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How Are You Doing In Your Hpc Game Plan?

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Mine is - been renting for 6 years in different location, due mainly to my view of insane house prices and high risk of income disruption leading to repossession if I bought and was locked to stay in one location rather than following work.

Only really started to save effectively 3 years ago, and are now at 50% deposit on the sort of property we wish to buy mortgage free in NZ or Oz. Waiting to see if there is a HPC in either country that would let us buy with no mortgage, or minimal mortgage. Would probably not return to buy in UK even with a major HPC now, as I think the future looks pretty gloomy for the old country (although one can never tell - some parts of England and Wales are still wonderful). Deposit fund spread across 4 countries and 6 banks to minimise counterparty risk, but returns are lower as a result. Making 2-3% growth per year, if that, as do not know enough about the equities market (plus want liquidity with minimal risk of loss).

Ideal will be a 20 year house with a bit of a garden for growing fruit and veg (and maybe a chicken or ducks for eggs)

So - about another 3-4 years to go I think. Big worry is if the whole financial system comes crashing down in the next three years and we lose 25-100% of out deposit.

Wondering how you are all doing out there on your game plans? I've seen a fair few buying recently, which is what prompted me to write this thread.

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I am glad you started this as around Sept of each year I normally a "Where are we now?2 kind of thread and this may as well suffice for that.

Where am I currently - b*ggered methinks. Asking prices having 20 or 30 percent added to them, some EAs back to incredibly rude and arrogant IMPO. Completely nuts. Very depressing.

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I have completely give up on the idea of buying a house in this country. I have reduced my out goings to a minimum and I am saving in gold and silver.

There is far too much government and bank bad debts and I do not think default will be allowed. I am expecting hyperinflation or theft of peoples savings so I am removing myself from the system as much as I can.

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I have completely give up on the idea of buying a house in this country. I have reduced my out goings to a minimum and I am saving in gold and silver.

There is far too much government and bank bad debts and I do not think default will be allowed. I am expecting hyperinflation or theft of peoples savings so I am removing myself from the system as much as I can.

I have begun to think this way in the past 1 to 2 weeks of house ramping hysteria.

I have been thinking about diversfying my savings into non-sterling assets such as shares and even, yes, some commodities.

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Sad to say but time has ran out for my family and I'm switching sides after long term renting (at the same price as 2005). I've played my hand the best I could from an inferior position, this country and recent governments have been against me the entire time. They have trashed my career path, wages, savings, devalued my pension,my kids education and denied shelter and forcing me into a high debt burden at a later stage in life than is comfortable. The worst is yet to come and I am very very angry about it but at least we'll have a slave box to hide in.

All scenarios are on the loosing side from here. Decission made, lets see how it plays out.

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House prices will (are) definitely going to rise over the next few years if they keep things up..

I see no value however so will not be joining in. I'd rather have my money in something that will earn more and is liquid.

If I get desperate to own I might buy abroad.

(however, currently I live in a place I cannot afford to buy, have a wonderful landlord and have had no rent rises in nearly 7 years)

That's me in a nutshell too. Poor value proposition = no purchase. Renting is relatively a much better proposition for us at present. I don't see that changing anytime soon.

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We've been looking to buy since February, but everything we've looked at has been overpriced, shit, or both.

The ramping is intolerable. Despite the fact that we are cash buyers with nothing to sell, vendors are unwilling to drop much more than 5% below asking. Even where sales have fallen through, vendors seem to think that the next person through the door will offer them full asking price, and estate agents are fuelling that belief. The things that give me hope are that Property Bee shows sales are taking forever to complete, and a lot are falling through. I'm also seeing a lot more supply in the past few weeks, albeit at ridiculous asking prices.

The way I see it, the next 6 months will dictate whether we get our crash, or whether the dead cat bounces all the way to the moon. I genuinely have no idea which way this is going to go. All I do know is that I can't bring myself to buy at these prices. We have one offer outstanding, which has been rejected twice, so I've told them it will remain on the table until Friday before we walk away for good. We're only 10k apart, but the house is only suitable, not desirable, and the vendors are such ******nuts I have no intention of meeting their desired price.

****** them and their jumbo mortgage. I'm not going to be their greater fool.

Edit - just realised I forgot to answer the question. In terms of the game plan, this was the year that we expected to buy, so it feels a bit as though the rug was pulled from underneath us by rising prices in H2. But we can wait, owning a home is important to us but not imperative.

Edited by Fully Detached

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They have trashed my career path, wages, savings, devalued my pension,my kids education and denied shelter and forcing me into a high debt burden at a later stage in life than is comfortable. The worst is yet to come and I am very very angry about it but at least we'll have a slave box to hide in.

Apparantly a price worth paying to protect the BTL based 'wealth' of our elected leaders and their various property owning relatives.

I know of someone who has been saving for a deposit for 10 years- and now discover that the government is going to take the money they pay in taxes and use it to empower someone who has not saved for ten years to compete with them for a home, thus driving up the cost.

