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Now or never

Never Buy A Home

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The comments section seems to show people don't quite agree.

I think the author should have done an article named "never buy a home when the housing market is on its knees and houses are completely overvalued and on the verge of meltdown"

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I wonder if Yahoo will wait for a number of years after HPI has re-commenced again (sometime yet to come obviously) before heralding such "news" to the masses? Because this would have merited worthy financial news perhaps in 2007 at the latest.. It's acumen now is somewhat diminished. B)

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Britain is turning into a "rotten borough"

People don't like being told they made a mistake, especially when it comes to property. It's an engineered 'investment', completely rigged by the banks and our governments.

Telling somebody that their property is worth nowhere near as much as they idealise, its like watching a born loser dumping their pay cheques at the bookie or casino. Both get aggressive and are in a constant state of denial.

Thing is you see, if people aren't buying houses because they are too expensive, and banks aren't/can't lend, or perhaps even society has an epiphany about identity, and self worth, then the real value will depreciate, just as it has been for the last X years.

Saying that, it is also a fair statement to say that because homes aren't selling, there is no incentive for people to keep their homes up to a high standard, ergo, no equity and subsequent second/multiple mortgages (MEWS).

What is going to happen to the retiring generations wealth, in all asset categories? Boomers have 80% of the nations wealth, and so very much of that is a paper asset.

Finally, what is life going to be like in 10, or 20 years from now. Britain is so very quickly losing its vital, and final, indigenous energy supply. Just keeping your pipes from freezing in the winter will be a very real dilemma for so many families in the near future.

The housing industry is rotting from the inside out. Sure, paper valuations may stay high, but if 80% of the population coming after the boomer generation are essentially locked out, how is there any good outcome?

Remember, if somebody is trying to sell you something, it is because they want it off of their hands before it loses more 'value'.

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Why are people still perpetuating the myth that FTBers require huge deposits and there aren't many mortgages for them?

There are lots of 90% products currently available, even a couple of 95%'s. I rather think it's the stricter credit scoring requirements that are the problem in a lot of these cases.

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Why are people still perpetuating the myth that FTBers require huge deposits and there aren't many mortgages for them?

There are lots of 90% products currently available, even a couple of 95%'s. I rather think it's the stricter credit scoring requirements that are the problem in a lot of these cases.

I would have thought 90%+ LTV mortgages were self disqualifying. The mere fact the a person applied for one should make them fail the credit scoring requirements.

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People don't like being told they made a mistake, especially when it comes to property. It's an engineered 'investment', completely rigged by the banks and our governments.

Telling somebody that their property is worth nowhere near as much as they idealise, its like watching a born loser dumping their pay cheques at the bookie or casino. Both get aggressive and are in a constant state of denial.

Thing is you see, if people aren't buying houses because they are too expensive, and banks aren't/can't lend, or perhaps even society has an epiphany about identity, and self worth, then the real value will depreciate, just as it has been for the last X years.

Saying that, it is also a fair statement to say that because homes aren't selling, there is no incentive for people to keep their homes up to a high standard, ergo, no equity and subsequent second/multiple mortgages (MEWS).

What is going to happen to the retiring generations wealth, in all asset categories? Boomers have 80% of the nations wealth, and so very much of that is a paper asset.

Finally, what is life going to be like in 10, or 20 years from now. Britain is so very quickly losing its vital, and final, indigenous energy supply. Just keeping your pipes from freezing in the winter will be a very real dilemma for so many families in the near future.

The housing industry is rotting from the inside out. Sure, paper valuations may stay high, but if 80% of the population coming after the boomer generation are essentially locked out, how is there any good outcome?

Remember, if somebody is trying to sell you something, it is because they want it off of their hands before it loses more 'value'.

Great post.

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Saying that, it is also a fair statement to say that because homes aren't selling, there is no incentive for people to keep their homes up to a high standard, ergo, no equity and subsequent second/multiple mortgages (MEWS).

I don't think that is a fair statement.

One of the big misconceptions that seems to exist is that people buy houses as investments rather than as homes. A lot of people have no plans to ever sell as they are in the location/house that they desire. They will spend more on some home improvements than they could ever expect to see a return for. Quite often a house holder will have three or four refits in the period of ownership, and these would not be done with selling in mind.

Last year, my house sale fell through and as a result it now looks like we will remain where we are for the next ten years or so, so now we are renovating the house from top to bottom at considerable expense. As I have no desire to move the only reason to improve the standard of the house is purely for myself.

When I was looking to sell, the improvements were little more than a lick of paint here and there.

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I don't think that is a fair statement.

One of the big misconceptions that seems to exist is that people buy houses as investments rather than as homes.

o_rly.jpg

I don't think so bub, unless maybe you are a German, posting from Germany.

Have you seen this graph before? Maybe you as an individual see property as a home, but my dear, the nation clearly does not.

homepage.png

That is a speculation driven investment 'curve', for the lack of a better word...

When this nation learns that property may never go up, it will kill the idea of property being an investment, and kill the property market.

What's been happening over the past X years? Prices are dropping, houses aren't selling.

You are not going to convince me that the British nation isn't obsessive compulsive about property and the idea that you can get rich simply by living.

