VacantPossession Posted January 19, 2006 Share Posted January 19, 2006 (edited) No sign of prices falling, no inckling of anything remotely connected to an affordable outlook.........I'm completely fecked of with it, and losing hope of ever buying. :angry: Oh for goodness sake....how many more of these "we're all doomed" posts do we have to read? We are all in the same situation here. Take control...walk into an EA and tell 'em straight: you are interested in such and such property but it is vastly overpriced and you are not prepared to pay the asking. If 4 million people did the same thing prices would move your way. Trouble is people (and I suspect maybe you, but forgive me if I'm wrong) give in and join the bandwagon through weakness and desperation to be conventional. Be a good soul and hold out longer. It won't do you any harm. Just hold firm and prices will drop (they already are doing so). Sorry to sound harsh, but hundreds of thousands of people like you are the REASON the hype and VI spin is allowed to prevail....they know you are weak and will cave in. VP Edited January 19, 2006 by VacantPossession Quote Link to comment Share on other sites More sharing options...
Catch22 Posted January 19, 2006 Share Posted January 19, 2006 (edited) I agree that a house is not the most important thing in life, but I do feel that you should take a few things into consideration. People like myself who would like children in the next few years don't want to be at the mercy of a landlord that can turf out the whole family at the end of the contract period (due to bankrupcy, moving away, to sell etc..). I would like to retire having paid off the mortgage and not be in a position where I am forking out rent money from my pension till I die, living in squallor because my piffly pension amounts to very little, and I have no house to sell and step down. I'm sorry Catch22, but this has nothing to do with brainwashing for most people, it's all down to a few simple economical facts of life. I am quite lucky in that I am only 27, but there will be those who are much older and would like to be in a more environmentally stable "family" situation before they have kids. I understand your concerns, and I agree that SHT lets are not the enviroment to bring children up in. Unfortuneately you have matured to the family phase of your life cycle at the same time as the housing market has risen on laxed lending by the banks at historicaly rock bottom rates. Only hope I can offer is that I have witnessed housing price booms and busts before, and I suspect this one will end in the same way. Government has a lot to answer for regards this dire set of circumstances, plus a lack of good plentiful social housing being one area . But I can see a lot of the new build apartments being sold off to the housing associations at knock down prices some where along the way, but still they are not really places you would wish to bring up a family. As for my previous post it was ment to be tounge in cheek really, but I'm sorry if you construed it as me not sympathetic to your generations plight, because that is not the case. I've family of my own in the same position as yourself, and I don't see why they like you, should be ensalved to the banking industry just to put a roof over your collective heads. Edited January 19, 2006 by Catch22 Quote Link to comment Share on other sites More sharing options...
Meditating Hamster Posted January 19, 2006 Share Posted January 19, 2006 I would also like to remind the starter of this topic of.... the rising unemployment.. the staffing cutbacks being made in the NHS, Dept for Work and Pensions, Council etc.. (yes the cutbacks are happening, I work in the NHS so have seen first hand the "Agenda for Change" short-changing!) the rise in fuel prices... the record levels of debts.... the companies (like MVC) going into administration.... the profit warnings from companies....... the slump of manufacturing........ the slump of retail overall...... the credit tightening........ the fact that house prices are falling in pockets.... the UK GPD crisis....... the Australian house price crunch that is slowly underway.... the rise in personal bankrupsies..... the rise in reposessions.... the pensions crisis.... the cost of living rises that Gordon Brown doesn't wan't in his CPI!...... the signs of a big UK (and global) economic ****-up looming continue (just remember what people must have been thinking at the peak of the last boom.) Quote Link to comment Share on other sites More sharing options...
Guest muttley Posted January 19, 2006 Share Posted January 19, 2006 I could sell my house and buy shares and LOSE a lot of money. What's a stock market crash then? If you're going to put all your eggs in one basket then make sure it's a good basket. Property "experts" believe they are investing when most are in fact speculating.They overlook the most basic rule of investing.Diversify. If you're not diversiified AND you are leveraged,then you better have plenty of capital to back you up,because in the event of a downturn the banks are going to get "medieval on yo ass". Hmmm... what do you do when your shares start to tumble.... you need PROFIT from shares to pay the rent each month... Sell or hold? Pay rent from your salary? What if you get made redundant in the recession and the markets crash? I just don't want to go there thankyou very much. Neg Head. I'm a high rate taxpayer so I get taxed 40% on any interest on savings so renting off the interest is out too. A high rate tax payer! Wow! There can't be many of those on this site! Besides... hidden inflation could really start to rise soon. Not good news for savers. Not good news for interest rates either.Oh,I forgot.You don't do saving,cos you're a high rate tax payer. Quote Link to comment Share on other sites More sharing options...
