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irrationalactor

Bought a flat, hated it, sold it, now off to buy iPads and avocado toast

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Hey,

Used to contribute to this forum.  In my 30s, spent five years living in an HMO like a student saving a deposit.  Obsessed about house prices.

I was convinced by some of the arguments on this board.  About how immigration increased demand and bid down wages.  About how tax credits and housing benefit inflate rents.  I let myself be convinced politically of some things I would never have supported before.  I now regret this negativity and the way I voted based on it.

The opportunity came up to move out of London to my home city, where prices are mental but (after my years of saving) I could actually afford something.  I bought a huge flat for cheap, using up my Help to Buy ISA bonus.  I was looking at washing machines and at furniture.  I was excited to get the keys.

But the minute I walked back in with the keys I knew it was a terrible mistake.  The floor was not level - it was an old flat.  The decoration was a brown 70s nightmare, with faeces-coloured carpets.  I had to worry about the pipes, about the heating system, about the windows, about leaks and about things freezing.  The place felt dark.  I was trapped with a lengthy mortgage in a dismal flat in the wrong part of town in a UK going in the wrong direction.

I felt like I'd given up my freedom of movement all over again.  Brexit is closing so many doors when it comes to job opportunities, and here I was closing even more by tying myself to a single city.

So I waited the six months the mortgage lenders require, and then I sold it.  The bank took a hefty early repayment charge - I had fixed for 10 years because I know interest rates have only one way to go, and I had a plan to pay it off.  I hadn't planned on hating it.

This has taught me a lesson.  Yes, housing costs are insane and unfair.  Rent is literally double what I was paying on the mortgage per month.  But blaming immigration and single mothers just ends up handing even more power to the real culprits - the politicians, the banks, and the landowners.  And spending half a decade of my limited lifespan slowly turning ever more bitter and resentful about it all just ensured that I was screwed twice - first by the economic situation, and second by my own obsession with it.

I'm off to become a proper millennial and buy some more laptops with my house money.  I'll get a lot more use and a lot more pleasure out of them than I ever did my flat.

Take care of yourselves,

irrationalactor

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23 hours ago, irrationalactor said:

Hey,

 

  But blaming immigration and single mothers just ends up handing even more power to the real culprits - the politicians, the banks, and the landowners. 

If someone comes here to live off benefits [I know people like that] and complains if anyone suggests we give them a house in Glasgow instead of London - why can't I blame them for me being able to live in their house?  Don't get me wrong I also blame the politicians - they let this happen.

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On ‎22‎/‎09‎/‎2017 at 11:43 AM, iamnumerate said:

If someone comes here to live off benefits [I know people like that] and complains if anyone suggests we give them a house in Glasgow instead of London - why can't I blame them for me being able to live in their house?  Don't get me wrong I also blame the politicians - they let this happen.

correct.. anecdotal, but friend who is housing officer had family 'turn-down' accommodation in Loughton (nice part of world) as they wanted proximity to Oxford schools

off-topic, but got my goat

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2 hours ago, monkeyman1974 said:

correct.. anecdotal, but friend who is housing officer had family 'turn-down' accommodation in Loughton (nice part of world) as they wanted proximity to Oxford schools

off-topic, but got my goat

+1

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  • 295 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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