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Honestly, Who Will Buy A House Now?

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Mess after referendum and loosing to Island. Honestly, who is in the property buying mood right now?

Edited by rollover

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Pounds down. Maybe someone with buckets of usd or rmb?

I am seriously thinking of returning. I can see a significant disconnect between the UK and the rest of the world evolving over the next 6-9 months. Wealthy foreigners look for safe havens, and until the terms have been agreed, there is no certainty. Of course the i pending global crisis may obscure all of that.

Edited by HovelinHove

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I am seriously thinking of returning. I can see a significant disconnect between the UK and the rest of the world evolving over the next 6-9 months. Wealthy foreigners look for safe havens, and until the terms have been agreed, there is no certainty. Of course the i pending global crisis may obscure all of that.

Unfortunately there is no way on gods earth that we are properly leaving the EU.

Not even if Bozza is PM.

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Mess after referendum and loosing to Island. Honestly, who is in the property buying mood right now?

Me. I only need 50% discount. Minimum.

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But to answer the question: anyone who can get credit and think they can meet the monthly payments. Same as it ever was.

Yes and no... I was planning to buy a flat this autumn but now I think I'm gonna wait for the dust to settle.

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This idea of buying a "forever home" in a declining market doesn't really make sense to me. Say you were looking to buy now, didn't care about the economy at all, as the house is perfect. Why wouldn't you wait 4-6 months and just buy an even better & bigger "forever home" ? If the market is declining, surely this makes more sense. For instance, from a 3-bed to a 4-bed, the cost will be the same, and live there for 30 years.

Edited by spunko2010

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Mess after referendum and loosing to Island. Honestly, who is in the property buying mood right now?

...be positive ...the world cup qualifiers start in the Autumn....with a new manager ...what could go wrong...?...... :rolleyes: ps... it was Iceland (no not Peter Andre's one)

Edited by South Lorne

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A friend is buying something around £400k in N Yorks.

He found something last Tuesday last week and multiple bids meant he lost it on Saturday. It wasn't a bargain nor a BTL type place.

The world has gone mad around my neck of the woods!! 2 days after Brexit.

He told me his shares had dropped 20% in a day and I said so potentially has that house. But unless he can see it he won't contemplate that fall. ?

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This idea of buying a "forever home" in a declining market doesn't really make sense to me. Say you were looking to buy now, didn't care about the economy at all, as the house is perfect. Why wouldn't you wait 4-6 months and just buy an even better & bigger "forever home" ? If the market is declining, surely this makes more sense. For instance, from a 3-bed to a 4-bed, the cost will be the same, and live there for 30 years.

Because a "forever house" might only come around (depending on the area) once every few years.Don't forget your idea of a forever house might be a 4 bedroom 1980's box whereas someone elses might be a double fronted victorian detached property. If you are going to stay in a property for 25 years crash or no crash at least you'll be happy.

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Because a "forever house" might only come around (depending on the area) once every few years. Don't forget your idea of a forever house might be a 4 bedroom 1980's box whereas someone elses might be a double fronted victorian detached property. If you are going to stay in a property for 25 years crash or no crash at least you'll be happy.

So buy it... and all others can do as they please, if they have the money, or can qualify for the mortgage. Just don't come back claiming someone else but yourselves were responsibile for your own decisions if money gets tight, or prices fall hard. (Although it's true that is absolutely loved here, and embraced by many as a fact. Renters faults for their BTLer masters.)

Can you do the EA dance? It's very similar to the David Brent dance.

What's all this 'forever home' emo nonsense about anyway?

So of us think prices are a massive problem, and of course others on forum are EAs and massive housing VIs - fact.

Get more sense out of MSEer at times, including this when I look back. Someone having seen their dream home in 2013, and wanted it there and then. Couldn't sell house (3 other terraces on the road up for sale), so rented it out and got bomad help for the dream house. Now that terrace is back to market, Sold STC at £165K, which is £4K less than they bought it for in 2006 - although I am minded to believe they priced it to get immediate interest, and that it might sell for more.

