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Bungle Bonce

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About Bungle Bonce

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  1. Because we now have a 7 month daughter I thought it was time to get a safer car. We had a P reg Audi A6 and S reg Renault Laguna but neither of them faired that well in the NCAP crash tests. It is all very well driving older cars but watching some of the NCAP videos is very scary. Anyway we decided on a Renault Scenic as it was the only 5 Star NCAP MPV in our price range (£6K). We also went for a Diesel for the economy and the cheaper road tax (£145 a year). The first thing I noticed when looking is how desperate car salesmen are at the moment. First hint of interest from me about a car and the salesmen wouldn't leave me alone. Anyway found the car we wanted (paid cash obviously and haggled hard) and when I went to pick up the car there were two salesmen there standing around doing nothing. During the 45 minutes I was there they didn't get a single phone call or customer entering the showroom. I saw their collection board on the wall and the only cars listed as awaiting collection were mine and one other. I also know they had our car on site for over 2 months even though it was easily the best I have looked at. 2 weeks on and I still can't find a single fault with it. They also had a Yellow Punto that had been there since I first visited them. I was talking to the salesman about it and he said they had had loads of interest about it but none of the potential purchasers could get finance. This is the other thing that is going to kill second hand car sales. People may still want to buy cars but can't get finance. We sold out Laguna on Ebay and I couldn't believe the interest I had in it. Guy who bought it came along an hour later and picked it up. As has been said before, if you have a decent clean car for under £2K you will easily sell it as demand is currently high for these vehicles. Anything more than this with a large petrol engine is pretty difficult to sell right now due to fuel costs and road tax. Having never owned a Diesel before I am converted and when we replace the A6 I am looking at getting something like a Diesel Modus which will do 60MPG and has band B emissisions. The days of owning a fast, fun car are well and truely over if you ask me. Also have you seen many 08 plate cars around? I have to say this is the lowest number of brand new cars about I can ever remember seeing. You only have to look to see how many 0% finance deals are about to realise how desperate they are getting.
  2. Just bet £15 on their being no change next month. I can see them bottling out of raising the rate a mile off.
  3. So why didn't you buy one when they were only £66K?
  4. It has to be a clear sign that the recession is imminent and house prices are going to crash. I would expect in 12 months time people will be begging you to take their properties off their hands for 50% of what they are "worth" today. Just think, if interest rates go up 0.25% next month there will be hundreds of thousands of people who won't be able to afford their mortgages and their houses and BMW X5s will be reposessed. You can then laugh at these people as you pick up their properties at auction for a song. Oh, except everyone I know has a fixed rate mortgage, infact I have just fixed mine for the next 5 years.
  5. They will only bite your arm off if the figures add up and still allow them to move. If they can't afford to accept your offer then they are not going to. Saying that I would have accepted an offer for £50K under asking if I could arrange the same discount on the house I was buying. Offering large sums under the asking price isn't going to work unless the property has been on the market for months and months. By that stage they realise it is overpriced, and once that seed of doubt is planted they are going to be more and more open to offers. You need to break the psychological barrier that the house is worth what the estate agent told them. I am sure it is possible to get large amounts off the asking price, you just have to pick the right sellers.
  6. Exactly, a property is only worth what somebody is willing to pay for it. We accepted an offer on our place just over two weeks ago but prior to that we had an offer for £55K under the asking price. Fair play to them for trying it on but there was no way I was going to accept it. Apparently they have done the same on several other properties but nobody has accepted. What it does do though is plant doubt in the mind of the sellers to the true value of their property. If enough people did this then it may well have some effect on asking prices. For a few days afterwards I did think what if it is only worth that much but luckily we found a buyer a few weeks later. It really depends how realistic the sellers are with the initial asking price. I have seen a property similar to ours lower it's asking price by nearly £45K in the past few months. Estate agents are to blame as they build up the hopes of greedy sellers to try and get business. One estate agent valued our property at £50K more than the other two valuations we had. If we had advertised it for that figure then obviously we would have had to accept an offer of £55K under asking price to sell. You might get lucky and find a divorcing couple who hate each other and are desperate to sell. Several properties we looked at 6 months ago are still for sale and I am sure they would be delighted to take an offer. The value of the offer obviously depends on their circumstances and how desperate they are to sell. We eventually sold for £5K under the asking price.
  7. But the point I am trying to make is that people have ALWAYS said prices are about to crash. Even on this website it's not a new thing, people have been trying to convince themselves it's been imminent for years. Your decision not to buy is correct if prices fall but what if they don't. Thats fine if you are single and don't mind where you live but once you are married and have kids your priorities in life change somewhat. We have actually taken a gamble on moving to a bigger house because we want to have kids. We first looked at moving 2 years ago and the jump would have been pretty afordable. Due to various reasons we never got around to it and I was shocked by how much the gap had increased by in those two years. I started reading this website and thought that staying put would be OK because prices have to come down and the gap between our property and the one we want to buy would decrease. I actually became pretty addicted to this site and read with glee every report that added weight to the fact that prices must fall. Luckily we realised this was more of a gamble because if prices increased much more we could never afford to move to a bigger hosue anyway. All I am is saying is sometimes it is better to bite the bullet and buy rather than wait in the hope prices will fall. I am not saying buy a 1 bedroom flat next to a crack house just to get on the property ladder, but if you are able to buy and are choosing not to because you might get the house cheaper then you MIGHT be taking a bigger gamble than buying.
