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Generation Rent.... The future of those who missed the boat..
HAMISH_MCTAVISH
Posts: 28,592 Forumite
http://www.independent.co.uk/life-style/house-and-home/property/more-householders-will-have-to-rent-says-mortgage-body-1914631.htmlIncreasing numbers of Britons are likely to be forced to rent in future as a shortage of housing supply pushes home ownership out of many people's reach, research showed today.
The Council of Mortgage Lenders said the proportion of people who are homeowners is likely to fall in the coming years, while increasing numbers of people will instead be tenants, mainly renting in the private sector.
It said some of the shift would reflect changing consumer preferences, but the rising number of renters would also be due to affordability pressures, which have been exacerbated by the credit crunch.
The group warned that a "chronic lack of housing supply" of all types looks set to persist, as new-build levels fail to keep pace with the number of new households being formed.
It said a combination of private sector funding constraints and public sector spending cutbacks is likely to produce a significant shortfall in both housing supply and housing finance.
It is estimated that between 1999 and 2009 the number of new homes built each year ranged from 130,000 to 170,000.
But it is thought 238,000 to 290,000 new homes are needed each year just to keep pace with rising demand.
The situation looks set to get even worse, as it is thought the rate at which new households are forming will accelerate during the coming decade.
Meanwhile the rate at which new homes are being built has been hit hard by the credit crunch, last year falling to its lowest level since 1948.
As expected really.
Housebuilding at lowest level since 1948. On top of a decades worth of underbuilding by 100K houses a year or more.
New household formation accelerating.
Shortage worsening.
Mortgage lending to stay tight, and those with existing equity having a huge advantage over those without.
Ironic really, that the very people who wished for a crash, will now have to live with the consequence of that crash being many of them locked out of the market permanently.
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
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Comments
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Is it a test Hamish? Find the angle...
Increasing numbers of Britons are likely to be forced to rent in future as a shortage of housing supply pushes home ownership out of many people's reach, research showed today.
The Council of Mortgage Lenders...
They could have said - Increasing numbers are choosing to rent while prices remain high. Meanwhile not many people are buying our unsold stock.
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HAMISH_MCTAVISH wrote: »http://www.independent.co.uk/life-style/house-and-home/property/more-householders-will-have-to-rent-says-mortgage-body-1914631.html
As expected really.
Housebuilding at lowest level since 1948. On top of a decades worth of underbuilding by 100K houses a year or more.
New household formation accelerating.
Shortage worsening.
Mortgage lending to stay tight, and those with existing equity having a huge advantage over those without.
Possible facts. For discussion.
Ironic really, that the very people who wished for a crash, will now have to live with the consequence of that crash being many of them locked out of the market permanently.
And Hamish trolling again.
Didn't they publish this a few weeks back? I seem to remember something similar then.0 -
I'm terribly confused.
Rinoa the uber bull is telling us 63% more first time buyers are going ahead with valuations in february, meaning there must be houses in supply to fulfill these first time buyers request for valuations.
Hamish the uber bull is telling us the shortage is worsening.
And Hamish the uber bull is telling us mortgage lending is to stay tight....when so many times he's told us all it's only credit which brings the prices of houses down....but at the same time, now uses this lack of mortgage availability to laugh at those locked out.
In other news, only last night (or maybe the night before actually, but who's counting) he stated that FTB's were indeed, NOT locked out.
Before that, affordability was the best ever, and FTB's were flooding back to the market. 70% ownership, don't you know.0 -
Hamish: "Hey kids.. you missed the boat"
Kids: "Oh no, was it a cool party boat going on a cruise?"
Hamish: "No it's the money boat, full of house owners celebrating"
Kids: "Ugh. We're going to a festival instead Grandad."0 -
HAMISH_MCTAVISH wrote: »Ironic really, that the very people who wished for a crash, will now have to live with the consequence of that crash being many of them locked out of the market permanently.
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This is all assuming people want to buy. Most younger people I know are not interested in a long term commitment of a mortgage - they like the freedom renting gives them......0
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every time hamish posts it should be met with
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every time hamish posts it should be met with
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I believe it already is.0 -
It's ever so clever, doing those pictures with punctuation.
Anyone know of any more examples?0
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