Who doesn't own a property?

[413x]

For me i couldn't imagine not owning. Or the goal of owning.
Not owning gives me too much anxiety

-what if NHS goes private?
-what happens if there is no state pension? Not even means tested?
-what will the rent price be in 30 years?

In 30 years rent could be 2-3x or whatever multiplier price over todays prices... with benefits/pay etc not keeping up.

I know my mortgage will eventually be 0.



I totally get it if you don't earn enough and you think relying on the state is only option (for many it's true).
But if you have the means to pay a mortgage off I cannot fathom why this wouldn't be a goal.

 

[IvanDobskey]

For me i couldn't imagine not owning. Or the goal of owning.
Not owning gives me too much anxiety

-what if NHS goes private?
-what happens if there is no state pension? Not even means tested?
-what will the rent price be in 30 years?

In 30 years rent could be 2-3x or whatever multiplier price over todays prices... with benefits/pay etc not keeping up.

I know my mortgage will eventually be 0.



I totally get it if you don't earn enough and you think relying on the state is only option (for many it's true).
But if you have the means to pay a mortgage off I cannot fathom why this wouldn't be a goal.

Absolutely spot on with that.

Who knows what renting and other bills are going to cost in the future? At least you can control your mortgage ultimately. And once it's paid off it frees up cash for other things and takes a huge weight off your shoulders.

I certainly don't want to be paying monthly for the roof over my head in retirement.

 

[chrcoluk]

Not to mention if you need insulation, panels etc you can get it done as the owner, you make the decision. The energy crisis situation will make the gaps even larger between tenants and owners.

 

[Mysterae_]

My biggest fear of renting versus buying a home was the ability of the landlord to kick you out through no wrong doing of your own. I knew someone who was really unlucky and was kicked out 3 times in 5 years, and they were the perfect tenant, the landlords were just selling up.

Secondly, as already mentioned, the thought of paying for a home (rent or mortgage) in retirement is not a desirable outcome.

 

[Illusion]

We do not have true capitalism in the UK, in fact it is much more akin to communism. The reason for this, is that money itself is a monopoly, controlled by the private banking sector, which has managed to capture the UK government. The root cause of the ridiculous price of houses is that money can be printed at a whim, out of thin air and not associated with real economic activity, by the private banking sector. Just look at how much money has been printed by the Bank of England in recent years. They literally have their own magic money tree where they can print money at will (or create electronic money in a database), which gets transferred to the major UK banks, for them to make loans, the most important of which are mortgages, because these can be collateralised on the property itself, so are the safest loans for them to make. The money printing causes the eye-watering pump in house prices which we are seeing, and prices become totally detached from economic realities of what "normal" essential workers can manage to earn, i.e. what people working outside the financial sector can earn. People working in the financial sector contribute no real value to society, they are just parasitic on the people doing the real work.

If real workers don't like this, they should call for the UK to return to a "hard" money system, where money is "hard" to produce and cannot be printed out of thin air by the financial controllers (i.e. central bankers at the Bank of England). This means backing Sterling by either gold, or better in my opinion, by Bitcoin. This would mean an end to the financial sector's secret weapon of infinite money printing, and the real economy would see its real value, and people doing real work would be rewarded properly, and would be able to afford houses. This would also mean a return to true capitalism, where real work generating real value would generate enough money for people to buy a house, and we would no longer have the phoney capitalism we have now (more like state communism with central credit controlled by the Bank of England).

The more workers understand this, the better, so spread the word.

This sounded semi reasonable until you suggested Sterling should be backed by Bitcoin

 

[jonneymendoza]

We do not have true capitalism in the UK, in fact it is much more akin to communism. The reason for this, is that money itself is a monopoly, controlled by the private banking sector, which has managed to capture the UK government. The root cause of the ridiculous price of houses is that money can be printed at a whim, out of thin air and not associated with real economic activity, by the private banking sector. Just look at how much money has been printed by the Bank of England in recent years. They literally have their own magic money tree where they can print money at will (or create electronic money in a database), which gets transferred to the major UK banks, for them to make loans, the most important of which are mortgages, because these can be collateralised on the property itself, so are the safest loans for them to make. The money printing causes the eye-watering pump in house prices which we are seeing, and prices become totally detached from economic realities of what "normal" essential workers can manage to earn, i.e. what people working outside the financial sector can earn. People working in the financial sector contribute no real value to society, they are just parasitic on the people doing the real work.

If real workers don't like this, they should call for the UK to return to a "hard" money system, where money is "hard" to produce and cannot be printed out of thin air by the financial controllers (i.e. central bankers at the Bank of England). This means backing Sterling by either gold, or better in my opinion, by Bitcoin. This would mean an end to the financial sector's secret weapon of infinite money printing, and the real economy would see its real value, and people doing real work would be rewarded properly, and would be able to afford houses. This would also mean a return to true capitalism, where real work generating real value would generate enough money for people to buy a house, and we would no longer have the phoney capitalism we have now (more like state communism with central credit controlled by the Bank of England).

The more workers understand this, the better, so spread the word.

Whoa

 

[chrcoluk]

@radderfire Hard currency only will end in misery without an aggressive redistribution of wealth which would be more left wing than the current system you find akin to communism.

 

[Voltar]

People will probably look back on the historically low interest levels fondly and future generations will wonder why previous didn’t buy loads of property in those circumstances.

If you lived in London and owned anything from the start of the low interest until now you will have made great profits.

Not sure what will happen when interest rates go up to 7% under Truss though!

