Rent now buy later
- Thread starter Badgers
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FabricLiveBaby!
Live Baby Fabric!
... I'd also be inerested to know where they got their data.
It's not either of the big mortgage lenders.
It's not either of the big mortgage lenders.
EastEnder
Brixton Barnacle
I have no idea whether that's genuinely more credible than any other metric.
Seems to a case of getting a different answer depending on who you ask...
TBH, I'm a little dubious of putting too much faith in any of the bank/BS reports - I'm not saying they're wrong, just that banks do have somewhat of a vested interest in these matters, and how many times have you trusted the word of a bank before.....?
FabricLiveBaby!
Live Baby Fabric!
ah so completed sales.
They must be primarily the Land registry. How long does it take for a sale to complete? And how long does it take for the land registry to update their stats, and then to transfer these to the DCLG.
Sounds a bit laggy to me -at least 3 months behind i reckon.
Do the DCLG use seasonal adjstment also? Can't be beothered to trawl through their website. Too complicated!
They must be primarily the Land registry. How long does it take for a sale to complete? And how long does it take for the land registry to update their stats, and then to transfer these to the DCLG.
Sounds a bit laggy to me -at least 3 months behind i reckon.
Do the DCLG use seasonal adjstment also? Can't be beothered to trawl through their website. Too complicated!
This is right but......
If you think about property as a home and not an investment then who cares? Maybe I am boring but I would like to find a home I loved in a place I love (if this exists) and never sell it. If it went down in value I would not care and if it went up in value I would not care.
Kanda
Diving wanker
Not when I had one you didn't.
EastEnder
Brixton Barnacle
You are boring, and so am I.
If I could find somewhere nice (cosy little 2 bed, somewhere people don't get shot too often, close to a pub, that sort of thing) that I could afford without bankrupting myself, then I'd be more than happy to buy it, live there indefinitely and not care a bugger about rising/falling property prices.
Just living somewhere where I know I can't be turfed out at a couple of weeks notice on the whim of someone I've never even met, would be a huge step up in the world for me...
Unless your fortunate enough to be financially independednt then its always going to affect you whether you like it or not, you'd very soon care if you were in negative equity and then were made redundant for example.
littlebabyjesus
one of Maxwell's demons
This page interests me.
http://www.housepricecrash.co.uk/index.php
The Land Registry's peak came in January, about three months behind the Nationwide and six months behind the Halifax, which peaked way back in August. According to the Land Registry, the number of transactions has halved this year.
The indices on completed sales - Land Registry, Local Government and FT Index - are all in agreement, which makes me think that they are more reliable. They all only give figures to May, but they show a peak in either January or February this year, and then a fall by around 1.5% from then until May. Given that the number of sales has halved, this doesn't seem a large fall to me. A great many people must still be sitting on their hands.
Housing is all about self-fulfilling prophecies - if enough people think prices will go down, they will; if people think they'll go up, they will. I don't quite understand the banks' attitude to this. Surely it is in their interest to talk down any falls. The last list of predictions interests me – the truth that this reveals: nobody really has a clue what will happen next.
http://www.housepricecrash.co.uk/index.php
The Land Registry's peak came in January, about three months behind the Nationwide and six months behind the Halifax, which peaked way back in August. According to the Land Registry, the number of transactions has halved this year.
The indices on completed sales - Land Registry, Local Government and FT Index - are all in agreement, which makes me think that they are more reliable. They all only give figures to May, but they show a peak in either January or February this year, and then a fall by around 1.5% from then until May. Given that the number of sales has halved, this doesn't seem a large fall to me. A great many people must still be sitting on their hands.
Housing is all about self-fulfilling prophecies - if enough people think prices will go down, they will; if people think they'll go up, they will. I don't quite understand the banks' attitude to this. Surely it is in their interest to talk down any falls. The last list of predictions interests me – the truth that this reveals: nobody really has a clue what will happen next.
littlebabyjesus
one of Maxwell's demons
But the banks' vested interest is to talk down any crash, isn't it?
Only lasts so long...
I guess....
There could also be earthquakes, floods, famine and ANYONE can be knocked down by a bus tomorrow
EastEnder
Brixton Barnacle
Is it?
They've screwed themselves by investing in US mortgage backed securities, which are now next to worthless. So they've got no spare cash - the last thing they want is to have to lend lots of money. In a falling property market it makes perfect sense for a lender to be very cautious, stick to safe bets only, ask for massive deposits, offer rubbish rates, etc.
All very convenient - the banks don't want to lend, so they big-up exactly the type of scenario that gives them the perfect excuse not to lend...
littlebabyjesus
one of Maxwell's demons
S'pose. But it is their business to lend - eventually they'll have to start again.
I guess....
There could also be earthquakes, floods, famine and ANYONE can be knocked down by a bus tomorrow
Yes, unless your financially independent you are at the mercy of outside forces, including economic ones.
littlebabyjesus
one of Maxwell's demons
There were no doubt a fair few wealthy Argentinians who thought they were financially independent until a couple of years ago. Life has no guarantees - I think it is a bad way to go through life wishing it did.