Home improvement stores and renovator/builders have been taking a massive kicking over the last X years.

Re-think your position. Maybe travel a bit and see that a lot of the world agrees with your position, but at the end you appreciate just how singular the British economy has become, on what is essentially debt creation.

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I don't think that is a fair statement.

One of the big misconceptions that seems to exist is that people buy houses as investments rather than as homes.

I don't think that that's a misconception. It doesn't need a majority of people buying houses as investments for it to become a problem.

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I would have thought 90%+ LTV mortgages were self disqualifying. The mere fact the a person applied for one should make them fail the credit scoring requirements.

:rolleyes:

I've been hearing the same stuff on here for years.

I don't dispute the fact we may see further nominal falls in prices, but to buy a house on a 90% mortgage today is not the worst thing in the world you could do for a variety of reasons.

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THE...most retarded article ever posted by Yahoo, you need sacking to eaven consider this. You are obviousely not educated enough to be in a position to write such nonsence - what have you based this on ? Your own inability to posses a property ? Well you need to go back to school my dear. Idiot<br style="line-height: 1.22em; ">Letter going to your supervisor - Yahoo now deleted & Google as default home page<br style="line-height: 1.22em; ">Idiot ******* woman

laugh.gif

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laugh.gif

THE...most retarded article ever posted by Yahoo, you need sacking to eaven consider this. You are obviousely not educated enough to be in a position to write such nonsence - what have you based this on ? Your own inability to posses a property ? Well you need to go back to school my dear. Idiot

Letter going to your supervisor - Yahoo now deleted & Google as default home page

Idiot ******* woman

You just beat me to it.. :lol::lol: . Made me laugh out loud.

Edited by Bosh

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THE...most retarded article ever posted by Yahoo, you need sacking to eaven consider this. You are obviousely not educated enough to be in a position to write such nonsence - what have you based this on ? Your own inability to posses a property ? Well you need to go back to school my dear. Idiot

Letter going to your supervisor - Yahoo now deleted & Google as default home page

Idiot ******* woman

You just beat me to it.. :lol::lol: . Made me laugh out loud.

Made me think of this:

Denial — "I feel fine."; "This can't be happening, not to me."

Denial is usually only a temporary defense for the individual. This feeling is generally replaced with heightened awareness of possessions and individuals that will be left behind after death.

Anger — "Why me? It's not fair!"; "How can this happen to me?"; '"Who is to blame?"

Once in the second stage, the individual recognizes that denial cannot continue. Because of anger, the person is very difficult to care for due to misplaced feelings of rage and envy.

Bargaining — "Just let me live to see my children graduate."; "I'll do anything for a few more years."; "I will give my life savings if..."

The third stage involves the hope that the individual can somehow postpone or delay death. Usually, the negotiation for an extended life is made with a higher power in exchange for a reformed lifestyle. Psychologically, the individual is saying, "I understand I will die, but if I could just have more time..."

Depression — "I'm so sad, why bother with anything?"; "I'm going to die... What's the point?"; "I miss my loved one, why go on?"

During the fourth stage, the dying person begins to understand the certainty of death. Because of this, the individual may become silent, refuse visitors and spend much of the time crying and grieving. This process allows the dying person to disconnect from things of love and affection. It is not recommended to attempt to cheer up an individual who is in this stage. It is an important time for grieving that must be processed.

Acceptance — "It's going to be okay."; "I can't fight it, I may as well prepare for it."

In this last stage, the individual begins to come to terms with her/his mortality or that of a loved one.

I see we're getting past denial for some people.

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I don't think so bub, unless maybe you are a German, posting from Germany.

When this nation learns that property may never go up, it will kill the idea of property being an investment, and kill the property market.

What's been happening over the past X years? Prices are dropping, houses aren't selling.

You are not going to convince me that the British nation isn't obsessive compulsive about property and the idea that you can get rich simply by living.

Re-think your position. Maybe travel a bit and see that a lot of the world agrees with your position, but at the end you appreciate just how singular the British economy has become, on what is essentially debt creation.

no, not a German

I bought back in 1992 and never saw the value of my house rise for 5 years. If anything it fell. I bought because I needed somewhere to live.

Yes there are speculators, but a large majority simply want to buy a home and spend money on it not to make a profit, but simply to live in a nice home.

I have no need to re-think my position. Why can't people simply debate on this forum?

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THE...most retarded article ever posted by Yahoo, you need sacking to eaven consider this. You are obviousely not educated enough to be in a position to write such nonsence - what have you based this on ? Your own inability to posses a property ? Well you need to go back to school my dear. Idiot

Letter going to your supervisor - Yahoo now deleted & Google as default home page

Idiot ******* woman

You just beat me to it.. :lol::lol: . Made me laugh out loud.

I couldn't believe this article was appearing somewhere as well known as Yahoo - then I saw there were about 1000 comments, with a large proportion like this. Pwoppaty is still king in the UK!

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I loved this comment:

So stop moaning, stop going to expensive restaurants, sell the cars, stop expensive holidays abroad and save your money and get extra part time jobs. It's your future, plan, save and be happy.

And this is meant to be something to aspire to?!

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  • 284 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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