Are Most People On Hpc Still Saving Hard For A Home?

[worzel]

Bought right at the peak (Sep 07) but went for the cheapest place we would be happy with for 5 years or so in case we got stuck. Both on decent salaries so tucking away nearly £5k a month between us, made easier by the mere £60 a month on mortgage interest. Hoping to trade up in a couple of years, 1st nipper on the way later in the year so Mrs Worzels wages will cease in just over a years time.

[Crashman Begins]

Still saving. The renting vs. buying sums don't really work out otherwise. If you aren't careful you could end losing out through not having the 'forced saving' of a mortgage to pay (anyone remember that ye olde argument? it wasn't that long ago, feels like a million years now).

Agree

[Harry Monk]

No, in fact have depleted my STR fund by around £5,000 since late 2007.

But boy oh boy, what a time I've had. A trip to Oman and the UAE, endless days out with the kids regardless of expense, a laptop (which I wanted for yonks but couldn't afford), some decent clothes, the list is endless.

And although I've depleted my fund by £5,000, the average house has fallen by what? Six or seven times as much?

I will buy again, but when I do it will be when I can continue with this lifestyle. I predict that I will buy towards the end of 2010 or early 2011.

Whatever I do, I will never be a mortgage slave again.

[Guest DisposableHeroes]

Trying to.

If I succeed in renting somewhere nice suitably near the SW coast path, my next indulgence will be a boat and some nautical training.

Sounds like a great thing to do.

Edited August 3, 2009 by DisposableHeroes

[thecrashingisles]

much like a credit card, it is so much harder to spend money when you have to hand over the physical cash

Maybe I'm strange but it's always been the opposite for me. If I have physical cash I'll happily exchange it for something of value because it's just pieces of paper, but if I have to pay by card then it's going to affect my bank balance.

[porca misèria]

Out of interest, does your attitude to "refuse debt" mean you would never take out a mortgage?

I hate having a mortgage, but I hated the idea of having to rent for 20-40 to buy outright even more.

Not speaking for skinty ... but (s)he mentioned tax-saving, which is also the core of my financial strategy.

Since tax saving implies illiquid investments, it also goes very well with debt. The investments offset the debt, and the income from them offsets the interest on it. I would not hesitate to borrow against my tax-saving assets.

On the same principle, my mortgage repayment vehicle is my pension lump sum. I don't have a mortgage, but I can take out an interest-only one in comfort, knowing I have the means to repay.

Not that I'd recommend this approach to a young person. Being in my late 40s helps a lot there, as the pension becomes accessible relatively soon, and within the lifetime of the next tory government (assuming they get more than the one term)!

[porca misèria]

No, no reason to think of buying, living in a decent council house is better than buying.

Heh. OK for you privileged folks, but not an option for most of us

[Goat]

We still don't know what the future holds for us, or even if we're going to stay in this country. It's looking more likely that we will be able to settle down here now. Main concern is just to get a buffer behind us so that we have some freedom to act according to our situation at the time.

All in all, we've set back plans for becoming FTB's until we reach our 40's. We're in our mid 30's now.

I think come the end of this non-sense there's going to be a lot of late 30's+ FTB's jumping on the ladder much higher up than our condesending property owning colleagues might expect.

[eightiesgirly]

Trying to save, more like.

Achieving very little at the moment.

5k of dental work doesn't help either....

Sorry for the rant!

F**k me, I'd want a head transplant for that!

[futurepaul]

Heads screwed on!

Income in later life definitely more of a worry to me than whether or not I can buy a house, also...

EDIT - £2k / month...! I'm saving ~£1k but not for much longer. And that's mostly because I'm single and living at home. If I was renting I'd be saving very little indeed.

Don't rent house share there are some really nice shares for professionals these days. I'm in my 30s and I share with three girls under 25 (ok and 4 blokes)

[jungllie jim]

Been saving the same amount ech month for the last 20 months.

Did think about splashing out on a secondhand CBR1100XX or BMW R1200S to keep for a few years.

Got enough salted away to be mortgage free on a 2 bed semi.

