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Hpc Success Stories - Are There Any?

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Guest Daddy Bear

This thread aims to be a record of those who "HPC.co.uk" and the various contributors have helped:

e.g.

- FTB's who did not buy at the peak

- FTB's who have bought since/during the crash

- STR'ers who sold up in time

- STR'ers who have bought since/during the crash

- Anyone else who has been helped

Basically

- What is your story?

- Where are you now?

- What are your future plans?

- Where do you see it all heading?

- Anything else you want to add?

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This thread aims to be a record of those who "HPC.co.uk" and the various contributors have helped:

e.g.

- FTB's who did not buy at the peak

- FTB's who have bought since/during the crash

- STR'ers who sold up in time

- STR'ers who have bought since/during the crash

- Anyone else who has been helped

Basically

- What is your story?

- Where are you now?

- What are your future plans?

- Where do you see it all heading?

- Anything else you want to add?

I hail from the potential FTB-who-thought-something-was-fishy but might have bought had it not been for HPC but also probably realised I couldn't bloody afford it anyway but there was the slight possibility I could have bought.

Plan now is to just start saving, a lot with the aim to perhaps maybe maybe buy in 5 years time? Maybe? Or just move back to Sweden and buy a detached house for 30K in my home town.

I moved here in 2004 and I am really quite surprised how strong the "prices only ever go up" was/is rooted in the English psyche. I got caught in it too for about a year and started fretting about buying. Luckily, never did. Mass group peer pressure.

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Well, i've told this anecdote before but what the hell:

In March 2008 put in a final bid of 159k for 32 Ducketts Road but pulled out due to EA (Ward & Partners) not returning calls and confirming whether my bid was accepted. House finally exchanged in July 08 for 155k (was I the sole bidder I ask myself now?).

http://www.houseladder.co.uk/House_Prices/...ORD_DA1_S649276

In any event, I was seriously fukced-off by then with EAs in general and the amount of debt I was looking to saddle myself with and googled the magical words 'house' and 'price'. I've religiously logged-on every day to better inform myself of all things economics and have saved myself circa 30k in the meantime by not buying. Looking to buy a similiar house in 2010 for around 110-120k.

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Guest An Bearin Bui
- What is your story?

- Where are you now?

- What are your future plans?

- Where do you see it all heading?

- Anything else you want to add?

With my knowledge of economics (specialised in financial boom/bust cycles during Masters), I knew that house prices were in a serious bubble and had to fall at some point. I was confounded by how far they rose and how long the bubble lasted though and the fact that it was pretty much worldwide.

The hardest years were 2006-2007 when it just seemed like house prices really got out of hand and seemed in a permanent bubble. It was really hard to keep the faith then, which is why I started surfing on here initially. HPC has mainly been a means of moral support for me - reading like minds and cutting through the BS about housing that prevails in the BBC, Times, Guardian etc.

Having read Fred Harrison and US commentators like Krugman, Shiller etc, I had always pinpointed 2010 as the bottom of the market so was mentally prepared to have to keep renting until then, at least. Now, with massive government intervention it seems this date is being pushed out all the time with governments determined to prolong the agony for the sake of avoiding sharper pains in the short term. One thing I didn't fully grasp from all my theoretical study of economics is how insanely important to governments and banks house and land prices are. The events of the last year have shown me that govts are willing to do anything at all, even bankrupt the nation, to maintain asset prices.

So now, I'm renting but not for much longer. I don't want to buy here but see no choice for the next 5 years as my reluctance to deal with scumbag EAs is marginally outweighed by my reluctance to deal with scumbag letting agents.

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This thread aims to be a record of those who "HPC.co.uk" and the various contributors have helped:

e.g.

- FTB's who did not buy at the peak

- FTB's who have bought since/during the crash

- STR'ers who sold up in time

- STR'ers who have bought since/during the crash

- Anyone else who has been helped

Basically

- What is your story?

- Where are you now?

- What are your future plans?

- Where do you see it all heading?

- Anything else you want to add?

FTB who didn't buy at peak is me :) I knew house prices were crazy here in England and that it wouldn't last, but it was refreshing to see it written down by someone else.

