Menswear: Anyone else still renting at 46 years old?


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JustinCredible
JustinCredible avatar

2626 posts since 11/6/08

19 Nov 2019 15:40
Help to buy has benefitted the house builders far more than anybody else.

Government uses tax payers money to help house builders make billions who in turn pay the fat cat executives obscene bonuses, an outrageous £100 million bonus for the Persimmon CEO I think was the straw that broke the camels back when he was asked to do the honourable thing and quit. Sure he'll bounce back though. Worth mentioning he wasn't the only one in the industry absolutely coining it in from the help to buy scheme.

The 2015 Tory manifesto that promised to build loads of affordable starter homes for young, low income first time buyers didn't come to fruition either. Funny that.
sydneyking
sydneyking avatar

4769 posts since 26/9/09

posted 19 Nov 2019 15:45, edited 19 Nov 2019 15:45
@troy

Help to buy was introduced in 2013, property prices have increased year on year since then however still remain below the highs of pre 2008 and the financial crash. What do you think was keeping house prices high prior to the introduction of help to buy?

Edit - I agree with Justin re help to buy benefitting house builders
swede
swede avatar

8923 posts since 21/3/09

19 Nov 2019 15:54
TROYBOY wrote: In my view help to buy keeps house prices high hence preventing people of modest incomes getting a resonably priced home

it is genuinely fucked up isnt it

still… well happy with my place
TROYBOY
TROYBOY avatar

674 posts since 28/2/12

19 Nov 2019 20:39
All im saying is house prices are too high, so if theyre too high they should correct in time. but the government giving peeps cash to afford expensive houses doesnt make sense to me
R
R avatar

13041 posts since 17/5/03

posted 19 Nov 2019 20:46, edited 19 Nov 2019 20:46
JustinCredible wrote: Help to buy has benefitted the house builders far more than anybody else.

Government uses tax payers money to help house builders make billions who in turn pay the fat cat executives obscene bonuses, an outrageous £100 million bonus for the Persimmon CEO I think was the straw that broke the camels back when he was asked to do the honourable thing and quit. Sure he'll bounce back though. Worth mentioning he wasn't the only one in the industry absolutely coining it in from the help to buy scheme.

The 2015 Tory manifesto that promised to build loads of affordable starter homes for young, low income first time buyers didn't come to fruition either. Funny that.

Too simplistic a way of looking at things. help to buy is undoubtedly flawed, but, without it, housebuilding in many areas would be completely unviable.

We're in the age of developer bashing, but the public don't realise returns aren't great. Taxation/obligations are incredibly high. Alongside housing associations, the private sector is left to pick up the issues of the public sector in an almost unparalleled way. This is in spite of vast swathes of publicly owned land, which could be developed for both affordable and market housing. It's also worth noting, but never mentioned, that privately built affordable housing, in the vast majority of cases, is loss leading.
JustinCredible
JustinCredible avatar

2626 posts since 11/6/08

19 Nov 2019 20:53
£100m bonus mate so someone's doing alright out of it
R
R avatar

13041 posts since 17/5/03

19 Nov 2019 20:59
JustinCredible wrote: £100m bonus mate so someone's doing alright out of it

Isolated cases, we're way past the relatively easy times. As I said, record high taxation and a weak market. Planning more difficult, expensive and protracted than ever. Build costs higher than ever.
JustinCredible
JustinCredible avatar

2626 posts since 11/6/08

19 Nov 2019 21:25
How is that isolated, show me a big house builder who hasn't absolutely plundered it since help to buy came in.

