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karen1000

I Bought In 96, Thank Heavens

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I remember the Spring of 1996. The doom sayers were saying "don't buy, houses will crash soon" - this after some big reductions in the previous few years. I read similar comments on this forum, and totally unrealistic expectations of huge price drops which are not going to happen!

I followed the advice of the person whose judgement I trust the most - me - and bought a semi for 67 grand. The same semi sold last year for 234 grand. Had I listened to the sad people, I would have paid 8 years dead rent money (possibly 40 grand) rather than gaining nearly 200 hundred, less of course my 8 years mortgage payments. Still a nice sum.

Here's the thing: if I had bought in 1994 (which is I think probably the equivalent point to now) I probably would have paid 80 grand for it, but still in the long term would have gained.

So I say buy now, in a good area (not Hull, Middlesbrough etc) if you are buying your home. I cannot give advice to investors, for I am not one.

:)

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Here's the thing: if I had bought in 1994 (which is I think probably the equivalent point to now)

So you think the cycle is now at the same stage as it was in 1994 do you? (i.e. a house price crash which saw real falls of 40% started 5 years ago). You must be a real expert then. :rolleyes:

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karen1000

Ok you bought at the right time. I built in early 1997 five bedroom, double gargage, detached and 2 acres of land all cost 75k. Now valued at £0.65 million

in rural Shropshire. I am debt free are you ?

You sound like some who has remortgage ? And it probably working as a

street walker to make up payments on your BWM ?

BLOODY NEW LABOUR VOTER/SUPPORTER

Edited by E Powell

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Here's the thing: if I had bought in 1994 (which is I think probably the equivalent point to now)

Oh my god!! that is the funniest and strangest thing I have ever heard. Please look at a graph of house price to earnings ratio

try this page:

http://www.firsttimebuyerhelp.co.uk/upload...e/ftbbeware.pdf

Cheers for the laugh. :lol:

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So I say buy now, in a good area (not Hull, Middlesbrough etc) if you are buying your home.

Which is missing the point that a lot of people can not afford to buy without resorting to 5x joint salary mortgages over 30+ years and even then cannot afford a good area.

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I bought in 96 too, but I wouldn't crow about it to people who weren't in a position to buy then.

Things are very different now - we would only be in the same position if a person with an equivalent wage to yours in 96 would pay a similar % of their take home pay if they had a mortgage on your property. I doubt very much if that is the case.

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I remember the Spring of 1996. The doom sayers were saying "don't buy, houses will crash soon" - this after some big reductions in the previous few years. I read similar comments on this forum, and totally unrealistic expectations of huge price drops which are not going to happen!

I followed the advice of the person whose judgement I trust the most - me - and bought a semi for 67 grand. The same semi sold last year for 234 grand. Had I listened to the sad people, I would have paid 8 years dead rent money (possibly 40 grand) rather than gaining nearly 200 hundred, less of course my 8 years mortgage payments. Still a nice sum.

Here's the thing: if I had bought in 1994 (which is I think probably the equivalent point to now) I probably would have paid 80 grand for it, but still in the long term would have gained.

So I say buy now, in a good area (not Hull, Middlesbrough etc) if you are buying your home. I cannot give advice to investors, for I am not one.

:)

You sold last year and bought what? Did you trade up, trade down, or simply start renting? Rampant HPI affects everyone as some posters here want to trade up but cant.

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Guest pioneer31
I remember the Spring of 1996. The doom sayers were saying "don't buy, houses will crash soon" - this after some big reductions in the previous few years. I read similar comments on this forum, and totally unrealistic expectations of huge price drops which are not going to happen!

I followed the advice of the person whose judgement I trust the most - me - and bought a semi for 67 grand. The same semi sold last year for 234 grand. Had I listened to the sad people, I would have paid 8 years dead rent money (possibly 40 grand) rather than gaining nearly 200 hundred, less of course my 8 years mortgage payments. Still a nice sum.

Here's the thing: if I had bought in 1994 (which is I think probably the equivalent point to now) I probably would have paid 80 grand for it, but still in the long term would have gained.

