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Guest_James Toney_*

Friends Family Feeling The Squeeze

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anyone on here, got any friends / family/ work mates that are starting to feel the pressure, or wishing they had not bought,

i have spoken to a few people the last week, one family memeber trying to sell, people at work saying how they cant afford things, and how expensive everything is.

one even moved back to her parents, with the hope of saving much much more,

a couple i know saying they wish they had waited but were getting pressure off family about never getting on the ladder, :lol:

boring thread i know but, just seeing if anyone else heard or seen it from the last month or so. looks to me as it is more than ever.

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I think many are now wishing they hadn't bought at the top of the biggest property/credit bubble the world has ever seen, lol.

They didn't listen to many on this site during 2004-2008 and called us all nutters, so in some ways, they deserve all they get. :rolleyes:

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If people are struggling now then what are they going to be like when we cut our cloth to match our empty purse?

This charade of ZIRP, QE and debt forbearance cannot continue indefinitely...

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I think many are now wishing they hadn't bought at the top of the biggest property/credit bubble the world has ever seen, lol.

I think an awful lot of people will regret purchasing in 2011 with a big mortgage. Plenty of people are still paying silly asking prices from what I can make out.

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I think an awful lot of people will regret purchasing in 2011 with a big mortgage. Plenty of people are still paying silly asking prices from what I can make out.

Fukc em, let them burn...

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Fukc em, let them burn...

There is always a bigger dog in the kennel my friend I would watch your back...usual sceptic, toxic c*** from some on here, many of those people are just normal people just trying to get through the day.

How does your bile help anyone?

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4 colleagues in the process of moving/trading up at the moment. Cost of finance (5 year fix at 3.5%) outweighs the capital risk. Renting from the bank is cheaper than renting from the landlord.

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I think many are now wishing they hadn't bought at the top of the biggest property/credit bubble the world has ever seen, lol.

They didn't listen to many on this site during 2004-2008 and called us all nutters, so in some ways, they deserve all they get. :rolleyes:

There is nothing wrong with buying at the top of the inflated housing curve...but only if you have the financial strength, capital, support, income behind you.....can afford the rise in the cost of living, possible likely rise in interest rates and are in it for the LONG term.

Those who bought on a shoestring without a safety net and without giving thought to what might, could, and most probably will happen will pay the price of continuing housing falls......once you have signed on the dotted line just be prepared to stick it out for a few years or come unstuck. ;)

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There is always a bigger dog in the kennel my friend I would watch your back...usual sceptic, toxic c*** from some on here, many of those people are just normal people just trying to get through the day.

How does your bile help anyone?

It would probably be that prudent savers are being fleeced to subsidise the banking industry and other feckless borrowers through negative real interest rates

I personally think thats a bit of a travesty <_<

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There is always a bigger dog in the kennel my friend I would watch your back...usual sceptic, toxic c*** from some on here, many of those people are just normal people just trying to get through the day.

How does your bile help anyone?

yeah, lets let the prudent burn instead....lets frack those who do the right thing, and reward those that are feckless and fill their useless lives with feldergarb.

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4 colleagues in the process of moving/trading up at the moment. Cost of finance (5 year fix at 3.5%) outweighs the capital risk. Renting from the bank is cheaper than renting from the landlord.

Taking out a big loan just before the economy may be entering a double dip?

As they said in Yes Minister "Thats a very brave decision minister"

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yeah, lets let the prudent burn instead....lets frack those who do the right thing, and reward those that are feckless and fill their useless lives with feldergarb.

snap

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I think we live in a bubble ourselves here at HPC.

We were correct in our assertions as to what was happening, why it was happening and where it would take us but the majority of people were right to buy when they did. The government(s) / elite wanted them/us to behave a certain way and created an environment in which that behaviour thrived. When the SHTF they were there to wipe their little bottoms for them and they will be there to do so time and again.

I was right but also wrong. I should have taken out a liar loan in 2003. I would be better off today as a result. Of course, the 2007 financial crisis was postponed from 2005... the 2005 one postponed from 2003... and the 2003 one postponed from... well... it's the 10th anniversary next month.

2007 could have quite likely been postponed to 2009, then 2011, then 2013, then 2015... and indeed that's exactly what's happening to varying degrees of success. The inevitable was always going to happen it was just a matter of when.

The only real losers and winners in all this are society as a whole and the banks. You know which is which.

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4 colleagues in the process of moving/trading up at the moment. Cost of finance (5 year fix at 3.5%) outweighs the capital risk. Renting from the bank is cheaper than renting from the landlord.

amazing, many are NOT approved for mortgages, so many that the press see a "shortage" of lending, yet a poster sees 4 colleagues all with new shiny mortgages and moving on up....

This is where the reality for many is NOT the reality for MOST.

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There is always a bigger dog in the kennel my friend I would watch your back...usual sceptic, toxic c*** from some on here, many of those people are just normal people just trying to get through the day.

How does your bile help anyone?

My bile helps nobody, nor was it meant to...

Savers are just normal people too, but they have and continue to be royally fukced, who speaks up for them? Nobody, apparently they can just shoulder the loss, no harm, no foul. The fact they've done without to save for a better future matters not. The Govt. and BoE have already said fukc them.

Sadly there is no easy way to rid ourselves of this housing nightmare without prices falling big time, when/if they do people are going to get burnt really badly.

The alternative of course is to let inflation ride roughshod over the economy causing savers to get burnt really badly.

Not an easy choice, the ones who should be getting burnt are the ones who allowed the bubble to inflate and opened up the money floodgates, but the idiots who loaded up on cheap credit are not blameless either. The problem is greed, too many greedy ******* believing they can get something for nothing...

