Hi

I am new to this chat board, but I have been reading the boards for the past 3 years.

I have held out for a crash, saved up a good deposit, but I an getting tired of paying dead money by renting.

I am starting to wish I had brought in 2004 and am now thinking it would be a good time to buy because I cannot see a crash happening. Even with all the bad news, economic wise, prices are still going up, rather than crashing.

I think its time to stop hoping for a crash, and start making other plans to buy. What do you guys think?

If you need to buy a house to get on with your life and family (the importent stuff) and you have a secure job do it. If it's a short term investment or you see it as a way to get rich don't bother.

If I had enough money and was sure I could handle the morgage I'd get a house whatever the price.

You are right - 2004 would have been a good time to buy. Not much you can do about that now, however.

I think the decision (leaving aside personal, non-financial considerations like starting a family, etc) depends on your part of the country. If you're in the South East (particularly the capital), then yes; I would buy.

Are you a troll? Just curious 'cos of one thing you said.

If you can get the same house for the same amount of interest on a mortgage as you would pay rent, and you're not planning to move again in the next 5-10 years, you might as well.

DYOR and and trust yourself do not rely on anyone else's view, to me you sound very unsure but good luck.

a very tentative awooga for the OP

Why do posters always say they have read these boards for years but then only decide to post once they have come to the conclusion we are all wrong?

Obvious troll. It took me about 2-3 months before I felt the urge to sign up.

Oh, and s/he signed out as soon as they posted. I'd be waiting around viewing the replies, especially on my first topic. The name gives it away a bit too...

lol

Jeepers!!!

Is it Margamboy? Troll frenzy!!

I admit I am very unsure what to do. This site does not help too much as you guys obviously want a crash. Other sites says prices will keep rising. You get so many conflicting messages you feel like your standing out in the rain with your pants around your ankles!

I am not interested in buying and quickly selling, I want a home for many years. But is it the right time to buy? What if you lot are wrong, like you have been for the past several years?

What would you suggest if he was in the north if I might ask?

Cheers,

Phoney

What are they? Let me know.

Oh dear! I can't believe this!! I have seen this many times. When someone does not go along with your views of an inevitable crash, you all jump on them, accusing them of being a troll, an investor, even an estate agent. Why? Why am I not allowed to ask sincere questions and hold a different view to you without being accused or targetted?

Awooga.

Go for it and good luck

Personally I havn't stood outside in the rain with my pants round my ankles are you are quite familiar with the process?

you are right, dead money on interest is a lot more dignified
not to mention the dead money on stamp tax and other buying costs


as long as IO mortgage costs more than rent, you would be crazy to buy UNLESS you expect HPI

& the Night of The Living Dead Money from negative equity.

You owe me a noseful of whisky and a new keyboard.

To the OP, though - yeah, go for it. Now's the time to buy. Try to buy a spare BTL property, too, to make the most of these splendid conditions. They only come round every 18 years or so

P.

I think you must be quite mad !!

I too have had my doubts, and have got disillusioned about the amount of time its taking.

But I really believe things have changed in the last couple of months, there is more & more bad news in the press everyday now, and sentiment IS changing.

I think we'll have a pretty clear picture of where things are heading by the end of this year, or early next year.

Do you plan to stay in one place for a while?
Is it important to you to have a secure tenure in a house where you, rather than a landlord, control the condition of the property?
Can you afford to buy, considering that interest rates may rise?

If yes to all 3 then by all means buy. You may lose equity in a crash but in the long term you'll be OK. I would just advise against buying for capital gains because I do not foresee large gains hereafter.


The same logic would probably mean I should buy myself. But I can't bring myself to pay what the market is asking, it seems such a rip-off. I'm renting for 6900/year in a house the landlord bought this year for 160,000. Add 1,600 stamp duty and (conservative estimate) 1000 solicitors and survey fees, that comes to 162,600. He then replaced the kitchen, half the carpets, the central heating system (boiler and radiators) and redecorated throughout. I don't know how much this cost him but surely one couldn't do this for less than 170,000 total? On that basis he's now getting a yield of 4.05%. But I also know he had several months void while he did the work.