Basically, me and my wife are both 29, looking to buy at some point. We've got a bit of a deposit, but not enough to get a "big enough" mortgage to afford anything I'd want to actually buy. Based on the fact that we both earn decent salaries, have a deposit and no debt, the only conclusion I can come to is that house prices are still too expensive and they will have to fall (real or nominal - I'm hoping for nominal myself, but I'm scared we'll get massive inflation instead and that our salaries wont necessarily keep up with inflation).

I'm very happy we didn't buy when we got married six years back, though - due to having more money over from renting, we've been on some amazing holidays and seen lots of the world and just generally had an easy life - and I've got to spend way more than my share on fast cars. We also realistically wouldn't have been able to afford anything but a flat back then, and I know that I would have been unhappy in one of them.

Future plans are to start looking at houses in January again - sentiment is too high at the moment due to the haliwide figures. I don't think sellers would accept realistic offers. Hopefully, by the time January comes around, we'd have had a run of negative data, so sellers would be more inclined to accept our (realistic) offers. I don't mind if early next year is not the bottom of the market as long as it's a house i'll be happy living in, and that has enough space for us and that we can afford to pay for on a single salary. Ideally, if we both keep our jobs etc, I want to pay the mortgage off in 10-15 years.

As I mentioned above, my biggest fear is inflation and the government spending more of my damn tax money keeping me out of a home. At the moment, I'm still undecided as to if we get much more nominal falls or not, but I'm hoping we do, as long as our deposit doesn't get eroded too badly.

I'd be happy with a mortgage of around 200k, that still feels comparably manageable, but any more than that is starting to feel scary.

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I moved here in 2004 and I am really quite surprised how strong the "prices only ever go up" was/is rooted in the English psyche. I got caught in it too for about a year and started fretting about buying. Luckily, never did. Mass group peer pressure.

Exactly what I found as well, I moved here from Sweden in 2001. The peer pressure to own in England is almost laughable (well, it would be, if it wasn't so serious).

England, IMO, is very, very materialistic and still caught up in a very "British empire" way of thinking of things. Too big for their own boots, considering that England is, in reality, just an overcrowded island in the north Atlantic.

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This thread aims to be a record of those who "HPC.co.uk" and the various contributors have helped:

Hmmmm. Your posting style seems familiar to me; does TTRTR ring any bells?

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Exactly what I found as well, I moved here from Sweden in 2001. The peer pressure to own in England is almost laughable (well, it would be, if it wasn't so serious).

England, IMO, is very, very materialistic and still caught up in a very "British empire" way of thinking of things. Too big for their own boots, considering that England is, in reality, just an overcrowded island in the north Atlantic.

i would agree, not the place it was, i wonder if the rest of the world will catch up and become a pseudo police state like here? we did have a green + pleasant land with a democracy, it would be nice to have that once more.

if the bubble becomes a fixture i shall up sticks and piddle off to another country.

hard to see how property bubble prices can continue unless wages and everything else matches them, but i'm no soothsayer nor hyperinflationist, so am in the dark on how that comes about.

if we get to the stage where it remains the accepted norm that a cr^p flat in harlesden is 250k then wages have to go to 80k at least to pay for that ex local authority hole or crazy multiples have to remain. i dont know the mechanism how wages would go to 80k and the 250k be considered good value, maybe i should look to zimbabwe and learn?

i can say that Labour's qe is obviously extremely worrying and i have every suspicion the tories will qe too, they're all a bunch of idiots basically.

Edited by loginandtonic

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Guest theboltonfury
Hmmmm. Your posting style seems familiar to me; does TTRTR ring any bells?

I became a disciple of this site the second after my house exchanged in 07.

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I'm an accidental STR. Wanted to move in 2007. Sold my house, then did a search in google for 'housing bubble'. Found the original HPC Northern Ireland thread and within a few days I knew not to buy another house.

Thanks to everyone here who talks sense. You know who you are ;)

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got £400 per month reduction on the luvly house we are renting now.

If id listened to the MSM, i wouldnt have bothered to fight the old landlord and would be paying a bit less for about 25% of the facility I now enjoy.

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Told my brother to rent his BTL out to his mate for 20% off and no EA fees rather than sit there and have it empty for months while he competed with all the other "rent-to-sell"ers.

Also, probably going to hold off a little longer on buying my second home.

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Told my brother to rent his BTL out to his mate for 20% off and no EA fees rather than sit there and have it empty for months while he competed with all the other "rent-to-sell"ers.

Also, probably going to hold off a little longer on buying my second home.

