Tuesday, Jun 01, 2010
I’ve bought a house: my worst ever financial decision
FT: I’ve bought a house: my worst ever financial decision
Uber bear MSW's head finally loses battle with head [sense].
Posted by doomwatch @ 03:03 PM (2949 views) Add Comment
13 Comments
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1. Jeremiah said...
Surely this is a 'Last bear turning bull' moment. Keep the faith and let's hope it'll be all downhill from here on in!
2. titaniccaptain said...
Brilliant article that numbers the waves in the perfect storm heading towards the Housing market.
3. Jayk said...
This is obviously faked. MSM knows that the market has changed for at least this generation and the next, and that we are no longer a nation of homeowners but a nation of renters with a relatively small number of landlords holding an increasingly large proportion of the housing stock (as in the past and as per the rest of Europe). Rather than admit she's been wrong in repeatedly calling an imminent crash for the past god knows how many years, she buys a house then immediately claims she's made a mistake. Yeah, okay. She's bought a house because she knows nothing is going to change for a long time, so why wait any longer? Good luck to you MSM, but be honest with us.
Buy the moment you can afford it and not a day later. It's what I did in early 2009, taking a five-year fixed rate at a level I can afford with a comfortable amount of money to spare every month. I got fed up with waiting for prices to drop to the level I wanted them to reach and instead acted when they hit the level I could finally afford (after the small reductions of around -8% which came in 2008 in my area). Even if your house does lose value in the future (unlikely), houses are for living in, not profiting from, remember?
And what if you can't afford a house until prices drop by a large amount? I am genuinely sorry to say this to you: there's is little hope you'll get a house before your grandchildren are old enough to get a mortgage themselves. Sad but true.
4. cynicalsoothsayer said...
"Even my mother is at it – her buy-to-let properties are joining the glut coming on to the market this week."
Election over, house price crash begins.
5. mark wadsworth said...
Oh dear. The old nesting instinct. Man's worst enemy.
reCaptcha: the foamiest
6. 51ck-6-51x said...
Wasn't going to add a comment until I saw the reCaptcha: news massaged
7. paul said...
My sympathies go out to her. I'm coming to very much the same conclusion gradually. The government (full of baby boomer property speculators) has made 'economic stability' indistinguishable from 'high and rising house prices'.
The reasoning now is therefore by extension of logic, perpetually high and rising house prices are in the national economic interest and must be preserved at all cost. If you don't want high house prices, you are acting against the UK's economic interests. In fact you might be a terrorist.
Remember the market can stay irrational longer than you can stay solvent.
:-/
8. This comment has been removed as it was found to be in breach of our Blog Policies.
9. miken said...
Still waiting for a nationwide house price crash. Saw an undesirable 3 room flat sell for 3K (yes 3000 pounds) last week on the Isle Of Wight. Still it's a start! http://www.eigroup.co.uk/auctioneers/templates/lotdetails.asp?a=224&c=fxs&l=571951
10. alan said...
As MSW says in the article, there are many potential reasons for a sudden house price drop. Clearly prices are being artificially propped up to support the banks, who have lent a fortune to speculators (and maybe to appease Express readers).
But PROPPED they are. At some stage they will be removed. Then the pain will happen - very uncertain times ahead.
Recaptcha: ambushes railroad
11. doom&gloom said...
that IOW flat actually looks OK from the auction picture! Seconds from the sea, just behind the promenade, marina for the yacht only walking distance away! Normally c£150k - must have serious structural issues or similar...
12. This comment has been removed as it was found to be in breach of our Blog Policies.
13. This comment has been removed as it was found to be in breach of our Blog Policies.