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Lou G

My Family Are Still Buying!

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One of my younger sisters now with her husband now has around £800k of

mortgage debt with propertys currently valued at around 1 million...!!

Now I have heard today that my other younger sister and her husband have now

bought a house for their children!!! Both the children are under 5 and the house is going to be in their names!!. They think its a good investment..

Think my family are going mad!!!

Could I ask all you folks a question please? I didn't think you could buy a house if you were under 16??? Am I wrong..

Ta Lou..

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I can't believe what they are doing. I have told them about this site, told them about markets etc but both my sisters just do not believe me.!! They think house prices never fall. !! I just don't talk to them about it anymore.

They see us renting and just do not understand why we are.!!

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Its strange how people bury their heads in the sand when they have invested time or money into something.

My brother bought some land from my parents at the rear of their house.

He then built a 4 bed detached house on the plot.

He then met a girl from the netherlands and decided that he would emmigrate.

I advised him to sell very quickly (he still needed to pay my parents for the plot of land) as the market was looking shaky.

They kept ignoring me, and stuck to their guns on the price they were asking. They also kept telling me that it was all ok, houses weren't going to drop in price etc....

By some luck they managed to sell up for a peak price for the street in April 05. Very, very lucky.

Now they have changed their tune. They now think they were lucky to get it sold, and that the market will fall.

Its funny how they couldn't see this, or even allow themselves to imagine it could happen. but now they have no interest in it, it all seems so clear to them!

Good luck for your family, they are going to need it. :ph34r:

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I dont think its funny at all.

The example you have given provides a clear microcosm of the fundamentals that characterise the bubble-market.

People who own or have Vested Interests in ownership: talk about the market and deny any possibility of prices going down - blowing air into the bubble - preserving their asset and their own sanity.

People who don't own or sell to rent: talk down the market, assure themselves that it was a good decision to sell and try and deflate the bubble so they can realise their profits.

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My sister has just completed on an ex-council one bed flat for £90k, she moves in this fri. I did try and advise her against buying, but all i got back from both my parents and her was the old 'renting is dead money' and 'prices only go up'.

They obviously know more about the housing market than than me by reading two newspapers a day and watching the news at every given opportunity.

Ho hum, I won't rub it in

Edited by Ritters

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Yeah, i've said that, but all I get back is 'it's different this time'.

Higher divorce rates, more people living alone, shortage of housing, more immigrants, blah blah blah

We'll shall see...

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I can't believe what they are doing. I have told them about this site, told them about markets etc but both my sisters just do not believe me.!! They think house prices never fall. !! I just don't talk to them about it any more.

They see us renting and just do not understand why we are.!!

Lou,

it's called human nature, they are committed and as such only countenance information that supports their preferred outcome. Another word of caution don't labour on the subject with them, it could spoil your family relationship.

I have a brother [ or maybe "had" would be the correct word to use] who was telling me he had received unsolicited offers through the post for his house. I meally cautioned him that this market would eventually correct at sometime, and when it does his house like ours would decrease in value. He became aggressive in tone and very animated, quoting Estate Agents had said on local radio that his village was the most desirable village in his area. I said it may well be, but it wont make any difference, well he just went totally mental. That was over two years ago and he has not been in contact since, I wrote to his wife the day after telling her to tell him to lighten up but heard nothing from either of them, sad really. He was on "tablets" at the time for blood pressure, and I thought maybe it was those that made him into "Mr Angry" but apparently not.

Edited by Catch22

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Yeah, i've said that, but all I get back is 'it's different this time'.

Higher divorce rates, more people living alone, shortage of housing, more immigrants, blah blah blah

We'll shall see...

Ah yes...it is at that point where I become aggressive and personalise the argument and start discussing unaffordability, the lack of FTB's and questioning what salary multiple they paid when they bought a HOUSE compared with mine for buying a FLAT with a £40K deposit shoved in for good measure.

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My nieces friend aged 12 or 13 has her own new-build flat that her parents bought her last year. It's not let out, but she uses it for 'sleepovers'.  :rolleyes:

How ridiculous and selfish. Withhold housing for someone in need so your daughter can have an oversized dolls house! :angry:

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Lou,

it's called human nature, they are committed and as such only countenance information that supports their preferred outcome. Another word of caution don't labour on the subject with them, it could spoil your family relationship.

I have a brother [ or maybe "had" would be the correct word to use] who was telling me he had received unsolicited offers through the post for his house. I meally cautioned him that this market would eventually correct at sometime, and when it does his house like ours would decrease in value. He became aggressive in tone and very animated, quoting  Estate Agents had said on local radio that his village was the most desirable village in his area.  I said it may well be, but it wont make any difference, well he just went totally mental. That was over two years ago and he has not been in contact since, I wrote to his wife the day after telling her to tell him to lighten up but heard nothing from either of them, sad really. He was on "tablets" at the time for blood pressure, and I thought maybe it was those that made him into "Mr Angry" but apparently not.

you and your brother need to 'punch this out'

have you tried have a 'set to' with him. kick him in the goolies first. that'll settle his game.

nows the chance to 'jump on his chest' - "take that you braggard"

though be careful he doesnt try to squirt 'invisible grease' under your feet as he is a dirty twister.

Edited by right_freds_dead

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How ridiculous and selfish. Withhold housing for someone in need so your daughter can have an oversized dolls house!  :angry:

It's their money/borrowing - why shouldn't they spend it how they want?

Presumably they think their daughter will need a place to live in her late teens and twenties. Why not buy now if they think prices will keep on rising? Time will tell if they've wasted tens of thousands of pounds.

There is considerable wealth in this country needing an asset. Absolutely no point in holding too much cash if you're a higher rate tax payer.

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Nope, unfortunately I'm not.

Her's? No mortgage, papers in her name hers?

Wow. :ph34r:

Allow me to point out the potential for upcoming inter-generational conflict when she gets to the age where the parents might disapprove of her normal teenage behaviour (and when 'sleepover' takes on a whole new meaning <_< ).

Parental lecture -> teenager flounces out of house to flat and changes the locks -> chav boyfriend takes advantage of offer of free bed/board -> carefully laid family plans fly out the window.

(And BTW I am still laughing over your "furiously taking notes"/"screwing up notes and throwing them away" pair of posts on a thread about a scam a few weeks back.) :lol:

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you and your brother need to 'punch this out'

have you tried have a 'set to' with him. kick him in the goolies first. that'll settle his game.

RFD,

Nar waste of time kicking him in his goolies....coz them pills he was taking made his dick limp.... :rolleyes:

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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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