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EmmaRoid

Plea To The Plastic Bears

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Can you all waverers hurry up and buy your houses?

I'm fed up of waiting for the last (plastic) bear to turn bull.

:D

I don't know why so many people are wobbling at the moment? I could understand if all the indicies were surging it's difficult to hold the faith. But they are nearly all negative yoy now!

I'm a happy bear.

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Just put down my deposit on a nice new build one bed, round the corner. £117k, full price £147k. Move out of rented accomodation in about six weeks!!

:P

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I agreed to buy mine this afternoon at a £31,000 discount to the asking price 6 months ago (several other houses on the street of the same design sold for the pre-discount price at that point in time. This is an end of development offer). 194k -> 161k. Spacious 3-bed semi over 3 floors (1100sqft), desirable location, double driveway, nice garden, plenty of parking, 20 mins from the city & railway station. That'll do me nicely. There is no reason why it would not be worth just as much as the others on the development that sold for the higher price as soon as I hold the keys.

Combined with my temporary stamp duty break for being a FTBer (~£1,600), favourable interest rates on a long term fixed rate deal (even a 1% rate rise would see my costs increase by about £5,000 over the next 5 years) and the prospect of paying £3,000 more into the rental black hole over the next year than I would lose to the mortgage interest black hole - prices would have to fall by 22% before I see an opportunity like this again.

Will they fall by more than that?

Probably. But I'm happy to take that risk, worst case scenario I take a small hit - the hefty discount I received acts as a buffer to my equity. But I'm ok taking that hit, because I will have given my other half what she wants. Sometimes decisions revolve around more than just money.

I've always said the best time to buy would be when you can combine panic selling prices with low interest rates. Personally I feel that's close to what I have done here. Bought low, and with low rates. I care not for rates in 5 years time, because I earn quite a lot of money.. the mortgage will be half of what it started off as by the time the fixed rate ends, resulting in a low amount of interest on the debt past that.

As a final point - I hope prices DO drop from here. Because the difference in cash between the house I have just bought and the house in the countryside I want to raise a family in would get smaller. and negative equity is not an issue for me. Lower prices are a good thing.

Edited by fadeaway

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sometimes I think Ive logged onto itstimetobuybecauseigot20%offpeakandthatsthebestyoucando.gloat.uk

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This is probably the place to mention that we put in an offer about 5% above asking today.

Not accepted yet though.

If it is, I'll change my avatar to something more plasic.

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Is the radioactive cloud over the Uk just now bringing out all this overabundance of spring fever buying of houses??

Thank God it's not over my house yet. :)

Sooner or later, the sellers have to capitulate.

But they won't all capitulate at once. First there will be a trickle, then swelling to a flood.

So if you find one of the first tricklers, why not buy from them now at a crashtastic price?

;)

Edited by Timm

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This is probably the place to mention that we put in an offer about 5% above asking today.

Not accepted yet though.

If it is, I'll change my avatar to something more plasic.

You really should have offered 10% above asking to secure the property. You could easily be gazumped!

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Sooner or later, the sellers have to capitulate.

But they won't all capitulate at once. First there will be a trickle, then swelling to a flood.

So if you find one of the first tricklers, why not buy from them now at a crashtastic price?

;)

Because it'll be less in a year or three ;).

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Because it'll be less in a year or three ;).

There is a point someone made on here - at the bottom, you will not be able to buy a nice house for peanuts, the nice houses will just be off the market and only the dregs will be up for sale.

I have recently made a point of detouring on my runs through a nice area (the sun helps) to see how many houses on a certain beautiful street are up for sale. Not a single one, and I doubt there have been for a long while. The crash is not going to change that.

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Starting to wobble due to the reluctant landlord (who admittedly I've got a good deal from) wanting to sell, and I don't want to keep moving (I'd have to move at least once; I couldn't afford the place I'm renting at the price he's likely to ask for it, or even at the price he's likely to sell it for at the moment).

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There is a point someone made on here - at the bottom, you will not be able to buy a nice house for peanuts, the nice houses will just be off the market and only the dregs will be up for sale.

I have recently made a point of detouring on my runs through a nice area (the sun helps) to see how many houses on a certain beautiful street are up for sale. Not a single one, and I doubt there have been for a long while. The crash is not going to change that.

Why wont they? Nice houses are subject to forced sales just as horrible ones are.

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There is a point someone made on here - at the bottom, you will not be able to buy a nice house for peanuts, the nice houses will just be off the market and only the dregs will be up for sale.

I have recently made a point of detouring on my runs through a nice area (the sun helps) to see how many houses on a certain beautiful street are up for sale. Not a single one, and I doubt there have been for a long while. The crash is not going to change that.

The best houses will always be the most expensive, but it the market falls 50% so will they, with the possible exception of the loopy ones that Russian oligarchs buy.

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Get in there and buy. You will be much happier for it. And remember Merv has a printing press and knows how to use it! :P

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Unless I get fat and lazy I'll keep it up, well until the sun stops shining anyway, and let you know if one comes up in the next year or two. I really highly doubt it, but will be utterly delighted if one does.

I see plenty of houses on the market that I'd be happy to buy if the prices were based on reality, not bat shit crazy mojo.

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I see plenty of houses on the market that I'd be happy to buy if the prices were based on reality, not bat shit crazy mojo.

You've just described my position two weeks ago.

Then one came up that wasn't bat shit...

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You've just described my position two weeks ago.

Then one came up that wasn't bat shit...

Seriously though Timm you didn't offer 5% over asking did you?! I thought you was being sarcastic!

Don't get me wrong if I see a house I love at the right price I'll offer on it. But that isn't going to happen any time soon. Maybe next year.

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I have never seen so much spring fever in one place in one day - they are worse than a field of new lambs. Unfortunately for them like lambs they are being led to the slaughter.

a good trader knows when to accept losses and cut a losing position before it loses more. I am not saying that is what is happening here but the sensible among us would do well to re-evaluate the situation periodically. I would rather be able to debate the pro's and cons with like minded people here than be lambasted by those without the ability to consider all possibilities.

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Seriously though Timm you didn't offer 5% over asking did you?! I thought you was being sarcastic!

(...)

Yup, we thought we'd go in strong. :)

But if we get it, it's a better deal than anything I saw in the 08/09 trough.

If we don't, then I'll be back to shouting at the plastics...

Edited by Timm

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Yup, we thought we'd go in strong. :)

But if we get it, it's a better deal than anything I saw in the 08/09 trough.

If we don't, then I'll be back to shouting at the plastics...

I must admit that I cant see the logic of what you did. Now the vendor is likely to believe that they were asking too little and want the place marketed still even after accepting your offer to see if they get a better one.

Good luck though.

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  • 285 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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