@ Methanoid - By the look of this thread is seems there is some tolerance for news that isn't 'real IT'.
Incidentally, while I concede it may not be immediately obvious, the relevance to the IT channel is that falling house prices tend to lead to reluctance among consumers to buy things like computers.
Feeling your pain, just bought my first place last week! Luckily for me, I bought with 2 other mates, so the risk is somewhat spread, but still.Originally Posted by directhex
stories like this MUST get published the day before i complete, mustn't they
I do agree with Dangel though....whilst the credit crunch has obviously had an impact, I can't help but feel that it's the sensationalist media that's the biggest factor in causing this to snowball, just like with the collapse of Northern Rock.
We put our offer in for the property back in September (yep, it's taken THAT long), and have been watching the prices on comparable properties in our area to see if we could negotiate a lower price, seeing as the sellers were messing us around. Prices here have been rock solid, not budging an inch, and yet places are still being sold.
I'm not sure if I'm just trying to convince myself that everything will be alright, but think about it this way: The population is growing, and housing is already short. There's only so long people are going to be able to wait before they say "screw this, I need a place of my own" and demand goes back up.
there is pros and cons for both sides but if you weigh them up to eachother, it favours buying your own house. if you favour renting so much why are you considering getting a mortgage in the future? i agree the market is a total shamble at the moment and it doesnt look like its getting any better and it may just be that the future of our population here will ALL be living in a rented accomodation. people like me have no chance of getting a first time mortgage so imagine people my age 10 years later trying to get into the property ladder. gunna be next to impossible in this country. mortgage business's would lose customers.
what about a part buy part rent scheme?
An interesting IT link is that, in the US at least, the housing bubble was pushed by legislation in order to fill the void left by the collapse of the IT bubble. "Economic growth" has come to mean - to me - nothing more than higher tax revenue, brought about by the movement of capital. It is therefore encouraged by government.
Remarkable that the IT bubble was based, it would seem, on very little indeed and the bursting was merely everyone realising this and cutting their ignorant losses. The housing bubble was based on the increase in value of something static (though more substantial than "A.N. Tech company", still definitively un-dynamic) by making houses affordable to those who realistically could not afford them. It has just burst, similarly, as the world realises that it too was entirely insubstantial.
This already exists. New apartment blocks are built having to offer some units on exactly this system, to allow our generation to begin acquiring equity.what about a part buy part rent scheme?
There are loads of schemes for exactly this. Depending on who's running it, there are different terms associated. Some let you buy the full property out right, others remain partial owners and then limit your re-sale to other first time buyers.
Councils, housing associations and large developers all run different schemes.
and in my experience, they're only open to "key workers" whose definition hasn't changed in decades. if you're not tinker, tailor, soldier, or spy, then no entry.
I let mine out to a couple for £800 per month. They thought they were getting a good deal.how much is rent on a typical 2 bedroom house?
I am happy to exploit them
Nope.
Speak to Tiggerai.
Two of my friends have also just got a flat from a housing association. Although she is a coast guard so i don't know if that had anything to do with it.
does that include the bills too or are all of that seperate?I let mine out to a couple for £800 per month. They thought they were getting a good deal.
I am happy to exploit them
In your opinion, and it's all dependent on circumstances. In mine quite the opposite is true.
See aboveif you favour renting so much why are you considering getting a mortgage in the future?
I'm not too sure what state the "buy to let" market is in at present, but I would imagine that they're feeling the pinch too. There's been a pretty hefty (relative to the norm anyways) drop in the number of mortgages handed out of late - whether this is due to less people applying or more being declined I don't know. All I know is that at the moment my financial priorities lie in clearing the missus' debt, saving for a wedding and saving enough for a decent deposit. I could probably get a mortgage at the moment, but to me it's less of a priority at the mo. Also the larger a deposit I can afford, the better in my eyes.i agree the market is a total shamble at the moment and it doesnt look like its getting any better and it may just be that the future of our population here will ALL be living in a rented accomodation. people like me have no chance of getting a first time mortgage so imagine people my age 10 years later trying to get into the property ladder. gunna be next to impossible in this country. mortgage business's would lose customers.
There's a fair few of them around my neck of the woods, but all have their little quirks - essentially you seem to be combining the bad parts of buying (ie you're responsible for the upkeep and insurance of the property) with the bad parts of renting (at the end of the day you're paying rent on a place, and you even own part of the place!). You're usually limited in the amount of profit you can make if and when you sell, and/or you can only sell to someone who's using a part buy/part rent scheme.what about a part buy part rent scheme?
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