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ColinS

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About ColinS

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  1. Anecdotally, since lowering the price of my apartment and starting this thread, I now have 3 viewings on Monday, the same number I have had for the last 9 months. Hopefully I am close to being a full on renting Bear. Scary. Im placing a lot of trust in this website* and while I know Im probably 2 years late, I hope its not too late to STR. *Yes, I have done my own research aswell.
  2. Dont see how me trying to right the mistake I made by buying 2.5 years ago is acting like a spolit child. The next couple of months could be my last chance to get out and make some of the money back I (my parents) have lost by renting. Furthermore, as I bought at end of 2006 I clearly dont think I can play the market, hence I started a thread to see people's opinion on what is going to happen next in the local market. As for self respect - I am happy that I have a relationship with my parents that if I need some help, as their son, I can ask them for that help, after making a huge mistake buying a few years ago. They know how grateful I am.... but I still have to sell so we will see. Thanks others for your comments - I guess we will see what happens!
  3. Very selfish indeed, the market has rightly screwed me over so I need to get something out of it. No interest in staying where I am and even if I did stay there realistically 10 years or so while I paid down the mortgage, then the house I want would be higher and the % price difference greater so may aswell get out now and enjoy a bigger place now than in 10 years time. I am fortunate that my folks are in a position to bail me out otherwise 20 years it would be
  4. I agree Subby. I have accepted I overpaid and thats why I am trying to get out now (with substantial help form my parents to pay of the Neg Eq). The only way I can remotely turn this in my favour is if I rent and prices fall more but dont want to make a big mistake by renting and prices go up, but after reading this Board for a while I am sure they wont. So basically if I sell bring on the Crash. If I dont bring on the stabilisation!
  5. Is there more falls to come either in the whole of the UK or if not, just in NI? If so, why are we so different (surely our price falls were sharper and we are now back in line with the UK? I have lowered the price of my apartment to >£40k off peak and was planning to STR but now concerned that might not be my best move. I bought near peak, I dont want to sell near bottom.
  6. Just put my apartment back on the market (in Bangor). Had it on at the end of last year at about 20% below peak - 1 viewer/no sale, so I took it off the market. Just put it back on at 35% below peak. If I get a sale I am going to rent (basically as I am using my savings to pay off my Neg Equity, I need to regroup with a deposit and also I want to make sure I re-enter at the bottom). I am not thinking I am some sort of genius doing this but do u think IF I sold, I would be safe enough renting for a year (worried about leaving the market at this late stage) Would be great to get some control back and put these last 2.5 years behind me. Do u think Im doing the right thing? Would be odd from going frm wanting the market to stop crashing (because of my NE) to joining you lot in hoping the **** falls out of it. Cheers
  7. London to Manchester, just out of interest - Did Standard Life offer you a fixed rate? I am due to remortgage with them in September and their SVR is pants
  8. Who knows but I bought in Q4 2006 and realistically I am over £30k in Neg Equity, so I am sure there are a lot of muppets like me.
  9. To me your post, comes across as ha ha you bought at the peak, I didnt, your fcuked, Im not and I have got this impression from some of your previous posts. However, perhaps I am being over sensitive as I am in a similar position as the OP and do not need people telling me about the state of the market. I know (and Im sure the OP knows) where the market is headed and everyone who bought within a year or 2 of peak is not necessarily in denial like you constantly keep referring to in your posts. However, you do provide some decent advise so keep it up, just lose the smugness a bit. You are in a great position and enjoy it.
  10. I would be interested in your thoughts behind this comment. I had the same problem as the OP - Neg Equity, wanted to move, had some savings etc. In the end I decided just to put my savings into my current mortgage. Means I am out of Neg Equity (albeit temporarily) and I am repaying more on the capital than repayments. Hopefully now I have done this, when the market reaches the bottom, I will be out of Neg Equity and will be able to sell at the desired price. I would not have been able to do this without throwing my savings at my mortgage. Yes, its plummeting in value but its thposition I find myself in and the best way I can see of getting out of the current situation.
  11. [quote name=Belfast Boy' date='Mar 6 2009, 08:39 PM' post='1720738] So you bought a house in late 2006. Unlucky! You bought near the peak of one of the biggest property bubbles in modern history. Smug and unhelpful comment - I am sure he is aware of the situation
  12. I sent this article to a mate of mine who works for a well estabished Estate Agents and asked him what he thought. He agreed with the article in in relation to the fact that if properties are priced realistically (i.e. approx 30%-40% below peak) they are selling, especially at the lower end of the market which is pretty much the jist of this article. I ackonwledge that a lot of the rest of the article is desperate spin but the facts that houses are selling (in this small smaple of 2 estate agents!!) and just because houses havent reached the 3-3.5% of average wage, doesnt mean that its not true. Cue abuse but facts are facts (and by facts all I mean is in relation to these 2 estate agents are reporting an increase in sales).
  13. I like that when Halifax shows that prices are falling every month, they are very reliable etc. Now that the show an upturn (albeit temporarily) peopel are saying its fraud, they are skewed, they show the wrong kind of information.... Either you trust these figures are you don't. Talk about spin.....
  14. Hilarious Im sure. OK, what do u suggest, go back in time and not buy or magically make money appear to pay off my Neg Equity? Perhaps you mean I should just take my apartment off the market? No big deal if I do or dont really.
  15. Ok, not cant be bothered, just dont see the point,....... However I do note your point that if its on at a stupid price it might become stale so worth thinking about. My apartment is on at £120k, would prob sell for £90k-100k (at the moment, I am aware it will go lower) - I am aware of that so still dont think I am in denial. Sillybear2 - I do not intend on waiting on a once in lifetime flood to come along and reinflate the price of my property. I have enough finance to take a whack off my mortgage and then start overpaying so intend being at the bottom of the market when we get there and I will puit the past few years down to an expensive mistake.... Is that still denial?
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