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If Or When There's A Crash

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As more and more of my mid-twenties friends jump onto the ladder, I try not to shatter their enthusiasm with my cynicism and I definitely won't be smug at all. Most of us are lucky enough to have 40% deposits and good jobs, nobody has over extended themselves. All houses are being bought as homes, not investments, although they are certainly all confident of extreme price increases (although neglecting the fact that to upsize when they have kids will be more expensive)

I tend to only bring out the real negativity when I am asked at what point I will be buying. Lots of "missing the boat" talk comes around at this point.

Anyway. If and when the correction comes, I fear that even my best friends, and my older siblings, will resent me for it, even if I never actually speak of it, have the "I told you so" attitude etc. Subconsciously or consciously, jealousy is a fact of life.

Part of me wants to jump on the ladder, because as Cameron said, at least we will all be in it together.

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This happened in Northern Ireland when we had our 55% off crash. There are a lot of begrudgers out there who see someone who has waited patiently on the sidelines building a deposit as somehow profiting from someone else's stupidity in jumping on board a boat that was destined to sink.

You'll need a thick skin when the wheels come off the bus and the mainland crashes but if you have the sense to see through the MSM hyping then you will know to just quietly take advantage of your patience and not give a damn what anyone thinks.

House price inflation, which was the main topic in 2006 is no longer a topic for the dinner table. The MSM are valiantly trying to re-inflate the bubble here but too many people know at least one person who has lost everything on a gamble on house prices always going up. Hopefully there will be less fools this time.

Good advice.

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I agree with the Count.

There is a classic market curve diagram that has an upturn that bucks the downward trend labelled 'hooray everyone is saved' followed by a rapid and enormous slide to 'utter despair'. The housing market chart on the front page is almost in lockstep with this 'stylized' graph.

When Osborne's stupid HTB implodes and there is rising interest rates from the USA the little rally we are seeing now will evaporate.

I got a an insight to the London market today. Home improvements company guy said any quote for work closer than Stevenage to London they charge full price for everything and still get loads of work because they are cheaper than companies based nearer London.

Why? Because the people borrowing half a million to buy think they are rich and any improvements they make to their hovel will increase the price much more than the cost of the work. Also said he has never been busier in twenty years of trading.

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I agree with the Count.

There is a classic market curve diagram that has an upturn that bucks the downward trend labelled 'hooray everyone is saved' followed by a rapid and enormous slide to 'utter despair'. The housing market chart on the front page is almost in lockstep with this 'stylized' graph.

When Osborne's stupid HTB implodes and there is rising interest rates from the USA the little rally we are seeing now will evaporate.

I got a an insight to the London market today. Home improvements company guy said any quote for work closer than Stevenage to London they charge full price for everything and still get loads of work because they are cheaper than companies based nearer London.

Why? Because the people borrowing half a million to buy think they are rich and any improvements they make to their hovel will increase the price much more than the cost of the work. Also said he has never been busier in twenty years of trading.

So a lot of people are hoping to cash out, or have a lot of people just given up on moving?

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I agree with the Count.

There is a classic market curve diagram that has an upturn that bucks the downward trend labelled 'hooray everyone is saved' followed by a rapid and enormous slide to 'utter despair'. The housing market chart on the front page is almost in lockstep with this 'stylized' graph.

When Osborne's stupid HTB implodes and there is rising interest rates from the USA the little rally we are seeing now will evaporate.

I got a an insight to the London market today. Home improvements company guy said any quote for work closer than Stevenage to London they charge full price for everything and still get loads of work because they are cheaper than companies based nearer London.

Why? Because the people borrowing half a million to buy think they are rich and any improvements they make to their hovel will increase the price much more than the cost of the work. Also said he has never been busier in twenty years of trading.

All around here (KT2 and SW Lonoon generally) there are always masses of loft conversions/extensions going on - it's been the same for some time, since always quite a lot cheaper than moving to anywhere just a bit bigger.

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I'd never really thought how tough it is mentally to be swimming against the flow... I've had years of people talking about missing the boat, first rung of the ladder, etc etc. At times I feel physically and mentally exhausted from having the same conversations over and over. Now with two young kids, and my family knowing we're finding things a bit tight, the frequency and volume of the "why haven't you bought" comments has got worse. They treat me like a village idiot who continues to do something insane (renting) when I could do the logical think (buy a house and save money).

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I have friends who've bought who get very aggressive and start raising their voices when talk of a crash, they just can't or won't even entertain the idea I think it scares the hell out of them! Always trotting out the old "there's not enough houses so prices won't fall" line.