teddyboy Posted January 19, 2006 Share Posted January 19, 2006 Oh for goodness sake....how many more of these "we're all doomed" posts do we have to read? We are all in the same situation here. Take control...walk into an EA and tell 'em straight: you are interested in such and such property but it is vastly overpriced and you are not prepared to pay the asking. If 4 million people did the same thing prices would move your way. Trouble is people (and I suspect maybe you, but forgive me if I'm wrong) give in and join the bandwagon through weakness and desperation to be conventional. Be a good soul and hold out longer. It won't do you any harm. Just hold firm and prices will drop (they already are doing so). Sorry to sound harsh, but hundreds of thousands of people like you are the REASON the hype and VI spin is allowed to prevail....they know you are weak and will cave in. VP YOU TELL EM VP!!! Quote Link to comment Share on other sites More sharing options...
Lenny Posted January 19, 2006 Share Posted January 19, 2006 Hello Househunter Hope this bit of news cheers you up! Today I telephoned a well known developer selling new properties (dunno if I am allowed to say who it is) and explained I was a FTB with hardly any mortgage - what can she do for me? She told me the apartments had gone but there are houses for £149k !! Laughable - I cant even afford the apartments. I said thanks but even if I could get more cash together - what deal can she do? She said she would drop the price £20k !!! Fab eh? I did have to ask twice though! I dont think we would have heard those words said last year or the year before. I am hoping the new houses will push down the prices of the old ones and soon we can all jump on the ladder! Keep your chin up Quote Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted January 19, 2006 Share Posted January 19, 2006 What I don't understand is if prices drop over the next few years and there is such uncertainty about the economy, why would I want to get a 25 year debt? I am almost put off buying at any time. Exactly. So save up until rents become significantly more expensive than buying, buy with a big chunk of equity already paid off at a lower price and don't worry about it! If you're not mortgaged to the hilt and you've got somewhere to live, then you don't have that much to worry about, do you? Quote Link to comment Share on other sites More sharing options...
IMupNorth Posted January 19, 2006 Share Posted January 19, 2006 No sign of prices falling, no inckling of anything remotely connected to an affordable outlook.........I'm completely fecked of with it, and losing hope of ever buying. :angry: Well you had better get yourself a plan, rather than relying on the advice from the baffoons on here and expecting houses to become cheap enough just to fall into your lap. Now when I was a lot younger, I didn't have a plan and just went with the flow, fortunately it all worked out -however what I did learn on life's great journey, is that the earlier you get a plan and work out what you really want to do with your life, then the much better things will be. It will motivate you and give you direction. If you can't think what you want and figure out what you need to do about it, then you probably won't get your house, no matter how long you wait. Quote Link to comment Share on other sites More sharing options...
Golden Shower Posted January 19, 2006 Share Posted January 19, 2006 And when savers stop saving, not good news for the governments both here and across the pond. Why? That's exactly what they want at the moment, drop the interest rate, devalue your money so you go out and spend it. IMO, cash is not looking like a great option anymore (hasn't since the rate cut). Quote Link to comment Share on other sites More sharing options...
Without_a_Paddle Posted January 19, 2006 Share Posted January 19, 2006 A high rate tax payer! Wow! There can't be many of those on this site! So what? I don't care how many there are. Like I said, I get taxed at 40% on my savings. Therefore converting my house into savings is not a good move. The post tax interest wouldn't cover the rent. Then there's selling fees, moving fees, legal fees, rental deposit rent in advance, a set of rules to read about what I can and cannot do as a tenant, there's the cost of buying back in again... legal fees moving fees, stamp duty. Also there's the uncertainty of the tenancy, i could have to move 2 or three times in the next 3 years if the landlord decides to sell up or put the rent up. Then there's the stress/hassle of all the selling/moving process. If I have to move as a tenant 3 times in 3 years then I'm going to get seriously pissed off. Think I'll stay at home and keep my wallet zipped up. Much less stress... Quote Link to comment Share on other sites More sharing options...
Guest muttley Posted January 19, 2006 Share Posted January 19, 2006 Think I'll stay at home and keep my wallet zipped up. Much less stress... Amen to that.....and I agree with your last post.Sorry for the Chardonnay induced rant.......but.. 1--- Not all STRs have taken the deliberate decision to rent.Most of us (I think) are renting due to circumstances,change of job for instance. 2----It's not just property "experts" making money in the UK. 3----Not everyone who has made money from property is an expert or necessarily understands the cyclical nature of the market. 4---There is an imbalance in the economy and it will eventually correct itself. Quote Link to comment Share on other sites More sharing options...
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