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House Price Crash Forum


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About Guest_Bosworth_*

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    London E14
  1. Like I said, I adjust my life strategy accordingly. Joined an investment bank 2 and a bit years ago. There are always many howls of 'it's so easy what they do'. Rather than bitching about the unfairness of it all, I did something about it. Even if it was just joining the party and trying to get a piece of the action before it all collapses.
  2. Not at all. But working for an investment bank feels quite safe at the moment. Not sure of many other industries that are habitually bailed out and rescued from their total incompetence.
  3. The crash has not and is not happening in North London. Prices are up on the last couple of years. In my eldest's school class there are now 6 families all looking to buy family homes, all roughly the same location for roughly the same price. Behind them are dozens more. The market is still bananas round here. Yes, absolutely. Reckless and stupid. But that's my assessment of the behaviour that will be profitable over the next 10 years. May be right or wrong, just my view, and I've acted on it.
  4. You may be right. Perhaps in 6-12 months they will start to repo more. Perhaps 6-12 months after that we'll start to see this type of sale put downward pressure on prices. Perhaps 6-12 months after that the denial phase will be over and the collapse in prices might happen. I don't think the system has 2 years left in it. And the crash has always been just around the corner. For 10 years now. Half the life of a mortgage.
  5. Interest rates will always lag inflation whilst printing is an option. Printing will continue to be used until we collapse. Until that happens I am gambling that I can continue to service the debt. If I can't, I'm gambling that he banks will continue to be soft on debtors. I am now in the same situation as the vast majority of people in this country. Recent history suggests that that is the correct position to be in. I hate it. But I was wrong about being prudent.
  6. I'm borrowing a massive amount at a rate less than I could get in savings. It allows me to buy a better house at a cheaper monthly outgoing than I am currently renting. Yes I know the total cost of repairs, opportunity cost of deposit yadda yadda but I would have been well through my way to outright ownership had I started a few years ago. Money is cheap and not getting any more expensive for years. Inflation will do its curse. I need to make inflation work for me.
  7. The govt will continue to print and fail to repossess. Therefore prices will stay nominally high. London will continue to attract foreign money as it will remain relatively safe. That's my assessment. And I've changed my plan in support. I may be right or I may be wrong. I've been wrong to-date.
  8. Really? At the moment they are not even asking people in a firm voice to pay their mortgages, let alone plan to pay back arrears on MEWd consumables.
  9. No I hate it. But the facts and rules of the game have changed. For the ruin of us all.
  10. I am an ├╝ber-bear but have reluctantly come to the opposite conclusion. The government have made it clear that they will do everything possible to bail out the feckless and the stupid. Money is so ridiculously cheap and the support available for over-stretched to stay in their homes so overwhelming that I'm in the process of buying. I am leveraging up as far as the bank will allow and buying the biggest house I can afford at today's low rates. Offer accepted and contract well underway. It makes me very sad but I've come to the conclusion that holding cash waiting for nominal falls is the wrong trade, and I've therefore changed my strategy.
  11. I think open houses are great, especially when the EA forgets to say this is what it is expecting me to just accept viewing with other people. I always make a point of stating the problems I can see and tell other viewers they can relax about the competition and that I'm not making an offer given how over priced it is. I also feedback that its great to have seen it with so many people at the same time as it showed how small it was and unsuitable for the entertaining we would be doing.
  12. I work for a bank. Are all 200,000 such people tarred with the same brush?
  13. And there are a lot of people who work for banks with enough spare money to keep the Market up in my area. Again, I don't like it, but it is what it is.
  14. All 12m of us? Don't think so and even if it starts to look likely I will leave the country. All my metals are stores outside the UK giving plenty of seed capital to start again. But seriously?! Work camps for the indebted? Come on. At the moment people who have mew'd to the hilt are sitting pretty in houses not paying a penny, enjoying their cars and tvs at our expense. Not even taking basic steps to repossess let along pursue capital
  15. At which point I will be very glad to have loaded up on debt that is in a form that is destroyed by what you say above. Whilst retaining my precious metals with the hope they are useful when something new emerges. I don't like it, but I'm simply acting on what I see.
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