Unfortunate to live (rent) in Yeovil, which to be honest is a shit hole of a town.

No fear of spending great amounts out in town, it's full of drugged up *****ers.

Don't know when i'll rebuy but i think if i can get a 3 bed place mortgage free i'm out of here.

As for the bike still looking.

[Guest DisposableHeroes]

Been saving the same amount ech month for the last 20 months.

Did think about splashing out on a secondhand CBR1100XX or BMW R1200S to keep for a few years.

Got enough salted away to be mortgage free on a 2 bed semi.

Unfortunate to live (rent) in Yeovil, which to be honest is a shit hole of a town.

No fear of spending great amounts out in town, it's full of drugged up *****ers.

Don't know when i'll rebuy but i think if i can get a 3 bed place mortgage free i'm out of here.

As for the bike still looking.

I've always toyed with the idea of a motorbike. I would like to tour around Scotland / Europe.

MTBing and road riding is the closest I've come.

[Harry Monk]

I don't get this.

Why bother to buy?

If I were in your situation now, I would not bother at all.

Rent, don't buy, ever, you've sussed the fiat currency, why enslave yourself in the future by buying?

Because there will become a time when buying is a Wise Decision, as it was when I bought my last house in 2000.

[Guest Daddy Bear]

Are Most People On Hpc Still Saving Hard For A Home?

No

Enjoying having sold at the top (aug 2007)and bought in at the bottom* (May 2009)

(*32% below peak price)

Investing in commodity indexes (mainly agriculture and energy) and a little bit of gold on occasion.

Main interest on here for me now is the effect of inflation and potential hyperinflation of world monetary system.

This is way beyond a HPC now.

I have been exiled to the "Economics message board" as my views don't sit well with further 40% falls.

Read my thread here: (gets about 2 views a day !)

http://www.housepricecrash.co.uk/forum/ind...howtopic=121543

Anyway wish all those 'waiting' the best of luck and hope it all works out well for you. I hope you get your further 40% falls - I myself fear it won't work out the way we all hoped back in 2005.

DB

[Guest An Bearin Bui]

We're currently managing to save 2k per month but only because our incomes have gone up a bit in the last 2-3 years but we haven't yet expanded our lifestyle to reflect that. We haven't saved nearly as much as we'd like in the last couple of years though as paying for a wedding, car loan etc tended to clean us out on a regular basis.

Now we're in the pleasant position of being debt-free and stashing 2k a month away. Then you hear about some barsteward at a bank getting a 20k bonus (or far more) and you think, why do I bother? I'd never have dreamed when I was 20 or so that in ten years time I'd be in possession of almost 70k (some of this is inheritance -we're not that disciplined!) and still feel poor... such is the effect of HPI magic money on society...

I'm rapidly getting to that stage now where I think, if you can't beat them you might as well join them. I'll probably crack and buy at some stage for personal reasons. If we could get a secure rental in a nice place for the next five years, I'd be happy to stay renting as in my experience owning a property is generally a vast amount of hassle and stress but there's just no alternative here in the UK. Renting is only one step away from homelessness in the eyes of many (our parents, for example). I'm actually dreading having to go househunting and deal with scumbag estate agents though. If there was a way to avoid it I would. I'll be sorely tempting to stab/punch/poison/insult them on a daily basis, such is the loathing I harbour for these people and their mindset. Dealing with letting agents is even worse though... :angry:

[Flatdog]

Really?

On what basis do you base that nugget of er wisdom?

No seriously, what makes you think that in 20 years prices will be genuinely higher (in real terms) and the world and its energy sources more stable (or indeed more plentiful)?

We know when Oil runs out life as we know it (for humans anyway) is severely constrained.

Sorry, what relevance does your post have to HMs?

[Grime- skint wouldbe ftb]

Given that the bubble burst almost two years ago, and given that savings in sterling aren't exactly bullet-proof, and also given that this is probably your last chance to secure a 10 year fixed rate mortgage at around the 5% mark, are you relly sure your tactic is going to work in the long run??

