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House Price Crash Forum


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Everything posted by tenroom

  1. Each to their own. If someone wants to go out and buy a property because they feel the future is bullish, it's not my business. The way I see it, the whiners are probably correct in not buying at this time - I wouldn't - but the fact is that a set of circumstances exist at the moment and it's no one's fault. I know plenty of priced out folks who are quietly waiting . . . . with DIGNITY . . . . for the correction to come. They don't blame anyone - it's just he way things are for now. Misery loves company but no amount of collective sour grapes is going to change the fact that they're priced out. Yes i bought my place pre-boom and i was advised by every toe-rag not to cos prices weren't going to go up any time soon. F*kk that . . i needed somewhere to live and there was no way i was gonna rent in this neighbourhood. I scrimped and saved and got what I wanted. It's no one's fault that many on the whiners came to market just as prices were going through the roof but there's a correction coming so they'll be sorted soon enough. A little patience. Why the hurry to tuck oneself up with debt. Enjoy life - there's more to it than a bloody mortgage . . .
  2. IT people don't generally get bonuses unless they're working for the investment banks. even then it tends to be a max of 20% of salary. The bonuses they're discussing on here are being given to the M&A, corporate finance depts, traders and management. It's a lot of money but for the most part, these guys really do earn it. When I'm getting hime, they're still in the office and don't get home until like midnight . . . . after starting at 7am
  3. Well goa nd buy then and stop being a whinger. The lenders are waiting fo rpeople just like you . . .
  4. Perhaps you're just timid. I wasn't referring to you personally as I couldn't possibly know whether you had a girlfriend . . . or whether you were even a guy. It was a hypothetical scenario intended to reflect, perhaps, the average situation of the average whinger on this forum. So, basically what you - personally - are saying is that as soon as your garden flat came into your financial range, you'd buy it even if the press, the media and th eremainig whingers on this forum were saying there was a hell of a way to go till the bottom of the market when - theoretically - your flat could be bought for, oooh, £120K ? Yeah. Righto !!
  5. They can be reasonably bullish because at the level they're buying, as I said, prices don't dive on sentiment.
  6. I'm neither bull nor bear - I'm going on experience. Most price rises are based on sentiment - yes - but all I can comment on is what I've seen in this area when the bonuses are paid - affordability has little meaning to the folks possessed of such funds. My initial investment was made nigh on 10 years ago and I've got a f**kload of equity sitting here doing nothing. I actually like living here, the mortgage is peanuts and I don't have a bunch of guffawing bankers on my doorstep every evening . . . unless I WANT to walk the 200 metres to the Portobello Road.
  7. Well of course I don't know the mindset of every forum member but I'm assuming they're human - for the most part . . . Ok so lemme get this straight. . . . The two bed garden flat you want is on at the moment at £275,000. You either can't afford it or don't want to spend that kinda money . . . fair enough. Next year BoE raises rates to 7% after disastrous inflation figures and a stock market correction. Prices start to fall. One year later that two bed garden flat has come down in value to £185K which you can afford without stretching. All over the scummy VI press, the headlines are trumpetting "Prices set to fall further - 10% by year end" You've been banging on HPC.co.uk for 18 months about how dearly you wanna buy a place to put down roots and raise a little family wit' yer chikdhood sweetheart but hte Guv and the VIs have stitched you so what do you do ? Pile in and get that idyllic garden flat, move in and start pumpin' the babybatter into yer bird in pursuit iof that family or do you wait for someone to call the bottom of the market ? Well ??!!
  8. Mate . . . . I live very close to NH (for my sins) and I can tell you - from experience - that HERE it had an effect last time round and it'll have an effect NEXT time round. Is that reasoned enough for you ?