Yes, Argentina is a good example of what can happen.
EastEnder
Brixton Barnacle
PPI has been slated by most commentators in recent months - with mortgage PPI receiving particular derision.
From what I've read, it's very expensive and very unlikely to ever pay out. Endless caveats and conditions that let the insurance companies get out of paying in most cases.
scifisam
deleted
Who was it on this thread that said it would be good to have more properties purely for rental through the council, and have this scheme? This scheme does sound better than part-rent, part-buy, at any rate.
I bet they'll nearly all be one or two-bedroom flats with no gardens, though, like current part-rent, part-buy homes are now.
My HA flat doesn't have to buy - Peabody Trust have only recently made a few of their properties right-to-buy. The same goes for some other HAs, I think, going on the home exchanges I see which often request a home with right-to-buy.
I can, however, somehow or other transfer my right-to-buy to another property, though I have no idea how that works. I would also be given a fair whack of money to move out if I bought privately.
I still can't, though - no bank would give me a mortgage and my income's too low to pay one.
But if you bought a one-bedroom flat and then had a kid, you'd want to move to a bigger place. Or if you split up with your partner, you wouldn't want to be stuck living together forever. If you lost your job, or your partner died, or something else like that happened, then you might need to downsize to a smaller place.
I also want to buy just one home and stay put for as long as I want - or until I retire, at least - but the world doesn't always let you do what you want.
I bet they'll nearly all be one or two-bedroom flats with no gardens, though, like current part-rent, part-buy homes are now.
My HA flat doesn't have to buy - Peabody Trust have only recently made a few of their properties right-to-buy. The same goes for some other HAs, I think, going on the home exchanges I see which often request a home with right-to-buy.
I can, however, somehow or other transfer my right-to-buy to another property, though I have no idea how that works. I would also be given a fair whack of money to move out if I bought privately.
I still can't, though - no bank would give me a mortgage and my income's too low to pay one.
But if you bought a one-bedroom flat and then had a kid, you'd want to move to a bigger place. Or if you split up with your partner, you wouldn't want to be stuck living together forever. If you lost your job, or your partner died, or something else like that happened, then you might need to downsize to a smaller place.
I also want to buy just one home and stay put for as long as I want - or until I retire, at least - but the world doesn't always let you do what you want.
Looks like all sorts of plans are coming out of the woodwork:
http://www.themovechannel.com/news/...etter&utm_medium=email&utm_campaign=DailyNews
Main site here - http://www.communitylandtrust.org.uk/
http://www.themovechannel.com/news/...etter&utm_medium=email&utm_campaign=DailyNews
Main site here - http://www.communitylandtrust.org.uk/
Buying larger property in a down market is actually cheaper. That said if you can't sell yours then you are still screwed!!
Agree about the world and stuff but I guess we have to take some risks.
This ^ ^
I am sure that people will find flaws in the scheme but it will be a damn sight more secure than a normal private let. I have been at my place for 18 months and can't personalise it past a few pictures on the walls. Equally I know that my landlord is struggling financially right now so just do not feel 'at home' at all.
Posted this two years ago and little to nothing has changed has it?
I would guess that this is not a major Tory policy either!
Some developers are now offering this scheme to shift properties but they are hardly doing it as a not-for-profit agreement. There are some private companies setting up schemes but you still need too large a deposit IMO at the end of the rental period. Any other people think that they will still be renting for a very long time to come?
I would guess that this is not a major Tory policy either!
Some developers are now offering this scheme to shift properties but they are hardly doing it as a not-for-profit agreement. There are some private companies setting up schemes but you still need too large a deposit IMO at the end of the rental period. Any other people think that they will still be renting for a very long time to come?
mentalchik
"I say we take off and nuke the site from orbit."
for the rest of my life !
marty21
One on one? You're crazy.
I know that a few HAs really went for it a few years back, building shared ownership flats (which count towards the social housing build figures) and have been left with a lot they can't sell, and becuase of the funding, they have difficulties allowing them to be rented as part of the social housing rented sector !
craziness
craziness
quimcunx
imprimeo, lamino, distribuo
But are the rich happy?
My multi-millionaire ex boss once said to me, ''money isn't everything, quimmy''.
''No, but it's something'' says I.
condescending fuck.
e2a: him, not you.
Cloo
Banana for scale
They so need to do more about this... the situation is absurd. I mean, I was only able to buy because I inherited enough to make a reasonable deposit. I was thinking recently that had I not had that money, I would have been living with my parents saving money for a deposit, probably for 5 years or more. And if I'd still gone and met gsv, we would have only had about a 10% deposit and had a monster mortage to get a two-bed place together.
If you add people now generally having massive student debts to that - it simply isn't sustainable.
If you add people now generally having massive student debts to that - it simply isn't sustainable.
