Oscar_Goldman

Seems like a VI in keeping the market buoyant... http://media.guardian.co.uk/city/story/0,,2085473,00.html

Jesus Buying Bear I'm surprised you don't kill yourself with an outlook like that. I'll bet you're great fun on a Friday night. The situation is grim at the moment, but I jsut don't buy this permanent division between homeowners and those waiting to buy. Wage inflation can't soar as there's too much at stake in a global market. If wage inflation soars so will unemployment and who's going to pay the mortgage then. At the moment cheap money means people can pay silly amounts for property. It won't last and prices will revert to traditional mulitples. I don't worry too much about being 'homeless' as I've got high five figures in the bank and rising, not a millstone of debt. If a storm is coming I've got an umbrella not a pair of copper shoes.

You can see how much respect the landlord has for his customers. 550 pcm for that? He might as well have put in cages. It's like an upmarket prison cell. I can just see the leech estate agent telling them they'll get £500 a month. I hope he goes bankrupt.

I thought this was a great article, but yet again she fails to point out that things can change. People in their 30s (like myself) who can't buy are still better off saving money for the future than trying to get on the ladder at the moment. Over £1million to live in Hackney? Housing earning more than a working couple in a year? This is pure insanity. The 90s crash showed us just how much things can change and how much hardship you can get into if you're overstretched. At the moment the BOE and the government are doing everything they can to keep the market going but the more ludicrous article I read the more I'm sure this is going to burst in a big way. I'm not sure what will be the trigger though.

That's one of the most prophetic books in the history of literature. The man was a genius. I think of him every time I look at Blair's smug face

You're clearly not worried Orbital - and not wasting your time posting on a website dedicated to a housing crash. Or could it be that you're looking over your shoulder and worried about that deposit cash you'll have wasted...

It's truly frightening what a state we're in. 150k average mortgage. Thousands paid out in interest. Only making money if someone will take on a bigger debt than you. I also remember a comment on here from one FTB who said that he was glad he had a huge mortgage as it 'stopped him wasting money on ohter things' Where have we got the idea that paying money to a bank is somehow more virtuous than spending it? As a country shouldn't we be hammering down the price of housing to make us leaner and more competitive on a global stage? Make living cheaper to inject cash into the economy in more productive ways? Hell no, let's all become a landlord and one day the place will be worth seven figures...

Reading the article posted on the front page hit home exactly what we've done to ourselves in the UK with HPI. We've effectively destroyed our own quality of living for the sake of providing banks with massive profits and a smug sense that we've 'made money' (although in effect if you want to ever own a bigger place, you're stuffed) What a bunch of mugs we are to be suckered into paying over the odds for something as basic as a place to live - on credit no less.

I'm glad I spotted this thread today. There are days when I feel strong in my conviction about not buying into this madness and other days when I'm worried that I'm just not as smart as people who've made money and are still making money in the property market - the Property Ladder, Homes Under The Hammer crowd, who seem to balls everything up and still make a fortune. People still don't seem to fathom that houses could be poor value compared to the debt you're taking on. Even my parents think I should buy somewhere, although when they bought in the early 70s 2x single salary bought them a two-bedroom house. Now I've got nearly two years salary saved up and I'd still be looking at 150k+ mortgage to buy a two-bed flat in somewhere fairly scabby like Walthamstow. I guess the problem is that you measure your life in weeks and months, whereas finance moves a lot slower - in years.

This isn't my experience. A lot of people I know have had to take out interest only mortgages as they can't afford a repayment. They sound overstretched to me

Please have a think about whether people who want more realistic property prices are 'doom merchants' Here's some points you mght like to consider - Is the fact that property has tripled in value a good thing? Why? - Is paying a massive amount of money to a bank for the rest of your life a good thing? - Are huge amounts of debt good for our economy? - If houses become more and more expensive who is going to buy them? The people who visit this site know that property no longer provides good value and the drive to get on the 'property ladder' is causing misery and destroying our quality of life in the UK. As for Buy To Let the cornerstone of a strong economy isn't renting houses to each other. If a ship is sinking and someone tells you to get to a lifeboat - would that make them a doom merchant?

Surely if you join the army you expect to see combat. Otherwise isn't it just a grown up version of the scouts?

I was referring to Willit and his 'I'm ok though' post.

My parents haven't got a mortgage at all. What the f*ck's that got to do with anything. They're hardly typical of anyone who's bought in the last five years and neither are you.

I do get my hands dirty. It's called work. Unlike the rest of the property parasites I don't expect something for nothing. Certainly anyone who buys one of these 'flipped' properties has no sense of value and is too lazy to do the work themselves.