To think there is a serious problem with the housing market in this country

[Kitchendisco21]

I was just about to buy my first home having spent 10 years saving a deposit. Thanks to the stupid help to buy intervention, the houses I was able to buy are now 50k more expensive so I am completely priced out. I am so utterly sick of it.

And no, I can’t move elsewhere/ get somewhere smaller/eat fewer avocados! I have been saving for a decade.

Aibu to be so fed up. I read last week that 98% of keyworkers couldn’t buy a home in the uk now. When will people actually wake up & see what a major problem there is? I am so angry.

The current housing crisis benefits too many people for it to change. The market should have crashed in 2007/8. Funny how people don't mind corporations and banks benefitting from the taxpayer and paying themselves large bonuses but asking for a basic human right (housing) or state support from the government by poor and destitute people is seen as being feckless and entitled.

Socialism fine for banks and the wealthy but not poor people. The worst thing is people not in the 1% actively defending the 1% because they have a decent income and a £1million house, not realising they have more in common with the bottom 10% than they ever will with the 1% who have unfathomable wealth, that can literally not be spent in a generation.

[quote bp300]@NobbySignaler Yes I agree with what you've said there. I would like to see a crash despite owning property myself. The government will try to do everything they can to try and postpone a crash. I think there will be big price price falls in real terms but in nominal terms not so much.[/quote]
So would I, easier to trade up with less of a gap. Remember this kind of market existing in the mid 90s

How are you going to trade up when there’s nobody buying at the bottom of the market? Lending is almost non existent if the market crashes, there’s a flood of redundancies, the economy’s depressed. Stagnation and inflation are your friends, not a crash.

@Alsohuman

How are you going to trade up when there’s nobody buying at the bottom of the market? Lending is almost non existent if the market crashes, there’s a flood of redundancies, the economy’s depressed. Stagnation and inflation are your friends, not a crash.

There are always buyers at the right price. Increased lending only pushes up prices so it doesn't help a majority of people.

You can’t buy if no money’s being lent.

@Alsohuman

You can’t buy if no money’s being lent.

Why not?

@Alsohuman

You can’t buy if no money’s being lent.

Of course you can it just means that transactions will be at lower prices.

As always, most people think more debt is the solution.

I love it. Again, it cannot be conceived by most that people might actually prefer not to borrow lots of money. That, maybe, we’d prefer to be able to borrow less. Loose credit is the problem. It is patently obvious.

Oh well. Btc back above $60k. Canary in the bankers coalmine.

If there is no money being lent then the only people buying are those with cash. Which usually means the rich

@Bythemillpond

If there is no money being lent then the only people buying are those with cash. Which usually means the rich

If the rich buyers are paying off peoples mortgages they will cause a contraction in the money supply which will push prices down for all of us.

If the rich buyers are paying off peoples mortgages they will cause a contraction in the money supply which will push prices down for all of us

But if there is no new mortgages then unless you have the cash you can’t buy.

The rich aren’t paying off people’s mortgages. If prices go so low then the sellers end up in negative equity and they still have to pay off the rest of the mortgage not covered by the cash buyer

I read last week that 98% of keyworkers couldn’t buy a home in the uk now

That sounds like bullshit. Maybe in the SE but e.g. in my town in the NE about a quarter of the properties for sale at the moment are under £100K (not including retirement flats or shared ownership). Most are 2 bed terraces but there are a few 3 bed as well.

@Bythemillpond

If the rich buyers are paying off peoples mortgages they will cause a contraction in the money supply which will push prices down for all of us

But if there is no new mortgages then unless you have the cash you can’t buy.

The rich aren’t paying off people’s mortgages. If prices go so low then the sellers end up in negative equity and they still have to pay off the rest of the mortgage not covered by the cash buyer

There are plenty of people with no mortgages or mortgages with low loan to value who can carry on buying and selling amongst themselves. People who have bought recently will be in negative equity but many people not be affected by a drop in prices. Why do you assume none of the cash buyers will be buying properties with mortgages currently on them?

@Bythemillpond

If the rich buyers are paying off peoples mortgages they will cause a contraction in the money supply which will push prices down for all of us

But if there is no new mortgages then unless you have the cash you can’t buy.

The rich aren’t paying off people’s mortgages. If prices go so low then the sellers end up in negative equity and they still have to pay off the rest of the mortgage not covered by the cash buyer

Yes, we know this because we’ve been there. I guess you have to have been an adult in the late 1980s/early 90s to understand.

We bought a 3 bed semi in 2005 for £180k & we've outgrown it after arrival of children etc. To buy another 3 bed semi with a good proportioned 3rd bedroom instead of a tiny box room you can't swing a cat round will cost upwards of £500k in my area. My house is valued at £415k now & last March it was £350k. It's madness.

I seriously considered a btl a few years ago (it's something I've always wanted to do) but didn't bother in the end as it just didn't add up. Recent changes have removed a lot of the benefits for smaller landlords and increased the risks. In practice this will probably lead to more rental properties in the hands of large letting companies. Whether this is better or worse than someone like me supplementing a pension (and I would have been a very responsible landlord!) I don't know.

@BillMasen

I know plenty of people with senior high earning jobs. None of them need the validation of an anonymous online forum

People that bang on about it endlessly, you can hear their mum shouting from downstairs - “are you gonna get off your computer or what? Dinner’s ready, then bed, you’ve got school tomorrow”

@Thewithesarehere

Call my bitter but I can’t feel too upset for the Queen right now as I read this guardian article that shared a report on how nearly 50% of land in the U.K. is owned by 1% and guess who was amongst the top of the list?

Yeah I'll call you bitter. You can't feel sympathy for someone who has suffered a human loss that we all go through eventually with loved ones, simply because they own more than you?

I guess I'm starting to understand now why those that are perceived or self declare as wealthy on Mumsnet are so hated and despised. The Duke of Edinburgh may be dead, but envy is alive and eternal here on Mumsnet.

We need to move, because DC got into faraway secondary school. This was our long-time plan, but now we can't: houses sell like hot cakes and are so overpriced it's ridiculous! I am absolutely desperate to move, but housing market is mad at the moment.

YANBU I’m a care worker on minimum wage but my mother passed away (cancer + COVID) and left me a deposit but because my wage is too small, can’t afford anything local (Cornwall small town). I’m also disabled so can’t work more than 30 hrs night shifts per week. British Gas also destroyed my credit file because of their own incompetence, not had account with them in a year and they keep adding a new default every month to my credit file.

I should add my deposit is 50K

@JaninaDuszejko It’s not BS, I can’t bloody move to Scotland or wherever just because homes are cheaper there! My partner’s family lives here, this is why we moved here, I have no family at all.

It’s actually easier for me to get a mortgage in US with no credit rating than here

In my small awful Cornwall town, flats have actually decreased in value over the years. If I wasn’t disabled I would consider it anyway because I’m desperate to move out of flat in a listed building that has 0 maintenance by landlord, window frames & walls are sodden with water, tenants too afraid to complain because other people were evicted for requesting maintenance.

Urgh I wish people would stop using housing to ‘supplement their pensions’