comment by Two Balls, One Saka (U19684)
posted 1 minute ago
comment by Boris 'Inky’ Gibson (U5901)
posted 11 minutes ago
I've never understood why the media think a rise in house prices is something to celebrate.
The only people who benefit are estate agents or people planning to emigrate which means the proceeds are usually taken out of the UK economy completely.
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The banks also benefit massively. Interest repayments on loans of say £40k that get paid over 5 years are miniscule in comparison to those on loans of £300k over 25 years.
----------------------------------------------------------------------
Interest rates are going to soar over the next few years, that will help stem the rise in house prices but obviously the buyer will pay more in the long term.
comment by Vladimikel Artutin - committing war crimes against football since 2019 (U18355)
posted 17 minutes ago
Over the last 7 years, I’ve bought 4 properties. The rent I earn on 2 of those properties is enough to pay the mortgage on both, plus the mortgage for the house I’m living in (the 4th property I bought with cash) plus pay all taxes and management fees with a lot to spare. I tried to buy another property only 2 months ago, it was a tiny apartment in a run down area with a balcony overseeing the area where all the rubbish is collected, and I was outbid by a lot, simply because there is was no rent cap on the property.
It’s impossible for someone like myself in a pretty healthy financial position to invest in any more properties because rich people are just accumulating them at unreasonable costs knowing they can charge whatever they want on rent for an immediate profit. So I can only imagine how first time buyers are going to get anywhere in this market.
There should be rent caps put on every property to prevent investors from dominating the property market. There should also be a higher tax bracket that investors have to pay after accumulating a certain amount of properties/rent, too. They are the ones that are bringing prices up and in some cases paying 25% more than the asking price, just because they can.
----------------------------------------------------------------------
I get the sentiment of your post but this is akin to Richard Branson moaning about Elon musk
Well I’m not moaning. The system is there and I utilised it to my advantage. I know I can’t compete with big shots and that’s fine. But if someone like myself in a healthier financial position than the majority of first time buyers and even afford to buy a tiny one bedroom apartment overseeing a mini landfill then surely something isn’t right.
Also, putting rent caps on properties would stop people like me from ever investing again and taking properties off the market that more needing people could instead be living in.
comment by Vladimikel Artutin - committing war crimes against football since 2019 (U18355)
posted 9 minutes ago
Well I’m not moaning. The system is there and I utilised it to my advantage. I know I can’t compete with big shots and that’s fine. But if someone like myself in a healthier financial position than the majority of first time buyers and even afford to buy a tiny one bedroom apartment overseeing a mini landfill then surely something isn’t right.
Also, putting rent caps on properties would stop people like me from ever investing again and taking properties off the market that more needing people could instead be living in.
----------------------------------------------------------------------
Appreciate this comment. At least you acknowledge you took advantage of a flawed system while noting it would be better for the majority of people if said system wasn't the way it is.
One solution might be to create a non market based sector for housing. Where people can still buy their home (owning a home is hugely important for many reasons, including mental health not just the obvious ones).
If masses of government funded housing was built or even bought and modernised then sold at genuinely affordable prices (sub 100k for a start) then capped at both rent and by prices only being able to increase in value based on increases to mode wages. You'd have a system that could counter balance the current one and eventually bring the general housing market inline perhaps without a major crash.
One solution might be to create a non market based sector for housing. Where people can still buy their home (owning a home is hugely important for many reasons, including mental health not just the obvious ones).
--------------------------------------------------------
Is it though?
About 80% of Germans rent and they're generally a happy bunch.
Difference there is that there are strict rent controls and good tenants rights.
comment by Boris 'Inky’ Gibson (U5901)
posted 1 minute ago
One solution might be to create a non market based sector for housing. Where people can still buy their home (owning a home is hugely important for many reasons, including mental health not just the obvious ones).
--------------------------------------------------------
Is it though?
About 80% of Germans rent and they're generally a happy bunch.
Difference there is that there are strict rent controls and good tenants rights.
----------------------------------------------------------------------
I honestly don't know true that is now. I lived in Austria (I know different country) and know lots of Germans who would much rather own homes.
Renting is not some beloved system, it's just one they've become accustomed to and it's fortunately not yet as exploitative as the UK market. One amazing thing about Germany that I'd forgotten, hopefully it's still true is you can get a rail card for 7euro per month that allows unlimited travel. Made me laugh after visiting the UK recently and paying more than that to travel a 15 minute journey
The advantages the Germans have is huge job security, the Gig Economy is practically non-existent.
Rents are capped on a zoning system and you pay by the square metre with heating usually included.
Flats/Appartments are usually rental, houses private ownership.
Singles, couples with no or 1 kid prefer renting, larger families go for houses which are usually out in the 'burbs.
comment by Boris 'Inky’ Gibson (U5901)
posted 3 minutes ago
The advantages the Germans have is huge job security, the Gig Economy is practically non-existent.
