Guest Posted May 31, 2011 Share Posted May 31, 2011 I've been a long term follower of HPC (5 years or so)... every day I log onto Forex calendar and see what stats are coming out in the next few days... anything to show prices have come down, or something that might push prices down.... I always get a sense of deja vu every time I say to myself "hmmm..... inflation figures out in 2 weeks..... only 3 weeks until nationwide figure is out... etc". Well a year ago today I made a friendly bet with a colleague, along the lines of house prices will fall 25% in the next year. Today the year is up (I had put a note in my calendar!)... and prices are little changed. I know inflation has effectively reduced prices by 5-6%, but my wage has stayed the same... so I'm no better off. The thing that really gets me down is that I have spent another year watching and waiting.... looking at the same screens... and stats.... how much longer do I have to wait? I'm resigned to renting for another year or two.... but my first child is due in 2 months, and I really want to make a nice home.... decorate to our tastes, make a good go of the garden, take pride in our house.... surely one day soon prices will return to a sensible level. Please. Quote Link to comment Share on other sites More sharing options...
Tuberider Posted May 31, 2011 Share Posted May 31, 2011 I've been a long term follower of HPC (5 years or so)... every day I log onto Forex calendar and see what stats are coming out in the next few days... anything to show prices have come down, or something that might push prices down.... I always get a sense of deja vu every time I say to myself "hmmm..... inflation figures out in 2 weeks..... only 3 weeks until nationwide figure is out... etc". Well a year ago today I made a friendly bet with a colleague, along the lines of house prices will fall 25% in the next year. Today the year is up (I had put a note in my calendar!)... and prices are little changed. I know inflation has effectively reduced prices by 5-6%, but my wage has stayed the same... so I'm no better off. The thing that really gets me down is that I have spent another year watching and waiting.... looking at the same screens... and stats.... how much longer do I have to wait? I'm resigned to renting for another year or two.... but my first child is due in 2 months, and I really want to make a nice home.... decorate to our tastes, make a good go of the garden, take pride in our house.... surely one day soon prices will return to a sensible level. Please. Just get on with your life. if you want to buy a house, and can afford to buy a house, then buy a house. if you don't want to buy a house or cannot afford it, then don't. What's the big deal ? There's always some Jeremiah telling you that armageddon is just around the corner. It might never come. Or it might. Quote Link to comment Share on other sites More sharing options...
aussieboy Posted May 31, 2011 Share Posted May 31, 2011 Just get on with your life. if you want to buy a house, and can afford to buy a house, then buy a house. if you don't want to buy a house or cannot afford it, then don't. What's the big deal ? There's always some Jeremiah telling you that armageddon is just around the corner. It might never come. Or it might. This has always been the case. If you are going to buy and live in the home for 15 years, then get on with it if you can afford it. Hanging around for a bargain or for prices to conform to some random mental anchor ("I'll only buy when prices return to 200[x]) levels less [x]%") is the mistake many on here seem to have made. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted May 31, 2011 Share Posted May 31, 2011 This has always been the case. If you are going to buy and live in the home for 15 years, then get on with it if you can afford it. Hanging around for a bargain or for prices to conform to some random mental anchor ("I'll only buy when prices return to 200[x]) levels less [x]%") is the mistake many on here seem to have made. I'll buy if and when it makes financial sense and I don't think that will be for a few more years. Quote Link to comment Share on other sites More sharing options...