The party of the 'strivers' has pulled the rug out from under this guy- and he bloody voted for them. He is not a happy man.

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That's me in a nutshell too. Poor value proposition = no purchase.

Yep, neither option is 'good' but renting is less worse in terms of value. I simply have better things to do with the money and my time, I prefer to invest in myself than in bricks and I can think of better things to do with a weekend than all that house cr4p. And I can move easily which has led to my earning more money than my house would have earned me had I bought in any case.

The problem for me comes when I no longer am interested in moving about and want to avoid the security of tenure issue. Then it will make sense for me to buy, and the madness will impact me as I would buy something more modest than might otherwise be the case. Que sera. You can't have everything and I am still better off in terms of a life lived versus buying back when it was affordable and joining the flock with their fear of local job loss, measuring their worth in kitchen surfaces & B&Q weekends.

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Bought 2 months ago

a repo 3 bed detached, 3 bathrooms, 2 reception rooms and garage and decent size south facing back garden in a nice are

Cost 122,000

Peak price as a new build in 2007 was 200,000

It could have had alsorts of problems in electric, gas and water but it didn't...

Bear in mind I live in teesside though where prices are cheaper but I have always lived here so I know no different.

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Wondering how you are all doing out there on your game plans? I've seen a fair few buying recently, which is what prompted me to write this thread.

Waiting for the whole ponzi banking system to come crashing down.

In the interim investing in gold/silver with a minimum amount of savings in a bank account.

Luckily I am a patient man and the fiancee has enough common sense to see that the game is rigged.

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Gave up on the idea of ever buying another house a couple of years back. Used my STR fund to start my own transport company and am saving hard, intend to sell the company in two years time and buy a narrowboat, which I'll live on and cruise the UK canal network from one end to the other.

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Wondering how you are all doing out there on your game plans? I've seen a fair few buying recently, which is what prompted me to write this thread.

Sold November 6th 2007, brought Feb 2010. Put Equity in gold and Icesave (god bless Alastair). Rented a couple of smashing 5 bed houses in very nice areas for £1600 and £1700 respectively.

House is a 14 year old McMansion thing (don't sneer :) )was a nearly repo empty guy hanging on but concrete floors, very top end construction, original boiler still working fine, roof perfect. Spent about 15k on and that was 4kish putting new doors on kitchen cupboards and finishing off the hall marble floor ( I know..)

Got a 3.7 offset mortgage just been offered a 2.88 fixed off set for five years which takes mortgage cost (not capital repayment to less than a £1000 - similar houses to the ones I rented in bracket now £3- 4k month if you can find them.

I think in hindsight that was the bottom in the current cycle.

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I STR'd a South East property in 2005.

Everyone said I was mad, but come 2007 and Lehmans I felt like the smartest guy in the room as I confidently expected quick 20% plus falls in real prices.

More fool me.

I kept renting until 2012 when I took early retirement and moved me and my boat to a pretty market town on the Solent. Thought long and hard and came to the following conclusions,

1. There won't be a major fall in real home counties house prices in the foreseeable future.

2. Home counties property will still be a lousy investment though, as interest rates can only rise from here (albeit incredibly slowly and by parsimonious amounts) so prices will pretty much stay stuck for the next few decades.

Consequently I decided to buy. But instead of buying the biggest house I could afford I went for the smallest house that met my needs. I appreciate that's not a choice most people have but there we are, that's how it's played out for me.

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Doing nicely thank you.

As posted in another thread I was going to buy this year but backed off, primarily due to interest rates that are now steadily rising (bond yields, not the BoE's silly rate) which has yet to fully feed through to lending.

These may not have a massive effect any time soon but I expect a creeping glacier-like rise meaning that mortgage rates go steadily up (quarter point here, quarter point there) and in the continued absence of wage inflation this means that house prices go steadily lower.

So the longer I wait the better. I am not, however, going to wait indefinitely. I will wait at least two years and at most six or seven. I expect to be in a better position for every year I wait but non-financial factors mean that I can't just sit and wait for twenty years!

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Bought in Dublin in late '04. Moved to the UK in Summer '11, renting a 5 bed on N Essex coast for less than half the mortage cost. Cleared the neg equity on the Dublin house, which is rented out (boo! Hiss!).

Saving as hard as we can (4 small kids) and spreading savings/risk across both currencies. Unwilling to consider buying this side of 2015 GE. I reckon it will all come out in the wash that Winter.....

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I bought conservatively in the North of England mid-2011 due to ridiculous rental prices in comparison to mortgage rate.

I have continued to follow this site with interest - at the time I was convinced that the stack of cards would tumble the day after I received the deeds!

Although there appear to have been steady falls locally, I am truly disgusted the lengths this government will go to in order to support/rig this housing market.

I fear that the Help2Buy Scheme being extended to existing housing stock to be an enormous mistake and will create further artificial demand and further inflate prices, pushing ownership out of the reach of more families.

