Forget buying houses it's house DEPOSITS now

[Hancock]

4 hours ago, TheNickos said:

Until I see MIRAS appear then I wouldn’t worry about any collapse. That’s the ace in the hole, still to use.

Its us priced out who don't worry about a collapse, or the govt bringing in MIRAS.

[Don Coglione]

There are still plenty more schemes that the Government can bring in to prop up house prices. 

I found out recently that, in Australia, not only is it possible to access (from memory) 25% of your pension pot to put down as a deposit on a primary residence, but you can also spunk up to 100% of your self-managed superannuation (ie SIPP) on a residential property, as a BTL. I have a relative who has done just this. Her reasoning? Shares have gone up a lot recently (fair enough) and property in the main cities is so unaffordable (true) that she felt the best course of action was to go for a property in a slightly less mental area, out of state (WTF?).

I am incredulous, mainly because I have a horrible feeling that she has made the right choice. Remember also that Australian state governments gift deposit contributions to first-home buyers - these are not subsidised loans, they are "grants" (and fairly easily gamed).

Any, or all, of these schemes could make their way to the UK. There are plenty of other ideas that could come out of the woodwork too. 

As I have posted before, the cognitive dissonance of the hpc retards was, and continues to be, something to behold - they scweam and scweam that the UK property market IS the economy, then seemed stunned when the Government does everything in its (almost limitless) power to prop up that market. 

Well, der.

Collateral damage is immaterial and will be someone else's problem, one day.

[Green Devil]

On 30/09/2021 at 16:04, HousePriceMania said:

If the drawdown period is ending soon then we should expect to see savings rates moving up down and mortgage rates to.

Now, if the BoE has to raise  lower interest rates at the same time, then the housing market is facing the perfect storm of  chance to move higher.

1) Rising mortgage rates

2) Rising interest rates

3) Price inflation

4) Tax rises

5) End of Term Funding/Sub prime lending

6) Recession

7) Extreme prices

8) Surge in supply

9) Return to offices

10) Chinese investor in trouble

 

FTFY. What will happen and what wont happen. This aint HPC, if youre expecting a HPC head over there, some real financial geniuses over there 

Im afraid all can occur without any rising of rates 

[Don Coglione]

1 hour ago, Green Devil said:

FTFY. What will happen and what wont happen. This aint HPC, if youre expecting a HPC head over there, some real financial geniuses over there 

Im afraid all can occur without any rising of rates 

He IS hpc!

[Bobthebuilder]

48 minutes ago, Don Coglione said:

He IS hpc!

Does it matter? Everyone is entitled to their opinion.

I posted for years on hpc and a certain poster with a bath avatar was partly responsible for me being banned when I bought a cheapish house in 2012 but, I don't hold grudges, lifes too short.

I do however think we are ripe for falls in the UK property market going forward from here, never seen anything so mental as it is right now. Mind you, I was saying that in 2005.

[Wight Flight]

I think that anyone that currently owns a house can easily end up owning several.

Those that don't will probably never own a house.

It is just how it is. The music has stopped, and the division has happened.

[The Grey Man]

2 minutes ago, Wight Flight said:

I think that anyone that currently owns a house can easily end up owning several.

Those that don't will probably never own a house.

It is just how it is. The music has stopped, and the division has happened.

The years on TOS.

I think your right.

Those with family cash are going for it. 

Still. When the STHF...if it does...more financial eggs in just  the one basket.

Arguably an easy target for a government to pick the riches.

Many middle incomers are going to hit the IHT threshold for tax in the coming future due to properdie I guess.

[HousePriceMania]

On 01/10/2021 at 19:33, Bobthebuilder said:

Does it matter? Everyone is entitled to their opinion.

I posted for years on hpc and a certain poster with a bath avatar was partly responsible for me being banned when I bought a cheapish house in 2012 but, I don't hold grudges, lifes too short.

I do however think we are ripe for falls in the UK property market going forward from here, never seen anything so mental as it is right now. Mind you, I was saying that in 2005.

I see the stalker didn't stop stalking after, what a moron.

