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city dweller

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  1. RB, I would give you more credit if this wasn't the 999th time you'd put a stake in the ground. So this time its Q2 huh. Do I really have to dig out all your old posts? Knowledge you have, and you are well read and I applaud you for that, and your interest in the subject is great. However, your predictions are generally just shots in the dark based on some economist extrodinaire status you've assigned yourself. At some point you will be correct, but then if anyone throws enough darts at the dartboard, they will eventually hit treble twenty.
  2. http://www.rightmove.co.uk/viewdetails-141...3&tr_t=rent The above link is for a 4 bedroom detached house in one of the best areas in Leeds. To clarify this is around about £600 per month each for a couple including council tax and bills. Personally it appears that any couple earning a joint income of £40000 per year could comfortably afford to live here. From reading some of the quite angry posts it appears to be a given for a lot of people that they MUST own the house that they live in. Renting gives me the flexibility to move as my job moves without having to buy and sell, and I can also get a better property without having to pay as much. A mortgage for the above property would be easily twice as much at the rent is. What is the obsession with ownership? I have had many pleasant amiable and understanding landlords. Keeping up with the Jones's spin has hammered a generation into thinking that they must own a house. For those of you that are renters and are so embittered about your inability to buy I honestly believe you need to take a long hard look at the psychological reasoning behind your desire to own so much. Buy or rent its just where you live. You can change the furniture, put pictures on the wall do pretty much what you like - as long as its the same when you leave as when you entered there is no issue. I own BTL flats which I bought around 2000 - 2002 as I suspect the property boom would continue. I choose to live in rented accommodation and actually feel much more concerned about the step of buying somewhere myself to live because a house is much more difficult to rent out should you leave, which in today’s labor market is much more likely. Other than the odd landlord nightmares - what is really that bad about renting? I see us of the generation of ownership of things that make us feel worth wild - I have laptops, DVDs, Big TV all that crap - I don’t need it. It doesn’t define me; it simply keeps me occupied while I work in this country. I'm happier traveling exotic locations with my rucksack, some clothes, a toothbrush and my ipod. Unfortunately that lifestyle is not sustainable forever. Yes I do have a good job and an upper tax bracket income so im no hippy.. I just think that their a better things in life than trolling back and forward to work day in day out just to spend money on an Plasma TV and a two week holiday to Cyprus. I would really like to hear the reasons behind the desire to own from those of you so hacked off about being priced out. I would then like to relate that back to the actual impact that being able to buy would have on your day to day life. My concern is this relates right back to a number of proven studies pertaining to peoples completely unneccessary desire to 'keep up' with friends and colleagues. What is the actual difference other that the slim chance that the landlord will sell from under you, and the fact that you have to spend 6 months earning their trust? Personally, the stuff you own and the debt associated with it ends up owning you. Don't get so hung up on ownership, just sort out your investments for your retirement. Just my 2 pence.
  3. This was sent to me by someone in the city i cant name. I'm not sure if its true but these are some predictions leaked from somewhere.
  4. "Fringe group" Hilarious. *MOST* of the bears don't have any real intention of discussing the house price situation and just want to ram their own propaganda down each others throats. Well done to the bears that keep this site interesting which I have noticed seem to be somewhat dwindling. I'm all up for a good debate but the drivel on here has become a waste of time. I stop by now and again in the hope that something interesting has come up. (waits with faux optimism for someone to call me a troll as usual, sigh)
  5. Hmmm... rather a lack of responses from the usual suspects. If I have singled out Realist Bear its because HIS spin is the worst. No not a troll thanks.. I work in computers.
  6. Yes, it does seem to have gotten rather one sided, maybe all the bulls are off spending all the money they have made on BTL property over the last few years. Talking of Spin Realist Bear, your actually probably worst of the bunch so just before you start talk of how 'desperate I am to bail out of my investment' I'm going to offer my perspective. I have 3 properties rented on the BTL basis, the last of which I bought in 2003 and have never had a problem with tenants, maintainence, surprise bills or any of the horror stories pertaining to how I have BTL property has lost money. There is a waiting list of people looking for property in one of the developments I own a flat in, and the average time to sell is a month. I have had about 3 months dead time across all the properties for 5 years ive been letting BTL property. The properties have appreciated by a significant amount of money so if i wanted to 'bail out' I could reduced them by 15% and still do well. Before anyone tries to spin that into it only being a paper gain I can sell tomorrow and put the money in the bank. Some people have bought BTL in areas like Leeds where apartments are generally of poor quality and over supplied. This was risky and was likely to have been people who didnt do any proper market research and jumped in quite recently. I know that many landlords are topping up their mortgages in a hope to make an equity gain that I suspect that they will be unable to realise this and are likely to make only small gains / break even/ lose slightly in the short term. The long term will depend on the how the banks offer to finance property. I forsee further increased lending because thats the way that banks make money and they will find ways to extract more interest from you over longer periods. I agree with RB that the economy is shakey - but I dont expect to see this effecting house prices. If it effects anything i believe it will be designer clothes, electronics, entertainment and gadgets. Reality check Realist Bear - Most people who have BTL property can afford to pay the mortgage for a few months without a tenant, and they can also afford to take the increase in interest rates on the chin as their mortgage is probably (if they bought a few years ago) less than what they receive in rent. Not only that they can afford to give young Jimmy a helping hand onto the housing ladder to fuel first time buyer activity. Landlords wont be rushing to the estate agent they will calmly wait until the cycle completes and make even more money when when it all starts to climb back up the curve again, after all - we all know THAT EVERYTHING FOLLOWS A CYCLE DOESN'T IT? To be a bear is to deny the cycle. To be a bear is to deny that banks will make more profit. To be a bull is to expect gains in the long term. To be a bear is to say that property will never increase in value ever. To be an idiot is to be a bull and expect to make money within 2 - 3 years Anyway RB - In ten years when your 93 and i'm 35, when house prices have continued to beat inflation (which the banks rely on) and a pint is a tenner ill buy you one. We can sit down and I can explain how that with all the man hours you put into this site you could probably start your own business and maybe afford a bigger house.