So I say buy now, in a good area (not Hull, Middlesbrough etc) if you are buying your home. I cannot give advice to investors, for I am not one.

:)

You bought in 96 after years of price falls which followed years of price hikes.

Now, after years of price hikes you say that price falls are out of the question.

How do you reach this illogical conclusion?

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You sold last year and bought what? Did you trade up, trade down, or simply start renting? Rampant HPI affects everyone as some posters here want to trade up but cant.

I took it to mean that a similar house sold for that price last year. I despair about the fact that the "value" of my flat has increased, as it just makes the next rung even further away.

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Eh?

If today is like 1994 then you would be best to wait until todays equivalent of 1996, ie 2007-8?

Karen, don't get carried away with the greatness of your own advice.

Edited by Matt

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Guest

The best things about the software running this forum are:

- the need to log in,

- the 'number of posts' counter,

- the 'find members posts' facility.

:lol:

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I remember the Spring of 1996. The doom sayers were saying "don't buy, houses will crash soon" - this after some big reductions in the previous few years. I read similar comments on this forum, and totally unrealistic expectations of huge price drops which are not going to happen!

I don't think anyone is expecting instant and deep falls like you see on the stock market, property isn't like that, it's quite "sticky" on the way down, those comments probably come from the same sort of people who want to protest on the streets.

Maybe they should try protesting outside a Jaguar garage because they cannot afford one of their sports cars, if they were truely too expensive they wouldn't be able to sell them to anyone and the market would correct itself, they'd have to reduce the price or try and live with no sales. Incidentally, the latter is now happening to the housing market

A continued 0.5% drop per month for a medium length of time is all that's needed, once you add in interest earned on savings/saved on mortgage it's over 10% per year, compound it up over a couple of years and 25% doesn't look alarming, especially when inflation does 2/3 of the job.

Drops of 0.2% over the same sort of cycle as the last crash would easily multiply into larger falls given enough time and momentum.

The '89 crash was no doubt as slow, remember you had no web for people to monitor every move and less spin.

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It's getting a bit boring here these days. An odd tosser comes along talking bolleaux and everyone trots out the same old, same old in answer.

Things got a bit more exciting a few days ago when people started talking about some ACTION but it was only talk and has now died a death.

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I remember the Spring of 1996. The doom sayers were saying "don't buy, houses will crash soon" - this after some big reductions in the previous few years. I read similar comments on this forum, and totally unrealistic expectations of huge price drops which are not going to happen!

I followed the advice of the person whose judgement I trust the most - me - and bought a semi for 67 grand. The same semi sold last year for 234 grand. Had I listened to the sad people, I would have paid 8 years dead rent money (possibly 40 grand) rather than gaining nearly 200 hundred, less of course my 8 years mortgage payments. Still a nice sum.

Indeed, but unless that £200k is in your pocket and you live on fresh air have you really benefited? Your next dream house is probably now in the region of £500k, the shortfall will have to be real money or real debt, the differential to move up the scale is now wider than ever.

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I remember the Spring of 1996. The doom sayers were saying "don't buy, houses will crash soon" - this after some big reductions in the previous few years. I read similar comments on this forum, and totally unrealistic expectations of huge price drops which are not going to happen!

I followed the advice of the person whose judgement I trust the most - me - and bought a semi for 67 grand. The same semi sold last year for 234 grand. Had I listened to the sad people, I would have paid 8 years dead rent money (possibly 40 grand) rather than gaining nearly 200 hundred, less of course my 8 years mortgage payments. Still a nice sum.

Here's the thing: if I had bought in 1994 (which is I think probably the equivalent point to now) I probably would have paid 80 grand for it, but still in the long term would have gained.

So I say buy now, in a good area (not Hull, Middlesbrough etc) if you are buying your home. I cannot give advice to investors, for I am not one.

:)

I am going to take a break from here for a while as it is now boring here. Some people say AWOOGA - I have no idea what this means.

To this person I would agree - you cannot and should not give advice to investors - not because you are not one - you are whether you like it or not - but, you should not give advice because you are a

******

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  • 302 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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