[MrXxxx]

On 30/09/2021 at 17:39, spunko said:

The bubble pop must surely be written in now. I'm seeing 3 bedroom cottages going SSTC round here for over a million quid. There's completely unsustainable and then there's that...

At £100 per night hotel room that`s ~27.5 years....and no Council Tax, maintenance, or insurance...or put another way, 20/40 years of your working life at £50k/£25k per annum before tax....who in their right mind thinks that is value for money?

[CVG]

30 minutes ago, MrXxxx said:

At £100 per night hotel room that`s ~27.5 years....and no Council Tax, maintenance, or insurance...or put another way, 20/40 years of your working life at £50k/£25k per annum before tax....who in their right mind thinks that is value for money?

My guess is that these are largely marginal transactions. Perhaps someone who just sold a dingy 3 bed terrace in London for 1.25M WILL see that as value for money. But it doesn't reflect the real value for the average buyer. That will only be revealed as transaction volume increases.

[spygirl]

https://www.dailymail.co.uk/money/mortgageshome/article-9988869/Boost-time-buyer-house-deposit-without-Bank-Mum-Dad.html

The latest scheme, Ahauz, launched recently. It offers first-time buyers an equity loan of up to 25 per cent of their property's value, which they can combine with their existing deposit to get a better mortgage deal and cheaper monthly repayments - as well as potentially helping them to meet their bank's criteria around maximum borrowing based on salary.

Interest on the loan is charged at a fairly hefty 6.99 per cent, however.

That wont work FFS.

it would have to be a charge on the house ,.which the mortgage bank wont allow.

The extra debt and IR cost will be removed from the free cash.

Mental.

 

[TNS]

On 01/10/2021 at 19:33, Bobthebuilder said:

Does it matter? Everyone is entitled to their opinion.

I posted for years on hpc and a certain poster with a bath avatar was partly responsible for me being banned when I bought a cheapish house in 2012 but, I don't hold grudges, lifes too short.

I do however think we are ripe for falls in the UK property market going forward from here, never seen anything so mental as it is right now. Mind you, I was saying that in 2005.

I think a few were, TheCountOfNowhere, otherwise known as HousePriceMania .

[Hancock]

38 minutes ago, TheNickos said:

I think a few were, TheCountOfNowhere, otherwise known as HousePriceMania .

No ones been on HPC for years, time to move on and pick new fights on here (in relation to what others you disagree with say)!

Give HPM some due, he spends time on twitter getting the message of the insanity of house price inflation out there.

[goldbug9999]

Hilariously I wouldnt be able to afford (*) the house I bought a year ago, let alone a decade ago. If someone dares to say "arnt you pleased youve made all that money" I'll say ... yeah I'm fuckin delighted that when I move to a bigger/better one at some point its going to cost 2 or 3 times the "profit" I made extra to move up.

 

(*) - bearing in mind I'm a HPC tight wad at least on big ticket items so my limit was a grand a month mortgage payment.

[Bobthebuilder]

1 minute ago, goldbug9999 said:

Hilariously I wouldnt be able to afford the house I bought a year ago, let alone a decade ago. If someone dares to say "arnt you pleased youve made all that money" I'll say ... yeah I'm fuckin delighted that when I move to a bigger/better one at some point its going to cost 2 or 3 times the "profit" I made extra to move up.

Exactly. Was talking about this to a family member who lives in an area that has seen massive rises over the last 18 months. They have realized they can no longer afford to get the bigger forever house they have dreamed about, more likely they will be in the current house until they die now. I did point out that as a desirable relatively unknown rural area, that it may well go a lot higher yet.

[goldbug9999]

On 30/09/2021 at 17:39, spunko said:

The bubble pop must surely be written in now. I'm seeing 3 bedroom cottages going SSTC round here for over a million quid. There's completely unsustainable and then there's that...

In my south of england town a 3 bed terrace in the shittiest area is now north of 200k and this is a town with basically zero prestige/desirability premium basically near the bottom of the league table. And when I say shit area I mean living among multigenerational inbred doyleys. I mean you can walk down a street and see clean well kept house with a newly paved drive with an x5 on the drive and either side of it are doleys houses with old sofas on the front lawn. 

