Does everyone need to own their own home? Watch

RK
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Does everyone need to own their own home?

In the UK today there seems to be the idea that people have to own their own home.
From what I can gather, this is a relatively new phenomenon (developing in the last 20 to 50 years).

Before this many people were happy to rent homes for centuries with just the richest buying their own.

Has the 'everyone has to buy' mentality resulted in the the ridiculous increases in house prices over the last 20 years?

Has this increase and the selling off of council houses resulted in a housing market in which some cannot either buy nor rent a house at all?
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Ferret_messiah
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(Original post by Roger Kirk)
Has the 'everyone has to buy' mentality resulted in the the ridiculous increases in house prices over the last 20 years?
I was under the impression that it was quite the opposite, that people buying to rent were driving up property values, forcing people who just want to have their own home out of the buying market and into renting.
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Howard
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(Original post by Roger Kirk)
Does everyone need to own their own home?

In the UK today there seems to be the idea that people have to own their own home.
From what I can gather, this is a relatively new phenomenon (developing in the last 20 to 50 years).

Before this many people were happy to rent homes for centuries with just the richest buying their own.

Has the 'everyone has to buy' mentality resulted in the the ridiculous increases in house prices over the last 20 years?

Has this increase and the selling off of council houses resulted in a housing market in which some cannot either buy nor rent a house at all?
Certainly greater demand for home ownership, spurred by low interest rates, and a greater variety of mortgage products has led to increased property values. The recent Buy -to-let market has also had considerable impact.

Personally, I think home ownership is something that most sensible people would aspire to. Why rent for the same money (in some cases more) than you can buy for? Doesn't make sense.

I own 4 homes personally, 3 in Orlando and 1 in St.Louis.
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tbm
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I bought my own house because I was fed up of paying a stupid amount of rent each month when I could be paying the same amount on a mortgage and actually end up owning a property in the end.
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bluenoxid
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No there is no reason for people to rent. It provides a leash preventing people to move around. It was started by Thatcher in the 80's who encouraged people to own their own home.

In 30 years this is going to cause major problems as Britain will have a huge surplus of houses as the baby boomers die out

People still think there is great gains to be made in property. Short term, no, medium term, yes, long term, None
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cottonmouth
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(Original post by Howard)
Certainly greater demand for home ownership, spurred by low interest rates, and a greater variety of mortgage products has led to increased property values. The recent Buy -to-let market has also had considerable impact.

Personally, I think home ownership is something that most sensible people would aspire to. Why rent for the same money (in some cases more) than you can buy for? Doesn't make sense.

I own 4 homes personally, 3 in Orlando and 1 in St.Louis.
You know, for someone who has all these homes, earns more than $50,000 a year, and has more than one degree(from what i remember), you sure do have a lot of spare time.

I'll give you three characters. Squall, Tidus, Yuna. Link those names to what i am getting at.





Kirk, i agree with ya!
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Howard
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(Original post by cottonmouth)
You know, for someone who has all these homes, earns more than $50,000 a year, and has more than one degree(from what i remember), you sure do have a lot of spare time.

I'll give you three characters. Squall, Tidus, Yuna. Link those names to what i am getting at.





Kirk, i agree with ya!
Matters not one jot to me what you believe.
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Ferret_messiah
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(Original post by cottonmouth)
I'll give you three characters. Squall, Tidus, Yuna. Link those names to what i am getting at.
He's a pile of Japanese polygons? No one ever says his name (assuming Tidus)? He featured in the worst of the series (assuming Squall)?
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cottonmouth
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(Original post by Howard)
Matters not one jot to me what you believe.

Of course it doesn't. And maybe i'm totally wrong.

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(Original post by Ferret_messiah)
He's a pile of Japanese polygons? No one ever says his name (assuming Tidus)? He featured in the worst of the series (assuming Squall)?

First, 8 is NOT the worst in the series, but since i have only played 8, 9 and 10, maybe im not the best judge, But it was better than 9. Secondly, the clue is in the title.
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sr4470
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(Original post by Roger Kirk)
Does everyone need to own their own home?
No. But I want to. I'm not renting forever.
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Howard
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(Original post by cottonmouth)
And maybe i'm totally wrong.
If you're calling me a liar you are. Not that I care one way or another.
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Ferret_messiah
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(Original post by cottonmouth)
First, 8 is NOT the worst in the series, but since i have only played 8, 9 and 10, maybe im not the best judge, But it was better than 9. Secondly, the clue is in the title.
Okay, so 8 was better than Mystic Quest, but I prefer to pretend that one just doesn't exist. Anyway, I'm sidetracking the thread, so I'll stop there.
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cottonmouth
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There are benefits to both situations. Renting means you can move around; you aren't tied down. You need a really decent amount of money to even think about owning property, unless you want to be stuck in debt for years and years. Its best to have a partner too, and with this comes a commitment. I think that unless you have loadsa cash or a person you truly love, you should rent. Renting suits the way so many people live in this society- freely, without too many massive responsibilities.