  8. Luckily I bought a house nearly 6 years ago when everyone was telling me prices had to fall. We wanted a place of our own rather than renting so we went ahead anyway. We sold 2 weeks ago for almost double what we paid for it and had an offer accepted on a much bigger house. Now I am not stupid enough to believe this is money I have earnt, all it means is that we are able to buy a house that would be impossible for us to buy now. If this website had existed in 2000 I am sure there would have been people posting the same sort of stuff they are posting today. I may well have believed it and put off buying because of the inevitable crash. I would be absolutely gutted now, knowing I had missed out on owning a house when I had the chance. Thank god I didn't listen to my friends who are STILL renting a room in a shared house moaning about house prices and how they have to fall.
  9. Absolutely spot on! I don't know what's going to happen and I certainly wouldn't advise people either way. The poster who started this thread should be ashamed that he is trying to force his beliefs onto others. I am sure there are a lot of people who held off buying or even STR because of opinions on this site and are now a lot worse off because of it. I personally would rather own a house, even if prices fall rather than be prices out entirely. I can live with prices going down but I can't live with never being able to afford a house.
  10. Fair enough but it's not as if you woke up one day and houses cost twice as much as they did yesterday. You could have bought any time in the last 5 years but most people on here didn't because of the belief that prices must fall. People on here post lots of news stories about how one estate agent closed or how the stock exchange fell 2% and add posts along the lines of "Crash imminent!!!" I actually found myself falling for it because deep down I wanted to believe it. Rather than do something about the situation I was in I wanted external influences to make everything all right for me. Maybe prices will fall but just maybe they will continue to increase to a point where you can't even afford an overinflated priced asset." The housing market has continued to ignore every other economic pointer so why shouldn't it continue. I don't think house price increases are necessarily a good thing but it's better to be on the train p!ssing out, than on the station trying to p!ss in.
  11. I think my nightmare would have been listening to you lot for the past few years about how the market is about to crash and missing out on buying a house because of it. How many people have STR in the past few years and are now bitterly regretting it? This website just seems to provide a service to make people feel better about missing out on buying property over the last 5 years. I am sure the day will come where the FTB'ers shall inherit the earth but I wouldn't bet my house/standard of life on it.
  12. Marina, As you had the oportunity to buy a house and then have Inflation errode the debt away to nothing, can we assume you own a very nice house now with no mortgage?
  13. Exactly right, how can they regulate prices when we live in a free market economy? The thing is there are always going to be sections of society that can't afford to own property. Do you believe it is the right of someone earning £10,000 a year in a McJob to own their own property? If not then why do you think you deserve to buy a property but they don't. If you happen to fall into the group that can't afford it, do something about it just don't sit back and expect everything to be OK one day due to the blind faith that prices must crash. People keep coming up with analagies such as Winter follows summer etc. to try and make themselves feel better about the situation they are in. Let me tell you nothing is going to improve unless you improve your own situation. Even if prices crashed tomorrow to £30,000 there will still be a large section of socienty who still can't afford to own their own home. If this did happen I am sure you would buy and these people would be moaning that you can afford it and they can't. I would be very interested to know what criteria you think people should meet to enable them to buy property and how you came up with it. This is the way it has always been and the way it will always stay. At the moment most of the people on this website seem to be upset that they fall into the group that can't afford to buy property. To fill you in on my situation I bought my first property nearly 6 years ago. At the time the mortgage advisor said prices were too high and must fall and all my friends thought I was mad. They were all telling me prices were too high and they had to fall. Also bear in mind interest rates were 6.0% back then. Fast forward nearly 6 years and all of my friends who didn't buy are telling me prices are too high and must fall. Thing is they have done nothing in the past 6 years to improve their situation to allow them to buy a house. They have saved no deposit, and all have much better cars than I currently have. They all go out every weekend and spend loads of money on computers, gadgets, CD's etc. They want to have everything and still be able to afford to buy a house. Then they tell me how it's not fair they don't have a house.
  14. I think people who can only afford to use public transport should take to the streets as well. Maybe if enough of them protested it would force Rolls Royce to reduce their prices so everybody could afford one. A stupid comparison I know but because we live in a capitalist society house prices are driven by the market and the market doesn't care if certain sections of society can't afford one. Protesting is not going to make any difference. I really fancy an Audi A4 Cabriolet but I don't spend my life on a website moaning that I can't afford one.
  15. 25% of current value!! Wow I will buy even more houses then! Thing is we are talking about houses, and shelter is a basic human need. Nobody ever NEEDED shares in makeafastbuck.com. For prices to fall any significant amount something is going to have to change so that owning a property becomes a very undesirable thing to do.
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