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getdoon_weebobby

I Am Just Wondering How The Crash Played Out For Everyone?

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Where is everyone @ and how did things work out for you ?

I first came on here around 05/6 as a lurker and posted from 06/07

At the time the market was booming and we on here were the minority. By not buying you were the butt of ridicule from some friends , workmates and family!

I am just wondering how the crash played out for people, did you all get the house you were hoping for through being patient??

In 07/08 I was in London and over the years I have been more and more based here to the point of being here 99% of the time.

We rented in South Belfast in 09/10&11, in 10&11 we rented a 500£k place on Adelaide Park for £900 a month!

Finally bought in a nearby street a bank repo in early 2012 at 62.5% off the peak asking price.

Overall very happy how patience worked out. Hope everyone else had similar success...

Edited by getdoon_weebobby

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Still renting the same apartment I've lived in for the last 4 years. Paying LESS rent than I was 4 years ago.

£120k in cash saved.

I think I missed the bottom. But I'm not worried at the moment. I think prices are too high to justify buying in my situation. I'll rent and save; mauve move the money into some tracker funds or something (savings currently earning me no interest at all).

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Similar lurking and posting status to you Weebobby. My patience paid off. Finally completed on a 2,500 sq ft 4 bed 2 reception detached house with detached garage in Coleraine in Jan 2013. I think I hit the timing perfectly. House had gone sale agreed for £340k in 2007 (subsequently fell through) and I picked it up for less than half of that in Jan 2013.

Edited by paul65

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Missed the bottom of the market (spring 2013 - for now) in Stranmillis village so I have just bought a property in another location mortgage free. Rents in that particular area had gone from around £600 to over £800 and at this stage the accidental landlords are selling up. Think stranmillis will always have a premium but a load of cash buyers bidding up prices - I would have needed a mortgage that I would have been uncomfortable with having (5 times wages). Have enough money to tide me over for 2 years if i lose my job and will keep saving the "rent". Would prefer to save somewhere other than the banks (and not btl) but I haven't worked that out yet. Think they will be able to keep the property plates spinning for another couple of years - may be a crash - may be a form of hyperinflation.

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Mmm, well I may well be the only person on this board to have been hit financially by the crash but as I wanted it to happen and had a clear understanding of the consequences, I would hardly complain about it. I don’t think the crash was big enough or deep enough and still (despite current blips) don’t think it’s finished yet.

Edited by little fish

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Similar to Wee-Bobby and Paul for me.

Bought in 2012 at around 50-55% off peak price... Good house in good area, close to all amenities and good schools. Made some 'improvements' and plan to stay for the forseeable longterm future.

Took out a reasonably sized mortgage and fixed the rate for 5 years... probably not the best decision at the time but it was more than affordable and provided peace of mind in the short term.

I was already a home owner and didn't 'need' to sell at, what I believe was, the bottom so I became an accidental LL. (Hides behind sofa waiting for barrage of abuse)

In my defence I have let my old house out at well below the market rental value to a guy who is going through a pretty messy relationship break-up. So it gives him with a chance to provide a decent place to have his kids around close to their school and maintains their 'family' life. Sorry to any ladies out there but you tend to be the winners, in both family and financial matters when a relationship breaks up.

I've diversified ALL cash to assets of various kinds, as I believe there is another credit crunch on the horizon with a possible currency crisis to follow. As a result I've bought a considerable amount of the shiney stuff, both yellow and sliver.

I'm now keeping an eye out for a small piece of agricultural land of some sort..... When the correction eventually happens in Londinium I believe we will feel the ripples, as will the rest of the UK...If I've made the right choices with my 'investments' I'll swap them for ag land and if I'm really lucky I'll pay off the mortgage.

Any other 'investment' stories or plans ? I'd be interested to hear them.

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Any other 'investment' stories or plans ? I'd be interested to hear them.

Likewise - I'd be interested to know more about what you have invested in. I'm 30 and rent with £120K in cash which is sitting doing nothing... but having all that in cash makes me a tad nervous....the plan was to move £15K a year into an ISA and just invest in various low cost trackers.

Edited by JoeDavola

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No-one else 'investing' ? Is everyone just saving for their dream home ?

Is this the reason the economy is fooked ?

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No-one else 'investing' ? Is everyone just saving for their dream home ?

Is this the reason the economy is fooked ?

This is why I think you will hundreds at the forthcoming property auctions "investing" their savings. Gold is too high in my opinion. Shares for me are too risky. Bank savings offer very little return and I don't fully trust the banks. Peer to peer lending seems to offering better returns but still have a risk

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This is why I think you will hundreds at the forthcoming property auctions "investing" their savings. Gold is too high in my opinion. Shares for me are too risky. Bank savings offer very little return and I don't fully trust the banks. Peer to peer lending seems to offering better returns but still have a risk

Don't get your first sentence.

Why do you think Gold is too high ? Another credit crunch looms imo, so the banks could well be fooked. Legislation is now in place to facilitate 'bail ins' so I wouldn't trust the bankers or govt with any money.

Shares are heading for a crash imo.

'Never a lender or borrower be'... best way to fall out with friends or the need to pursue a bad debtor so I avoid it like the plague.

Assets of whatever choice is my preferred option for the immediate future. If you hold it you own it... Itry to choose things that hold their value and are not subject to tax.

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First sentence my grammar is terrible so apologies. Was trying to say that in NI quite a few people would just go down to an house auction and invest in btl. Most people including myself don’t have an idea what else it could be invested in. Gold in my opinion is overvalued – like property it has had its own bubble – quantitative easing is winding down for now and think demand in some countries has reduced. I don’t trust banks which is why I would like to invest somewhere else. In my opinion if there is another crash any asset will be “taxed”

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With prices still at 50% below peak I don't think we need to worry too much about missing the best time to buy. Yes, depending on what survey you read prices were 3% or 7% cheaper last year but it will take years upon years to get back to where it was and never in real time.

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I might have missed the boat, but the truth is that there has been little on the market worth purchasing in the area I've been looking that met my criteria.

I'm saving up and hopefully will find something suitable soon - but I'll only buy if I find something suitable that fits (or can be refurbished to fit) my needs.

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up 2.6% in last yr (ONS) just about matching current (RPI) inflation. unlike wages.

http://www.bbc.co.uk/news/uk-northern-ireland-27887272

House prices in Northern Ireland rose by 2.6% in April, according to the Office for National Statistics (ONS). That was the lowest increase of any UK region - the UK average was 9.9%, but that was skewed by a rise of almost 19% in London.

The ONS index suggests the price of a typical house in NI is £132,000, a figure that has barely changed in two years.

The ONS index is based on data from mortgage completions.

It is provided by the Council for Mortgage Lenders. The most comprehensive house price index for Northern Ireland suggested that prices rose at an annual rate of 7% in the first quarter of 2014.

The Northern Ireland Residential Property Price Index, which is produced by Stormont's statistics agency, records the details of all sales. It calculates the average residential property price to be £102,000.

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