  9. Not a good idea . . . it will have an effect
  10. Well to me, 4,200 people walking around with a million and a whole legion walking around with 250K apiece constitutes a wall of money. The kind of people walking away with a million pound bonus next year will probably have had that kind of dosh sloshing around their accounts in the past and have more than likely already piled into the Notting Hills, Chelseas and Kensingtons. They'll just be looking at the trade up to the detached on Chepstow Villas as opposed to the semi on Kensington Park Road and - to be honest - that's all they really need to do to start the whole mini-boom again. They are financially astute but they're not borrowing huge mortgages - they're just moving money around. The top end of the market doesn't move that much - crash or no crash . . . . and they KNOW it
  11. er . . . cos I've already got a flat. It's not proving to be unbearable to live there so it's not essential that I trade up yet. If I was as desperate to buy a flat as some of the whingers on here claim to be, then as soon as the place I wanted came into my financial range, I'd be all over it . . . even if the price was set to fall significantly further. After all, it's still the same flat regardless of the value, non ? My point is that this all-encompassing desire to own would desert the whingers to be replaced by the desire to buy in at the bottom so they can ride the 2nd coming of HPI in . . . oooh . . . 7 or 8 years time. It's not about security or putting down roots . . . . it's avarice . . . pure and simple. At least have the balls to admit it . . .
  12. Bit of a generalisation about people being given property after the taxpayer's paid their rent. Lots of people paid their rent to the council whilst doing crap jobs and working every hour that God sent. Surely you're not saying that people who rented in council property shouldn't have had a chance to own their property. Or are you just galled that an ex-council dweller is worth more on paper than you are ? After all why should you be inconvenienced by not being able to get on the property ladder, eh ? Better them than you, eh ??
  13. Then you, sir, are in a minority and I sympathise with your plight.
  14. Yeah . . . as soon as prices do come down, I'm sure we'll see them all rushing into estate agencies to buy that flat they've always wanted. Like f**k we will. They won't give a monkey's that the flat they've always wanted is now "affordable". The overwhelming notion on their minds will be the fact that they don't really want to buy an asset that's almost certainly going to fall in value. No way. They want to buy an asset that's appreciating so they'll wait for someone to call the bottom and then pile in. You see, for the majority of these people, it's got little to do with wanting to own property . . . it's to do with the fact that they want to be sitting on a pile of illusory wealth too like people who through no fault of their own just bought at the right time. Frankly, i don't care whether my opinion flies in the face of the consensus on this forum. I'm talking human nature here and not hiding behind this "it's not fair, the system and the VIs have f***ed me over" argument that seems to pervade the threads ad nauseam. I do believe that the desire for wealth supercedes the "I just want somewhere to call my own" claim that most of you bleat on about.
  15. Bo11ox am I outta touch with what's going on, it's YOU lot who need to wake up and smell the coffee and stop thinking the whole f***ing world owes you something. "Oh Boo Hoo. I can't buy a property because all the conspiracy theories I've read about on here are true - Realist Bear says so ! The government are out to strip me of my right to buy a house by artificially inflating prices. Sniff, sniff." When I bought my place I was on a LOT less than £25K but I'd managed to save BLOODY hard for a deposit and got a mortgage which equated to roughly 3.75 X income. Maybe the average salary in the **** end of the Midlands is less than £25K but here, in London, it's higher. I know people who are earning like £38K and are borrowing £200K to get on the ladder. If you want it enough, you'll do whatever you have to do to get it. Personally, I wouldn't strap up with that kind of debt now but when I did back in '97, it was just as daunting given I'd never owned before. Again, there IS more to life than strapping yourself with debt.
  16. WRONG ! I bought it off the previous owner who'd bought it on RTB. I'd actually wanted a nice Victorian conversion further up the road in Notting Hill but I couldn't afford it so I bought what I could afford which was a 3 bedroom flat in a low-rise council block. Ok it wasn't an ideal solution but I needed somewhere to live and didn't wanna rent. If I could do it, so could anyone else.
  17. No you wouldn't need to be on that kind of multiple if you did the prudent thing and saved for a deposit. If you're earning £35K and can't cobble together a a poxy 10% deposit from that then you probably shouldn't be looking to buy anyway. The reason I'm not whinging about not being able to trade up is because, frankly . . . . there's more to life than owning a f***ing pile of bricks and mortar. The way I see it, you lot are constantly banging on about the impending HPC so give it a few years and you'll be able to buy whatever you want although I'm guessing that the aversion to the probability of losing money on the value of whatever you buy in what'll essentially be a falling market will more than likely triumph over your innate desire to own a property . You know as well as I do, you're not so gutted about not owning property per se, it's about the illusory wealth that homeowners apparently have that f**ks you off.
