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spiney

"buy Now Or You Will Miss The Boat!"

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Hi Guys,

I bumped into a work colleague whom I haven't seen for a while in town today. This guy is a boomer aged about 55.

We got talking and this guy knows my position with regard to the housing market.

After a while he asked if I'd bought a house yet, I told him I had not.

Then he actually said the immortal words "Buy now or you will miss the boat!" I was astonished.

I asked him why he was so confidant that the price of housing would rise he would not reply.

I explained that there are no longer Mortgage backed securities, the end of the special liquidity scheme and the governments austerity measures, and i believed prices would fall.

He was adamant prices would rise swiftly from here.

Boomers do actually believe that "House prices only ever go up."

What a Knob!

All this on the day that the Halifax figures dropped for the third month in a row.

Spiney

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Hi Guys,

I bumped into a work colleague whom I haven't seen for a while in town today. This guy is a boomer aged about 55.

We got talking and this guy knows my position with regard to the housing market.

After a while he asked if I'd bought a house yet, I told him I had not.

Then he actually said the immortal words "Buy now or you will miss the boat!" I was astonished.

I asked him why he was so confidant that the price of housing would rise he would not reply.

I explained that there are no longer Mortgage backed securities, the end of the special liquidity scheme and the governments austerity measures, and i believed prices would fall.

He was adamant prices would rise swiftly from here.

Boomers do actually believe that "House prices only ever go up."

What a Knob!

All this on the day that the Halifax figures dropped for the third month in a row.

Spiney

lets hope its just a start... :rolleyes:

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lets hope its just a start... :rolleyes:

It has started. Prices in many places beggar belief when measured against incomes. Make no mistake. The HPC is on and will deepen during the winter as cuts kick in or are announced and confidence takes a knock.

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.....

Boomers do actually believe that "House prices only ever go up."

.....

Anyone over 40 should remember the crash of 1990.

Its not an age thing its a sad, pathetic religion of get-rich-quick beggar-thy-neighbour greedy why-should-I-work-when-my-house-is-going-up that has overtaken the culture of the world to replace the long held belief that you should be industrious in order to make money and that you should leave the world a better place for your kids. Even the Chinese seem to have caught this particular cultural virus. I fear a miserable old age is the future for very very many people.

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Anyone over 40 should remember the crash of 1990.

Its not an age thing its a sad, pathetic religion of get-rich-quick beggar-thy-neighbour greedy why-should-I-work-when-my-house-is-going-up that has overtaken the culture of the world to replace the long held belief that you should be industrious in order to make money and that you should leave the world a better place for your kids. Even the Chinese seem to have caught this particular cultural virus. I fear a miserable old age is the future for very very many people.

Good Post

I am 40 and I do remember.

Spiney

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Hi Guys,

I bumped into a work colleague whom I haven't seen for a while in town today. This guy is a boomer aged about 55.

We got talking and this guy knows my position with regard to the housing market.

After a while he asked if I'd bought a house yet, I told him I had not.

Then he actually said the immortal words "Buy now or you will miss the boat!" I was astonished.

I asked him why he was so confidant that the price of housing would rise he would not reply.

I explained that there are no longer Mortgage backed securities, the end of the special liquidity scheme and the governments austerity measures, and i believed prices would fall.

He was adamant prices would rise swiftly from here.

Boomers do actually believe that "House prices only ever go up."

What a Knob!

All this on the day that the Halifax figures dropped for the third month in a row.

Spiney

The boat in question was the Titanic

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I think the key year to remember is 1988. That was the year of "buy now or you'll miss the boat". And there was no sensible counter to it such as this site. Anybody who didn't have a house and could, albeit with friends, credit card, or with the bank of mum and dad, was buying. Then it all went wrong leaving people in places they didn't like but couldn't sell because of negative equity.

There were none of the refusniks you get these days, confidently waiting for the big slide.

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Anyone over 40 should remember the crash of 1990.

Its not an age thing its a sad, pathetic religion of get-rich-quick beggar-thy-neighbour greedy why-should-I-work-when-my-house-is-going-up that has overtaken the culture of the world to replace the long held belief that you should be industrious in order to make money and that you should leave the world a better place for your kids.  Even the Chinese seem to have caught this particular cultural virus.  I fear a miserable old age is the future for very very many people.

I'd say anyone around 35 will have a fairly good recollection. I remember looking at rental houses whilst at University, fascinating to see the number of family homes being let as they couldn't be sold. Of course once the reluctant landlords (not a phrase used then) saw it was students, they quickly decided they didn't want to let it to us - even with some girls in the group.

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I think the key year to remember is 1988.  That was the year of "buy now or you'll miss the boat".  And there was no sensible counter to it such as this site.  Anybody who didn't have a house and could, albeit with friends, credit card, or with the bank of mum and dad, was buying.  Then it all went wrong leaving people in places they didn't like but couldn't sell because of negative equity.

There were none of the refusniks you get these days, confidently waiting for the big slide.

Well really BNOYMTB started well before 1988, its just 1988 was the Wiley Coyote moment. 

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Hi Guys,

I bumped into a work colleague whom I haven't seen for a while in town today. This guy is a boomer aged about 55.

We got talking and this guy knows my position with regard to the housing market.

After a while he asked if I'd bought a house yet, I told him I had not.

Then he actually said the immortal words "Buy now or you will miss the boat!" I was astonished.

I asked him why he was so confidant that the price of housing would rise he would not reply.

I explained that there are no longer Mortgage backed securities, the end of the special liquidity scheme and the governments austerity measures, and i believed prices would fall.

He was adamant prices would rise swiftly from here.

Boomers do actually believe that "House prices only ever go up."

What a Knob!

All this on the day that the Halifax figures dropped for the third month in a row.

Spiney

I think in a year from now you should remind him of what he said and see what his response is.

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Anyone over 40 should remember the crash of 1990.

Its not an age thing its a sad, pathetic religion of get-rich-quick beggar-thy-neighbour greedy why-should-I-work-when-my-house-is-going-up that has overtaken the culture of the world to replace the long held belief that you should be industrious in order to make money and that you should leave the world a better place for your kids. Even the Chinese seem to have caught this particular cultural virus. I fear a miserable old age is the future for very very many people.

I'm 28 and I remember it. Well I didn't know exactly what was going on but I could tell my parents were struggling and something called a "mortgage" was bad news. My schoolfriends must have picked up the same vibes as I can remember having a conversation with them in the playground as a 10-yr-old about how none of us ever wanted to get a mortgage!!

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I still hear this occasionally too.

Some people will never change their beliefs, it's like a religion or something, I think it's a comfort to some people who maybe have regrets about their life or have worked for 40 years in a job they don't really like, that at some point they are going to get the big payoff, the big prize for paying their mortgage all these years. Even if this windfall never materializes, the thought of it seems to be a comfort.

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I think the key year to remember is 1988. That was the year of "buy now or you'll miss the boat".

Ah I remember it well.

The impending removal of double mortgage relief (MiRAS * 2) which led to more coupling than an Moonie Wedding ceremony.

Everyone paired up with brothers, sisters, cousins, casual acquaintances, anyone in order to BNOYMTB.

I went abroad for the next three years only to return in 1992 to find the housing market on its knees with repossession rife, and all the couples who bought together stuck with negative equity in all manner of hellholes (any property did just as long as you got double MIRAS).

Picked up my 3 bed end of terrace with garage for less than £80K. Result!

http://en.wikipedia.org/wiki/Mortgage_Interest_Relief_At_Source

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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