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House Price Crash Forum

the stig

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    In a world of my own
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    Not at the bottom of the pyramid
  1. It's all gone very well thank you. Bought 3 bed semi in 2004 for £90k. Rough area, but great house for the money. It needed decorating, insulating, double glazing, new bathroom. Garden was a mess. We spent about £10k on it over 4 yrs bringing it up to scratch. I learnt how to plaster. Also paid down the mortgage over that time. Sold for £125k just as the banks were imploding in 2008. Rented a cheap place to protect our deposit while we waited for something decent to come up, and to see what the govt would do to stimulate the market. Bought 4 bed semi in 2010 for £125k. Needed completely gutting, insulating, double glazing, new kitchen and bathrooms. Garden was so overgrown we couldn't even get down it. In a rough area, so we knew we'd be moving again within a couple of years. I fitted a new (v cheap) kitchem, we tarted up the existing bathroom. Replaced the windows with cheap stuff. Replastered most of it and painted it all magnolia. Cleared the garden and laid some turf. Total spend was in the region of £12k. The key thing was working hard during this period to get the mortgage paid down. We overpaid by massive amounts, throwing lump sums at it in the region of £2k-£5k a few times per year. We have just sold that place for £145k. So. 9 years after starting our journey, and playing the property market (with advice from this forum along the way), we were in a position to buy somewhere we actually liked!!!! We have moved to a 3 bed detached house in a nice area. Bought for £300k. Previously valued at around £350k-£400k, though hard to put a figure on it because it's quite different to other stuff in the area. Previous owners paid £125k in 1996. Large garage. Very large garden. Needs no DIY doing in the immediate future. Mortgage is 3x my salary and is covered by about 30% of my net income. So. It can be done, but it meant years of hard work, paying down the mortgage, sacrifice and above all keeping a careful eye on the market. We don't plan to ever move.
  2. I'm in my early 30s. I earn decent, but not staggering money, as does my wife. Our mortgage is only 1/3 of the rough "value" of our house. We have enough land to grow our own food if necessary and have a few animals/chickens. We should not need to move house until old age and disability kick in, at which point we should be able to downsize to a smaller place. I will continue to work as i enjoy it, but may switch to a 3 day week when i hit 40 assuming the mortgage is cleared by then. What worries me is that the govt will come knocking at some point. I've been fortunate and most our age are struggling with 80%+ LTV on shoeboxes, or simply have no assets at all!
  3. Chav family now being moved on because kid damaged a window. Once again it's down to the council to sort it out. FFS!!
  4. And now a layabout family complaining about their conditions. Not their fault again
  5. Yeah i nearly choked at that. Reality check required i think!
  6. £12,000 per year on groceries! WTF!! Judging by their £180 child benefit, that must mean they have 4 kids (i think)? Even so, that's a huge amount of cash on food. £2,300 on elec. Should be half of that. No need for it to be more. These are people who have clearly experienced ever increasing incomes and have adapted their spending/lifestyle to suit. Now that the costs have risen, they can't reduce outgoings elsewhere. They simply "had to" spend £10,000 on a new car after their old one blew. Really? Decent cars can be had for half that, though i guess they wouldn't have the right badge. Muppets. On salaries like that they should be hammering that mortgage down.
  7. I disagree. The price someone is prepared to pay is what they are able to borrow, multiplied by a factor of how hard they are willing to work themselves as they get older. If someone has a £20k deposit and is offered £100k at £500 p/m repayment for 25 years, or £200k at £500 p/m interest only, how likely are they to go for the £200k? Well that's where the "market" is driven by sentiment, aided by parties like estate agents, fuelling the belief that prices will rise forever. If they believe that the property will have doubled in value over their mortgage term then the £200k option makes some sense.
  8. And this, my friends, is the biggest poker chip of them all when it comes to getting help from parents. Everyone i know of a similar age to me (early 30s) has waited until recently to have children. Our parents are just about the right age (60 ish) to be able to kick a ball about, help with childcare, etc. Any older and they might struggle. There seems to be a psychological barrier to having kids when renting, especially for women. This seems to be quite well rooted in mainstream thinking. Add the two together and it goes some way to explain the desire to help their children buy, and therefore produce grandchildren, through BoMaD. Sadly it doesn't mean that they'd be willing to reduce the asking price on their own home if they sold it. Quite the opposite in fact as they will have withdrawn equity in order to help fund their children's purchase. If anything this will add to the stalemate by putting a floor under prices.
  9. Krusty: "She's done exactly what i would have recommended she should do 9 yrs ago: worked hard and saved her deposit" WTF??!! What happened to pressuring people to buy as soon as possible for fear of missing the boat? Don't ever recall recomnending someone in rented "sat tight" and saved more!!
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