Is the first rung on the property ladder broken?

[AlfredJPruffock]

Those who have gained a huge unearned increase in wealth for nothing more than sitting on a hose for a few years, should realise that they have no real right to this gain.

Whatever floats your boat I suppose !

[sweetandsour]

Damn right! The old and the house-owners have had a massive and undeserved transfer of wealth from the young and the non-owners. This is unfair and needs to be addressed. Those who have gained a huge unearned increase in wealth for nothing more than sitting on a hose for a few years, should realise that they have no real right to this gain.

While house prices were rising far faster than inflation or earnings, did anyone stop to ask "Where is the money coming from?"

[AlfredJPruffock]

While house prices were rising far faster than inflation or earnings, did anyone stop to ask "Where is the money coming from?"

Such questions would , bacj then - have been tantamount to terrosism - are you with us or against us ?

[sweetandsour]

Such questions would , bacj then - have been tantamount to terrosism - are you with us or against us ?

I am one of the disenfranchised who has not shared in the boom.

To add insult to injury, the people who have done so well out of this boom are going to live longer than ever and expect me to pay for their state pension.

[expat]

While house prices were rising far faster than inflation or earnings, did anyone stop to ask "Where is the money coming from?"

Some people did, but to criticise the wealth transfers that were taking place was to be considered a communist. And to further condemn the old for paying themselves more than any generation before, or any generation after will be able to, was regarded as ungrateful.

[CheeseSlice]

Funny statement - "For most first-time buyers the mortgage will be their biggest monthly payment."

As though this adds risk? Many of them will have been making far higher monthly rental payments.

Switching from rent to mortgage in 2007 increased our monthly payments by about £400. We bought a lower value house than the one we rented.
This was for property along the M4 corridor, so not sure if it was the other way around elsewhere.

[sasguru]

Those who have gained a huge unearned increase in wealth for nothing more than sitting on a hose for a few years, should realise that they have no real right to this gain.

Whatever floats your boat I suppose !

Eh? Why not?
edited: I'm reading that as house by the way.

Perhaps there has been a wealth transfer from the stupid to the more intelligent over the last few years viz. those who saw a classic bubble, used it for their own ends and got out before the blow out.

Wasn't the first and won't be the last

[AtW]

Perhaps there has been a wealth transfer from the stupid to the more intelligent over the last few years viz.

In this case you are highly unlikely to benefit...

[original PM]

bought my first flat for about £42k 10 years ago - salary was around £15-16k (average help desk type salary)

same flat is now on market for about £100k

is my job now on the market for £35k?

no of course it is not so it is not possible for people who are in the same position as I was 10 years ago to get on the property ladder.

so anyway I sold this flat and bought a house for £90k - 5 years later sold that for £190k and was able to purchase my current house for just over a quater of a million.

so in 5 years I made '100k' apparently - i did not because to move on to the next rung I had to re-invest all that money

so we then look back at the bottom rung of the ladder and see that is has defiently moved.

[CheeseSlice]

In this case you are highly unlikely to benefit...