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In-law said to me

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...if you leave it too long to buy a house it'll be too late. You just need to take a leap of faith and buy somewhere.

 

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Did u ask them wage to price ratio when they bought or mention 2007 collapse...esp north and northern Ireland.

 

Mad gains has coloured the beneficiary's view...typical mania behavior. 

 

Ignore and rent till the collapse comes

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Hear the same thing all the time.

Unless you're actually looking at exactly just what's available in the current market (which none of my "advice givers" are) you can't appreciate just what abysmal value for money the present market represents,  it's made up of nothing but over priced dregs.... crap houses in crap areas for ridiculous asking prices.

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I get the same from many existing homeowners who are older than me and bought some time ago - to be fair to them in their lifetimes all they've seen (barring the relatively small dips in the early '90s and post-2008) is rampant, perpetual inflation.

I find it increasingly difficult to tolerate the smug self-assuredness in their delivery and apparant complete lack of awareness of how utterly stupid things have become, however I think / hope relief is now on the horizon..

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2 hours ago, nome said:

Hear the same thing all the time.

Unless you're actually looking at exactly just what's available in the current market (which none of my "advice givers" are) you can't appreciate just what abysmal value for money the present market represents,  it's made up of nothing but over priced dregs.... crap houses in crap areas for ridiculous asking prices.

Tell your raltives to look for a house and ask them if they can afford to buy the one they're living in.

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8 hours ago, Grab_Some_Popcorn said:

...if you leave it too long to buy a house it'll be too late. You just need to take a leap of faith and buy somewhere.

 

God - did you get the 'it doesn't matter if prices fall if you're planning to live in it' line? Hey, have you thought about getting a mortgage on a fraction of a fraction of some jerry-built rabbit hutch in one of those new developments? That seems like a sensible idea. Jump on that boat while it's still at the dock, you don't want to miss it!

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I tell them it is too late for me,

Despite earning well a decent family home is crazy multiples of my income,

I explain to them too that i never had the job security they enjoyed either so I would have had to sell my house every 3 years which would have cancelled out any madgainz

I then lay out how my generation was shafted but the generations behind me are having it much worse so they should enjoy there retirement because nobody else will be able too and my generation and the ones below me will work till we drop.

 

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I get similar with relatives asking when we are going to buy a bigger house (our current house is about 110sqm and plenty big enough apart from 1 bedroom).

For it to be worth moving we'd need to be getting at least another 25-30sqm of upstairs space.

So that means a 1400sqm house in the area we would like to live in.

Those cost a minimum of £250k more then our house is worth.

That is twice what we paid for our house about 14 years ago.

£250k to get a bigger bedroom, maybe a drive and garage. Errr, no thanks.

 

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On 24/05/2017 at 1:42 AM, Grab_Some_Popcorn said:

...if you leave it too long to buy a house it'll be too late. You just need to take a leap of faith and buy somewhere.

I think a good reply to this would be to ask them to be specific on what exactly they mean by "too late"......?

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I completed the sale (STR) of our home today. When, 6 months ago, I said to the M-i-L that we both believed house prices would fall and renting was a better option, such a look of pity came my way.. Estate agent who sold our house said that if we'd sold a month later, we could expect £20-25k less.. We're now renting a huge house for less than the interest only (before the £2300 capital repayment over 25 years) on the home we had aimed to buy almost the same size. Oh, and we sold the house at exactly the same price (in CPI / RPI 2.3% p.a. compound) that we bought for 10 years ago.. Now we open the cava / prosecco and popcorn and watch...

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