Tuberider Posted May 31, 2011 Share Posted May 31, 2011 I'll buy if and when it makes financial sense and I don't think that will be for a few more years. If you don't need a house that's fine. Others have wives, kids, want to move on with their lives. I've been on this site since the beginning, 2003 or 2004 I don't remember which, and the sky was about to cave in back then. thats seven or eight long years for a lot of these posters, wishing away their lives to save a few grand. the average life of a UK mortgage is 8 years, some of them coulda bought back then and been done by now money aint everything Quote Link to comment Share on other sites More sharing options...
euroscooby Posted May 31, 2011 Share Posted May 31, 2011 This has always been the case. If you are going to buy and live in the home for 15 years, then get on with it if you can afford it. Hanging around for a bargain or for prices to conform to some random mental anchor ("I'll only buy when prices return to 200[x]) levels less [x]%") is the mistake many on here seem to have made. About the best advice you will get on here these days. Given the nature of the site you do have to ask yourself if it was wise to listen to mainly constant negative views? Unless you were also on housepricesoar.co.uk as well. Still nothing is lost. Stop waiting. Live your life, enjoy your family and do what your gut tells you. Quote Link to comment Share on other sites More sharing options...
Guest Posted May 31, 2011 Share Posted May 31, 2011 (edited) I first wanted to buy in 1999, when prices were 8 times my salary. Ever since then they have risen faster than my salary. I'm not sitting around trying to save £5k, I really just cannot afford a house (£100k budget versus £160k house prices). I am fed up with moving from rental to rental.... either putting up with s**t decor, or paying to decorate then moving out. I am not waiting for armageddon.... I'm just p****d off that the the crash is so drawn out. Edited May 31, 2011 by Guest Quote Link to comment Share on other sites More sharing options...
Si1 Posted May 31, 2011 Share Posted May 31, 2011 About the best advice you will get on here these days. Given the nature of the site you do have to ask yourself if it was wise to listen to mainly constant negative views? Unless you were also on housepricesoar.co.uk as well. Still nothing is lost. Stop waiting. Live your life, enjoy your family and do what your gut tells you. I thought it was a horrendous post doing what your gut tells you has achieved the following: - biggest financial bubble in history - bloated inefficient public services and record on and of balance sheet debts being passed on to future generations Quote Link to comment Share on other sites More sharing options...
Tuberider Posted May 31, 2011 Share Posted May 31, 2011 That life is based on when the mortgage is refinanced with another mortgage (usually during a house move, I guess), not when it is repaid in full from income. Hardly "done". yeah I know, I was just making a point but even if you paid off in the full term, 20 years, you would be almost half done by now, instead of wating and waiting for something that might never happen Quote Link to comment Share on other sites More sharing options...
Realistbear Posted May 31, 2011 Share Posted May 31, 2011 Just get on with your life. if you want to buy a house, and can afford to buy a house, then buy a house. if you don't want to buy a house or cannot afford it, then don't. What's the big deal ? There's always some Jeremiah telling you that armageddon is just around the corner. It might never come. Or it might. The big deal around my way is that it costs over £1k to rent a nasty hovel. I am tired of waiting for the 40% I had hoped for and am taking 20% which is where property is in my part of East Sussex. Where next? If the government can avoid payback for Brown's years of folly then the UK will remain a rip-off country and unfit to live in if you want your own home. Its going to take a huge drop in employment to force the market down and that is not happening yet. The government may escape a revolution as people just accept the way things are and its really no different to the days of poverty that followed the big World Wars. People will have to get used to having less and the top 1% will be where the real wealth is. Its what has always characterised this country and what causes most people to emigrate. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted May 31, 2011 Share Posted May 31, 2011 Good to see the sock puppets out in force. Yup, the puppeteer is rallying his troops today . Quote Link to comment Share on other sites More sharing options...
RichB Posted May 31, 2011 Share Posted May 31, 2011 To some of the posters here: if Maddoff's fund was still going now would you be wishing you had invested earlier, but coming to the decision that now be a good time to invest? Indeed. How about gold? Quote Link to comment Share on other sites More sharing options...
Warwick-Watcher Posted May 31, 2011 Share Posted May 31, 2011 Its going to take a huge drop in employment to force the market down and that is not happening yet. The government may escape a revolution as people just accept the way things are and its really no different to the days of poverty that followed the big World Wars. People will have to get used to having less and the top 1% will be where the real wealth is. Its what has always characterised this country and what causes most people to emigrate. Interesting thought. I don't see Germans thinking of themselves as lesser beings if they rent a property. Only the UK/USA and our dominions seem to be obsessed by get rich quick schemes, especially property. Quote Link to comment Share on other sites More sharing options...