Please be careful you don't overstretch your finances. I would definitely sell before buying again. Don't worry about losing out on a dream home. Another will come along. It's much more sensible for you family to put up with a bit of a squeeze in your current house, than to overstretch financially. There are risks when becoming a landlord. Voids. Bad tenants. Arrears.

http://www.housepricecrash.co.uk/forum/index.php?/topic/210156-let-to-buyer-comes-back-to-market/

And as for your crash or no crash... well it does matter with these house prices. If crash, they outcomes can leave your finances at entirely different levels... even for those who own outright (who've been refusing to sell for less than it's worth... eg oldies not tempted out by £1.8m valuations). It's a market.

Why do the buy side idiots ALWAYS fall for the FALSE CHOICE FALLACY????

Choice 1: Buy today, right now, this second.

Choice 2: Rent until you die.

Um, I will take door #3: let prices fall a couple of hundred

thousand pounds on a home like this, and buy it in a year or two.

--Roberto Aribas

I remember another person fixated on forever home, Grand Designs 2009-10. He kept his original home, and built dream home, and another house to sell on, on plot he'd bought for £600Kish to the side of original home. Totally recall him saying he had to basically bend over for his bank manager, when finance got tight into the crunch.

Not only have things on site change but there's been a huge shift in the world economy. Barry's plan has always been to finance this project by selling their current home and the development project he owns next door.

Barry: £450,000 is what they've asked us to drop it by. Now that house (points to Peter Andre rented development house to the right of the glass mansion house), and that house (points to his original home) are worth kind of the same money. If I was to drop them both by that kind of money then it's going to cost about one million pounds. The dream that I've had has been entirely changed since we've started building it.

Barry: I've had a few days in each of the last few weeks where I've been really demoralised by it. Now I'm thoroughly aware I've put us in a position that we really didn't actually have to be in. There's a different scenario attached to our personal finances now so us like everyone else have got concerns. Suddenly it seems excessive to have even the vehicles we've got, and three houses in a row, that kind of stuff. There's almost an element of embarrassment about it.

Wife: I've thought so much, were we too greedy, were we striving for too much when what we'd already got was more than, you know, more than a lot of people would hope for in a lifetime really.

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Some reminders from patricknet; myths about homeownership (at any higher mad price).

----------

Consider a 100 year old house. Its value in sheltering you is exactly the same as it was 100 years ago. It did not increase
in value at all. It did not spontaneously get bigger, or renovate itself. Quite the opposite - the house drained cash from its owners for 100 years of maintenance, taxes, and insurance - costs that never go away.

---
~ It's not a house, it's a home. - FALSE. It's a house. Wherever one lives is home, be it apartment, condo, or house. Calling a house a "home" is a manipulation of your emotions for profit. Don't let them push your buttons. A house is a box that sits out in the rain and slowly rots. No one would buy in this market if they really thought about how much pain it's going to cause them in the long run. That's why they sell you a home, not a house.

~ If you don't own, you're a failure. - FALSE. Maximizing your savings and escaping the slavery of debt is success. Most people have a hard time understanding this, but they do understand cash. You could show them your bank statements to prove you're way ahead of the game as a renter, but then they would probably just ask you for a loan!

~ My appraisal proves what my house is worth. - FALSE. "An appraisal in its typical residential real estate form is little more than a comparative analysis conducted by someone with no skin in the game offering confirmation that other lemmings are paying too much for their houses as well." - from an article on morningstar.com

~ Rents could shoot up, making it a better deal to buy. - FALSE. Rents are limited by the money people actually earn, not by how much they can borrow. Try walking into a bank and asking for a loan to pay your rent. For rents to shoot up, salaries would have to shoot up first. Salaries are not likely to rise at all given the current unemployment rate.

You failed to factor in emotion. More houses are sold on emotion than will ever be sold based on perceived value. They buy all they can afford plus.
FALSE. Buyer emotion doesn't matter at all to the lenders, not on the way up or on the way down. Most people will borrow as much as the possibly can. The limiting factor is lending, not emotion.

~ It's unpatriotic to talk about mispriced houses. It might drive down prices.
FALSE. Lower prices are best for the country, especially for new families. Aren't lower food and energy prices better for America? Housing prices are the same: lower is better. Most people directly benefit by a decrease in house prices. Only the banks benefit from increased mortgage debt. If you own a house, lower prices have very little effect. If you want to sell and buy another house, higher prices mean you'll just have to pay more for the next house, while lower prices mean you will get a discount when you buy. If you want to buy a bigger house, you come out ahead with lower prices.

