First Time Buyers go on strike over extortionate house prices

Steering? You mean it's actually got that?

X-No-Archive: yes In message , abelard writes

I pointed out that it was a component -- I didn't add that it was a component that is helping drive up or maintain prices, I didn't consider it necessary to dot Is and Ts any more than you feel it necessary to start sentences with a capital letter. :)

The simple arithmetic needed to deduce that one family in one home splitting into one family in two homes is going to fuel a rising market is hardly speculation.

In message , Truth Seeker writes

Indeed they have unless someone has raided the Lada. It was designed by ...

A steering committee!

BOOM! BOOM!

(Sorry)

Lol

Hopefully you will be :)

It depends on the area though - the price drop doesn't seem to have reached Cheltenham yet.

This doesn't happen in practice. Such services are provided out of area and people travel to reach them, or younger workers who otherwise couldn't afford to live locally are bussed in. There may be a minimum provision of social housing to meet needs in some cases, but none of this is important enough to effect house prices.

These 'areas' can be quite large, e.g. the Lake District area in Cumbria.

Hahaha!

It practice the Deputy PM's office sets objectives for regions which determine supply, e.g the houses to be built in the SW Essex area.

In message , Jim Ley writes

Why dead and not deported?

What, there are no schools in the Lake District?

Nor Tunbridge Wells.

secondaries at Kendal, Windermere, Keswick distance between them 10 and 16 miles resp. so not exactly sparse. Primaries about 4 miles apart.

Phil

Yes but, joking aside, it's still a rubbish metaphor. It implies concerted and collective action for a specific aim.

When will the strike action be considered a success? (Lower prices is too vague - they're already lower.) Who decides when to call it off? How do you stop scabs strike-breaking when the deal starts to approach this universally-agreed price level? How do you avoid the temptation to become a scab yourself?

Thought experiment: If there were ten properties for sale and eleven potential buyers, they could all conspire not to offer and thus drive the asking prices down as far as they like. What mechanism will decide which of the eleven ends up without a property?

No effect on house prices!

Yes but there are schools there, as pointed out by Phil. My contention is that if there were no schools, or crap schools, house prices would be lower.

FoFP

No.

One of them is a first time buyer. The other gets to keep the house.

"Jonathan Bryce" wrote

Not necessarily - neither may be able to afford the original house on their own ...

There will be a fall in the value of houses in the UK but it will take a while yet. Markets in the USA, Australia and in other countries are also very much overvalued. An adjustment of the prices will be very painful to those who have become used to believing that they are relatively rich and that they can safely spend money that they do not have because the equity in the house they live in is greater than the loan outstanding to a financial institution. There will be a marked reluctance to drop prices just as there was in 1990/1992. When it does happen, and it will, the result will again be the same as the last fall

- everyone will feel very much poorer and spending will drop dramatically causing an economic recession. Financial pundits disagree, but I can not see how a fall can be avoided. Its going to fall sharply

30 - 40% of stagnate for 7 to 10 years. If the later, then the first time buyers would be in for a long wait. However, the housing market is driven by the first time buyer and the "buy-to-let" boom has ended with rentals becomming difficult. So a sharp fall seems the sure option to me.