I remember reading an article that said approx. 50% of Persimmon new builds were bought using help to buy. HALF of the demand came from help to buy. With unprecendented demand and the age old lack of supply in this country only one thing was inevitable - new build house prices would go up as people who otherwise wouldn't have been able to afford the half a million quid house can now stretch to it when the tax payer is stumping up 20% of the deposit - you only need to find 5% yourself to get a decent mortgage
JustinCredible
JustinCredible avatar

2626 posts since 11/6/08

19 Nov 2019 21:29
There's no upper limit on earnings either - if you're smashing a few hundred K a year in the city you can still take advantage of the scheme!
R
R avatar

13041 posts since 17/5/03

posted 19 Nov 2019 21:54, edited 19 Nov 2019 21:54
JustinCredible wrote: There's no upper limit on earnings either - if you're smashing a few hundred K a year in the city you can still take advantage of the scheme!

it's flawed and too all encompassing. Have a look at recent results from most PLCs. Vast majority below expectations. Consultancy firms starting to make cuts. This is NOT a good residential market.
JustinCredible
JustinCredible avatar

2626 posts since 11/6/08

19 Nov 2019 22:08
Fuck right now, we're talking about YEARS of taxpayers money lining the pockets of the mega rich off the back of a scheme the Tories sold as helping those most in need to afford to get on the housing ladder.

Reality is you don't have to be a first time buyer or struggling - you can be a fucking millionaire and still take advantage of the scheme to get a 20% interest free loan (paid for with tax payers money). Scandalous
R
R avatar

13041 posts since 17/5/03

19 Nov 2019 22:24
everyone is aware it should be limited. there are similarly flawed schemes at the other end of the spectrum, which diminish social housing numbers.
JustinCredible
JustinCredible avatar

2626 posts since 11/6/08

19 Nov 2019 22:59
Ah shit, I take my outrage back then (said no-one ever)
MLI
MLI avatar

5173 posts since 6/10/09

posted 20 Nov 2019 07:07, edited 20 Nov 2019 07:07
TROYBOY wrote: In my view help to buy keeps house prices high hence preventing people of modest incomes getting a resonably priced home

yep. Exactly.

It's the perfect policy. Give the people free money (which was actually their money anyway) and make them think you're helping them (happy voters), then house prices rise (again) because people suddenly have more buying power and there's more competition, ie basic supply and demand. Some first buyers do get in with the help but are still saddled with huge mortgages 4life and all the pollies investment properties keep their value. Happy ending for the ones making the policy funnily enough.

Look up negative gearing. Basically if you're on over $80k salary in Aus (every polly) you end up paying no income tax if you deduct wear and tear and mortgage costs of your investment property. Only country that does this. Insane.

The government should just stay out of it entirely. Let buyer and seller meet in a free market. If you want to invest, work harder and buy with the same conditions as I have to buying a place to live in, don't do it through ridiculous tax breaks.

I'm no commie but why the fuck does it get easier to buy property the wealthier you are? It should be the same cost if buying your 10th property as your first.

It's just self serving corruption.
Mr.X.
Mr.X. avatar

3018 posts since 23/6/13

20 Nov 2019 08:53
If you get a mortgage at 46, by the time you're 76 (if you live that long) you might have paid it off. You can't take with you to the next life and you've got no one to leave it to in this one.
TROYBOY
TROYBOY avatar

674 posts since 28/2/12

20 Nov 2019 13:01
im in the process of buying a gaff at 40 years old in south london. its a fucking arseache, added to the fact Im self employed. the amount of deposit i have to stump up is obscene for a one bed place but have to do it now or never will.
andrew_
andrew_ avatar

543 posts since 23/1/10

20 Nov 2019 14:23
Mr.X. wrote: and you've got no one to leave it to in this one.

Christ
joeyjojo
joeyjojo avatar

4305 posts since 24/8/06

21 Nov 2019 09:05
Jesus that’s depressing
swede
swede avatar

8923 posts since 21/3/09

21 Nov 2019 09:10
Laughing out loud
MLI
MLI avatar

5173 posts since 6/10/09

21 Nov 2019 09:17
joeyjojo wrote: Jesus that’s depressing

why? I won't fucking care, I'll be dead.

I'm also pretty sure my dad is trying to leave me as little as possible coz I'm such a dissapointment to him. I won't have them worries.