"Housing Market Slumps"

economic

ukcarper wrote: »

I can see why he hasn't paid it off can't you?

yes because he is wasting his time on here complaining how the housing market is unfair.

the virgin cc must be high interest and should be paid off asap. only poor people have unsecured debt.

ukcarper

economic wrote: »

yes because he is wasting his time on here complaining how the housing market is unfair.

the virgin cc must be high interest and should be paid off asap. only poor people have unsecured debt.

Virgin do 0% credit cards

GreatApe

Windofchange wrote: »

And there we have it. Ownership is falling everywhere. Either people have decided they don't want to own, or they can't afford to own. If it is the latter then do we not have a bit of an issue in terms of sustaining this into the future without a significant correction?

What makes more sense.

That the cheapest town in the cheapest region in the UK is far too expensive and is due a significant 'correction'

Or that ownership levels are moved by factors more than simple price?

Windofchange

economic wrote: »

i noticed that since you first posted on this thread, your balance on your virgin CC and student loan hasnt come down. should you be getting a move on in reducing this rather then wasting time coming up ways to fit your confirmation bias?

JoeSkeppi is that you!?

Your problem is that you don't notice - my student loan has had 63% wiped off it since the start of this thread. Out of rational argument you resort yet again to insults. I could pay my Virgin CC off tomorrow in full but it is on 0% for another 22 months and there are other things to spend my money on. Going to get the loft conversion done in a few months time.

GreatApe

ukcarper wrote: »

Why do you think levels of ownership are falling, people just don't want to buy?

Multiple reasons but I think the four big reasons are

1 many more EU migrants and non EU migrants over the last 10-15 years and few of these migrants can come into the UK on day one and buy a house. They rent. How much of the increase in renting can be attributed to the 3-4million additional migrants?

2. Removal of self cert mortgages meaning that the grey and black market were kicked out of owning. This wasn't an overnight thing it was a gradual change as the previous grey/black market owners die off or sell up and the new ones are unable to buy

3. Demographic changes both in people starting work later in life and getting married later to not partnering up at all.

4. Job market has changed fewer and fewer jobs for life meaning people need or want to move. I could have bought at any age from 21 onwards but since I moved around half a dozen times in my 20s I never did buy then. Actually I did buy in my late 20s but it was an outright purchase that was put up for rent while I was working in distant regions but most people wouldn't have the finances or risk apatite to do that.


These ideas seem to fit reality.
The idea that higher prices = lower ownership doesn't fit reality because we can point to towns that have seen prices fall and ownership has fallen irrespective of that. Eg Middlesborough

GreatApe

Windofchange wrote: »

Going to get the loft conversion done in a few months time.

This is another reason house prices are higher than yesteryear we are not comparing like with like.

Some homes have literally doubled in size due to extensions. Some in the more expensive areas have had massive basements added and work done to the tune of over £1million. Many homes have also been upgraded considerably

Windofchange

GreatApe wrote: »

This is another reason house prices are higher than yesteryear we are not comparing like with like.

Some homes have literally doubled in size due to extensions. Some in the more expensive areas have had massive basements added and work done to the tune of over £1million. Many homes have also been upgraded considerably

Yup because not even the rich in London can afford to move up the ladder. We'd rather a house than a loft conversion but unfortunately that means getting out of London which the other half won't entertain. So, I'm stuck.

economic

Windofchange wrote: »

Yup because not even the rich in London can afford to move up the ladder. We'd rather a house than a loft conversion but unfortunately that means getting out of London which the other half won't entertain. So, I'm stuck.

Or more like let's be practical and smart about this, we need to upsize and moving will cost more so even though we can afford let's just extend our current house to save some money.

Windofchange

economic wrote: »

Or more like let's be practical and smart about this, we need to upsize and moving will cost more so even though we can afford let's just extend our current house to save some money.

Said a few millionaires. There is about a 700k difference between a flat and a house on our street. It most certainly isn't a discussion around well we could afford that but let's do a loft conversion instead.

thor

economic wrote: »

seriously people, can you not understand house prices are set by supply and demand? what do you think its set by? artificially elevated to make the rich richer? give me a break seriously. i really can not believe how dumb people are.

Sure house prices are set by supply and demand but not solely. Don't you think that all time record low mortgages might not have a bit to do with it? Not every property is bought by cash and there are quite a few people out there who would never be able to afford buying if rates were closer to 7 or 8%. Prices has increased on the back of cheap money.