~ I just want to own my own house.
TRUE, most people do. There's nothing wrong with that. Buyers will get their chance when housing costs half as much and they have saved a fortune by renting. House ownership is great - unless you ruin your life paying for it. If you can save even just 10% on the price of a house, you can retire several years earlier than you would otherwise. If you can save 50%, then you can easily take a ten year vacation and still come out ahead. "People want to buy a house, they want to have someone tell them it is the smartest decision they are making in their lives, and they don't want to hear about any downside risk." Housing is the biggest expense in nearly everyone's life, far more expensive than food, gas, energy, even more expensive than education or medicine. To reduce the time you spend working to pay for housing is to increase the time you have for everything else. Cheap housing is good for us all! High housing costs take away from families' ability to save for retirement, fund their children's education, travel and lead a quality life.

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Because a "forever house" might only come around (depending on the area) once every few years.Don't forget your idea of a forever house might be a 4 bedroom 1980's box whereas someone elses might be a double fronted victorian detached property. If you are going to stay in a property for 25 years crash or no crash at least you'll be happy.

This is a great strategy for losing a huge chunk of your lifetime earnings. When you're 60 years old, and have 10 good years left, do you want to spend half that time working because you couldn't wait a year to buy a house in a crashing market and ended up having to postpone retirement by 5 years?

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So buy it... and all others can do as they please, if they have the money, or can qualify for the mortgage. Just don't come back claiming someone else but yourselves were responsibile for your own decisions if money gets tight, or prices fall hard. (Although it's true that is absolutely loved here, and embraced by many as a fact. Renters faults for their BTLer masters.)

Can you do the EA dance? It's very similar to the David Brent dance.

What's all this 'forever home' emo nonsense about anyway?

So of us think prices are a massive problem, and of course others on forum are EAs and massive housing VIs - fact.

Get more sense out of MSEer at times, including this when I look back. Someone having seen their dream home in 2013, and wanted it there and then. Couldn't sell house (3 other terraces on the road up for sale), so rented it out and got bomad help for the dream house. Now that terrace is back to market, Sold STC at £165K, which is £4K less than they bought it for in 2006 - although I am minded to believe they priced it to get immediate interest, and that it might sell for more.

http://www.housepricecrash.co.uk/forum/index.php?/topic/210156-let-to-buyer-comes-back-to-market/

And as for your crash or no crash... well it does matter with these house prices. If crash, they outcomes can leave your finances at entirely different levels... even for those who own outright (who've been refusing to sell for less than it's worth... eg oldies not tempted out by £1.8m valuations). It's a market.

I remember another person fixated on forever home, Grand Designs 2009-10. He kept his original home, and built dream home, and another house to sell on, on plot he'd bought for £600Kish to the side of original home. Totally recall him saying he had to basically bend over for his bank manager, when finance got tight into the crunch.

I would like to see that episode, any idea what the exact episode is?

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I pulled out of a house purchase on Friday. Didn't have the heart to reduce the offer and squeeze the vendor. Looks like there have been a few others put back on the market in the area yesterday, with some reductions. Going to sit it out for the next six months.

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I would like to see that episode, any idea what the exact episode is?

Brighton one... I think Series 9, episode 10.

April 8, 2009

Barry Surtees wants to build a modern mansion for his family in Brighton, but he is soon battling with escalating material costs, complaining neighbours and finally a heart attack.

This one. YouTube - not the sharpest quality. My view was one of complacency, and suspect there's a lot more out there to be found out, by market sliding back.

https://www.youtube.com/watch?v=u6SbtoAsib0

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This is a great strategy for losing a huge chunk of your lifetime earnings. When you're 60 years old, and have 10 good years left, do you want to spend half that time working because you couldn't wait a year to buy a house in a crashing market and ended up having to postpone retirement by 5 years?

Hey man who cares if youor happy, INNIT?

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Because a "forever house" might only come around (depending on the area) once every few years.Don't forget your idea of a forever house might be a 4 bedroom 1980's box whereas someone elses might be a double fronted victorian detached property. If you are going to stay in a property for 25 years crash or no crash at least you'll be happy.

Ahem. Yeeeeeehah.

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