[Dopamine]

I'd never have dreamed when I was 20 or so that in ten years time I'd be in possession of almost 70k (some of this is inheritance -we're not that disciplined!) and still feel poor... such is the effect of HPI magic money on society...

I'm rapidly getting to that stage now where I think, if you can't beat them you might as well join them. I'll probably crack and buy at some stage for personal reasons. If we could get a secure rental in a nice place for the next five years, I'd be happy to stay renting as in my experience owning a property is generally a vast amount of hassle and stress but there's just no alternative here in the UK. Renting is only one step away from homelessness in the eyes of many (our parents, for example). I'm actually dreading having to go househunting and deal with scumbag estate agents though. If there was a way to avoid it I would. I'll be sorely tempting to stab/punch/poison/insult them on a daily basis, such is the loathing I harbour for these people and their mindset. Dealing with letting agents is even worse though... :angry:

Are you me?

[Guest Daddy Bear]

Are you me?

its called inflation.

it screws us all

Edited August 3, 2009 by Daddy Bear

[Guest Daddy Bear]

crikey whats happend to you daddy bear.

i loved reading this thread loads of people saying there going out and enjoying life, not getting into stupid debt.

if people just realized you can earn a days wage for a days work (self unemployed), and not become a slave, life is better.

rubbish I am enjoying life.

people on this thread are not enjoying life - they are scrimping and saving every penny hoping to eventually afford a shi1tty 2 bed flat when the market bottoms.

Why the hell are they on this website?

Well I have news for you - it ain't going to happen.

WAKE UP PEOPLE

Over the last 10 years they took your right to have a reasonble home and in the not too distant future they are going to destroy your savings too.

[Guest Skinty]

I don't get this.

Why bother to buy?

If I were in your situation now, I would not bother at all.

Rent, don't buy, ever, you've sussed the fiat currency, why enslave yourself in the future by buying?

I'm inclined to agree but we want somewhere that we can settle down, grow our own food and work the land. We wouldn't buy unless doing so allowed us to do that.

[Guest Daddy Bear]

life will go on fella.

i think "life" may seriously change for alot of people soon.

try saying that to a russian or an argentinian 10 years ago.

[Guest anorthosite]

try saying that to a russian or an argentinian 10 years ago.

Tough to do without a time machine.

[eightiesgirly]

We're currently managing to save 2k per month but only because our incomes have gone up a bit in the last 2-3 years but we haven't yet expanded our lifestyle to reflect that. We haven't saved nearly as much as we'd like in the last couple of years though as paying for a wedding, car loan etc tended to clean us out on a regular basis.

Now we're in the pleasant position of being debt-free and stashing 2k a month away. Then you hear about some barsteward at a bank getting a 20k bonus (or far more) and you think, why do I bother? I'd never have dreamed when I was 20 or so that in ten years time I'd be in possession of almost 70k (some of this is inheritance -we're not that disciplined!) and still feel poor... such is the effect of HPI magic money on society...

I'm rapidly getting to that stage now where I think, if you can't beat them you might as well join them. I'll probably crack and buy at some stage for personal reasons. If we could get a secure rental in a nice place for the next five years, I'd be happy to stay renting as in my experience owning a property is generally a vast amount of hassle and stress but there's just no alternative here in the UK. Renting is only one step away from homelessness in the eyes of many (our parents, for example). I'm actually dreading having to go househunting and deal with scumbag estate agents though. If there was a way to avoid it I would. I'll be sorely tempting to stab/punch/poison/insult them on a daily basis, such is the loathing I harbour for these people and their mindset. Dealing with letting agents is even worse though... :angry:

If you can get a nice rental stick with it, home ownership has it's own set of hassles. Don't listen to your parents their world was very different to today, for example my ma still thinks endowment policies are great and I should be investing in them for my retirement.

[Guest DisposableHeroes]

i think "life" may seriously change for alot of people soon.

try saying that to a russian or an argentinian 10 years ago.

As long as it doesn't change to like it did in the 1st 2nd world war. I'm pretty happy with things, a slow recovery is just fine.