Just can't persuade myself to buy when I get such a good deal renting.

I have been accused of being a troll this evening for having the audacity to disagree with the Realist Bear. On that level i share your frustration.

That said OP, if you have been looking at this site for years you will know 2 things.

1) Many trolls punt out what you have said
2) Many posters shout you are a troll

Its part of the site.

Don't worry. I have very similar feelings about the situation. I really want to buy and I probably could, even at the current levels. However, I'm confused at the likely prospects. To me, if any likely crash/correction is <20%, then given that high inflation is eroding my savings and I have no need to move in a hurry, then buying doesn't really look a bad deal in the mid-term.
I guess the most important thing is to understand that IRs are going up and probably going to stay there for a while, so don't stretch yourself.

Yes, and you should also buy an investment property in Spain or Florida

plenty of posters come on here with different views to me but i don't call them a troll - they say what they mean directly - they argue the bull case (mis-guided as it may be) - you came on here all coy and innocent

can anyone remember the name of that other troll whose first or second post referred to 'cream rising to the top' before implying he was the cream? - i have a feeling it's that one reincarnated

Wait

don't rub it in

here we have a classic example - someone clearly mis-guided yet not a troll

America, Spain, Ireland - are you a bull?????

if so nice try!!! if not its time you started reading the quality newspapers!!

Yep, I've been thinking this for a while. Is it ever going to happen?

A perceptive quote from the good old book "Faith deferred makes the heart sick"; there are a lot of heart-sick people on here. I share some stuff I have come across recently that has restored my faith. Some of it is US stuff, but no matter, this property boom is global. The first link is a video, which you have to watch to the end, or you won't get it.

Check out the third graph on this page, to scare you witless.

And this great article, posted to day by 'dohousescrashinthewoods' (Most excellent!) Makes you realise how much the media are in the pockets of the governments and the rich. They don't care about us, they use the media for their own ends. This article sums it up, you need to skip down to the heading "This weeks theme - Disconnect from reality" and read on. We are constantly soothed by the media, to keep us sweet.

I think things are much, much worse that we can possibly imagine.

Reads like an excerpt from the "Junior Trolls Book of Hackneyed Clichés".

C'mon you trolls, put a bit of originality into it.

Otherwise we might think you were losing heart.

Do you not think it’s strange that the whole World has found the ultimate get rich scheme PROPERTY?

Think about it…..........

I love it when these topics come up.

Cheers to everyone who's posted in this thread, especially HousePriceBoom. Best laugh I've had all evening!

plans to buy what?

this was the clincher - apart from the usual 'dead money' crap, the standard of english is shocking

AWWWWWWWOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOGAAAAAAAAAAAAAAAAA

Then you should have learned not to be so surprised.

So when you spend money on anything that isnt something you can keep as an asset it is dead money?

food
socialising
holidays
MORTGAGE INTEREST

This country has gone bonkers how its addicted to home ownership and been slaves to banks on 30 year loans.

I notice that a lot of the original posters on this forum have disappeared. I have been reading this forum since 2003 possibly 2002. In late 2002 I thought prices would dive. I had a choice, keep my property and rent it out, or sell it and sell my other house also and buy a large detached for £180K.

My view was the market was overvalued and I would sell the house and live in my shared ownership house until the crash had finished and prices were again reasonable. So thats what I did. So you can see how frustrated I am now that almost 5 more years have gone by and all I've seen are rising prices to even higher levels. I don't even want to work out how much I've 'lost' by selling the house for £90K in 2002. I'm guessing it would be worth £150K now.

The only thing I can do is keep holding on - as I've lost so much by half STRing and to carry on with this stategy. I could never buy now, especially now prices are even more insane than in 2002. My choice was in hindsight wrong, but i can't take the risk and have to see it through to this crash that will without a doubt, one day, eventually happen.

HousePriceBoom = multi-ID troll

Who'da thunk it?

This site only really took off mid-2004 when i joined from the old forum, site was started in oct 2003. So how does 2002 enter the equation?


Also, hpi in my area hasnt really budged since early 2004, infact it has dropped around 10%. London's a different kettle of fish though.