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wherebee

Poll - Your Housebuying Plans

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So - most of us on here are either hoping to buy, or have bought recently. Be interesting to see what sort of leverage plans you have for those STILL TO BUY. There is a second question for those that HAVE BOUGHT in the past 5 years

Edited by wherebee

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So - most of us on here are either hoping to buy, or have bought recently. Be interesting to see what sort of leverage plans you have for those STILL TO BUY. There is a second question for those that HAVE BOUGHT in the past 5 years

I still beleive from my experience in the S/E the "crash" happened micro style over a 4 month period from October 2008 to Jan 2009 . We STR in August 2007. We shopped around Easter and summer 2008 and no one was dropping prices from 2007 levels, second hand or new build. Then the financial crash really hit hard, all low deposit deals and self cert were pulled. Interest rates were still quite high too, especially before Xmas 2008.

We eventually negotiated a newbuild 5 bed stock house for £230k in December 2008. They begged us to buy and they had three such houses sitting as "shells". The building activity on our estate had stopped completely. Those that bought this style of house on the same estate in 2007 paid £300k to £330k.

We sealed the deal and exchanged in Jan 2009 and completed in March 2009. By then all the banks had been bailed out, IR hit 0.5% and the market bounced March 2009 upwards again. In 2010 and 2011my styles house was back selling for £260-£280k new build and second hand. Today they are selling for £275k to £290k second hand and £295k brand new. The estate will be finished next year.

It was so true about the prices of houses being solely linked to the availability of credit, because for those 4 months if you didn't have a 40-50% deposit as we did you where declined by all the lenders unless you wanted a high IR deal.

M

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This poll loses a shitload of credibility for slating those who have been fortunate enough to be given shelter by their parents.

My parents are letting me live rent free for 3 years in their house they purchased under Thatchers right to buy (my grandmother lived here before) - that doesn't mean I look down on anyone, all it means I've just been massively lucky and I think we all deserve a bit of luck! I've been here for years waiting for the crash that never came and I'm furious at the likes of help to buy - This house I live in is 'worth' £270k - it's a 3 bed terrace in an ok ish area! I've already told my parents there's no chance of me buying it off them at that price!

So in summary, this poll can just poke it - I've caught a lucky break and respite to throwing my money away but I still align with my HPC brothers and sisters and I hope we all get what we want sooner rather than later and I wish you all luck on the journey - just as I've had a little!

Edited by FrozenOut

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This poll loses a shitload of credibility for slating those who have been fortunate enough to be given shelter by their parents.

My parents are letting me live rent free for 3 years in their house they purchased under Thatchers right to buy (my grandmother lived here before) - that doesn't mean I look down on anyone, all it means I've just been massively lucky and I think we all deserve a bit of luck! I've been here for years waiting for the crash that never came and I'm furious at the likes of help to buy - This house I live in is 'worth' £270k - it's a 3 bed terrace in an ok ish area! I've already told my parents there's no chance of me buying it off them at that price!

So in summary, this poll can just poke it - I've caught a lucky break and respite to throwing my money away but I still align with my HPC brothers and sisters and I hope we all get what we want sooner rather than later and I wish you all luck on the journey - just as I've had a little!

You don't have to buy a house to benefit from it......those who benefit most don't buy or rent, they live in something that was paid for many moons ago at a fraction of what the new entrants are having to folk out for. ;)

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I'd love to say that I will buy a house outright but I think I will have to take out a mortgage on it. That is if I can ever afford to buy a freehold property in time to pay it off before retirement.

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It is a worthless "poll", and tells nothing. You cannot draw any conclusions from it, and ripping the lack of logic out of it would serve little purpose, and be a sod working out where to start. It does not show the attitude to debt.

To be fair, threads don't start themselves and poll threads even less so...

Hardly contentious to suggest that there is a link between the willingness of people to take on debt and house prices.

Further in an environment where conspicuous government policy intervention is holding down rates hard (and quite a few years along the yield curve) I think that a fair few of the great unwashed are starting to think not only about whether they can afford the mortgage over the teaser rate period but also when things "go back to normal" and all the "another bubble" chatter in the mainstream media is a partial reflection of this IMO.

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I started this poll and always expect a couple of gribbly trolls to shout rude things, so no worries.

The reason I thought it would be interesting would be to see the HPC crowds attitude to borrowing - I suspect, like me, many could borrow big right now but are debt averse.

The reason I included the mummy and daddy house line was that it is one of the ways in which you can get a roof over your head wihtout borrowing. The only judgement I make is that in my experience, people that have this do not understand the real cost of money/debt (although the poster above does). That is interesting to me as they often preach to their cohort about housebuying without having had to go through the pain themselves.

Finally, no one forced you to read the thread. Feel free to ignore...

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I presume my comments that it does not show debt aversion warrants the label of Troll. Nothing could be further from the truth. It is just because it is simply wrong.

I, like many people, will not buy, because this continuing bubble offers only grossly over-priced houses that do not represent even the poorest value.

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I presume my comments that it does not show debt aversion warrants the label of Troll. Nothing could be further from the truth. It is just because it is simply wrong.

I, like many people, will not buy, because this continuing bubble offers only grossly over-priced houses that do not represent even the poorest value.

So you answer either plans not fixed or will always rent.......? I agree that the contiuing bubble offers appalling value.....but many of us will still buy when we find the correct property; for example, I will only buy when I can have no or minimal mortgage because I expect a HPC and massive interest rate rises at some point. If that happens before I buy, happy days. I'll STILL then buy with no mortgage!

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