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ColinS

Some Bears On The Main Board Appear Shaken

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Is there more falls to come either in the whole of the UK or if not, just in NI? If so, why are we so different (surely our price falls were sharper and we are now back in line with the UK?

I have lowered the price of my apartment to >£40k off peak and was planning to STR but now concerned that might not be my best move. I bought near peak, I dont want to sell near bottom.

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Hi Colin,

unfortunately the price you bought at won't be appearing again for a long time in NI. The NI market was basically a bubble ON the main housing bubble so when everything went POP....prices collapsed over 30% and in some cases....over 40%

I personally think we have more to come in terms of falls and this "rise" is a blip. You'll note that the rise is mainland UK mostly which when you are comparing UK mainland to NI market, is a bit like comparing a mini to a ferrari...just because they both have 4 wheels doesn't make them the same.

Edited by subby

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Hi Colin,

unfortunately the price you bought at won't be appearing again for a long time in NI. The NI market was basically a bubble ON the main housing bubble so when ewverything went POP....prices collapsed over 30% and in some cases....over 40%

I personally think we have more to come in terms of falls and this "rise" is a blip. You'll note that the rise is mainland UK mostly which when you are comparing UK mainland to NI market, is a bit like comparing a mini to a ferrari...just because they both have 4 wheels doesn't make them the same.

I agree Subby. I have accepted I overpaid and thats why I am trying to get out now (with substantial help form my parents to pay of the Neg Eq). The only way I can remotely turn this in my favour is if I rent and prices fall more but dont want to make a big mistake by renting and prices go up, but after reading this Board for a while I am sure they wont.

So basically if I sell bring on the Crash. If I dont bring on the stabilisation!

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So basically if I sell bring on the Crash. If I dont bring on the stabilisation!

Very selfish, Colin!

As to selling: can't you just live there for 20 years, until the prices come back (nominally)?

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Very selfish, Colin!

As to selling: can't you just live there for 20 years, until the prices come back (nominally)?

Very selfish indeed, the market has rightly screwed me over so I need to get something out of it.

No interest in staying where I am and even if I did stay there realistically 10 years or so while I paid down the mortgage, then the house I want would be higher and the % price difference greater so may aswell get out now and enjoy a bigger place now than in 10 years time. I am fortunate that my folks are in a position to bail me out otherwise 20 years it would be

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Very selfish indeed, the market has rightly screwed me over so I need to get something out of it.

No interest in staying where I am and even if I did stay there realistically 10 years or so while I paid down the mortgage, then the house I want would be higher and the % price difference greater so may aswell get out now and enjoy a bigger place now than in 10 years time. I am fortunate that my folks are in a position to bail me out otherwise 20 years it would be

I am sure this text does not really bring over your real personality but you do sound like a spoilt child. The market has done nothing to you, it was perhaps the greedy banks and corrupt gov't that allowed prices to get too high and lend to people who couldn't afford it etc etc, if you want to take revenge then get out and protest against them.

Obviously if you think you are clever enough then play the market as best you can, I hope its your day job, because its not a part time game.

I have to say that even if my parents were alive I would not be expecting them to bail me out, I have too much self respect for that, I therefore avoid such risky purchases in the first instance.

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Ride on, Sogy - a bit harsh on ColinS. It wasn't pure greed or speculation on his part that got him into this situation, so many people out there bought into the market at the peak not knowing it was about to crash (unless they had a crystal ball/were big into the markets). I'm glad I wasn't in a situation to afford to buy, otherwise I'd be in a very similar predicament. I don't blame him for wanting out now on this floor after 40% falls before the building colapses!

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Ride on, Sogy - a bit harsh on ColinS. It wasn't pure greed or speculation on his part that got him into this situation, so many people out there bought into the market at the peak not knowing it was about to crash (unless they had a crystal ball/were big into the markets). I'm glad I wasn't in a situation to afford to buy, otherwise I'd be in a very similar predicament. I don't blame him for wanting out now on this floor after 40% falls before the building colapses!

