BREXIT - Good news for all those youngsters!

martinsurrey

cashbackproblems wrote: »

READ the post I was replying to, his example was someone who was to sell their home with falling prices

For FTB's the falling market we will see will be brilliant

yes, and in terms of this thread their post is correct.

A young person who bought at £100k has not had the 10 years you mentioned to build up equity.

You are correct for middle aged people who bought 10 years ago, not young people or FTB's.

look at what happened to FTB numbers in the last crash...



from 100k to 40k per quarter in 12 months.

chelseablue

Im a homeowner currently with approx. £180,000 equity (if I sold today)


I wouldn't mind a dip in prices, it would make the next move not as expensive


That's if I have a job of course

BucksLady

vincent.waldorf wrote: »

People who voted leave are uneducated in economics and politics...

:rotfl::rotfl::rotfl:

My husband is a GP and voted Leave. His brother went to the LSE and voted Leave. Your generalisation serves no purpose - please broaden your outlook

ToasterScheme

HiToAll wrote: »

If you think that is cleared up then fine. I wont even begin to teach you 5 year olds maths. You voted out I assume.

On the subject of 5 year old maths, there are of lots of 5 year olds that are both educated and members of the country. They didn't vote - presumably they weren't bothered.

NewHomeOwner_2

Good for all the youngsters?

What about the ones who have struggled to save a deposit all by themselves over the last few years and in the last year or two have actually managed to buy with a 10% deposit?

Unlike everyone that has owned a house for years they won't have built up enough equity to withstand 20% falls without going into negative equity.

What about those young people? This scenario decribes about 75% of my friends right now.

thesaint

NewHomeOwner wrote: »

Good for all the youngsters?

What about the ones who have struggled to save a deposit all by themselves over the last few years and in the last year or two have actually managed to buy with a 10% deposit?

Unlike everyone that has owned a house for years they won't have built up enough equity to withstand 20% falls without going into negative equity.

What about those young people? This scenario decribes about 75% of my friends right now.

The "value" of their houses are irrelevant in the case you described.
What is important is their job security and interest rates.

NewHomeOwner_2

thesaint wrote: »

The "value" of their houses are irrelevant in the case you described.
What is important is their job security and interest rates.

How is it irrelevant?

It's very relevant when you're in negative equity and need to remortgage. Or you need to sell and can't because you'll lose 5 years of savings and be left with nothing.

thesaint

NewHomeOwner wrote: »

How is it irrelevant?

It's very relevant when you're in negative equity and need to remortgage. Or you need to sell and can't because you'll lose 5 years of savings and be left with nothing.

As I said, it is irrelevant in the case described.
All the "ifs" you described were not mentioned.

I bought years ago(FTB), and whether my house is worth 50% of what I purchased it for, or 500% of what I bought it for is irrelevant, as I am not selling it, and I can afford the mortgage.

I daresay, most FTB's are like me, but have no figures to back this up.

Cakeguts

studentguy wrote: »

A lot of first time buyers are reliant on 5% mortgages...

Why aren't they any good at saving?

Cakeguts

csgohan4 wrote: »

Bigfrieddiel is clutching at straws to prove his argument for the leave will not condemn the young and now.


Perhaps you are the one out of touch with actually knowing what it entails to buying a house now and not 40 years ago.


I sincerely hope the Brexit won't condemn our children and the younger generation, only time will tell.

One of the the recurring themes that I have noticed is the lack of historical knowledge. The "oldies" who voted leave are being blamed because they have all got houses etc. Many of these houses were bought before the UK joined the EEC and many before the EEC became the EU. What this proves is that actually the UK did better before the EU and so the younger generation can expect to do better out of the EU rather than in it.

This historical evidence points to the fact that the younger generation should actually thank the "oldies" for votes based on knowledge and historical facts.

If thanks to the "oldies" house prices in London go down again then more young people will be able to afford to buy somewhere. I cannot see why people are not celebrating this it is what they say they have wanted for years.