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Frank Mason

The Waiting Game...

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Hi all,

It's been about 5 years since I joined HPC; I was adamant before this that I wasn't going to borrow £200K plus to live in property developers lifestyle statement shoebox. During this time I know it was the right thing to do and by and large the evidence speaks for itself.

The problem is, I'd really like to have a house again but am finding the wait a bit of a struggle just recently; my instinct tells me to go looking next spring but it seems a long way off.

I live with my g/f in her flat; it's nice enough, but we'd like a house with a garden in a nice area etc etc She's sort of with me with my worldview on the economy & housing but every bit of +ve spin in the media makes her question it.

How are you all coping?

I am sure it will be worth the wait.

Frank

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I'm a relative newbie having STR'd May 2008. At first, all went well with good interest on the STR fund and plenty of houses to look at. Now the reverse is true - a pittance in interest and there hasn't been a house worth viewing for months (apart from quite a few £100-£300k above our price range). We've started joking that it's pointless looking for a "family house" as the kids (12 and 10) will have left home by the time we find somewhere :lol: . While I think that prices must surely start coming down again we are getting fed up and can't see any sign of a decent house coming on the market in our price range.

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Hi all,

It's been about 5 years since I joined HPC; I was adamant before this that I wasn't going to borrow £200K plus to live in property developers lifestyle statement shoebox. During this time I know it was the right thing to do and by and large the evidence speaks for itself.

The problem is, I'd really like to have a house again but am finding the wait a bit of a struggle just recently; my instinct tells me to go looking next spring but it seems a long way off.

I live with my g/f in her flat; it's nice enough, but we'd like a house with a garden in a nice area etc etc She's sort of with me with my worldview on the economy & housing but every bit of +ve spin in the media makes her question it.

How are you all coping?

I am sure it will be worth the wait.

Frank

Patience dear boy, patience, you don't want to get out the roller coaster ride now, were just about to take another more serious drop!

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Patience dear boy, patience, you don't want to get out the roller coaster ride now, were just about to take another more serious drop!

I have been patient, STRed in April 2007 and have steadily grown my pot of gold with interest (remember that?!) and monthly savings. I'm in a good position and could buy a house outright but know I'll kick myself when I missed a bargain 6+ months later.

I know further drops are on the cards, nothing is really selling in any volume and if you use PropertyBee then you can see the drops in asking prices; all the evidence is there.

I'll be strong! Grin and bear it for next year I feel sure we'll see more carnage, especially when Mortgage IRs have to go up either by base rates or stealth from the banks.

Frank

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I'm getting itchy feet too - we've waited for so long (initially from circumstances - no point in buying if you think you might be moving in a year or so...) and it's probably a female thing, but I'd really like to "nest" - I want to paint walls my choice of colour, I want to put pictures on the walls without worrying about if I'll find paint to match to remedy the holes when we move out, I want curtains that are mine in more than one room, I don't want to wait every 6 months to see if the scrutty little oik decides to turn up to do a house inspection, etc etc.

We're not in a position to buy outright, but we have a good deposit, and know that if we just hold out that bit longer, and house prices fall a bit more, then even the same amount of money will be a great deposit.

It's just that we've been here for a while, and are very much ready to make a house a home - sadly, this doesn't feel like it's ours - even after 4 yrs of renting it - and I'm oncreasingly aware of it. :(

I'm anticipating next spring to be the time to move, but at the moment, I'm seriously considering doing some "dry runs" - going looking at some properties we like the look of, not with the intention to buy, just to see if they match up to expectations, and to improve our house inspection abilities - I know that the best viewers are those that don't give the game away, and look rather dispassionate about the property - so I reckon I could do with a bit of practice walking around, looking at houses and NOT blurting, "ooh! This is a nice size room!" and "well, this is a practical option for a kitchen", instead just saying "uh-huh, right" and moving on to the bathroom, where I annoyingly flush the toilet to check the water pressure just as the agent is saying something terribly useful.

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I have been patient, STRed in April 2007 and have steadily grown my pot of gold with interest (remember that?!) and monthly savings. I'm in a good position and could buy a house outright but know I'll kick myself when I missed a bargain 6+ months later.

I know further drops are on the cards, nothing is really selling in any volume and if you use PropertyBee then you can see the drops in asking prices; all the evidence is there.