Hamish McTavish or AndyKN, or are they one and the same?

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Great success, HPC cured by chronic aversion to risk, but allowed me to see what is coming

I Bought before the peak, but negotiated a large discount, fixed interest and got a great house than I can live in until I retire if I like!

I saw the shit approaching the Fan and moved to a better safer job in a much more exciting company

Edited by moosetea

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Graduated from uni and undertook a doctorate. Friends were getting flats and I got caught up in the 'prices only ever go up' way of thinking. I looked at some real shitholes and bought a place before pulling out as it had damp. Put an offer way over the odds in for another place a few miles outside of work, about £130k - I was and still am only on ~£28k. Girlfriend trying to talk me out of it. Can't remember how but I stumbled upon this site and it was like my eyes were opened. I really was brainwashed - and there was me thinking I was smart for excelling at uni! Nobody is safe.. Good thing I never bought, as I quit my doctorate and may be out of a job soon!!

It was the best decision I ever made, not to buy. Seriously, the financial trouble I'd have been in.. I would have hanged myself.

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I'm an accidental STR. Wanted to move in 2007. Sold my house, then did a search in google for 'housing bubble'. Found the original HPC Northern Ireland thread and within a few days I knew not to buy another house.

Thanks to everyone here who talks sense. You know who you are ;)

When do you plan to re-buy?

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This thread aims to be a record of those who "HPC.co.uk" and the various contributors have helped:

e.g.

- FTB's who did not buy at the peak

- FTB's who have bought since/during the crash

- STR'ers who sold up in time

- STR'ers who have bought since/during the crash

- Anyone else who has been helped

Basically

- What is your story?

- Where are you now?

- What are your future plans?

- Where do you see it all heading?

- Anything else you want to add?

"I hail from the potential FTB-who-thought-something-was-fishy but might have bought had it not been for HPC but also probably realised I couldn't bloody afford it anyway but there was the slight possibility I could have bought."

That about sums it up for me too. Googled "house price crash" when I was 25 and thank goodness this site appeared!

I have learnt so much about economics, and also to question things I read and hear in the news.

Having read many good explanations, I still can't get my head around what on earth a gilt is though :lol:

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Can't say I was helped as I bought in q1 2008 ( I knew what was happening and did it anyway)... then again for the same price as the place was previuosly bought for in 2005 so didn't do too badly ( although I am sure it will sink in price further).... I am reasonably aware of things anyway but I am sure many who have stumbled on the site will be much more savvy this time around........ one topic that isn't discussed much is how the whole internet phenomenon affects these crashes.... my own view is that they could have some quite marked affect in terms of how quickly collapses happen and perhaps how far or not markets over correct..... they must have some sort of effect you'd have thought.

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the site helped me , if only to confirm what i already had worked out, i bought in 2000 and by 2007 when i sold my house had doubled in value. I had made £160k in that time so equivelent to £23K a year take home pay. It was clearly crazy that houses where making a lot more money than an average person employed in the UK !

Managed to sell the house and the site gave me the bottle to STR, most people said i was stupid. we didnt like renting we have children and the wife has health issues so we like to feel settled and in honesty we didnt renting , so we bought in Feb this year. We got 30-35% off peak on a 200 year old cottage in 3/4 acres of land for the same price we sold our house for, this would not have been an affordable option 2 years ago.

We only managed this as it was a distressed widows sale and getting a mortgage was hells work even though we put down 40% and borrowed a very low multiple of earnings, when we went through this we wondered if we had made a mistake as no one wanted to lend, but we got it after a few attempts and are we glad we did.

i am sure houses have further to fall, but in our case it was only a quick duck out the market but one that has allowed us to live in a house we didnt think we could ever own and carry on with a more settled family life, we do feel lucky, yes we do have a mortgage but if life went complety ti*s up we can always sell and end up with no debt !

The only point i would make is inflation, i found that a big worry and one that really made me want to buy in the end, i see a currency event on the horizon and this means inflation imho.

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August 07 (Peak)....Sold my semi detached house (Mortgage paid off) for a premium to an estate agent and her property developing boyfirend. Did not pay any agents fees.

Rented for a period and started to have doubts about what I had done but then found HPC ;)

Confidence was soon restored and have been posting ever since.

Found a 1920`s 4 bed detached house tail end of 2008 on for 700k and learned this property in Esher was owned by Barrat homes. It was unloved and unlived in for about 4 years.