Guest Posted May 31, 2011 Share Posted May 31, 2011 Yup, the puppeteer is rallying his troops today . Um, what's a sock puppet/puppeteer!?!?! Quote Link to comment Share on other sites More sharing options...
euroscooby Posted May 31, 2011 Share Posted May 31, 2011 I thought it was a horrendous post doing what your gut tells you has achieved the following: - biggest financial bubble in history - bloated inefficient public services and record on and of balance sheet debts being passed on to future generations Somebody's 'gut feeling' did all that? I thought it was the greedy bankers and lazy public officials that 'done it'. Quote Link to comment Share on other sites More sharing options...
Guest Posted May 31, 2011 Share Posted May 31, 2011 Interesting thought. I don't see Germans thinking of themselves as lesser beings if they rent a property. Only the UK/USA and our dominions seem to be obsessed by get rich quick schemes, especially property. I'm happy to rent... if there were 10... 15... 20 year tennancies... that way I wouldn't mind decorating/doing the garden. I don't like the uncertainty of the UK rental market.... with such a massive property bubble I'm always expecting my landlord to sell up or go bust. Quote Link to comment Share on other sites More sharing options...
euroscooby Posted May 31, 2011 Share Posted May 31, 2011 Um, what's a sock puppet/puppeteer!?!?! I think they mean one is a sock puppet if they do not agree with the 'its all gone to hell, don't worry it will crash any day soon, you will need a gun, some bully beef and a bunker mob'. Quote Link to comment Share on other sites More sharing options...
Tuberider Posted May 31, 2011 Share Posted May 31, 2011 I first wanted to buy in 1999, when prices were 8 times my salary. Ever since then they have risen faster than my salary. I'm not sitting around trying to save £5k, I really just cannot afford a house (£100k budget versus £160k house prices). I am fed up with moving from rental to rental.... either putting up with s**t decor, or paying to decorate then moving out. I am not waiting for armageddon.... I'm just p****d off that the the crash is so drawn out. then you fall into category 'B': if you don't want to buy a house or cannot afford it, then don't. Quote Link to comment Share on other sites More sharing options...
Tuberider Posted May 31, 2011 Share Posted May 31, 2011 Lots of the mortgages from the bubble period are interest only. They are getting nowhere. If you rent well, you should be saving an ever growing deposit, whilst house prices have been falling. The figures say you should be ahead. Yeah,but you might not be happy. Quote Link to comment Share on other sites More sharing options...
Guest Posted May 31, 2011 Share Posted May 31, 2011 (edited) then you fall into category 'B': if you don't want to buy a house or cannot afford it, then don't. My point exactly... as I cannot afford to buy, I am forced to live in rented property. By no means dead money, but I'm really fed up with putting up with shabby decor, or wasting money on someone elses' house. The OP was just a statement that "yet another year has passed and still I'm waiting for HPs to be affordable...." Edited May 31, 2011 by Guest Quote Link to comment Share on other sites More sharing options...
Tuberider Posted May 31, 2011 Share Posted May 31, 2011 My point exactly... as I cannot afford to buy, I am forced to live in rented property. By no means dead money, but I'm really fed up with putting up with shabby decor, or wasting money on someone elses' house. The OP was just a statement that "yet another year has passed and still I'm waiting for HPs to be affordable...." Emigrate England's rubbish anyway Quote Link to comment Share on other sites More sharing options...
pilchardthecat Posted May 31, 2011 Share Posted May 31, 2011 I've been a long term follower of HPC (5 years or so)... every day I cry into my beer... another year watching and waiting.... looking at the same screens... and stats.... how much longer do I have to wait? .... surely one day soon prices will return to a sensible level. Please. You are a Jonah. You are cursed. You therefore have the power to crash the market by 50%. All you have to do is buy a house, then the next day prices will fall off a cliff. Quote Link to comment Share on other sites More sharing options...
