Jump to content
House Price Crash Forum
guitarman001

What Are You Going To Do If Prices Don't Fall?

Recommended Posts

Easy tiger.

My response was to the OP. Any reasonable person would concur that he/she feels their life is on hold waiting for the impending house price implosion.

Well I certainly don't, as I've explained a few times on this thread.

Share this post


Link to post
Share on other sites

Yup, I'll get on with my life as I've always done. When prices correct, I may buy, or perhaps I'll continue to rent.

Yes there are some nutjobs that post here, but none so nutty as those who have bought a house in the last year :rolleyes:.

My life has never been on hold, I'm renting at the moment and taking three or four holidays a year playing with my toys :D. Owning or renting a house, it makes no difference to life ;).

Well done.

Read what the OP is saying, he/she doesn't share your view.

Share this post


Link to post
Share on other sites

Well I certainly don't, as I've explained a few times on this thread.

Good, I am genuinley pleased that you are happy.

The OP doesn't seem to share your view, that is all I was responding to.

Share this post


Link to post
Share on other sites

What are you going to do if, just supposing, house prices don't crash, but remain flat for say 10+ years?

Good question.

I sold to rent in 2005. Basically I rented in order to take advantage of a house price crash that never really happened. Renting was okay for a while, but I want to chop and change a property as I see fit...3-phase power for a workshop, dig up the garden for raised beds, redecorate without facing eviction at 12 weeks notice, etc.

I'm increasingly coming to the view that UK house prices are so sticky on the way down that this "crash" will play out along the lines you suggest. A decade or more of largely flat nominal prices, and any big price drops being mainly driven by flats and blighted houses in unemployment black spots. In other words the desirable properties in decent areas (in other words the ones we all want) will get withdrawn from the market, and it will take years and years of low-level inflation to make the correction that we all know has to happen. A property war of attrition where no-one really wins. There'll be no fast fall in prices for good houses, but property will be a lousy investment for the next ten or fifteen years.

As a cash buyer I'm resolving that dillema by cutting my budget in half, but buying sooner rather than later.

I'm lucky, I can still get a good house for the money, a house that gives me everything I want. Just it'll be a bit smaller, and with a slightly less prestigious postcode.

The ones I feel sorry for are priced-out first time buyers. All I have to do is put up with the slightly condescending judgements of my friends and family, but I've still got a choice...and soon I'll have a perfectly acceptable house. But first time buyers are probably looking at forced renting until they're into their 40's. Okay for the ones comfortable renting under today's landlord friendly legislation, not so great for the others.

Share this post


Link to post
Share on other sites

Good, I am genuinley pleased that you are happy.

The OP doesn't seem to share your view, that is all I was responding to.

It was you that said "Any reasonable person would concur that he/she feels their life is on hold waiting for the impending house price implosion" not the OP.

Share this post


Link to post
Share on other sites

It was you that said "Any reasonable person would concur that he/she feels their life is on hold waiting for the impending house price implosion" not the OP.

I suggest you re-read the OP's comments.

Stop being so agressive with people, otherwise reasonable folk my start thinking that you are not quite as happy with your lot as you would have us believe. If you are happy then that is great, get on with it. I am happy, I rented, waited got fed up, started thinking that HPC is not going to happen as quickly as I would like, thus got the best deal I could on buying a house, a deal which most on here would cream their pants over knowing what we know today. I didn't in the end use all my STR fund for the house, instead I borrowed more and used effectively the cheap cash to buy shares and a plot of land. Now over the last twelve months I have done very nicely thank you very much, not once do I think I made the wrong decision even though I would concur with you that house prices over the long term will correct. I guess what distinguishes me from you is the speed of the correction.

Now looking to Zopa (shares sold) to offer some decent returns and help pay the mortgage off. Still doing homework on Zopa though.

I guess it's a case of one mans poison and all that...............

Share this post


Link to post
Share on other sites

Instead of house hunting have you considered hunting for a wealthier girlfriend?

What about a detached house owning, childless, plenty of cash in the bank voluptuous divorcee?

Hey man - just how things have turned out!

Share this post


Link to post
Share on other sites

I suggest you re-read the OP's comments.

Stop being so agressive with people, otherwise reasonable folk my start thinking that you are not quite as happy with your lot as you would have us believe. If you are happy then that is great, get on with it. I am happy, I rented, waited got fed up, started thinking that HPC is not going to happen as quickly as I would like, thus got the best deal I could on buying a house, a deal which most on here would cream their pants over knowing what we know today. I didn't in the end use all my STR fund for the house, instead I borrowed more and used effectively the cheap cash to buy shares and a plot of land. Now over the last twelve months I have done very nicely thank you very much, not once do I think I made the wrong decision even though I would concur with you that house prices over the long term will correct. I guess what distinguishes me from you is the speed of the correction.

