Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.
CloudCuckooLand wrote: »
Vested interests, who want to sell more of something, are not any better than think tanks at representing "reality". No doubt some people would be happier if 95%/100% were mortgages selling in large volumes again...
To be honest, the mortgage advisor responses here sound very much like Tony Blair, after a couple of years of criticism over Iraq..."look, its time to move on"...as though if you ignored it, the problem might just disappear of its own accord.
Except that the recovery is not secure. The cuts could result in double-dip. Even if not nationally, there are very distinct regional effects.
We have already had one period of head in the sand, when Labour failed to stop spending quickly enough, and just added to the problems that are now having to be unravelled. If we put our heads back in the sand, we risk going the way of Greece and Ireland.
Energy costs, petrol etc are all denting disposable incomes. This is not just about the 90% in employment - although a few hundred thousand public sector workers have genuine cause for concern. As for "low interest rates", FTBs paying 6%+ when the Base is 0.5%, is not low.
To paint a "one size fits all" picture of the economy and its effects on house prices is naive, agreed - in both directions. The responses here are just as blanket as the article.
The "I'm alright jack, so the rest of the street/town/county/country must be too" brigade, might just need to open their eyes a little bit.
Wh05apk wrote: »
Talking things down does absolutely no good to anyone, we simply need to be realistic.
adwat wrote: »
Talking the housing market down would do all first time buyers a lot of good in that they would be able to get a roof over their head.
Houses are twice what they were when New Labour came to power.
It now takes x6 average salary to buy an average priced house compared with x3 average salary back in '97.
The market is at the top of a massive bubble which you should be fully aware of if you are a mortgage advisor.
Not only do first time buyers have to pay double for their housing, they also have to work longer until they retire and have to pay more for a smaller pension when compared to their parents.
You sir are the one who needs to get realistic about things.
rickbonar wrote: »
It's about time they put the interest rates up!
The house prices are way overpriced but vendors are simply holding their prices and many are trying to rent out with "to let" signs emerging everywhere. With the propossed housing benefit cuts looming later this year and a glut of such rental properties will set rents and house prices down to a more realistic and affordable level.
How to make yours spendable again
Lower your band & save £1,000s
Including year's 2for1 movies for £1