 

[Scam]

Secondly, as already mentioned, the thought of paying for a home (rent or mortgage) in retirement is not a desirable outcome.

Or even feasible for large swathes of the country. How does a pensioner find £1500pcm for a small flat in the south east? Lol. This part of the housing crisis is a ticking time numb. When the millennials (and younger) start retiring en mass with no paid-off mortgages to sit back on. Sheesh.

Not sure what will happen when interest rates go up to 7% under Truss though!

It’s ok, don’t forget that any government supports homeowners and the housing “market” no matter what. Just remember the tax lost to the stamp duty holiday last year, when all of your local businesses start shutting down this year because they can’t afford their bills

 

[Slam62]

I put the cost of renting in a similar category to the rip off energy prices, you have decent people working hard, doing the right things but having their futures stolen by entities that don't need the money and don't contribute constructively to society.
During a working lifetime people will get paid a finite amount of money, more and more that is being torn out of their hands just as they've got going.
It disincentives working especially as the work place is becoming more oppressive. The powers that be don't understand personal finances for the average bod at all. They've always used the average Joe as a parasitic host, but you have to give the host something. They've got too greedy and taken it too far. It's a long hard way back from here.
The truth is affordable decent housing that is cheap to buy for all full time workers is the only answer,

 

[Slam62]

Or even feasible for large swathes of the country. How does a pensioner find £1500pcm for a small flat in the south east? Lol. This part of the housing crisis is a ticking time numb. When the millennials (and younger) start retiring en mass with no paid-off mortgages to sit back on. Sheesh.

It’s ok, don’t forget that any government supports homeowners and the housing “market” no matter what. Just remember the tax lost to the stamp duty holiday last year, when all of your local businesses start shutting down this year because they can’t afford their bills

Agree with this, however the problem is inflation and the cost of government debt, inflation seems to have a big impact on the cost of debt, for at least 12 years now the government has been able to borrow cheaply. That is changing now albeit slowly. The UK stock market relies on a stable pound. If investors lose confidence it will be carnage. In the extreme the imf will be called upon but then they would call the shots leading to a lot of restructuring.
I am sure there will be more can kicking though.

 

[chrcoluk]

Dont own, and its horrible.

Will keep the summary as short as possible.

No security more than a year.
Inflation busting rent increases every year.
Have to live with LL investment decisions, poor windows, boiler, solid plate hobs.
Very difficult to move within the rental market as demand is so high.

I think even mortgage interest only is vastly superior.

 

[ObSene]

In 2008 we moved from Epsom, Surrey to Berkshire in order to enable us to buy a house. We love it here as it has great schools, low crime and I have a better commute to the City for work.

It's worth looking further afield if your circumstances allow.

 

[regulus]

We own.

Made the decision to have only one child, for a lot of reasons, but also for her to inherit the house one day. No way you're buying in NZ for the price we did, and get the house and section size we did. They don't even make them that big anymore as local councils want to increase housing densities, so the sections are postage stamp size now.

It's crazy really. I'd absolutely HATE to be living in rental accommodation now whilst being a parent.

 

[Scam]

This article probably says a lot on what we're discussing. Sad times for many people, my partner's colleague was telling her how their landlord upped their rent by 20%. That was on an already-expensive flat in Angel

‘It’s a total disaster!’ How soaring rents, cutthroat competition and unscrupulous landlords are breaking tenants

 

[Mesai]

This article probably says a lot on what we're discussing. Sad times for many people, my partner's colleague was telling her how their landlord upped their rent by 20%. That was on an already-expensive flat in Angel

‘It’s a total disaster!’ How soaring rents, cutthroat competition and unscrupulous landlords are breaking tenants

Ultimately there’s a limit to where property and rental prices can go. People worried about 2-3x rental prices should be more worried about what that means for the economy as a whole.

House prices seem to be increasing 10-20k each month, which is just enabled by people willing to pay stupid prices, and estate agents who got their license out of a lucky packet. Estate agents should honestly not earn more than minimum wage given how little they do.

 

[mid_gen]

The problem is being exacerbated now by all the owner-occupiers holidaying in the UK driving up demand for AirBnBs which earn far more than rentals, which is driving even more supply from the market.

AirBnB is one of those things that seems like a great idea, people can let their home out easily, yay? but it's destroying the housing market. The returns are far too good. Should tax the hell out of short-term rentals and ringfence the money for council housing.

 

[413x]

From what I'm hearing about the rental market now its shocking.

If you don't have near perfect circumstances you don't stand a chance.
Inflation up, rent up, basically everything up and supply down.

Not sure how widespread it is but I'm seeing multiple reports of people having to pay upfront as they are competing with others who can.



I could easily be renting now had I chased the "its going to crash" idea.
Thank goodness I didn't!

 

[teenwolf]

i am into a 3 bed 3 bathroom been here for 2 years now at £675 had a landlord inspection yesterday house is in perfect condition inside and out.
looking around the same house now goes for £900 and more a month hopefully the landlord does not raise ours and leaves the rent be on a well at least the tenant is looking after the place.

 

[chrcoluk]

From what I'm hearing about the rental market now its shocking.

If you don't have near perfect circumstances you don't stand a chance.
Inflation up, rent up, basically everything up and supply down.

Not sure how widespread it is but I'm seeing multiple reports of people having to pay upfront as they are competing with others who can.



I could easily be renting now had I chased the "its going to crash" idea.
Thank goodness I didn't!

The properties I have looked at since start of this summer were all already gone when I enquired, I havent even got as far as a viewing.

That idea proposed by Boris where rent history can be used to pass affordability tests on mortgages cant come soon enough.