Now looking to Zopa (shares sold) to offer some decent returns and help pay the mortgage off. Still doing homework on Zopa though.

I guess it's a case of one mans poison and all that...............

:rolleyes:

Again, I repeat, I was replying to your comments not the OPs. I am very happy and I am getting on with it, but I find it annoying that you insist on making sweeping statements like "Any reasonable person would concur that he/she feels their life is on hold waiting for the impending house price implosion".

Share this post


Link to post
Share on other sites

silver surfer - good points which agree with.

Crazy huh - not so long ago 5% interest rates were the norm. A year or so down the line and they'd be enough to cripple home-loaners!

Agreed on the price of Edinburgh flats before the boom - an absolute disgrace. I now believe that you have to go with the flow - with the sheeple, even if it's morally the wrong thing to do - just get in there before the majority do. Few benefit from being in a minority.

Regarding life starting when you get a house (I know these comments weren't aimed at me)... for me I expected to at least be able to afford a starter home on an engineer's salary. After finishing uni and getting decent money I was gobsmacked at the injustice of the housing market - almost bought, but thanks to this site I never, and it was the best thing I ever did (or didn't!). But who wouldn't want a nice home for themselves? I still lead a good life, but moving out of home would be great - get a little guitar practice room / study, get away from noisy neighbours in a flat, etc. Of course there are downsides, e.g. paying for your own repairs etc. Life's going pretty good right now but I would like what so many had before me - to leave uni, go into a good profession and have the chance to have my own place without busting a gut.

My attitude has completely changed since discovering this site and having almost plunged into the 'market'. Much more financially etc aware, though with a little bit more of a negative outlook.

Edited by guitarman001

Share this post


Link to post
Share on other sites

I have a fall-back position re a sex-change operation - not one of those lorry driver ones mind you but a hot babe one - and a career as a Vegas showgirl or cocktail waitress.

:blink:

"I was a woman once, or was it twice?"

Tom Baker, Little Britain.

Share this post


Link to post
Share on other sites

In response to OP, 10 years is a long time to wait for an event which might not even happen.

Average person lives 70yrs... 1/7th of your life waiting...

I'd just buy what I could afford and get on with living my life.

Share this post


Link to post
Share on other sites

I just had a look on rightmove and some properties in my area (ex-council) are cheapish - but what I really want is a detached house in a secluded area. Prices still fairly high for that sort of place - and in some places costs average £550k (ridiculous).

What are you going to do if, just supposing, house prices don't crash, but remain flat for say 10+ years? Are you going to wait 10 years, plunge in sooner, move away? I do think prices will fall somewhat but the stubborness has been incredible, so slow, and we know the people will never end their love with property and easy money. So what will it be for you if it doesn't happen as you'd like it? Many say in the next year or two for definite - but what if it's not? It feelsl ike an eternity already - I don't think I could pay so much for a place to live, it's an awful situation. Even worse for those that can't get jobs (I see them as I walk past the job centre for my lunch some days and they've no hope in hell if a professional like me can't afford a place).

I like the reasoned arguments and graphs here, but in the end there's a lot more at play - for me I simply see that prices are too high and have been for too long - and as every year drags out it gets more and more depressing. (I'm still a bear, but a despondent one).

Simple Answer..... "THEY WILL FALL!".

1) Real Incomes are falling (No pay rises)

2) Taxes are rising

3) Deposits Required are rising

4) Income multiples are falling

5) MBS is a "No Go"

6) Lending Standards are rising

7) Public sector pay is about to be cut

8) Population (factoring out immigration for jobs is falling)

9) Housing benefit is being capped.

10) Unemployment at all time high

All 10 helped prop it up...many fed into each other...so?

11) Oh I forgot interest rates at 400 year historic lows!

Edited by Yoss

Share this post


Link to post
Share on other sites

...but we're about to have our first child and the wife is keen to be in a place of our own. Understandable.

This means that we're likely to buy into a falling market rather than wait for a perceived 'bottom', but sometimes the true 'value' of having a family home cannot be quantified in purely financial terms. Affordability is, of course, the main factor.

I'll remain bearish on property, but I'll probably have bought a year from now.

I STRd in 2009 with a 14 month old baby. Still renting and have another baby due in September.

Absolutely no intention of wasting at least 20% of the purchase price of a house - if someone said "Bosworth, howzabout throwing away £200k by rushing into something?" I would think they were mad.

Renting rocks, and I can safely say that as someone who has never rented until last year.

Share this post


Link to post
Share on other sites

Simple Answer..... "THEY WILL FALL!".

1) Real Incomes are falling (No pay rises)

2) Taxes are rising

3) Deposits Required are rising

4) Income multiples are falling

5) MBS is a "No Go"

6) Lending Standards are rising

7) Public sector pay is about to be cut

8) Population (factoring out immigration for jobs is falling)

9) Housing benefit is being capped.