Personally if the crash comes I'm not gonna give a flying monkeys what people think of me stepping in as a cash buyer and profiting from a "homeowners" financial misery in fact I'm going to buy a repo and it's not enough just to buy it at a knock down price I want to see the previous "owner" at the auction and for them to know I've bought it.

And I'm going to boast and laugh like a maniac at dinner parties lol

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I have friends who've bought who get very aggressive and start raising their voices when talk of a crash, they just can't or won't even entertain the idea I think it scares the hell out of them! Always trotting out the old "there's not enough houses so prices won't fall" line.

Personally if the crash comes I'm not gonna give a flying monkeys what people think of me stepping in as a cash buyer and profiting from a "homeowners" financial misery in fact I'm going to buy a repo and it's not enough just to buy it at a knock down price I want to see the previous "owner" at the auction and for them to know I've bought it.

And I'm going to boast and laugh like a maniac at dinner parties lol

You sound a little manic now... In fact, you sound jealous. And like your friends need to find new friends.

So if it's OK for you to step in as a cash buyer and profit from a homeowners financial misery why isn't it OK for millions of others to have profited from the crazy house prices in the first place? Sorry one rule for you and one for others? Or more likely you missed out the first time around and hoping for a second chance?

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You sound a little manic now... In fact, you sound jealous. And like your friends need to find new friends.

So if it's OK for you to step in as a cash buyer and profit from a homeowners financial misery why isn't it OK for millions of others to have profited from the crazy house prices in the first place? Sorry one rule for you and one for others? Or more likely you missed out the first time around and hoping for a second chance?

Because they bidded up house prices to stupid levels by over borrowing using PREDATORY LIAR LOANS and competing with each other to grasp at the stalks of the "free money tree" intending to profit from equity gains, some may have been buying a "home" but a great majority were treating it as a cash machine & now they anxiously await the first sign of a renewed bubble poised ready to start MEW'ing again.

it's a hardball world there's winners & losers don't hate the player ;-)

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The website is called HOUSEPRICECRASH is it not?

I'm a member because I want house prices to crash back to sensible levels. I don't care for investors with a vested interest in keeping prices elevated. Im not looking to invest im looking to buy a shelter for myself at a resonable price. They might win out in the end but if they don't then I won be hiding my elation.

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I have friends who've bought who get very aggressive and start raising their voices when talk of a crash, they just can't or won't even entertain the idea I think it scares the hell out of them! Always trotting out the old "there's not enough houses so prices won't fall" line.

Personally if the crash comes I'm not gonna give a flying monkeys what people think of me stepping in as a cash buyer and profiting from a "homeowners" financial misery in fact I'm going to buy a repo and it's not enough just to buy it at a knock down price I want to see the previous "owner" at the auction and for them to know I've bought it.

And I'm going to boast and laugh like a maniac at dinner parties lol

It's posts like this which is the reason I made the thread.

Let's say you can finally buy that lovely property, you have enough left over to make it into a home that you're proud of.

That's going to be a right barrel of laughs when you find yourself with nobody to invite over, or go to the pub with, because they've all got debts that they can't sustain.

In essence, there are a lot of us in a lose-lose situation.

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It's posts like this which is the reason I made the thread.

Let's say you can finally buy that lovely property, you have enough left over to make it into a home that you're proud of.

That's going to be a right barrel of laughs when you find yourself with nobody to invite over, or go to the pub with, because they've all got debts that they can't sustain.

In essence, there are a lot of us in a lose-lose situation.

True mates don't fall out over that sort of thing. I have one mate who I expect to end up in that position. If I can, I will pay his mortgage off for him and OWN his house. That way, he gets to stay there with the kids but when he and his wife divorce, she gets 50% of F&CK ALL.

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It's posts like this which is the reason I made the thread.

Let's say you can finally buy that lovely property, you have enough left over to make it into a home that you're proud of.

That's going to be a right barrel of laughs when you find yourself with nobody to invite over, or go to the pub with, because they've all got debts that they can't sustain.

In essence, there are a lot of us in a lose-lose situation.

Well, hello.

That's at the bottom of it all. People make choices and seemingly there are no negative consequences. Who is going to moderate their behaviour unless they get bitch-slapped by life?

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If you bought something you cant afford with money you borrowed and in so doing priced out a more responsible person you ought not to be surprised when your victims stifle a chortle when your recklessness at their expense finally catches up with you.

Its not a case of laughing on the way up is the same as laughing on the way down.

Those that borrowed more than they can afford to repay in combination with those that lent irresponsibly have trashed the economy... both were motivated by greed. A persons joy at seeing shelter returning to affordable levels for the financially responsible is not the same as a persons joy at kicking the ladder away and living a life they cannot afford whilst being subsidised by those more responsible.

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