Rents are capped on a zoning system and you pay by the square metre with heating usually included.
Flats/Appartments are usually rental, houses private ownership.
Singles, couples with no or 1 kid prefer renting, larger families go for houses which are usually out in the 'burbs.
----------------------------------------------------------------------
Basically people rent apartments in cities but when they want to settle down they look to buy.
You also have rental schemes where you buy from the government over the long term, at least in Austria that's still the case.
You have to ask though, if you intend to live somewhere long term what is the possible benefit of paying off someone else's mortgage when you could instead be paying off your own and ending up with an asset after a certain period of time?
Comment deleted by Site Moderator
comment by United we win (U19958)
posted 44 seconds ago
Buying a house is not everything. If you are doing it on a massive mortgage then it’s pointless. For me I’d only ever buy a house if I could outright with cash. No debts or banks etc. forget that.
----------------------------------------------------------------------
comment by Vladimikel Artutin - committing war crimes against football since 2019 (U18355)
posted 1 hour, 5 minutes ago
Well I’m not moaning. The system is there and I utilised it to my advantage. I know I can’t compete with big shots and that’s fine. But if someone like myself in a healthier financial position than the majority of first time buyers and even afford to buy a tiny one bedroom apartment overseeing a mini landfill then surely something isn’t right.
Also, putting rent caps on properties would stop people like me from ever investing again and taking properties off the market that more needing people could instead be living in.
----------------------------------------------------------------------
Yep and you sound like you have done well for yourself and fairplay 👍
I don’t begrudge you it at all
The term big shot though is relative isn’t it
I don’t own a property so in comparison you are a big shot to me
comment by United we win (U19958)
posted 2 hours, 28 minutes ago
Buying a house is not everything. If you are doing it on a massive mortgage then it’s pointless. For me I’d only ever buy a house if I could outright with cash. No debts or banks etc. forget that.
----------------------------------------------------------------------
At the rate Fiat currency is devaluing, taking a mortgage out makes more sense than ever now. Just get a mortgage for as long as possible. All my mortgages are 33 years long, with fixed interest rates of 3.65% for 20 years. The money I’m paying back sounds crazy now but in 20-30 years it won’t feel like much at all seeing how quickly money is devaluing
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A lot of talk about the energy crisis...
Page 4 of 4
posted on 27/8/22
comment by Two Balls, One Saka (U19684)
posted 1 minute ago
comment by Boris 'Inky’ Gibson (U5901)
posted 11 minutes ago
I've never understood why the media think a rise in house prices is something to celebrate.
The only people who benefit are estate agents or people planning to emigrate which means the proceeds are usually taken out of the UK economy completely.
----------------------------------------------------------------------
The banks also benefit massively. Interest repayments on loans of say £40k that get paid over 5 years are miniscule in comparison to those on loans of £300k over 25 years.
----------------------------------------------------------------------
Interest rates are going to soar over the next few years, that will help stem the rise in house prices but obviously the buyer will pay more in the long term.
posted on 27/8/22
comment by Vladimikel Artutin - committing war crimes against football since 2019 (U18355)
posted 17 minutes ago
Over the last 7 years, I’ve bought 4 properties. The rent I earn on 2 of those properties is enough to pay the mortgage on both, plus the mortgage for the house I’m living in (the 4th property I bought with cash) plus pay all taxes and management fees with a lot to spare. I tried to buy another property only 2 months ago, it was a tiny apartment in a run down area with a balcony overseeing the area where all the rubbish is collected, and I was outbid by a lot, simply because there is was no rent cap on the property.
It’s impossible for someone like myself in a pretty healthy financial position to invest in any more properties because rich people are just accumulating them at unreasonable costs knowing they can charge whatever they want on rent for an immediate profit. So I can only imagine how first time buyers are going to get anywhere in this market.
There should be rent caps put on every property to prevent investors from dominating the property market. There should also be a higher tax bracket that investors have to pay after accumulating a certain amount of properties/rent, too. They are the ones that are bringing prices up and in some cases paying 25% more than the asking price, just because they can.
----------------------------------------------------------------------
I get the sentiment of your post but this is akin to Richard Branson moaning about Elon musk
posted on 27/8/22
Well I’m not moaning. The system is there and I utilised it to my advantage. I know I can’t compete with big shots and that’s fine. But if someone like myself in a healthier financial position than the majority of first time buyers and even afford to buy a tiny one bedroom apartment overseeing a mini landfill then surely something isn’t right.
Also, putting rent caps on properties would stop people like me from ever investing again and taking properties off the market that more needing people could instead be living in.
posted on 27/8/22
can’t* even afford
posted on 27/8/22
comment by Vladimikel Artutin - committing war crimes against football since 2019 (U18355)
posted 9 minutes ago
Well I’m not moaning. The system is there and I utilised it to my advantage. I know I can’t compete with big shots and that’s fine. But if someone like myself in a healthier financial position than the majority of first time buyers and even afford to buy a tiny one bedroom apartment overseeing a mini landfill then surely something isn’t right.
