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Debate House Prices
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grizzly1911 wrote: »Unless they were getting into debt living on the lower amount and then started to repay the debt and actually afford to live.
You'll have to ask Graham. They were a made up person to poo poo my airy fairy ideas that people could save more if they wanted to. I don't know if they were getting into debt on £26k. Probably - it seems inconceivable that anyone could survive on £26k without getting into debt or selling their body.0 -
RenovationMan wrote: »
Graham, shortchanged, grizzlybear and other chums, too 'poor' for pensions.
Yes many of us has work through the period low rank jobs. I also fully accept that people do waste money, probably a good job as they keep the economy going.
Have always had a pension contribution once I started a real job.
I have a perfectly good pension provision and more than enough capital investments with no mortgage.:)
What I do appreciate is that life is not so simple for many."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
grizzly1911 wrote: »I have a perfectly good pension provision and more than enough capital investments with no mortgage.:)
That's what can happen when people choose not to spend 100% of earnings.0 -
This is central to my position on house and other asset prices in the UK over the next few decades: pensioners can't receive the money they have been promised as there isn't enough money to pay them. The result? They will have to sell their assets.
If you take a side long glace at that issue, one might also conclude this could make real estate even more desirable as people will come to frame it as 'the one investment' that really counts in the long run.
What is wrong with downsizing anyway? I see more and more evidence that the current 40 something generation see down sizing as part and parcel of normal planning.
Lots of people I know, self included pushed themselves with a big mortgage in order to benefit from selling a considerable TAX FREE asset at retirment. Pensions are so inflexible and reliant on city spiv fund managment which for many of us is all bound up with the Banking and city shark pool we forver frett about.
What could be simpler than downsizing for tax free cash and having a fair chance of leaving it to the kids (i'e' not on the whim of a pension or annuity contract)?0 -
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but it's such a big risk to trust a finance supplier.
Yes, the reason more and more people trust bricks n mortar is it's more or less simple and there isn't usually any risk of some fund manager or or other spiv taking a great slice of your investment.
I do have stocks n shares ISA's and what not, but honestly I much prefer property. I control it, and I get to leave it to who I want without any additional cost. It feels much more rewarding to manage ones own future.
Go right back to Chaucers tales and you find out people always relied on rental income no matter how hard times get. Shares and investments are so ethereal and willow the wisp like.0 -
What could be simpler than downsizing for tax free cash and having a fair chance of leaving it to the kids (i'e' not on the whim of a pension or annuity contract)?
If large numbers are planning on it, or worse having to downsize, there'll be an increasing number of people selling large houses and looking for smaller houses. In this circumstance I can see the argument that downsizing might not yield the size of lump sum expected.0 -
If large numbers are planning on it, or worse having to downsize, there'll be an increasing number of people selling large houses and looking for smaller houses. In this circumstance I can see the argument that downsizing might not yield the size of lump sum expected.
But it's win win, if prices fall then so does the purchase of the smaller place, although perhaps by comparatively less.
In any event what I think will happen is more and more of us would come to see property as the key retiment asset and thus this demand will prop up prices as each generations seeks to get in on the act.
In any event these mass sell - offs never come to pass. I well recall endless posts on here claiming the landlords would capitulate and have a mass sell - off.
Another angle to consider is that big property can be turned over to other uses, for example letting out some parts of the property, so all round property will grow in investment importance, not diminish.
Best of all you get to enjoy the asset on the way:A, for example maybe building that waterfall in the garden or whatever. You can't to that with an OEIC.0 -
RenovationMan wrote: »I wonder if grizzly had to live like a monk in order to afford to contribute to a pension when he started out.
<--- Grizzly1911 monk
Depends what you mean by living as a monk and how you define their lifestyle. To many it may seem that way. Family and children have always come first before wasting money on trinkets and show.
I have never really been bothered by material things and brand influence.
I have always lived within my means but I have been lucky throughout life so far.
I have also worked with people less fortunate and accept that stuff happens in life. I also appreciate that for many young people they will not be so well off, partly due to increasing "taxation" but also due to a lesser number of stable, longterm, decent pay employment opportunities for many."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
That's what can happen when people choose not to spend 100% of earnings.
Yes I know terrible isn't it."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0
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