Through HPC i knew Barrats were in deep shit and after many weeks playing silly buggers they agreed on a cash price of £485k... £215k and 31% off asking.......

It`s on just under half acre in a great road and I have completely refurbished every last bit. It has cost me more than I thought to do but I went heavy into quality insulation (Inspiration from Kurt Barlow threads) and spent well on most other stuff as this is our final home.

Although a cash buyer I did need to raise money for the work and secured a 5 year fix at 4.49%.

Now near a good school for both kids, dream home and I am astonished that I sold my semi in a not so affluent area for a 4 bed detached on a large plot for just an extra 45k in Esher :lol:

I move in on saturday...... It`s gorgeous and I intend to post some pics soon.

Big thanks to Bobthe, Rachman, Noel etc for quality informative posts on the elmbridge Esher thread.

This post sounds a bit wet but I am really grateful to HPC posters for keeping me on the right track and some of you are as funny as fc.uk....

I think I bought at the right time for us, the banks were shot to bits, confidence was on the floor and deals could be done. Today sentiment means people are less likely to do a deal but give it a few months and it will all kick off again.

Good luck to you all.

Bosh

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I think I bought at the right time for us, the banks were shot to bits, confidence was on the floor and deals could be done. Today sentiment means people are less likely to do a deal but give it a few months and it will all kick off again.

Good luck to you all.

Bosh

I remember your story and admire your skill and good fortune!

All the best old thing.

For me the story is still under construction...waiting for the next "kick off" to hit Micromarket City!

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Bought a house needing some work in 2003, paid asking price, overpaid with hindsight.

Did work, lived there. Became suspicious in 2006 that the housing market seemed a little too good to be true.

Googled "house price crash", literally. Found the site autumn 06.

By Jan 07 had STR.

I've only ever been a homeowner for 4 years, 03-07, and by a combination of overpaying and renovating to a specification too high for the street, failed to make any profit during 4 bubble years. (Wasn't in it for the profit of course though.)

I almost exactly broke even, so what I call my STR fund didn't really come from my STR activity at all.

Now about to move to London to start masters degree, so will be renting at least another year. Who knows after that?

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I remember your story and admire your skill and good fortune!

All the best old thing.

For me the story is still under construction...waiting for the next "kick off" to hit Micromarket City!

HPC taught me that even serious and “unbiased†newspapers like the Times have VI writing for them . How naïve was I ?!!!

Without HPC I wd have thought the market bottomed and rushed to buy 3 months ago.

Theres a lot of “market has bottomed†talk in last few months , it takes a strong does of this website to remind me to hold my nerve another 18 months :rolleyes:

Hope my message clear , despite bad typing and mix of humor with serious.

Waiting to upgrade to a bigger home , also in Sussex

Thanks and Best wishes to you all .

Martin

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Basically

- What is your story?

- Where are you now?

- What are your future plans?

- Where do you see it all heading?

- Anything else you want to add?

- What is your story?:

Didn't buy a house despite having the opportunity and money since about 2005. Took a lot of abuse becuase of it. People a lot worse off telling me I was wasting money renting. 'dead money' etc. "My house is worth... blah blah, you're only renting" Stuck it out and got lots of encouragement from here.

- Where are you now?:

Instead, invested in various things which proved to be very successful, and have enjoyed life and a large disposable income, in the meantime. I now have more money in the bank than their houses are worth.

- What are your future plans?

I am about to move into a house valued (at peak) at about £360K. With my big deposit, good reduction in price, and a low interest rate (fixed for 5 years), my monthly re-payments could be as low as £600 a month on a 25 year repayment. I have chosen to borrow more than I need, and keep a good chunk in the bank. Maybe to build an extension, conservatory etc. With luck, I could repay the mortgage in about 7-10 years.

- Where do you see it all heading?

I see moderate drops still to come, perhaps another 10-15% from peak. I don't see armageddon, or >50% etc. I can see a 3 year recession/slow recovery.

I still can't get it out of my mind that banks are running the show, and the banks make money from lending, so not so long from now, we'll all be back here again with a new bunch of FTBers wanting the dream of 'ownership', anf this time it's different.

- Anything else you want to add?

Inflation vs Deflation - what a ******* decision.

What have I learned: A LOT, and I am very grateful to everyone on here for getting me this far.

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