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My nephew (25 & a policeman) got married 2 years ago and decided he wanted to buy not rent.I told him he was mad and he should just sit it out for a few years-anyway,£105k for a tiny terraced house in a northern town with no discernable growth prospects and an average salary of no more than £18-20k.Fast forward 2 years and first kid on the way,police pay and overtime freeze,housing market crumbling-he reckons he'd get back what he paid-I know that in realityt he's down at least 15% on the purchase price excluding all the money subsequently spent on the place.The frightening thing is that its going to get a lot worse and there's nothing he can do.

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I think many are now wishing they hadn't bought at the top of the biggest property/credit bubble the world has ever seen, lol.

They didn't listen to many on this site during 2004-2008 and called us all nutters, so in some ways, they deserve all they get. :rolleyes:

A mate of mine bought a 1bed flat in 2007 right at the top of the market for £95k. He'd probably be fortunate to get £70k for his place now. I don't think he "deserves" what has happened to him though. In 2007 he was under the impression from his family that if he didn't buy something, nay, anything, that he'd miss the boat and never own his own place. He's not an moron (he has a degree in Laser Physics), however when I queried his decision at the time he merely repeated the "missing the boat" idea people which he had been told from people who he trusted, such as his parents and other older relatives. I guess his fault was taking the advice of people who, in reality, didn't know what they were talking about. I hadn't even heard of this site back in 2007, and he is probably a bit less internet savvy than me so I don't blame him for not having read up on it, especially when the media was ramping property to the masses.

Edit: Just to be clear, I don't think my friend should receive a bailout though at the expense of savers. I'd be prepared to say what has happened to him is unfair (he's basically been conned by the MSM and his family into squandering loads of his hard earned cash), however life simply isn't fair, and sometimes bad things happen to good people. 'Tis the way of the world I'm afraid.

Edited by Jie Bie

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amazing, many are NOT approved for mortgages, so many that the press see a "shortage" of lending, yet a poster sees 4 colleagues all with new shiny mortgages and moving on up....

This is where the reality for many is NOT the reality for MOST.

Let's not forget that all 4 also found buyers for their own overpriced properties as they moved up.

Ain't life grand for the lucky ones.

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My nephew (25 & a policeman) got married 2 years ago and decided he wanted to buy not rent.I told him he was mad and he should just sit it out for a few years-anyway,£105k for a tiny terraced house in a northern town with no discernable growth prospects and an average salary of no more than £18-20k.Fast forward 2 years and first kid on the way,police pay and overtime freeze,housing market crumbling-he reckons he'd get back what he paid-I know that in realityt he's down at least 15% on the purchase price excluding all the money subsequently spent on the place.The frightening thing is that its going to get a lot worse and there's nothing he can do.

I have relatives who bought in Northern Ireland at the very top of the bubble, newly-weds at the time who had a kid shortly after, fortunately they are still employed and doing OK but they must be down some 30-50%. Technically they are bankrupt. These bubbles are a complete nightmare but time after time they are allowed to wreck and ruin lives.

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There is always a bigger dog in the kennel my friend I would watch your back...usual sceptic, toxic c*** from some on here, many of those people are just normal people just trying to get through the day.

How does your bile help anyone?

Good point - What are you planning to do to help the cause of these deserving folks when things get bad, then?

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My nephew (25 & a policeman) got married 2 years ago and decided he wanted to buy not rent.I told him he was mad and he should just sit it out for a few years-anyway,£105k for a tiny terraced house in a northern town with no discernable growth prospects and an average salary of no more than £18-20k.Fast forward 2 years and first kid on the way,police pay and overtime freeze,housing market crumbling-he reckons he'd get back what he paid-I know that in realityt he's down at least 15% on the purchase price excluding all the money subsequently spent on the place.The frightening thing is that its going to get a lot worse and there's nothing he can do.

He has a roof over his head more than many......what it is worth is by the way....it's whether he can afford to continue to pay the loan/debt is more of a concern........if he had not purchased it he would of had to rent......renters have the benefit of flexibility, and negotiation, buyers are in it for long term...the further the prices fall the longer the time scale......time flies. ;)

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Taking out a big loan just before the economy may be entering a double dip?

As they said in Yes Minister "Thats a very brave decision minister"

A friend is buying a 4 bed det in South Yorks in order to start a familiy. He's paying 180k for it but reckons it's a bargain because he says 'it's a 200k house'.

Him and his girlfriend are keeping the 3 bed semi they're buying and letting it, so he's become a BTLer to boot. All legit and above board, with the blessing of the bank. He's described the 3 bedder as 'his pension' (they're early 30s).

He actually said that he's now the proud owner of 2 houses. My take is that he's responsible for 2 houses and a 200k+ debt, and the real owners are the bank.

All this may or may not work out for them, but it's a huge risk in the current market.

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A friend is buying a 4 bed det in South Yorks in order to start a familiy. He's paying 180k for it but reckons it's a bargain because he says 'it's a 200k house'.

Him and his girlfriend are keeping the 3 bed semi they're buying and letting it, so he's become a BTLer to boot. All legit and above board, with the blessing of the bank. He's described the 3 bedder as 'his pension' (they're early 30s).

He actually said that he's now the proud owner of 2 houses. My take is that he's responsible for 2 houses and a 200k+ debt, and the real owners are the bank.

All this may or may not work out for them, but it's a huge risk in the current market.

the leverage is dangerous, that's all

he possibly doesn't understand how rental incomes are ongoin being affected by housing benefits cuts

he could be ruined in the blink of an eye

Edited by Si1

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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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