Home owners (like me) - why are you on here?

[Solitaire]

2 hours ago, One-percent said:

I too own my home.  Outright with no mortgage. It doesn't matter to me whether it is worth one pound or a million, I still need somewhere to live.

+ 1. Currently relatively asset rich (because of huge hpi round my way) and cash poor. I've got four years till retirement age so it would give me the option of living elsewhere in the country and having a pile of cash to see me out. But I'd rather a large correction in the market so my son and his friends can afford to buy, settle down and get on with their lives. I'm also concerned that by the time they reach retirement age there will be a very high cost in housing and other benefits that will need to be paid by their children (assuming the welfare state survives that long). I can see real trouble ahead.

Edited December 29, 2016 by Solitaire

[One-percent]

14 minutes ago, crouch said:

The irony is that many who were FTBers a few years ago and are sitting on some gains may well be rubbing their hands at how clever they were. However, if they try to move, many will find it simply too expensive as the whole ladder has escalated. I found this in the 1980s when I was sitting on large gains so I thought: why not move upmarket? Of course it was far too expensive as all other property had gone up. The difference between what I had and what I wanted was huge - and not worth it. These days when folk are far more in hock it's much worse.

I think this is quite common, not being able to progress up the ladder, even if sitting on substantial gains.  When house prices rise percent wise, then the next rung up is going to be that much further out of reach, unless you want to take on massive debt of course.  

[winkie]

Who will pay the rents when many thousands of people have nothing, living hand to mouth?........parents of children and grand parents are waking up to the fact that their children and grand children will not have the same opportunities in life, and there are plenty that want to capitalise from them and their future work, also plenty more in competition with them for jobs, homes and income, not withstanding the debt they are already holding at a young age rolling forward.....

[crashmonitor]

16 minutes ago, winkie said:

No, I don't think they did in the past, how could they in the future?.....a. if people hide it how will they find it? b. if people have not got it and have no way of ever working to earn it how can they get it or repay it?....just saying, most peoples wealth is the wealth they have made via equity...not made by working 40 hours a week, working money pays the day to day bills it does not make most people wealthy.....equity/capital does....fewer people than ever before have access to any of that.

I've got to stick up for my partner here, she has worked 37 years and has had two ventures into property. In 2007 she lost about 12,000 and gained 12,000 during the period we owned a property together in 2012-2016...so her lifetime gains zero. This isn't Cambridge we have seen no substantial Hpi for 12 years up here. 

Nevertheless, simply saving hard in building societies ( no ponzi gains on the FTSE 100) she could buy a couple of houses outright. Shes never earned more than 20k pa.

It's not always what it seems sometimes time not Ponzis get you there.

Don't think she realises you can't take it with you.

Edited December 29, 2016 by crashmonitor

[One-percent]

8 minutes ago, Solitaire said:

+ 1. Currently relatively asset rich (because of huge hpi round my way) and cash poor. I've got four years till retirement age so it would give me the option of living elsewhere in the country and having a pile of cash to see me out. But I'd rather a large correction in the market so my son and his friends can afford to buy, settle down and get on with their lives. I'm also concerned that by the time they reach retirement age there will be a very high cost in housing and other benefits that will need to be paid by their children (assuming the welfare state survives that long). I can see real trouble ahead.

Because of this very issue (young people not being able to buy), I don't think that tptb can keep the plates spinning, no matter how many props they throw at it.

when my kids were little, I remember some of the parents in the schoolyard crowing about how much their property had increased. I thought at the time, but what about when our children want to buy?  I think sentiment towards hpi will turn very quickly at some point when all those sat on piles of equity suddenly realise that they are not going to be able to push their offspring out of the nest. 

[Inoperational Bumblebee]

In my teens houses seemed an expensive item, but not unreasonable. I always assumed I'd buy in the future but they just rocketed out of all sensible income multiples.

My wife bought before we met so I guess you might call me an accidental homeowner. It was a slight doer-upper purchased in 2009 (might have been probate too) so was not actually ridiculously priced, but HPI still means that our next house gets more expensive every day. I'm dreading my wife wanting to move as she's well aware of my crashist tendencies but I refuse to put my life on hold waiting for tomorrow. It won't cause conflict between us but I know the buyer's remorse will be crushing.

The in-depth economic analysis found here helps me feel vaguely in control of things, and offers hope for the future. I also discovered the existence of Financial Independence here, which I'm making at least vague overtures towards. I also dislike the fact that BTL has infected this country and how it polarises the wealth between generations. This is not good for social cohesion.

I would love a HPC so we didn't have to sacrifice the rest of our lives just for somewhere suitable to live. I feel there's way too much investment in housing in this country to be good for the economy, and I'd like this to be rebalanced so my son doesn't feel forced to leave GB.