I'll be strong! Grin and bear it for next year I feel sure we'll see more carnage, especially when Mortgage IRs have to go up either by base rates or stealth from the banks.

Frank

Frank,

I am also nearly in a position to buy, just found a buyer for my yacht which I have lived on for 5 years in the Caribbean, lovely hot weather may I add. It's time for health reasons for me to become a land lubber once more. Yes there was a spring bounce, the better properties that were correctly priced went under offer, some will actually make it through to selling, some won't. What that spring bounce did was raise some expectations, you now have to let reality sink back in to these people. I personally think spring time is the worst time to buy, buy in winter when property looks it's worst, don't get caught up with the sheeple in spring. At time passes it will become clear when the market is turning, I do not think it will for a FEW years yet.

Banks lending again will be the significant factor but that is about it, we have interests to go only one way, unemployment will only keep happening for some time to come, we have all the bull to go leading up to the election and then no matter who wins, deep, deep cuts and pay back the QE. So remember, the market will get talked up over the next year, then the brown stuff hits the fan big time. The banks are not lending for very good reasons, they are not being transparent other than they will not lend money. They know what we don't know. Estate agents talked the market up every week in the last crash, every week / month was a good week / month to buy, that lasted from late 88 to early 96. Banks do the same, governments are desperate for the economy to pick up and they will never, ever tell FTB not to buy and kick start the market, they don't give a damn if you lose 20% initially. The media are no better, they want the advertising revenue and what property journalist is ever going to write year after year, "don't buy now, leave it 3 or 4 years"!

You can't do better than reading this site, all the news is here, just pick the time to buy when it comes. It's not this year, I doubt it will be next year, but who knows. It's the fear factor that worries us, but now is not the time is it.

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As all of you I long to have my own place again and start the gardening, veggies and all that. I sold to rent in july 2004 believe it or not, i could not believe house price rises could be sustained and indeed no other house in my road has ever sold for so much since.........rented in UK for 3+ years then got too expensive and decided either I was wrong in my beliefs and had to buy quick or never own again or look abroad for cheap rent and lifestyle and trust my instincts.

Been in Crete since Feb 08 had bought land here in 2006 which I have just sold and will sign (fingers crossed) tomorrow- made a profit, not huge but Im pleased, so the money I have spent from STR fund will be replaced august 10 when (if) we complete.

Im having fun waiting but am getting a little impatient .Im 84 but would like to see wife happy and settled (she is much younger than me) before my maker calls me or before I become infirm. Prices moving in the right direction but are still far too high imo...what will it take for reality set in. my thinking is banks aint gonna lend on an asset whose value is going to fall to who knows where.. so the housing market will not pick up a pace until the bottom has been called once and for all and thats what its going to take before any recovery happens.. like an alcoholic got to hit the bottom first but seems to me the V.I's are busting a gut to prevent that happening...just my musings

interesting times folks....

off to find the Raki bottle after that...yammas!!

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As all of you I long to have my own place again and start the gardening, veggies and all that. I sold to rent in july 2004 believe it or not, i could not believe house price rises could be sustained and indeed no other house in my road has ever sold for so much since.........rented in UK for 3+ years then got too expensive and decided either I was wrong in my beliefs and had to buy quick or never own again or look abroad for cheap rent and lifestyle and trust my instincts.

Been in Crete since Feb 08 had bought land here in 2006 which I have just sold and will sign (fingers crossed) tomorrow- made a profit, not huge but Im pleased, so the money I have spent from STR fund will be replaced august 10 when (if) we complete.

Im having fun waiting but am getting a little impatient .Im 84 but would like to see wife happy and settled (she is much younger than me) before my maker calls me or before I become infirm. Prices moving in the right direction but are still far too high imo...what will it take for reality set in. my thinking is banks aint gonna lend on an asset whose value is going to fall to who knows where.. so the housing market will not pick up a pace until the bottom has been called once and for all and thats what its going to take before any recovery happens.. like an alcoholic got to hit the bottom first but seems to me the V.I's are busting a gut to prevent that happening...just my musings

interesting times folks....

off to find the Raki bottle after that...yammas!!

If you don't mind me asking, whereabouts in Crete?

I have connections to the south east coast, east of Ierapetra

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If you don't mind me asking, whereabouts in Crete?