The situation in southern areas of the country is utterly disgraceful - far worse than in the northern regions.

To say that the situation boils my blood is an understatement.

In my view, until elections are held every 10 years or people stop view house price increases as being a 'good' thing - this nonsense will continue.

Absolutely pathetic.

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I bought conservatively in the North of England mid-2011 due to ridiculous rental prices in comparison to mortgage rate.

I have continued to follow this site with interest - at the time I was convinced that the stack of cards would tumble the day after I received the deeds!

Although there appear to have been steady falls locally, I am truly disgusted the lengths this government will go to in order to support/rig this housing market.

I fear that the Help2Buy Scheme being extended to existing housing stock to be an enormous mistake and will create further artificial demand and further inflate prices, pushing ownership out of the reach of more families.

The situation in southern areas of the country is utterly disgraceful - far worse than in the northern regions.

To say that the situation boils my blood is an understatement.

In my view, until elections are held every 10 years or people stop view house price increases as being a 'good' thing - this nonsense will continue.

Absolutely pathetic.

Admirable sentiments from somebody who has actually bought, well done sir!

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I know of someone who has been saving for a deposit for 10 years- and now discover that the government is going to take the money they pay in taxes and use it to empower someone who has not saved for ten years to compete with them for a home, thus driving up the cost.

The party of the 'strivers' has pulled the rug out from under this guy- and he bloody voted for them. He is not a happy man.

This is what has happend to me.

Spiney

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I'm caught between a rock and a hard place at the moment.

Housing is not the only important thing in life - roll back to 2005 and my girlfriend and myself were both stuck in crap jobs being treated like peons. So we resolved to make use of our degrees and our wit, and to invest in ourselves. Spent massive amount of time learning, learning, learning. Identified where our skills were needed, learnt what clients wanted. Learnt some more. The gamble has paid off - we're both now in the very comfortable position where work finds us, rather than the opposite.

However - I saw in 2005/7 that prices were nuts, and decided to wait for the crash. Our plan to invest in ourselves would - touch wood - put us in a high-income bracket just as the housing market collapsed.

Sadly, I've been proven wrong about the crash, time and time again. My partner thinks that I'm not very clued up on the economy, and who can blame her.

So I'm stuck in the enraging situation of having a good, well-paid job, same thing for my wife, I'm happily married with a lovely wife and a fantastic son... but I am stuck in a rented 1.5-bedroom ex-council terraced house.

And I cannot see where I go from here. Since 2005 my income has gone through the roof - but house prices have risen even faster. I've been busting my guts for nothing.

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This is a tough one for me.

Originally was thinking of buying about 2007 but prices were too high. I believed that the market would crash sooner or later, so put the purchase on hold. That proved to be right, with 20% being knocked off flats in my area post 2007.

Where I was wrong was thinking that there would be another early 90's style clearout following this crash. It really is different this time. The government is going to do everything it can to avoid taking pain and kick the can down the road as long as possible. Fundamentals may assert themselves, but this could happen quickly or over a long slow grind lasting 20 years or more.

There is much less social housing around now. Any mass incidence of repos like has happened in the past will not only make lots homeless with nowhere to go, but will also put the banks in real trouble. My guess is that if there is an IR rise (and I see nothing else that will lead to a price crash) the government may well socialise mortgages to prevent people being kicked out on the street and banks collapsing. I do not expect to see a mass incidence of repos coming back to the market, which is what has caused previous crashes. People may lose the equity they have in their houses, but they may well be able to keep them, aside from BTL's of course, but it is always the middle class that lose in a crisis ...

In my area prices are now back to where they were following the post 2007 crash. I shall wait to see what happens, because I feel no immediate urge to get a place. Renting is more flexible.

The key lessons for me is that there is a lot of inertia in the economy and the politicians can extend that inertia even further. Economics is only about mathematics as long as politicians want it to be. They can change the rules any time they want. That going with the herd is probably the best thing to do, because the government has a lot of consequences to pay by pissing the herd off. Governments will stealth tax (qe) rather than put a penny on income tax, because politics now is all about spin, not about convictions.

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Jumping to the other side, sorry to say. Hope to have a 95% asking price offer accepted. 187K against 195K delusion price.2nd offer up from 183K

Been offered a 5yr Fix with Nat West @ 3.09 ( £251 on 45K over 20 Years). Can over pay 10% per year will have this down to 25k by time of renewal. Got to jump in, cannot wait,clocks ticking waited 5 years, saved like mad but I'm 45 next Jan and times ticking. If it does eventually crash around their heals I've got equity to shield me, but very wary of Government actions to date and if i sat out for another 5 years might still be no nearer.

Job wise should be OK Civil Servant doing Aviation safety (Not much chance of being P45'd). Mil pension until i die which covers mortgage payment easily. Old age sorted just got to get a house to live in.

Sadly 2 children 13 and 10 are going to be completely fcuked by this government and i never thought i'ld say that of a Conservative one. My advice to them already is study a foreign language and get out of this country.

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