Saying, this, i'll own my own home, because i'll be able to afford it, and i have plenty of people in my family who would give me a place anyway. And my uncle is a bloody good estate agent!

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(Original post by Howard)
If you're calling me a liar you are. Not that I care one way or another.

Ok, so stop replying then. Ignore it. But i am intrigued......
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Howard
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(Original post by cottonmouth)
There are benefits to both situations. Renting means you can move around; you aren't tied down. You need a really decent amount of money to even think about owning property, unless you want to be stuck in debt for years and years. Its best to have a partner too, and with this comes a commitment. I think that unless you have loadsa cash or a person you truly love, you should rent. Renting suits the way so many people live in this society- freely, without too many massive responsibilities.

Saying, this, i'll own my own home, because i'll be able to afford it, and i have plenty of people in my family who would give me a place anyway. And my uncle is a bloody good estate agent!
Not sure how it is in the UK but in the US there are also great tax benefits to home ownership. This lets me write off all the interest on my primary residence and lets me do all sorts of other neat stuff on my investment properties to be offset against rental income. And all this equals a nice fat rebate from Uncle Sam.
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cottonmouth
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(Original post by Howard)
Not sure how it is in the UK but in the US there are also great tax benefits to home ownership. This lets me write off all the interest on my primary residence and lets me do all sorts of other neat stuff on my investment properties to be offset against rental income. And all this equals a nice fat rebate from Uncle Sam.

Sounds like a dream situation to be in
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RK
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(Original post by .Em.)
I bought my own house because I was fed up of paying a stupid amount of rent each month when I could be paying the same amount on a mortgage and actually end up owning a property in the end.
But has the high cost of renting come about due to the high cost of houses, with the landlords upping the price to make renting marginally cheaper than buying, hence making it that bit more attractive. In the cases were renting may be more expensive than buying, could it not again be the landlords taking advantage of high house process, realising people can afford to pay the monthly mortgage, but not a deposit for a house, so up the price of the rent to the maximum people can afford to exploite those who cannot save enough to buy?


Surely this exploitation would be stopped if fewer houses were owned, but instead up for rent. Would the increase in houses to rent not result in better competition for renting, hence lower rent prices. In turn, the lower demand for buying houses wouldn't have meant the increases in prices and hence the ceiling people were willing to pay for a house and hence the theoretical maximum that rent could be set would also be lower?

And besides, social house was and is cheaper to rent than a mortgage. If more social housing was available, more people would be able to rent cheaply. Sadly, way too many council houses have been sold off and the current house market prices mean even land prices are too high to make building significant numbers of new council houses too costly. (Just think of all the low council tax bands people are missing out on due to not being able to rent council houses too.....it's a tragedy really isn't it....buy your council house and pay hundreds more in council tax...I wonder how many pursuaded to buy homes in the 80s regret that now.)
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sr4470
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As far as I can see, theres no shortage of property up for rent.
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RK
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(Original post by sr4470)
As far as I can see, theres no shortage of property up for rent.
Tell that to the hundreds or thousands of people on waiting lists for council houses. For many a council house is the only way they can afford to have their own home: renting privately or buying is just beyond their earnings.

Many have to wait years to get a house as there are so few (I outlined above why it's not so simple as building more).

My own Grandma waited over 3 years to get council bungalow and move out of her council house (resulting in the waiting list for people wanting houses to be longer too).


These waiting lists are not uncommon, most areas with council houses have substantial waiting lists and in the mean time, young families who should be able to have their own homes are having to live with parents/grandparents, often 6, 7 or more in a house that was meant for no more than 4 or 5 people.
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sr4470
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(Original post by Roger Kirk)
Tell that to the hundreds or thousands of people on waiting lists for council houses. For many a council house is the only way they can afford to have their own home: renting privately or buying is just beyond their earnings.
I should know, I'm one of them. Maybe I should have said "theres no shortage provided you can afford it."
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RK
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(Original post by sr4470)
I should know, I'm one of them. Maybe I should have said "theres no shortage provided you can afford it."
Which is a sad point really...everyone should be entitled to a home whether rented or owned. It shouldn't depend on whether you can afford it or not. All personal wealth should dictate is what size home you have.

What is really annoying is the number of ex-council houses I've seen up for rent from private landlords which cost like 2 or 3 times the cost to rent than if you were getting them from the council. It's exploitation really isn't it?
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