silver surfer Posted May 31, 2011 Share Posted May 31, 2011 I've been a long term follower of HPC (5 years or so)... every day I log onto Forex calendar and see what stats are coming out in the next few days... anything to show prices have come down, or something that might push prices down.... I always get a sense of deja vu every time I say to myself "hmmm..... inflation figures out in 2 weeks..... only 3 weeks until nationwide figure is out... etc". Well a year ago today I made a friendly bet with a colleague, along the lines of house prices will fall 25% in the next year. Today the year is up (I had put a note in my calendar!)... and prices are little changed. I know inflation has effectively reduced prices by 5-6%, but my wage has stayed the same... so I'm no better off. The thing that really gets me down is that I have spent another year watching and waiting.... looking at the same screens... and stats.... how much longer do I have to wait? I'm resigned to renting for another year or two.... but my first child is due in 2 months, and I really want to make a nice home.... decorate to our tastes, make a good go of the garden, take pride in our house.... surely one day soon prices will return to a sensible level. Please. I feel your frustration. UK property is beyond mad. I STR'd at the end of 2005, my girlfriend STR'd at the end of 2007, and we have rented since. House prices where we sold, in the South West of London, have increased since we bailed out, and in Lymington, where we want to buy, they've been flat. We're over renting so whatever house prices do next we'll be buying by the end of this year, but because we expect houses to be a lousy investment over the next decade or even over the next generation, we'll get the smallest house we need rather than the biggest house we can afford. The cash difference will go into high yielding FTSE shares with global exposure, and the dividends from those shares will go into the pockets of chefs and hoteliers. Fvck it! Quote Link to comment Share on other sites More sharing options...
Caveat Mortgagor Posted May 31, 2011 Share Posted May 31, 2011 (edited) Ive had a few sentiments similar to the op myself. But I quickly come to my senses by looking around me. I can see the falls happening, its just that they are frustratingly slow. I see estate agents windows have awful properties such as terraced on main road in crap part of town with no off-road parking yet gangs of hoodies hanging around outside who take great pleasure from keying anything parked on the road: all of the above priced at 7x local earnings, and you just want to scream! But prices are coming down. I live on a new build estate. Only 1 house on this estate has re-sold since it was built in 2007. The vendors had a conservatory built on and still lost 10% of their purchase price. I see lots of others allegedly for sale with agents, but it seems no-one else on the estate really wants to sell. Aspirational pricing at its worst, most are priced at 2007 price +5 to 10%. In the light of a dearth of forced sales, it would be very easy to give in. But about 2 months ago I also spotted one neighbour had their car repo'd whilst I had nipped home one lunchtime to walk the dog. They are up for sale for 8% more than they paid. 2 other neighbours have traded down from very nice Mercs to very average cars. One is at least asking for slightly less than he paid, but they are still about 15-20% above what the market might pay. LR shows the city has fallen 5.5% in the last 6 months and the falls seem to be picking up speed. Its obvious that people have financial problems and that they have been given a lifeline from low interest rates and government programmes. But at the minute they are living day to day, week to week, month to month. It wont be long before some of these people will capitulate despite the leniency of the banks and govt help because they will be fed up of struggling to make ends meet all for the sake of a depreciating asset. Thats what I am waiting for right now. The dam is not far from bursting. I can sense it. As much as we are sick of it, I am sure they are just as fed up. I want to see the updates of the pace of LR falls published in my local paper just to ensure the message is forced home. I might have to register with their on-line comments service and make sure the good news is spread around!! Edited May 31, 2011 by Caveat Mortgagor Quote Link to comment Share on other sites More sharing options...
Si1 Posted May 31, 2011 Share Posted May 31, 2011 Somebody's 'gut feeling' did all that? I thought it was the greedy bankers and lazy public officials that 'done it'. using their gut feelings and everybody else as I was saying Quote Link to comment Share on other sites More sharing options...
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