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Really depressed by the news about Help to Buy...
Comments
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I would personally not want to buy now, this silly help to buy is already stoking asking prices to bubble levels. Its not going to last forever and when it goes what will happen?
If it works and stimulates builders to build more, then supply will rise and prices will drop.
Eventually it will be withdrawn and prices will drop.
The last time a tory government started handing out subsidised houses to the plebs things did not end well.0 -
HAMISH_MCTAVISH wrote: »Clearly you do.
That is the entire point of HTB.
It restores functionality to a dysfunctional mortgage market.
It enables more people to buy, and in the medium to long term, this ensures more houses get built.
No sorry you're wrong the second phase is aimed at existing properties so there is literally no reason that more housing should be built. Also government interference in the market which is not dysfunctional at all (the banks on their own have decided houses are too expensive hence large deposits required to offset their risk) seriously risks making the market dangerously dysfunctional. In case you are und the illusion that high house prices all they do is make us uncompetitive internationally because we are expensive to employ. All help to buy is is a cheap vote gathering scheme from the government which will end badly. By the way before you think I'm an HPCer I own a house so benefit from rises but I can see clearly the damage they cause.0 -
I dont feel like I really benefit from HPI. We were lucky with our property as it was the top of our budget but a good deal for the area, then one of the neighbours sold their identical one a year later for 10% more than we paid. Now another neighbour has an asking price at 20%. They wont get that but they'll get but the way the market is they'll get something inbetween.
Yahoo, great I've made a fortune? Not really. I would like to upgrade to a larger house, but my own house is now worth 15% more than the top of my budget as a new buyer. The house I would like to move into is now completely out of reach unless I access some stupid government scheme to load myself with an even larger immensity of debt.
The only way this will benefit me is if we cash in and go and live in a horrible neighbourhood, a much smaller place, or leave the country.
Which is the point. As ever the government targets the multiple property owners or affluent retirees. They have nothing for the normal person struggling to get by other than the chance to 'buy in' to a broken corrupt system by taking on debt no private lender would ever give them
All younger people want is a level playing field. The chance to accumulate some wealth from their pay check each month and not have to give 70% of it to a landlord or a bank for the privilege of not being homeless. But thats the one thing that successive British governments will never allow to happen.0 -
HTB comparison leaflet;-
http://yournews-legalandgeneral.com/pv_obj_cache/pv_obj_id_BB320F8298FC1120B8826B44DE0AD12E294C0800/filename/Help%20to%20Buy%20Definition%20Budget%202013.pdfI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
HAMISH_MCTAVISH wrote: »Eh?
Houses are cheap....
yeah if you're a professional footballer or lottery winner! otherwise they're massively overpriced0 -
yeah if you're a professional footballer or lottery winner! otherwise they're massively overpriced
That is not really true. If houses were too expensive for ordinary people to buy then no one would buy them and there would be a reduction in price. The market actually increased for over a decade and didn't collapse even over a credit crunch.
Price increases in the long term = affordabilityThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
That is not really true. If houses were too expensive for ordinary people to buy then no one would buy them and there would be a reduction in price. The market actually increased for over a decade and didn't collapse even over a credit crunch.
Price increases in the long term = affordability
I wasn't saying they aren't affordable, just that they aren't cheap unless you're minted.0 -
I wasn't saying they aren't affordable, just that they aren't cheap unless you're minted.
Apologies, misunderstood your postThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
I wasn't saying they aren't affordable, just that they aren't cheap unless you're minted.
The percentage of income required to buy a house has rarely been lower.
Therefore, houses are cheap by historical standards.“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”0
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