  7. Excellent post, Its nice to see some sense on here for once. This website has become a joke, just a soapbox for the embittered. I would truely like this website to be a source of proper debate rather than a way for people with nothing else to do to post a load of self promoting childish crap like 'we're at the top of the big dipper' or 'its one nil to the bears' - get some actual knowledge rather than continually brown nosing the bears that have a well formed view.
  8. Bears represent 90% of the frequent userbase of this site, their all hear to toast this as some kind of turning point, although it is nothing of the sort. This site is no longer a discussion forum, its just a bear soapbox / gripebox.
  9. I would agree but only in certain parts of the country for certain property types. There is a glut of apartments in leeds and the less desirable of these will not be able to increase rental revenues, however this represents a small amount of BTL property.
  10. I find it quite strange that you would all be so excited about this when you equate this rise to the actual cost of a BTL mortgage. Most people who have property as investments (BTL Scum in bear speak) will find that this is a minor increase on their mortgage that they wont really spend any time thinking about as they are generally not poor people and above average earnings in order to fund the property in the first place. This increase reprents an average of £16 per month per £100k borrowed on a mortgage, not much really. Its likely that those of you that rent will simply see some of this rise added to the cost of renting over the next year or so. Who can afford the rise more generally, the person who has the money to invest in property, or the person who HAS to rent. Also, if you work for a business it has now gotten more expensive for your employer to borrow money which is not good for the economy or your job security. So as excited as you are this rate rise is actually not good for anyone and is nothing to celebrate for want those that covet a crash.
  11. 1. Any discussion based website is only as good as the composition of its contributors, which in the case of this particular website is awfully skewed to one particular viewpoint.. which has become so very dry. I enjoy the discussions where the contirbutors have some new figures or facts to communicate which im am totally open to be it bullish or bearish, but when this childish 1-0 to the bears stuff crops up the threads are a waste of disk space and a waste of time. 2. Actually I am not trapped in a poor investment lol, further spintastic stuff from you good ole bears tho. Keep saying the same thing until its true and try to discredit the bulls at any cost. 3. Actually I read this website for 25% of the content which is interesting and not just scribed by a bunch of irroneously self congratulating embittered old farts who have trouble holding their bladders long enough to articulate their views with something more descriptive and thoughtful than 'thats 1-0 to the bears then'.
  12. Who said they werent bought in the 90s and who said that there was a large number? - your anecdotal jibe at my property aquisitions with no evidence what-so-ever is noted and quickly discarded. Typically you have pounced apon the one point that you could use as a spin opportunity to discredit my views. How boring.
  13. Quite the politician arent we.. but unfortunately your spin cannot detract from the points in my post, so try reading it again with those blinkers just a little less tight around the side of your head so you can actually read the words.
  14. "Sorry bulls, its game set and match to the bears." Hmmm sure, with that out of the way you can ponder what I should do with the 150k equity increase made across my properties in last 3 years. Oh and before you bore me with "yadda yadda the market will drop by 30% next year" - I dont care because even if it does i've still made money.. and secondly dont bore me with the 'its not real money crap' - if i sold them at 10% below market value to get them shifted quickly Ive still made money. Its this kind of emotive propaganda (yes you Mr dog) that makes this site a waste of space for anyone genuinely interested in the fate of our housing market. For anyone reading this thread who hopes to glean some kind of value from it I would suggest you find some proper sources of information as to your house buying questions and financial investments, not just the anicdotal evidence of the embittered on this website. You will find as much bearish info as you will bullish in the real world. Personally I expect the market to stagnate but i also believe in the cyclical nature of modern markets and will ride it through with my current properties without further purchases until what it happening is more clear. In simple terms property is not as good of an investment as it used to be due to global market conditions, affordability and consumer debt. Personally id say that the subject of this thread is more of a concellation goal, and a desperately lame one at that.
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