I have connections to the south east coast, east of Ierapetra

Elounda..north east coast..

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Elounda..north east coast..

Tim, Eddy,

Thanks for your advice; I am no spring chicken and saw what happened during the early 90's.

I too believe that prices won't eventually bottom out for several more years, one alternative is to rent a house; this appeals to me but not to my g/f. She argues against the costs despite my explaining how renting is no more dead money that buying a depreciating asset etc Also, she seems to think they'll all be right fleapits, which again is not true. I'll work on her I guess.

As an aside we're in Crete in a few weeks, for a week in Hersonissos and then a cruise around Greece/Turkey.

Looking forward to it.

BTW, how often do you feel tremors over there? I'm quite interested in seismology etc and know that this area is one of the most active in the world.

Regards

Frank

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Whatever you decide to do I wish you and your G/F every happiness. the south coast last month and earlier this month had lots of quakes - this month a little quieter ..I felt one 6 months ago shook me in my bed..thought I had got lucky but then woke up!!! They say you dont feel anything less than a 3 and we dont really feel those........so yes lots of quakes but quite small and we usually blame the raki for the odd dizzy spell.

Have a wonderful holiday- its 36 degrees, blue skies and bright sunshine and the water is lovely for swimming

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Well I am doing OK in rented, but it is a struggle with my wife. I don't know what it is with women, we have been looking at houses, but all overpriced and she keeps falling in love with them Though so far to to date we have managed to avoid committing to anything through my carefully placed procrastination.

I am getting more worried now though, when things were flying off the shelf a bit in the spring, all the ones she liked went under offer. My concern now is that this won't happen and the next one she falls in love with could become more of an issue.

That said if this does happen, I'll make sure the negotiation is tough and that we get at least another 10-15% off 2005 prices. I am not paying 2005, 2006 or 2007 prices for anything.

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Tim, Eddy,

Thanks for your advice; I am no spring chicken and saw what happened during the early 90's.

I too believe that prices won't eventually bottom out for several more years, one alternative is to rent a house; this appeals to me but not to my g/f. She argues against the costs despite my explaining how renting is no more dead money that buying a depreciating asset etc Also, she seems to think they'll all be right fleapits, which again is not true. I'll work on her I guess.

As an aside we're in Crete in a few weeks, for a week in Hersonissos and then a cruise around Greece/Turkey.

Looking forward to it.

BTW, how often do you feel tremors over there? I'm quite interested in seismology etc and know that this area is one of the most active in the world.

Regards

Frank,

I bought my yacht in Marmaris, Turkey in 2004 I spent a year there, had a great time. We had 5 tremors whilst there, but being on the yacht you don't feel them as much at all. Now the funny thing was the re-fit took so long we missed our first cruise which was for us to go through the red sea and on to the Seychelles, Andaman Islands and on to Phuket. Guess what we missed shock wise! Tsunami ring a bell. Not to miss out we came to the Caribbean which was always the game plan, two hurricanes mid Atlantic later (Delta and Epsilon) we arrived safely but after 28 days not the 19 we planned. We got damn near the urine drinking stage I can tell you, I now have a water maker. We were becalmed for three days and Three blue whales came an stayed with us for three days, we swam with them everyday. I am selling my yacht, I sure will miss the life! Life does not always revolve around a house.

Frank

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Whatever you decide to do I wish you and your G/F every happiness. the south coast last month and earlier this month had lots of quakes - this month a little quieter ..I felt one 6 months ago shook me in my bed..thought I had got lucky but then woke up!!! They say you dont feel anything less than a 3 and we dont really feel those........so yes lots of quakes but quite small and we usually blame the raki for the odd dizzy spell.

Have a wonderful holiday- its 36 degrees, blue skies and bright sunshine and the water is lovely for swimming

Eddy,

When you get the chance, have a look here

Crete Quakes

Interesting site :)

Frank

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Elounda..north east coast..

Very nice and not too far away. We always take a day out in Ag Nik but I've only been up to Elounda the once, Kolokytha beach on Spinnalonga if I remember correctly. Back out for my second trip of the summer in a few weeks.

To bring this back on topic, my wife (who's Cretan) is fed up of waiting for fortune to favour the vaguely sensible and she would have us emigrate tomorrow if I gave her the chance.

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