+1

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I am sure this text does not really bring over your real personality but you do sound like a spoilt child. The market has done nothing to you, it was perhaps the greedy banks and corrupt gov't that allowed prices to get too high and lend to people who couldn't afford it etc etc, if you want to take revenge then get out and protest against them.

Obviously if you think you are clever enough then play the market as best you can, I hope its your day job, because its not a part time game.

I have to say that even if my parents were alive I would not be expecting them to bail me out, I have too much self respect for that, I therefore avoid such risky purchases in the first instance.

Dont see how me trying to right the mistake I made by buying 2.5 years ago is acting like a spolit child. The next couple of months could be my last chance to get out and make some of the money back I (my parents) have lost by renting. Furthermore, as I bought at end of 2006 I clearly dont think I can play the market, hence I started a thread to see people's opinion on what is going to happen next in the local market. As for self respect - I am happy that I have a relationship with my parents that if I need some help, as their son, I can ask them for that help, after making a huge mistake buying a few years ago. They know how grateful I am.... but I still have to sell so we will see.

Thanks others for your comments - I guess we will see what happens!

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Dont see how me trying to right the mistake I made by buying 2.5 years ago is acting like a spolit child. The next couple of months could be my last chance to get out and make some of the money back I (my parents) have lost by renting. Furthermore, as I bought at end of 2006 I clearly dont think I can play the market, hence I started a thread to see people's opinion on what is going to happen next in the local market. As for self respect - I am happy that I have a relationship with my parents that if I need some help, as their son, I can ask them for that help, after making a huge mistake buying a few years ago. They know how grateful I am.... but I still have to sell so we will see.

Thanks others for your comments - I guess we will see what happens!

Good Luck Colin, making mistakes is a great teacher, I have made plenty of mistakes in many areas of life ( still in my twenties) but I feel a more able person for it, and if you analyse it you should it learn from past mistakes. Before I go all "chicken soup for the soul rubbish haha, there is nothing wrong with having supportive parents. I have been helped by my parents before but I vowed to pay them back and I think I have done that.

In my opinion this is the way it should be. Family should look after each other and we should form close relationships with the people around us, friends etc, that you can cooperate with in a way that is beneficial to all. I have had the middle class thing thrown at me when helped by my parents by some people and that born with silver spoon in your mouth attitude etc etc. The same people think it much more acceptable to sponge money from the state in the form of benefits, and are not the most productive ,motivated, or positive people you are likely to meet. Good Luck.

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In my opinion this is the way it should be. Family should look after each other and we should form close relationships with the people around us, friends etc, that you can cooperate with in a way that is beneficial to all. I have had the middle class thing thrown at me when helped by my parents by some people and that born with silver spoon in your mouth attitude etc etc. The same people think it much more acceptable to sponge money from the state in the form of benefits, and are not the most productive ,motivated, or positive people you are likely to meet. Good Luck.

Agree.

My parents once lent me money to buy a car. I paid them back double. They lent me the deposit for my house. I have paid that back five fold. They never asked for the money back and only accepted it because they know I can afford to pay them back. They felt good helping me and I felt good being able to repay the gift. It's just the way it should be.

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Agree.

My parents once lent me money to buy a car. I paid them back double. They lent me the deposit for my house. I have paid that back five fold. They never asked for the money back and only accepted it because they know I can afford to pay them back. They felt good helping me and I felt good being able to repay the gift. It's just the way it should be.

And after doing all that they still couldn't get rid of you. (couldn't resist)

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Anecdotally, since lowering the price of my apartment and starting this thread, I now have 3 viewings on Monday, the same number I have had for the last 9 months.

Hopefully I am close to being a full on renting Bear. Scary. Im placing a lot of trust in this website* and while I know Im probably 2 years late, I hope its not too late to STR.

*Yes, I have done my own research aswell.

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That is why it is not a good time to buy a house right now. Too much positive news.

Over here we are real bears and just grin when the indexes don't go our way.

Actually, I'm with Dr Bubb on this. The rise is necessary to setup further large falls. This rise will take most of the suckers out of the market. When the suckers are gone, the market will crash again.

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