Also, putting rent caps on properties would stop people like me from ever investing again and taking properties off the market that more needing people could instead be living in.
----------------------------------------------------------------------
Appreciate this comment. At least you acknowledge you took advantage of a flawed system while noting it would be better for the majority of people if said system wasn't the way it is.
One solution might be to create a non market based sector for housing. Where people can still buy their home (owning a home is hugely important for many reasons, including mental health not just the obvious ones).
If masses of government funded housing was built or even bought and modernised then sold at genuinely affordable prices (sub 100k for a start) then capped at both rent and by prices only being able to increase in value based on increases to mode wages. You'd have a system that could counter balance the current one and eventually bring the general housing market inline perhaps without a major crash.
posted on 27/8/22
One solution might be to create a non market based sector for housing. Where people can still buy their home (owning a home is hugely important for many reasons, including mental health not just the obvious ones).
--------------------------------------------------------
Is it though?
About 80% of Germans rent and they're generally a happy bunch.
Difference there is that there are strict rent controls and good tenants rights.
posted on 27/8/22
comment by Boris 'Inky’ Gibson (U5901)
posted 1 minute ago
One solution might be to create a non market based sector for housing. Where people can still buy their home (owning a home is hugely important for many reasons, including mental health not just the obvious ones).
--------------------------------------------------------
Is it though?
About 80% of Germans rent and they're generally a happy bunch.
Difference there is that there are strict rent controls and good tenants rights.
----------------------------------------------------------------------
I honestly don't know true that is now. I lived in Austria (I know different country) and know lots of Germans who would much rather own homes.
Renting is not some beloved system, it's just one they've become accustomed to and it's fortunately not yet as exploitative as the UK market. One amazing thing about Germany that I'd forgotten, hopefully it's still true is you can get a rail card for 7euro per month that allows unlimited travel. Made me laugh after visiting the UK recently and paying more than that to travel a 15 minute journey
posted on 27/8/22
The advantages the Germans have is huge job security, the Gig Economy is practically non-existent.
Rents are capped on a zoning system and you pay by the square metre with heating usually included.
Flats/Appartments are usually rental, houses private ownership.
Singles, couples with no or 1 kid prefer renting, larger families go for houses which are usually out in the 'burbs.
posted on 27/8/22
comment by Boris 'Inky’ Gibson (U5901)
posted 3 minutes ago
The advantages the Germans have is huge job security, the Gig Economy is practically non-existent.
Rents are capped on a zoning system and you pay by the square metre with heating usually included.
Flats/Appartments are usually rental, houses private ownership.
Singles, couples with no or 1 kid prefer renting, larger families go for houses which are usually out in the 'burbs.
----------------------------------------------------------------------
Basically people rent apartments in cities but when they want to settle down they look to buy.
You also have rental schemes where you buy from the government over the long term, at least in Austria that's still the case.
You have to ask though, if you intend to live somewhere long term what is the possible benefit of paying off someone else's mortgage when you could instead be paying off your own and ending up with an asset after a certain period of time?
posted on 27/8/22
Comment deleted by Site Moderator
posted on 27/8/22
comment by United we win (U19958)
posted 44 seconds ago
Buying a house is not everything. If you are doing it on a massive mortgage then it’s pointless. For me I’d only ever buy a house if I could outright with cash. No debts or banks etc. forget that.
----------------------------------------------------------------------
posted on 27/8/22
comment by Vladimikel Artutin - committing war crimes against football since 2019 (U18355)
posted 1 hour, 5 minutes ago
Well I’m not moaning. The system is there and I utilised it to my advantage. I know I can’t compete with big shots and that’s fine. But if someone like myself in a healthier financial position than the majority of first time buyers and even afford to buy a tiny one bedroom apartment overseeing a mini landfill then surely something isn’t right.
Also, putting rent caps on properties would stop people like me from ever investing again and taking properties off the market that more needing people could instead be living in.
----------------------------------------------------------------------
Yep and you sound like you have done well for yourself and fairplay 👍
I don’t begrudge you it at all
The term big shot though is relative isn’t it
I don’t own a property so in comparison you are a big shot to me
posted on 27/8/22
comment by United we win (U19958)
posted 2 hours, 28 minutes ago
Buying a house is not everything. If you are doing it on a massive mortgage then it’s pointless. For me I’d only ever buy a house if I could outright with cash. No debts or banks etc. forget that.
----------------------------------------------------------------------
At the rate Fiat currency is devaluing, taking a mortgage out makes more sense than ever now. Just get a mortgage for as long as possible. All my mortgages are 33 years long, with fixed interest rates of 3.65% for 20 years. The money I’m paying back sounds crazy now but in 20-30 years it won’t feel like much at all seeing how quickly money is devaluing
Page 4 of 4