[spunko]

43 minutes ago, goldbug9999 said:

In my south of england town a 3 bed terrace in the shittiest area is now north of 200k and this is a town with basically zero prestige/desirability premium basically near the bottom of the league table. And when I say shit area I mean living among multigenerational inbred doyleys. I mean you can walk down a street and see clean well kept house with a newly paved drive with an x5 on the drive and either side of it are doleys houses with old sofas on the front lawn. 

Sounds like.... Hastings!

[Boon]

I'm gonna go for Dover

[RJT1979]

3 hours ago, spunko said:

Sounds like.... Hastings!

It could be any town in the south outside london

[Hancock]

5 hours ago, goldbug9999 said:

In my south of england town a 3 bed terrace in the shittiest area is now north of 200k and this is a town with basically zero prestige/desirability premium basically near the bottom of the league table. And when I say shit area I mean living among multigenerational inbred doyleys. I mean you can walk down a street and see clean well kept house with a newly paved drive with an x5 on the drive and either side of it are doleys houses with old sofas on the front lawn. 

Pompey? Soton is 250k+

[Bobthebuilder]

1 hour ago, Hancock said:

Pompey? Soton is 250k+

I stayed in Pompey, late 90s for a week or two. Biggest portion of chips I've ever seen at the chippy to keep the local lads happy.

[Hancock]

13 minutes ago, Bobthebuilder said:

I stayed in Pompey, late 90s for a week or two. Biggest portion of chips I've ever seen at the chippy to keep the local lads happy.

It it renowned those nice Pompey sailor boys are never happy unless they get a large portion.

 

[King Penda]

On 01/10/2021 at 23:14, Wight Flight said:

I think that anyone that currently owns a house can easily end up owning several.

Those that don't will probably never own a house.

It is just how it is. The music has stopped, and the division has happened.

In theory you might be correct I’m on benifits I’m going no further than this because it’s computer driven I could apply and have the cash in my bank

before I stop drinking tonight .a rather daft way of proving my point basicly.but could I get a morgage not working for 40k er no lol.could I take this loan and put it towards buying another house er no . However if I was a cad you could actually say home improvement and not be lying for a start how would they even know or find out what you had spent it on ? My target was 140k  my house 70/75 cash pension 28 loose change and fridge stash and bank just shy of 12k loan for 25k house improvement lol nealy there  just need to figure out how to legally cash my pension without stoping my benifits and I can go house shoping  without a mortgage em 

[Wight Flight]

6 hours ago, King Penda said:

In theory you might be correct I’m on benifits I’m going no further than this because it’s computer driven I could apply and have the cash in my bank

before I stop drinking tonight .a rather daft way of proving my point basicly.but could I get a morgage not working for 40k er no lol.could I take this loan and put it towards buying another house er no . However if I was a cad you could actually say home improvement and not be lying for a start how would they even know or find out what you had spent it on ? My target was 140k  my house 70/75 cash pension 28 loose change and fridge stash and bank just shy of 12k loan for 25k house improvement lol nealy there  just need to figure out how to legally cash my pension without stoping my benifits and I can go house shoping  without a mortgage em 

That's because you are a homeowner. Try it again but tick the tenant box and see what rate you get.

[King Penda]

1 hour ago, Wight Flight said:

That's because you are a homeowner. Try it again but tick the tenant box and see what rate you get.

I’m sober now there is no tennent box that I can remember obviesly the interest rate has shot up once I go over 15k .however there is a rule that you can’t put any cash you borrow towards buying a house.there will be people on here that are tenants that could get a bank loan that would dwarf what I could borrow  to buy a house outright if it were legal .never minds morgage.my point is you are correct to an extent it depends entirely where in the country you live ie local house prices . Another mute point is the fact I should not be able to borrow  such a sum in the first place I should be limited by law to a credit union or similar it’s how people get into serious debt.ie mum with 14p type problems