Stealing from your children

Gorgeous_George

We live in a Capitalist society. Moreso since the General Election.

Winners in this society will grab what they can. Be it shares, houses, gold, top jobs or MSE accounts. The children of winners will have a head start in life. They'll know that winning means grabbing as much as possible.

I've never grabbed most of the riches available. I like to holiday and to spend/waste my money. The one concession is a modest BTL that nobody else wanted. I worked hard to make it nice and benefit from the income that it generates. My tenant benefits by having me as her Landlord. I don't charge top rent nor do I chase every late payment. I give cash and chocolates at Christmas.

If giving up my BTL meant MY kids could buy a home, I'd do it. However, my kids don't want to live in mt BTL area and its sale wouldn't provide enough for even a deposit. Even if it did, they couldn't afford a mortgage because, where they live, jobs pay peanuts and houses are too expensive. Ah the joys of the South coast.

Giving up my BTL would mean my tenant would be homeless because, guess what, she prefers to rent.

The answer is simple. Build more houses on green belt land or reduce the number of families wanting homes.

GG

Really2

Yakubu22 wrote: »

Yep it seems you did well. And I applaud your manouvering in those circumstances. :beer:

Luck and circumstance take most of the credit. But thanks.:beer:

Emy1501

Blacklight wrote: »

It's just those still wearing their tin foil hats who think the next leg down is just around the corner and refuse to admit they got it wrong who won't buy. Although more are starting to swallow their pride and just getting on with it now.

Truth is the average person on the average wage can afford an average one or two bed flat.

The average couple on the average wage can afford the average house. In fact, well in excess of the average house.

Even using the golden 3.5x multiplier.

Things simply aren't overpriced like some stubbornly believe, there is no conspiracy and prices aren't about to dramatically plunge, plummet, tumble or crash.

The fact that there are so many on here trying to justify their position whether bull or bear shows that many on both sides are worried about their position. The worlds on an economic knife edge and could go either way over the next year.

Its not about property being overpriced its more about whether homeowner have unaffordable debt and what effect this will have around the world over the next few years.

Anyone who wants to tell us that there is no chance of a crash or no chance chance of prices rising are just trying to convince themselves of what they want to believe.

IveSeenTheLight

FATBALLZ wrote: »

Perhaps because you didn't consider that it's possible to lower your expectations, increase your affordability and express dismay with the excessive cost of housing concurrently.

I believe that was my option d) obviously without the need to [STRIKE]whine [/STRIKE] express dismay about the cost.

If you've bought, youv'e made a decision and should be looking forward to your next step in life

Gorgeous_George

When I bought my first home in 1985 it was the most expensive that it had ever sold for. My mortgage interest rate rose to 16.5% and interest only payments were 50% of my pay (I had an endowment policy).

Did I know it would increase in value? No.

What I did know was that it would set me on the way to home-ownership.

The difference is that this house cost me just over twice my salary. Today, that same house is probably EIGHT times my son's salary and FIVE times the salary that someone in my 1985 job would be earning. Interestingly, as a percentage of my income today's mortgage would be cheaper.

I didn't know what the rent would have been - there weren't any rental properties available IIRC - I didn't look.

GG