How can people be so greedy?

Idiophreak

Davesnave wrote: »

I don't dispute that for a moment. But your original post was about greed, and I simply don't agree that I'm being greedy by attempting to get the best price I can for my house.

Absolutely not...when I (as a youngster ) talk about "the greed" of previous generations, I'm talking about the BTL monsters, those kinda people. An individual selling their only house *has* to get the right money for it, of course they do. that's how the ladder works.

And I know that everyone will come back and say "BTLers are only trying to *legally* make some money"...and of course, I realise that...but I'm not sure it's a "fair" way to make money. These people have, effectively, got rich due to nothing but fortune. If they'd been born a few years later, things would've been different. To live in a country where when you were born has such a massive bearing on the quality of life afforded to you is extremely gutting for people who're on the downside of it.

The government should regulate, *somehow* to ensure that each generation has similar (or better - that's called growth) options to the one before it...in this case, the availability of houses to buy...And, to be honest, I don't understand why they haven't done this. We know how this government likes to tax stuff...so if they taxed second homes through the roof, pretty much everyone wins - the government collects a fat cheque for doing *absolutely nothing* - and gets some positive stats/PR - the FTB gets many more houses to buy (and lower prices.) as the BTLers jump ship. The only people that really lose out are the BTLers...who might actually have to go out and earn their wealth...

bandraoi

Addy1 wrote: »

If you find academia that easy, then perhaps you should have started a more challenging course? I cannot believe that there is anyone for whom all degrees would require "no effort" in order to gain good grades.

I'm like Badger Lady, I did a four year course. The last year of my course I worked my !!! off, the 3rd year I worked reasonably hard and the first two years I didn't do very much academic work at all, I got through on my knowledge from school which was more than enough to pass as I'd done very well at that level.

Mature students are usually in college for the academic aspect only. They focus on that and therefore study far harder. Younger students often aren't in university solely for the academic aspect. I spent most of the first three years in college heavily involved with a sports club from which I learned a huge amount about people, communication, organisation, taking responsiblity and a hundred other things. Younger students may appear to be wasting time from a mature students perspective, that doesn't mean the mature students are right.

When applying for my graduate jobs talking about that experience was far more valuable in an interview than talking about the academic aspects of the course. I'd passed the exams, they knew I had some knowledge, and lets face it what I didn't know would be in the open book beside me anyway.

A mature student is there looking for a qualification, the other stuff is far more easily demonstrated by previous job history. Younger students need to work on the other side as much if not more.

sunshinejoclaire

neas wrote: »

The FTB has been the one taking the brunt of this 'increase'... and now the parties over...

neas - i'm well aware of that - its only 16 months since I was a FTB myself

mr.broderick

neas wrote: »

The FTB has been the one taking the brunt of this 'increase'... and now the parties over...

Pretty accurate.

I notice on your signature you are saving for a deposit.
When the crash comes make sure you are ready with 50% Deposit cause the banks won't lend you the pen to sign the agreement otherwise. I do hope all the crash wishers who think they are going to be mortgaging a house purchase after the crash realise this.We are all going to need the cash to buy so get saving hard.

neas

mr.broderick wrote: »

Pretty accurate.

I notice on your signature you are saving for a deposit.
When the crash comes make sure you are ready with 50% Deposit cause the banks won't lend you the pen to sign the agreement otherwise. I do hope all the crash wishers who think they are going to be mortgaging a house purchase after the crash realise this.We are all going to need the cash to buy so get saving hard.

I'd aim to get a good 20-30% of our deposit .... Gotta try something .

But yea im notw a crash wisher .. ofc every FTB should be

wibble68_2

mr.broderick wrote: »

When the crash comes make sure you are ready with 50% Deposit cause the banks won't lend you the pen to sign the agreement otherwise.

This is a good point Mr B.

Yes affordability is stretched, but there needs to be a catalyst for a crash such as higher rates or restricted credit which we are starting to see now.

So if we start seeing 20% falls in prices then FTB's may not be much better off unless they are holding big deposits which are invested wisely to capitalize on any housing market downturn.

As for the "Renting is dead money" people, this is only true in a) a rising market, b) if the renter has no deposit and c) if one decides to rent long term

Its not as simple as saying "Renting is dead money", everybody is in a different situation.

mr.broderick

wibble68 wrote: »

This is a good point Mr B.

Yes affordability is stretched, but there needs to be a catalyst for a crash such as higher rates or restricted credit which we are starting to see now.

So if we start seeing 20% falls in prices then FTB's may not be much better off unless they are holding big deposits which are invested wisely to capitalize on any housing market downturn.

As for the "Renting is dead money" people, this is only true in a) a rising market, b) if the renter has no deposit and c) if one decides to rent long term

Its not as simple as saying "Renting is dead money", everybody is in a different situation.

Fair play ..

Addy1

As far as I understand it, renting is also dead money if rents are higher than mortgage payments, which they are round here.

wibble68_2

Addy1 wrote: »

As far as I understand it, renting is also dead money if rents are higher than mortgage payments, which they are round here.

Correct. Another one to add to the list.

In my area renting is 20% - 30% cheaper than buying.

So we also have regional differences in the "Renting is dead money" saga

carolt

Still, if there is a crash, FTB's will be in a far, far better position to buy - deposit or not - than those who bought at the peak of the market and are now stuck in negative equity for years. At least FTB's only need to save a deposit, not dig themselves out of a financial black hole too....

And of course, if this scenario does come to pass, to save even 40% of a house that had crashed in price would be much easier to save than say 15% of a far more expensive house.

And it would be paid off farrrrrr more quickly.

(By the way, in previous crashes, eg early 90's, I don't recall 50% deposits being required, do you? Even banks have to make money somehow, and if they are only taking money in on deposit and not lending it out again and getting the interest, they're not going to do very well, are they? So I think 20% deposits are possible, but 50% unlikely.)