[GrizzlyDave]

Though I am grateful for the modest home we bought in 2005, and the cheap mortgage associated with it; we pretty much missed the boom by a couple of years and watched it gallop away mercilessly for years. Graduated 2000 and co-workers a little older than me had already moved on to second houses and they bought them for peanuts. Wealth has come from property far too much over the last 20 years, and too little from hard bloody graft. I want balance, fairness, and a benign market; houses should be about homes not investments. At the age of 39 it is nearly to late for me to worry about upsizing, I'm better channelling my effort to support my kids; as they have a rough shitty road ahead with more people on planet earth all competing for diminishing resources.

What do I really want now?

I want vengeance. I want the over exposed and over reaching idiots to be ruined by a savage correction.  I want suffering. I want foreign investers to be screwed. I want banks to fail. I want vengeance Cersei Lannister style.

 

[thewig]

I own a SH*TLOAD of homes, don't live in em myself though, rent em out to tennants, young professionals and eastern euros. I come on here mainly to get into the mindset of my lot so I can "head them off at the pass" so to speak should they get ahead of their station and start acting up.

[Wayward]

I sold to rent in 2006 when I went overseas for a year. I bought in 2000, only a flat in Hampshire but it doubled in price in those 6/7 years. I have rented since and last 3 years or so have been painful...any benefit from hpi in the 2000s has been made to look like peanuts. I refuse to buy in the UK at current prices and see my future in Spain.

I guess my situation is relevant to this thread on basis that I used to own and could buy if I wanted...i dont know how many on here are 'can buy wont buy' but I think quite a few...praying for a correction...

[Si1]

1 hour ago, GreenDevil said:

Sorry I don't see the point of this boast about how much Hpi gains thread? 

Plus super low interest rates helped me pay off my mortgage in 5 years, etc. Dream house and all that jazz. "I'm very frugal having been living rent free at my parent's just inside the m25" etc etc.

Edited December 29, 2016 by Si1

[Ah-so]

Also own and have paid off most of the mortgage. But the house is too small and I would really like something larger. 

I joined nearly 12 years ago as I saw HPI as a threat to the economy but I  also liked the variety of threads on the site. It has also become an ideal site from which to conduct a long campaign against BTL.

The quality of analysis here is also something that I has helped me professionally.

[Ah-so]

3 hours ago, Everythingsamess said:

I have also been reading the forum since 2003. Rarely post. What happened to Fred (?) that only used to post in poems and the snowbear guy who lived in sussex?

Was that Realist Bear? Went from being the most prolific poster to an occasional visitor. 

[Bunfight]

Been reading this site for 5+ years, homeowner in the North East.  Rarely post as I have nothing else to add apart from a few anecdotes!

I come here because it's one of the few (for me only!) places which offers a sane view in an insane world.  I wouldn't care if my house devalued to pennies if it meant the current economic mess was unraveled...

I want my country back and a fair chance for everyone to get on in life.

[Sancho Panza]

3 hours ago, Everythingsamess said:

I have also been reading the forum since 2003. Rarely post. What happened to Fred (?) that only used to post in poems and the snowbear guy who lived in sussex?

Realist Bear,the legend that was.He bought a house circa 2011 or so I believe.

Makes you think of some of the other posters who made you laugh/cry/rage against the machine-Bart of Darkness,Ayatollah Burgheri,SMAC 67,Captain Skellan,Carribean Beauty(last three of the epic chav holiday thread)to name but a few.

[crashmonitor]

1 minute ago, Bunfight said:

Been reading this site for 5+ years, homeowner in the North East.  Rarely post as I have nothing else to add apart from a few anecdotes!

I come here because it's one of the few (for me only!) places which offers a sane view in an insane world.  I wouldn't care if my house devalued to pennies if it meant the current economic mess was unraveled...

I want my country back and a fair chance for everyone to get on in life.

Have prices actually moved up your way this last decade. Surely the smart thing to do was to have the minimum in property anyway. Don't get many posters up there but that appears to be what Durhambornox posts.

[Sancho Panza]

3 hours ago, Byron said:

I own my home outright, came on here ages ago worried about my children.

Now also worry about my grandchildren

Quite,ten years ago you worried one generation down the ladder,now it's two or three given the epic mess that will likely become the UK's fiscal position.

1 hour ago, winkie said:

.......parents of children and grand parents are waking up to the fact that their children and grand children will not have the same opportunities in life, and there are plenty that want to capitalise from them and their future work, also plenty more in competition with them for jobs, homes and income, not withstanding the debt they are already holding at a young age rolling forward.....

Super post.

