June 24, 2007

A HousingPANIC Statement for the People of Great Britain regarding your cherished "housing ladder"



If I hear "get on the housing ladder" one more time I'm gonna lose it

It's a Ponzi Scheme. Isn't that wildly apparent?


When your kids no longer want to go to university, and instead want to become real estate investors and homedebtors since that's where the real money is, you know not only are you post-peak, but you're f*cked.

Young Britons shun university for first rung on property ladder

An increasing number of young Britons are choosing to skip university in a bid to get onto the housing ladder more quickly, according to a new survey.

The Lloyds TSB study found that one in ten 18 to 24-year-olds has chosen not to go into higher education in order to start saving money towards buying property.

One in three respondents called for university tuition fees to be cut in order to help bring down the average first-time buyer age.

It seems that homebuying is now more important to many young Britons than getting a degree, with three quarters of respondents saying that homeownership is the goal they would most like to achieve before turning 30 – coming ahead of getting married and having children.

15 comments:

Anonymous said...

suckers

Anonymous said...

At least the kids don't want to be strippers and porn stars

Yet

Anonymous said...

well...I guess you can look at it this way. Soon they'll all own an 1 bedroom condo as an "investment" to either find that nobody wants a 2nd 1BR condo in addition to their house and they'll be fighting against the high-schoolers for the 6 Mcjobs that the McSheeple couple will need to cover their PITI for the next...uh...how long are Mortgages over their? 30 years? 40?.

Anonymous said...

There is a great UK housing bubble blog:

http://ukhousebubble.blogspot.com

David in JAX said...

This is a really good thing. If these kids are that stupid, they shouldn't be going to college in the first place. I admit that I don't know anything about the university system in GB. But, here in the US, too many kids go to college which waters down the quality of university classes and waters down the value of a university degree. If the same thing is happening in the UK, then this is a really good thing.

Anonymous said...

"Owners".
LOL. Americans stopped being free a long time ago.

Try not paying your property taxes to you Landlord gov't. And try using a paint color not approved by the local real estate association.

You "owners" are just bitches in disguise.

Anonymous said...

I overheard a conversation a couple of weeks ago among three English girls, school-leavers.

One announced she was going into the workforce to save up and buy a house with a friend. The other two thought she was foolish, and wished her luck in her new career as a supermarket cashier.

Then they started tittering about boys.

Anonymous said...

"The Lloyds TSB study found that one in ten 18 to 24-year-olds has chosen not to go into higher education in order to start saving money towards buying property."

And Brits wonder why they are poorer than the French, despite working longer hours.

chris g said...

"Try not paying your property taxes to you Landlord gov't. And try using a paint color not approved by the local real estate association."

Oh shut up. By that sense of logic we don't own anything.

K.W. - Southern Ca. said...

Without a decent education they won't be getting anywhere - except into more and more debt.

It's a shame housing has become such a speculative mess across the world.

Anonymous said...

"Owners"

Someone finally gets it! It has not all been for naught!

Yes indeedy. The "WhOregonion" ran an article in the late 90's about the grandfather we all wish we had! Nice guy. Gave all the grandkids A HUNDRED BUCKS for their birthday (or losing their first tooth). "Helped" his kids by paying off everything from car loans to credit cards.

How did Stanley Johnson do it you might ask? By *not* paying his property taxes for 10+ years! Seems the goofy old duffer (yes, Iknow, we'll ALL be old some day) neglected to pay his taxes. In this case about 10k a year.

Well if it were all about "this place" we would be here eternally. Can't say as I know anyone that fits that description. Anyhows, "Gramps" sadly passes away and there's "the kids" with their hands outstretched in anticipation of "their" inheritance! Golly gosh, guess what? It is "yours"! All YOU need to do is pay off the 150+K in back taxes and it's all YOURS!

The taxes, the penalties, the interest AND the interest on the penalties that comes to guh-rand total of???

Uh... needless to say the grands walked. See kids, you kinda got your inheritance "up front". So there is no McMansion in your future. (I guess it must be nice to be "thought of well" while one is still alive?)

Who *wouldn't* want to be held in that esteem while you can still enjoy it!? The adoring eyes, the "oh you SHOULDN'T haves..."?

DinOR

Anonymous said...

Isn't ladder scheme another word for Ponzi?

Adam said...

Here in California, the commissioner of the Department of Real Estate (DRE) released a terse statement a few years ago that they've processed a record number of applications for new real estate licensees that year. When everyone, including strippers and bartenders, are rushing to the next hot "career", you should realize something is quite wrong with this picture.

To anyone who was following market trends, it seemed yet another obvious sign that this was a market frenzy near the end of it's run.

But I'm sure the U.K. sheeple are convinced that it's "different" there, huh? Yeah, sure it is. It's different EVERYWHERE, right?

SeattleMoose said...

"An increasing number of young Britons are choosing to skip university in a bid to get onto the housing ladder more quickly, according to a new survey".....just more fuel on the fire.

An unskilled/uneducated population of wanna be shysters with nothing to offer in the global economy = 3rd world country coming soon to a neighborhood near you.

Just more fuel on the fire....

Anonymous said...

The housing ponzi scheme will destroy the future of an entire nation. housing prices won't even have to drop. If it even goes flat, buyers will lose tens of thousands in selling fees. The get-rich -quick scheme will fall apart and there will be an entire generation of uneducated Britons who gambled their futures away on finding a greater fool.