think anyone has posted this from the Mash yet...

CAN I HAVE A CAR AS WELL? ASK FIRST-TIME BUYERS http://www.thedailymash.co.uk/news/society/can-i-have-a-car-as-well?-ask-first%11time-buyers-200809021221/

I know it's satire, but actually it's absolutely spot on!!

FIRST-time buyers across Britain are hoping the government can see its way clear to stumping up for a motor as well.

They said that while buying them a house is really nice and everything, it will look a bit daft without a car sitting outside it.

Wayne Hayes, a sales executive from Lincoln, said: "What's the point of buying me a nice, new house with a garage and then not buying me a car? Are you trying to hurt me?"

He added: "Go on, get us a car. All my mates have got cars. I'll vote for you. Promise."

The Society of Motor Manufacturers has also urged the government to buy lots of cars, particularly 4x4s and large petrol estates.

A spokesman said: "If you're buying people stuff then yeah, a car would be good. It'll totally reinvigorate the car market and all that.

"And there'll be a knock-on effect 'cause everybody will go to Halfords for screenwash. Go oooon."

Meanwhile a spokesman for the House Builders Federation said: "So what you're saying is, we can build as many of these !!!!!! little houses as we want and the government will buy them?

"Cool!"

lynzpower

has anyone found any details about the "rate" that these paybacks will run at.

Are we going to see in 5 years time, swathes of buyers dumping thier properties back on the market as the costs have risen outside of thier "fixed reliable outgoing" similar to what we are seeing now?

I was thinking about when I got my mortgage earlier today. I got a IO mortgage on a SO flat. I realised the error of my ways soon after finding this site, and managed to sell easily in October 2006. My broker talked me through what could happen if interest rates were due to rise/ costs would go up. However, in that conversation there was nothing about what OTHER costs would ber rising. My SIL is paying 100 MORE a month on energy bills in a 2 bed flat! Petrol up food up etc. So even if one can afford the potential mortgage increases ITS EVERYTHING ELSE that one has to buy that is going up too.

This is in NO way stabilising the market.

I dont want the market to go up or down, it should stay STILL, or as near to still as possible, given inflation etc. A family property should be affordable to the AVERAGE family. Not totally priced out of all proportion .

Helping the market? Its not helping. Its injecting turbulence- when we are seeing the effects of earlier turbulence with mental lending and repackaging debt as some sort of investment.

Has anyone worked out what amount of SDLT could be lost?

I would have preferred everything to stay as it was, and for a energy windfall tax to be used to give EVERYONE ( maybe under 70k incomes) some money towards rising bills.

If any extra spending was to be used, I would suppose my favourite option would be to give 2 months mortgage payments to get a family ONLY out of reposession proceedings, with a compulsory debt maangement programme.

Something sustainable. This is unsustainable. In every way

*Unsustainable to the borrower who has to pay this monery back at "god knows what rate" ( look around the boards a few people have been stung with HAs putting up rental portions of SO with no/ little warning-what is this doing to our "hard working families?? :mad:)
*Unsustainable to the home owners who cannot sell thier houses
*Unsustainable to the taxpayer, who sailing into recession will have less tax to pay, more people on benefits, and shed loads of more recipients from all angles.

Its a devastating blow to the economy, and I totally agree, this looks like a government who simply does not know when to stop borrowing.

When you are in a hole for gods sake stop digging. :wall: