How can people be so greedy?

Stevie1

neas wrote: »

So its my responsibility to pay 2x the amount for a house my parents did because of their generations greed in 'investing' ?.

1. I think you have a basic lack of understanding why and what happened to the housing market in the last 15 years and the 15 years prior to that.

2. You went to Uni. (as did I) to better yourself, other people invested their hard earned cash in property amongst other investments, to better themselves and their life prospects. Yet you resent them for doing what you did!

Davesnave

Im sure everyone knows at least someone who owns more than 1 house and rents the other(s) out to lesser beings like myself

Well if they didn't you'd really be in the [EMAIL="s*@t"]s*@t[/EMAIL], wouldn't you?

But, seriously, what is wrong with someone becoming a landlord if they have the money to buy a property, as opposed to taking out a huge mortgage to purchase the property & then use the leverage of increasing house prices to rack up their 'investment?' I think we need a distinction here.

Also, where would I go on holiday if there were no cottages to rent?

People are not lesser beings because they rent. Some of them choose to. Faced with the current situation, I might join them.

Badger_Lady

MrsE wrote: »

You seem to have no empathy with the cost of education & how difficult it is to get on the property ladder for young people today.

I have no sympathy for them and I'm one of them

Benefits_Blagger

Stevie1 wrote: »

1. I think you have a basic lack of understanding why and what happened to the housing market in the last 15 years and the 15 years prior to that.

2. You went to Uni. (as did I) to better yourself, other people invested their hard earned cash in property amongst other investments, to better themselves and their life prospects. Yet you resent them for doing what you did!

one of the problems is that these so-called investors, i.e. BTL brigade have lied and defrauded there way to their large property portfolios while driving the market up at the same time.

common examples are lying about income or getting BTL property on ordinary residential mortgages. most of the people I know who have more than one property have done this.

how many more people do we have to hear about getting kicked out of their rental property because their scummy BTL landlord shouldnt have been renting out the property.

these are the same people who slag me off for living off benefits, because i get an income for doing no work. this is no different to them, at least i havnt lied, cheated or broken the law when filling out forms to achieve my "income"

MrsE_2

Badger_Lady wrote: »

I have no sympathy for them and I'm one of them

Empathy wasn't a typo

It means to understand their troubles.

Rick62

The problem with property is that the price has been artificially increased by planning restrictions, together with letting in unlimited imigrants without planning for the required amenities.

The boom has been further stimulated by the easy availability of borrowing including for BTL property. However the tightening of credit together with the changing investment returns pretty much guarantees that prices will now come down over the next 2 to 3 years, probably by about 20% to 30%.

neas

Davesnave wrote: »

But, seriously, what is wrong with someone becoming a landlord if they have the money to buy a property, as opposed to taking out a huge mortgage to purchase the property & then use the leverage of increasing house prices to rack up their 'investment?' I think we need a distinction here.

Valid Point.. People who take huge mortgages when property will always increase... were taking a small risk of it backfiring.. if this house price crash occured would these people not be screwed with all these rented accomodations? because their house would be worth less than what they paid a mortgage for it?

ixwood

Blagger, it can;t be much of a life you have? What a depressing lack of ambition or well.. anything.

Are you really happy with your life and future?

Badger_Lady

MrsE wrote: »

Empathy wasn't a typo

It means to understand their troubles.

Yes, I know MrsE - I was just trying to emphasise the argument against sympathising with the OP... I know you were talking about empathy, which is quite a different thing - my post wasn't correcting yours, it was a reply.

neas

You guys have a good point tho... This situation doubly screws me over (potentially).

1. I cant get on house price cause of overinflated prices
2. If a crash occurs and my landlord is forced to reposses where do i stand when the house im renting is taken back!!?

This sucks , now im worrying alot.