 

We choose to rent given the way my hometown-Leicester- has gone.Currently rent on a 4% gross yield (and am eyeing a long term rental on a 2% gross yield) and for the life of me can't work out why it would make any sense for us to use our capital or get a mortgage to buy an asset that will at some point lose 50% in real terms with the various costs of carry involved.Running alongside that,if you mortgage,is the 15-25 year punt you're taking in terms of interest rate risk.Worth also pondering,I'll likely be dead in 25/30 years (if I live that long) or at least beginnign to get seriously ill the way you do in old age.

There are downsides to renting but the freedom to hand your notice in and give 1 months notice beats what I've seen of friends round here taking a year plus from initial advert to completion.Transaction costs for renters have also moved down.

Been reading this site for ten years+ in one form or another and consider myself lucky to have learned so much from the many contributors about the sustainability of the financial system,the inept governance of it and the likely outcome.

Edited December 29, 2016 by Sancho Panza

[rollover]

5 hours ago, wsn03 said:

There seems to be a few people on here who have homes, and like me .....

 

"like me" - ambiguous phrases. Is it deliberately ambiguous?

[Bunfight]

49 minutes ago, crashmonitor said:

Have prices actually moved up your way this last decade. Surely the smart thing to do was to have the minimum in property anyway. Don't get many posters up there but that appears to be what Durhambornox posts.

Not increased to anywhere near the south but compared to wages are still nuts for the average person.  3 bed semis being built near me for 1/3 million - 10 minutes from Middlesbrough!

[One-percent]

7 minutes ago, Bunfight said:

Not increased to anywhere near the south but compared to wages are still nuts for the average person.  3 bed semis being built near me for 1/3 million - 10 minutes from Middlesbrough!

who the fed in boro has a third of a million? And if they did why would they want to spend it on a semi 10 minutes from boro?

[frederico]

Similar to OP society, the economy and people's lives would be so much better if houses didn't cost so much.

But I do think the banking industry needs to be reigned in, the price of everything is determined by your ability to borrow.

[pokercola]

What attracted me initially was that funny youtube video of Kirsty eating her hat.

I am a HPCrasher, but I bought in 2012.  My reason was cash flow based.  It was cheaper for me to have a repayment mortgage than to rent, I figured interest rates wouldn't go up in the next couple of years as it would electoral suicide.  I honestly didn't think I would make money on my flat....

I still want the crash though as all my 'next steps' are out or reach so would take a hit my flat if I could upgrade to the complete luxury of a house.

I also hate the fact that the majority of people that have made money on property think they are a bit special, like somehow they are geniuses rather than lucky.  

I have been told so many times that I am an idiot for believing in HPC that I just hope that one day these people will face the reality.  I do doubt it sometimes though....after 9 years.

 

 

 

[awaytogo]

6 hours ago, wsn03 said:

There seems to be a few people on here who have homes, and like me on paper probably benefitted massively from HPI. So im just interested to know what draws you to this forum.

In my case ive always felt house prices are far too high, and a social and economic train crash is pending. High house prices don't benefit me as i only have one house, sell it and I'll only have to buy another one.

I couldn't afford to buy my own house now btw. Ive earned more than it but only cause ive done ok out of business.

 

We badly need to lose the obsession with houses, bad news all round. We need productivity. 

 

I come on here for useful insights, very useful. 

 

I think most people think the same as you, as you can know as with anyone else with basic maths,  that the more your house goes up the more you have to pay for you next step up the housing ladder, with wages barely moving making your next step up the ladder puts more pressure on your finances, This is not even calculating what your offspring's are going to do for a home.

[Cosmic Apple]

I'm here, primarily, because when I told in 2007 and 'banked' a 120% increase in my first house, I wondered what the hell was going on! Until I listed that place I had no idea what was going on with house prices, didn't really care!

There was also very little chance of me moving to the next step.

In 2011 I bought again, but bought modestly.

Would love to be able to buy a place that didn't cripple us, or force us to work all hours when our baby comes along, but actually gave us space to live and pursue our hobbies, like people used to be able to do!

Edited December 29, 2016 by Northern Welsh Midlander

[wsn03]

1 hour ago, rollover said:

"like me" - ambiguous phrases. Is it deliberately ambiguous?

Sorry ...what are you on about? Deliberately ambiguous? Please enlighten me...looking forward to this one, you've uncovered what? The suspense is killing me...

Edited December 29, 2016 by wsn03

[rollover]

23 minutes ago, wsn03 said:

Sorry ...what are you on about? Deliberately ambiguous? Please enlighten me...looking forward to this one, you've uncovered what? The suspense is killing me...

  For example: Scope Ambiguity, Vague and ambiguous language and more.

 

Edited December 29, 2016 by rollover