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House Price Crash Forum

jsh201

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About jsh201

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  1. I am so fed of of waiting for house prices to come down. I feel as if the whole country has gone insane over the past three years. In 2003 I had a detatched 3 bed house in south yorkshire which I sold for £122K after three months on the market. I chose to sell as I was moving down to Cornwall with my work and a number of people I knew (including one estate agent) were stating that the housing market was becoming overvalued and due to stagnate or fall. I remember people coming to view the house at the time and complaining to me about how high I had priced the property and that noone would ever be able to afford it (seems laughable now!). I also saw websites like this one forcasting the usual doom and gloom messages which I thought were probably true, so I took the 122K and ran. However, selling the property turned out to be the biggest financial disaster I have ever made and one from which I will probably never recover. I cashed in £50K profit from the sale with a big smile on my face (soon to turn to tears) and put my cash in a savings account, waiting for prices to fall (I thought). Yet instead of falling in price, the house I sold for 122K is now worth probably closer to 200K and still rising apparently! I now have a much better job and a salary of more or less double what I had in 2003 and yet I still could not afford to buy back the same house I had then. What the hell is wrong with people in the UK? I remember just a few years back when people (including mortgage advisors) looked at you as if you were insane if you wanted to lend 100k or more, now it seems that the basic mortgage figure is generally well over 100k, even though wages are not really any higher and all our other bills such as fuel, council tax etc. are also higher. I think what most buyers are doing now is paying interest only for property instead of repayment. These types of mortgages should never have been allowed to happen, as we now live in a society were we have to earn two wages instead of one, just to manage an interest only mortgage, where a few years back it was one wage to cover the repayment mortgage. Well done everybody, good thinking! What amazes me most is how people in the uk will bitterly complain if a cheap food item goes up by 10%, or they get a slightly higher insurance quote or council tax bill or fuel protests against increasing petrol prices and yet the most expensive thing we will ever buy has effectively doubled or more in a few short years and no one seems to be that concerned or keen on protesting. Now I keep reading on this site about the predictions for 'a correction', 'a crash', 'the bubble bursting' etc. but still the prices go up and up. And now there are predictions of further increases still, which is 'good news for the ecconomy' apparently. Well I for one have had enough of the UK. I am planning my emmigration, as are many of my friends, medical professionals like me. Isn't it sad and sick that hard working professionals have been priced out of their own country in a few short years because of fear, greed and stupidity. Sorry to say this to all you so-called experts, but you were and continue to be wrong regarding the predicted fall in prices. The crash may indeed come, but it is not imminent yet, not while there are so many scared, greedy and misguided folk taking interest only mortgages to keep the market alive!
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