10) Unemployment at all time high

All 10 helped prop it up...many fed into each other...so?

Exactly, won`t happen next week, might only be starting in ten months (although I think we will be well into FEAR by then) but will not take anything like ten years IMO, there are just too many negatives happening all at once.

Share this post


Link to post
Share on other sites

I just had a look on rightmove and some properties in my area (ex-council) are cheapish - but what I really want is a detached house in a secluded area. Prices still fairly high for that sort of place - and in some places costs average £550k (ridiculous).

What are you going to do if, just supposing, house prices don't crash, but remain flat for say 10+ years?

Does the house that you aspire to cost more to buy or rent? (Ignore that stupid survey on "average" houses, look at the specific one you want)

If it costs more to buy then sit tight and rent. Put the savings in the bank to (eventually) buy your retirement home.

Share this post


Link to post
Share on other sites

Easy tiger.

My response was to the OP. Any reasonable person would concur that he/she feels their life is on hold waiting for the impending house price implosion.

I just don't see why anyones life would be 'on hold' if they didn't own a house? If they was a pressing issue they meant I needed to be living in my own house for, having kids for example, I'd rent. I don't see how the OPs life is on hold either he is in a very similar situation to me.

On the otherhand if I did buy now and the nutjobs here were right I'd be stuck in negative equity in a small house paying a massive mortgage for an extended period of time. Nah, not for me...

Share this post


Link to post
Share on other sites

:rolleyes:

Again, I repeat, I was replying to your comments not the OPs. I am very happy and I am getting on with it, but I find it annoying that you insist on making sweeping statements like "Any reasonable person would concur that he/she feels their life is on hold waiting for the impending house price implosion".

Why pray tell are you on a forum devoted to house prices crashing then? And not just once a month or so, but every night.

If renting is so fun, they get on with it. Dont feel the need to tell people how fab it is, or hang out on a website devoted to house prices dropping so people dont have to rent.

My spider sense tells me, that the chances of you actually being in the position you describe is slim to none.

Share this post


Link to post
Share on other sites

It looks like you're calling me a liar.

You'd be nearer the mark if you said delusional fantasist, or maybe you are just a troll. Most of us think house prices should fall, some think they will, others that they wont. But all of us actually want to buy. We dont want to rent, we dont like it. Its shit.

So I ask again, but dont expect an answer. What are you doing here? Do you even know yourself?

Edited by Johnny Storm

Share this post


Link to post
Share on other sites

I just had a look on rightmove and some properties in my area (ex-council) are cheapish - but what I really want is a detached house in a secluded area. Prices still fairly high for that sort of place - and in some places costs average £550k (ridiculous).

.....

I like the reasoned arguments and graphs here, but in the end there's a lot more at play - for me I simply see that prices are too high and have been for too long - and as every year drags out it gets more and more depressing. (I'm still a bear, but a despondent one).

What many bears on here forget to entertain is that there might be a considerable number of OO's who are slowly building up equity in their houses via repayment mortgages. Over time their situation may not prove as strained as some bears might hope, indeed as their equity grows they might even benefit through access to lower cost mortgages. All the while, these OO's enjoy living in houses, with access to good schools etc whilst bears on here fume and grumble as their life passes them by.

And meanwhile, like kids with their noses pinned up against the glass frontage of a candy store, the bears will salivate and become more and more despondant

Edited by thefruits

Share this post


Link to post
Share on other sites

I agree with all of this.

May I add that the British are increasingly becoming, and I think it will hasten in the next 50 years, becoming the poor in their own country.

I suspect we will see more coming here from Europe but also from India and Asia - they will make money out there in ways that will be barred to us or difficult for us and then come to the UK and buy up property. Meanwhile, the increasingly poor Brits will be priced further and further out of a decent home.

What makes the white Anglo-Saxon majority (I'm part of) believe that they have a right to permanent control of this territory anyway.

950 years is a pretty good run, but the expanse now called England has been settled for about 35,000 years and the process of subjugation must have happened many times. Good for the gene pool innit.

Share this post


Link to post
Share on other sites

You'd be nearer the mark if you said delusional fantasist, or maybe you are just a troll. Most of us think house prices should fall, some think they will, others that they wont. But all of us actually want to buy. We dont want to rent, we dont like it. Its shit.

So I ask again, but dont expect an answer. What are you doing here? Do you even know yourself?

I'm here because I enjoy it.

It gives me a sense of satisfaction when I expose the VIs that try to use this site to entice unsuspecting first time buyers to throw away their life savings in the pyramid scheme that is NuLabour's housing bubble.

I don't enjoy being called a liar by a snotty nosed idiot like you though. Why do you feel the need to post "renting is dead money" or other such estate agent quips in every thread that has a large number of guests reading it?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 261 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.