  18. Jesus H Christ You people are unreal !!! £175K is a reasonable sum to pay for a decent sized one bedroom flat in an accessible area well served by amenities. The average salary is NOT 25K. Maybe a few years ago it might've been but not any more. Look . . . In 1988 I was arranging mortgages for a living and I tell you, very, very few lenders were sticking to the 3 + 1 or 2.5 X Joint income multiples that you lot reckon should be staple. There were lenders offering 3.5s and 4 X income and they've been doing it ever since. Most mortgage lenders these days take affordability into account far more than they rely on bog standard income multiples. The reason for this is because many folks don't have credit cards and personal loans sapping their disposable income each month and therefore can afford to shell out a bit more every month without compromising their standard of living too much. The fact that the mortgages they're granted LOOK like they're based on 6 or 7 times income is because of this real world evaluation of people's ability to pay based on today's interest rates. As far as living in a council slum is concerned, there are some perfectly decent council properties up for sale which aren't on the 20th floor of some crack tower. The stigma surrounding them is slowly but surely starting to evaporate leaving what can be very well built and generously proportioned properties. I don't live in a "cuddly" home at all. I bought in '97, in a COUNCIL low rise and it's more than quintupled in value. Even so, I still can't afford to trade up - as I'd DEARLY like to do - but I ain't bitching about like you lot . . . . .
  19. Oh what tosh . . . you can still buy property for reasonable prices if you're prepared to compromise on location a little. There are starter homes in perfectly decent areas in the south-east where a one bed flat will set you back £175K. Sure I can appreciate that if someone wants to live in Notting Hill or St John's Wood etc, then they probably won't get much change outta £400K but they're going to have to be realistic. There's no rule - unpsoken or othrwise - that says that you ought to be able to buy in the area you grew up in or the area of your choice. The trouble is that so many people think that owning a home is a God-given right that they should be able to exercise at ANY time but the reality of the situation is that property prices have ALWAYS boomed and bust. Sure, the prices are high but there will ALWAYS be people who can't afford to buy a home but if it's as bad as you make out, why the hell are so many people still buying. They're making their choice - right or wrong - to borrow large amounts of money to get on the ladder. You bears are slating them for doing so on the one hand but whinging about the cost and saying you wouldn't be stupid enough to buy now when the market is posed to crash.
  20. Here we go again. Any piece of hack journalism that corroborates RB's opinions is held in high regard and, yet, the same site said something along the lines of "house prices rocket by 12% in London" a couple of weeks ago and was heavily berated for being a low-down, dirty VI. I give up . . . . I mean, what are we to believe, RB ? Are the press VIs or are they not ? Surely if they print negative stories like the one you link to, then they must be as bitter as the bears on this forum at the fact that they can't get on the porperty ladder. But then again, if they print more positive ones like the example I alluded to, then they must be conniving arch-villains plotting to cripple a nation of little people in order to line their own pockets. The only time when everyone can afford to buy a home is when prices are on the floor as they were around early 90s. I don't remember hordes of FTBs breaking down the door to my mortgage brokerage . . . . Said it before, say it again . . . people are banging on about not being to buy because they've missed out on the gravy train.
  21. Oh it's always been the same. How many people bitching about immigration are actually the offspring of immigrants themselves. People bleat on about the Poles and other Eastern Europeans in much the same way they did about the West Indians in the 50s and 60s not to mention the Irish. The UK has made its own bed. It colonised a huge chunk of the world with its empire. It suffered a manpower shortage following the war which saw it trawling ex-colonies for people to do the jobs its fledgling white collar classes didn't want. All the people who had benefitted from the spoils of colonisation - namely the entire British public - suddenly started bitching about Blacks, Indians and the Irish despite the fact they were cool with the British government pillaging foreign lands to build its immense wealth. Don't get me wrong - even though I'm of Caribbean descent - I find it galling that some freebooter can rock up at Heathrow with 4 kids, another bun in the oven, and not a shred of understanding and ask the country to provide free social housing, education, healthcare and not speak a f***ing WORD of English. But if one looks at many cases, a pattern can be made out. British military involvement in Afghanistan, Iraq has helped to displace a lot of the indiginous people in the name of securing oil sorry, democracy. If those people then choose to come here, that's cause and effect at work.
  22. True but said warnings don't only come from statistical data. I think evidence of lean times are far more accurately heralded by using one's eyes and ears rather than reliance on the often bewildering volume of statistics which, were they to bear any relevance, would have accurately pinpointed the onset of recessions and crashes that, by all accounts, caught out even the most acutely-tuned of economic pundits and commentators.
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