MSE News: House prices rising faster, Halifax says

Tancred

harrys_dad wrote: »

I speak as a house owner with no mortgage, so stand to gain by the price of my main asset increasing (or at least my children will when I die, which may not be long given what this is doing to my blood pressure). Unlike some, I still have a concern for others, including my grandchildren, who are facing a future of significant housing uncertainty.

Total respect from me. :T

Sadly, few people seem to be like you.

WellKnownSid

Tancred wrote: »

Sadly, few people seem to be like you.

Actually, I think you're wrong there - it is a worry for any of us with children.

The fact is that our main asset increasing in price will offer zero benefit to our children. Modern healthcare means they might be close to or at retirement themselves by the time we both finally pop our clogs. Grandchildren on the other hand may benefit more.

Which is why we've started to buy into property that our children can either live in themselves when they are old enough or sell up to raise a deposit for something else.

Some might call it reckless speculation, but I'd put money on a house fairly reliably tracking the house price index fairly closely over the next couple of years

ruggedtoast

It is sad to see certain individuals celebrating these house price rises. Rises that serve to do nothing other than corrode further what remains of any equality and fairness our society has.

Rises that are crippling the young with debt and developing yet another looming storm cloud of risk over our dysfunctional and egregious banking system.

The fact that these individuals' circular arguments, based on the baffling assertion that the secret to prosperity is to issue ever larger mortgages in perpetuity, have been so comprehensively debunked time and again on numerous parts of the internet; but they still will not change their tune is particularly mystifying.

This is nothing more than a rigged market which is holding a segment of the population to ransom for the benefit of financiers and the friend's of multiple property owning MPs. It is a scandal and identifying it as anything but such is despicable.

mystic_trev

According to Jonathan Davis, spokesman and VI (Village idiot) of https://www.housepricecrash.co.uk Here's article he wrote in mid 2008.

"It's a great time to sell, but there's no one buying. Buy-to-let is effectively dead so no one is buying at the bottom of the chains and they are falling apart.

"I think prices will fall by about ten per cent this year, and around 35 per cent over the next four or five years, but the timing depends on which part of the country you live in."We should be looking at prices falling until 2010 in London and the South East and up to 2012 or 2013 around the country.

"If you're trading up it's a terrible time, but it's a brilliant time to rent because there's a massive glut of properties available and owners continue to offer great deals."

HAMISH_MCTAVISH

mystic_trev wrote: »

According to Jonathan Davis, spokesman and VI (Village idiot) of

:rotfl:

His crash predictions were about as bonkers as Brit1234's....

Actually wait a minute, maybe JD and Brit are actually the same person?:eek:

WellKnownSid

ruggedtoast wrote: »

Rises that serve to do nothing other than corrode further what remains of any equality and fairness our society has.

Equality is not the same as fairness. We are not all equal, but society can be fair. For example, if you can't afford a roof over your head - then unlike a lot of societies, this one will pay for one.

ruggedtoast wrote: »

Rises that are crippling the young with debt and developing yet another looming storm cloud of risk over our dysfunctional and egregious banking system.

The young have a choice as to whether to buy or rent.

There is nothing wrong with renting - we did for the best part of 10 years whilst building our business, having kids, etc. There is no automatic right to owning property, my parents didn't!

ruggedtoast wrote: »

This is nothing more than a rigged market which is holding a segment of the population to ransom for the benefit of financiers and the friend's of multiple property owning MPs. It is a scandal and identifying it as anything but such is despicable.

The wider economic benefits of a functioning housing market are well documented, and go beyond bank CEOs and MPs.

gazter

Brummygold wrote: »

As a potential first time buyer and a member of a site where its members like to save money i do not see this as good news. Rising house prices do not benefit joe public. This is good news if you are a banker, property investor, and the like.

What an absurd thing to say 'rising house prices do not benefit joe public'.

They dont benefit everyone, for those getting on the market it is made more difficult but for people on it benefits them enormously.

I bought a house in 2004 for £62,000. I sold it a month ago for £104,000, I used the equity in that to help buy a £245,000 house.

If that house doubles in value over the next 25 years (not out of trend). I will have an asset that is paid off and worth twice what I paid for it.

For a great many people their house is the only single asset they have. Of course it benefits them for their house to increase in value.

The argument that it isnt really a value because you have to pay more for all the other properties, is well, also not entirely true. You can get off the ladder anytime you want and release that value.

gazter

harrys_dad wrote: »

You have to be kidding, especially about the "supply response". Developers (most of whom contribute to Conservative Party funds)

Do we all remember how they gave money to labour when they were in power?
Or, what about that property developer who gave over £600,000 to Labour but hid the money so it came in through as series of £1,000 donations from his employees, who knew nothing about it.

thelawnet

gazter wrote: »

What an absurd thing to say 'rising house prices do not benefit joe public'.

They dont benefit everyone, for those getting on the market it is made more difficult but for people on it benefits them enormously.

I bought a house in 2004 for £62,000. I sold it a month ago for £104,000, I used the equity in that to help buy a £245,000 house.

If that house doubles in value over the next 25 years (not out of trend). I will have an asset that is paid off and worth twice what I paid for it.

So where will you live when you sell it for twice that you paid for it? Wouldn't you have been better off buying the £245,000 house for say £125,000?

harpoboy

Message for brit1234 - might be a good time to update your signature, as you are really starting to look silly now