Indo: That starter home is now permanent for so many

Man, I hate the term “property ladder”, and its implication that property values rise in the long run (when adjusted for inflation)…

Same here I despise it. I feel it insinuates that ‘your at the bottom’ ‘looser’,’ start stretching beyond your means and reach the heady heights’

I feel sorry for those people caught up in this, sure, no one forced them to buy an unsuitable property, ‘property ladder’ etc etc, but having a 50mile commute or living in a shoebox until you are out of neg equity sounds unbearable

The Indo once again proving how dangerous a paper it has been to both your financial and mental health if read on a reglar basis.

The property ladder is nothing to do with appreciation in property values.

To get on the “first rung” of the property ladder means to get a crappy home (cheap apartment, do-er upper for most people), but as your salary improves, and your credit history improves, you can get a bigger mortgage in order to move to a better home.

The problem during the boom is that people didn’t get on the property ladder at the lower ends - they got their 100% mortgages on 8 times salary and jumped all the way to the top.

This governed my opinion from day one. I resent idiot journalists claiming “we all bought into it” because we did not.

For some of us it was never about buying a property that would buy us another property and up and up. It mattered to us that we could live there. Hence I rented 3 bedroomed houses with flatmates (not always easy) rather than buying 1 or 2 bedroomed apartments in towns I had no wish to live in.

For this never to happen again, properties have to halve in value again.

Never buy in an area you know nothing about.

Duh.

And I love the exclamation mark.

None of this is road to Damascusesque conversion. The only way you could possibly not know it is that you didn’t want to know it. Because you wanted to own/buy the property more than the practicalities. WHen I see people buying houses in Sallins but working in Balbriggan and then asking people how’s the best way to get to work - which I did - then I really realise that the need to buy is more important than the need to live.

This article sucks. It sucks because it lacks the recognition that none of this is new.

Maceface - you’re wrong. If they had, they wouldn’t actually be moaning about being stuck now. That is the problem. A lot of people overpaid lessthastarter homes in places they didn’t want to live. That is not the top of the ladder.

The implication during the boom seemed to be that if you didn’t get your foot on the first rung of the “ladder” by buying a property, that first rung would soon be out of your reach forever, due to constantly increasing property prices. Therefore once you could afford something (even a crappy shoebox apartment) you should buy it, rather than rent (which is of course “dead money” and a mug’s game).

You have that arseways, you didn’t buy into it, you all actively sold it. You peddled a myth to people so that you could sucker them in to buying shitty little properties, miles away from work, family and friends.

Blue pencilled?

Surely, it’s red penned??? :question:

EDIT: Btw, STFU Valerie…

Yeah! they’re at a loose end alright, losers!

:-GC

caseypedia.com/wiki/Looser

Oh right,you NOW recognise this? You didn’t at the time? I did and I don’t have a job writing for a national newspaper.

I hated that term too.

Get your foot on the first square of the Great Celtic Tiger Property Snakes and Ladders game.

Dougal: “You’re going to snake town” :frowning:

Valerie McGrath - it’s a tragedy YOU didn’t say this back in the bubble days when you were eeking out a cosy living writing glowing reviews of shoebox apartments and telling FTBs what wonderful properties they were.

You have much to answer for, as do several others in the journalism “profession”

The Starter Home concept never made any sense for home owners.

Even if all properties appreciated at a similar rate, then the “next step” up the perilous property ladder was always moving away from “starter home” owners in cash terms, as the market prices went up. The smaller apartments and town houses in the cities, along with units in the commuter belt were never likely to have been a good buying move as they were never likely to see the price increases of larger and better served units.

“Starter Home”, “Property Ladder”, “Equity Release” and other such marketing terms were nothing more than devices used by the vested interests in the property bubble to entice buyers and borrowers to lose all sense of reality and step into the manufactured magical, candy floss world of the “home owner”. The reality, as we all know, is a cold, concrete, financial nightmare for many who willingly “believed the hype”.

Blue Horseshoe

Getting on the first rung back in 1999:

Today’s property conundrum:

Question: How many rungs has an average property ladder?

Answer: How long is a piece of string?

True or false?

:blush:

True,

It should be something like,

1, live with parants,
2, rent room/diggs
3, rent flat,
4, settle down - buy family home,
5, empty nest - option to downsize.
6, sell - move into sheltered accommodation.
7, move to 6ft under.

Burying people is dead money. Cremation has fewer operating costs…

I don’t think I’ve spent more than 200 quid on an impulse purchase.