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Guest KingCharles1st

Whoa Neddy- Don't Bolt On Me!

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Guest KingCharles1st

Being a newbie to this site, I am finding others in my situation to be a source of constant encouragement, and the posts here to be highly informative- even if you are a bunch of absolute DOOM MONGERS LOL :P

I was caught in the great price screw up of the late eighties, with my original house purchase, and am looking forward to being the one who cashes in at others expense this time around!

I bought a property in Spalding Lincolnshire, fo approx 33.5K, and because of the "wads of money" lifestyle (not many really ever cottoned on to the fact it was just available to the lucky few- yet fashionable) prices soared, and in 18 months, my little cottage was valued at circa 70K- WOW.. So guess who remotgaged, bought a Peugot 205gti etc etc (lifestyle thing here) and another 18 months later, had to settle for selling my property for around 35K... Luckily for me then, I was recently married, and we managed to do a deal to ultimately transfer the negative equity to the new property- then worth around 4 times as much- my reasoning being we would get out of the negative equity incurred in a quarter of the time- sound move?

Anyhow, when I was trying to sell the original cottage, I ALWAYS lowered the price one step behind what the market was prepared to pay. Iif I realised just how far the market was going to slide, then I should have sold for say 55K when the market was still a hopefull 62.5K, aand got out with no real financial bruising- however I didn't, and I suffered because of it.

My rich B*astard ex father in law, put his own property on the market a few years later, and I watched him do exactly the same thing- costing him a potential 35K, or around a 40% equity drop in his particular case.

I CONDONE this attitude, but of course only to those who are so blind they will not see- they deserve everything they get. And in the meantime, hopefully the market will now be good to me, and I will benefit from others stupidity fuelled by greed.

What say you guys and babes..?

Yours, KingCharles x

Edited by KingCharles1st

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I ALWAYS lowered the price one step behind what the market was prepared to pay.

It's just human nature at work, then people start to take it personally, the market is conspiring against me.

Unfortunately people get bitter because they believe they have been conned into buying high, conspired against when they try to sell, and seek revenge at sometime in the future. Blaming sellers, buyers, Estate Agents etc will not make the market dance to anybodies tune, let alone your own.

Markets do what markets do, they go from Over Bought to Over Sold continually, always have always will.

Never wish on somebody that which you would not wish on yourself....just be lucky Oh and welcome KC1....try not lose your head :rolleyes:

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Guest KingCharles1st

Hi C22

Yes, you're right, It's not fair to wish anything on others- I stand humbled before you!

Thanks for your welcome.

KC

Never wish on somebody that which you would not wish on yourself....just be lucky Oh and welcome KC1....try not lose your head  :rolleyes:

Edited by KingCharles1st

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I had a similar experience in swamp-land a few years ago.

In 1988, I felt I 'had to' buy a house or be ever priced out of the property market. The only way I could do it was to buy with a friend. By the end of 1991, the place had dropped about 30% and no-one bought anything for over 2 years in the village I lived in. I finally managed to 'sell' my half to my mate, by giving him £5k to take on the whole mortgage. A lucky escape, as I think he couldn't sell for about another 5 years.

Currently renting in Wilts, waiting for the market to correct - it is already starting to happen, 2 years ago, hardly any 'for sale' signs, just 'sold'. Now they are the other way around, with 'new price' signs in the EA's windows.

I hope you don't get caught this time.

JD :unsure:

Edited by john_d_uk

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  • 338 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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