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OzzMosiz

HousePrice Crashers who gave up

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Just wondering how many members here eventually gave in and bought a home.

I was one, having been here since 2004 on and off. I eventually gave in (after selling my house in 2005) and bought in 2010.

I see things slowing down currently in my neck of the woods (south west), with lots of reduced properties, though the really good ones are selling without reductions.

No regrets about buying again in 2010 and upsizing last year.

 

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Whether or not to buy for most surely depends less on the building and much more on how big your mortgage is right now and how confident you are for your future employment. 

 

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Very true, however if I had rented from 2005 until today I would have paid out way over 100K on rent alone. That to me is dead money!

 

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If we buy, we will be compromising on the size of the house, the age and the location.

This is all we get for our budget at the mo:

8GrcmOn.png

 

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Been a lurker since 2005, gave in and bought a flat early 2013 and hated it, have massive regrets. Finally escaped and bought a house last year in the froth of the market. Got completely caught up in it all, the last chance to ever own a house etc, thought id be priced out and stuck in my noisy flat  turns out 12 months later the markets dead!

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I'll probably 'give in to the dark side' and buy at some point - London has stumbled a little in price to make it a little bit better (if still completely bonkers by any other standard) and am at the age where too much delay would be pretty negative.

However.. am not going to change my tune and stop hoping and talking up a HPC, as I think it would be good for society at large - and anything I buy will be for a home, and not to make money on.

So if we buy and 'lose' money on it, then c'est la vie - won't change my opinion on crazy high house prices being a crappy thing for most.

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From 2006-2010 I was a believer in a crash and it looked like I was a genius who predicted the global crash but in hindsight it was pure luck, I gave up by 2012 and I am glad I did. Prices in London would need to fall 40% just to get back to 2012 levels and I dont see such a fall happening. Even if prices fell 50% now it was still wise buying in 2012

I think I made a lot of mistakes in my thinking back then which seem to persist to today

First of all wages are higher than I thought, people need to look at full time median wages not the average wage which includes part timers if you do that the average wage is about £35k for a man working full time and £30k for a women. With a combined income of £65k houses look a lot more affordable

Also back then I had not considered, or seen debated anywhere, the size and scale of inherited and gifted money. It is absolutely huge I think around £200 billion annually. If we account for that again housing (and everything else like school fees and expensive cars expensive iplods) looks much more affordable. There is just a hell of a lot more money in this country than I had realized back in 2006-2010

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11 minutes ago, london_thirtythree said:

I'll probably 'give in to the dark side' and buy at some point - London has stumbled a little in price to make it a little bit better (if still completely bonkers by any other standard) and am at the age where too much delay would be pretty negative.

However.. am not going to change my tune and stop hoping and talking up a HPC, as I think it would be good for society at large - and anything I buy will be for a home, and not to make money on.

So if we buy and 'lose' money on it, then c'est la vie - won't change my opinion on crazy high house prices being a crappy thing for most.

Jesus, how many times have you posted that comment in the last 10 years :lol: 

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8 minutes ago, Electricity said:

From 2006-2010 I was a believer in a crash and it looked like I was a genius who predicted the global crash but in hindsight it was pure luck, I gave up by 2012 and I am glad I did. Prices in London would need to fall 40% just to get back to 2012 levels and I dont see such a fall happening. Even if prices fell 50% now it was still wise buying in 2012

I think I made a lot of mistakes in my thinking back then which seem to persist to today

First of all wages are higher than I thought, people need to look at full time median wages not the average wage which includes part timers if you do that the average wage is about £35k for a man working full time and £30k for a women. With a combined income of £65k houses look a lot more affordable

Also back then I had not considered, or seen debated anywhere, the size and scale of inherited and gifted money. It is absolutely huge I think around £200 billion annually. If we account for that again housing (and everything else like school fees and expensive cars expensive iplods) looks much more affordable. There is just a hell of a lot more money in this country than I had realized back in 2006-2010

Things are bad, the trolls are flooding in :lol: 

 

Apologys if you're not a troll.

 

 

 

 

 

 

 

 

 

but you are.

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10 minutes ago, london_thirtythree said:

Fecking heck - why would you spend quarter of a mill on a studio..?!?

Could you even get a mortgage on that?

:blink:

No one other than a scum bag BTL trying to leech off some unfortunate person and the tax payers would pay that.

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2 minutes ago, TheCountOfNowhere said:

Jesus, how many times have you posted that comment in the last 10 years :lol: 

Well.. I am a johnny come lately round these parts..  so give me another 8 years of complaining and 'I'll probably buy something next year' talk and I'll be right there :)

Never gave two hoots about buying property in twenties, then only recently started looking around and thinking that something didn't seem quite right with the whole thing..

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16 minutes ago, Electricity said:

From 2006-2010 I was a believer in a crash and it looked like I was a genius who predicted the global crash but in hindsight it was pure luck, I gave up by 2012 and I am glad I did. Prices in London would need to fall 40% just to get back to 2012 levels and I dont see such a fall happening. Even if prices fell 50% now it was still wise buying in 2012

I think I made a lot of mistakes in my thinking back then which seem to persist to today

First of all wages are higher than I thought, people need to look at full time median wages not the average wage which includes part timers if you do that the average wage is about £35k for a man working full time and £30k for a women. With a combined income of £65k houses look a lot more affordable

Also back then I had not considered, or seen debated anywhere, the size and scale of inherited and gifted money. It is absolutely huge I think around £200 billion annually. If we account for that again housing (and everything else like school fees and expensive cars expensive iplods) looks much more affordable. There is just a hell of a lot more money in this country than I had realized back in 2006-2010

Trolly troll is trolly troll.

 

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I have nearly given up about once a year... but once I realise what I could afford, even with a mortgage large enough to stop me sleeping, I soon revert to enjoying my rental property.  

I look at this (it was listed at £530k in july!) and I realise the market is insane

ZoIwZQD.png

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1 minute ago, TheCountOfNowhere said:

Things are bad, the trolls are flooding in :lol: 

Apologys if you're not a troll.

but you are.

 

I am not a troll its more or less what happened

I left university in 2006 and got my first job and prices seemed well beyond what I could afford

2008 the crash happened and things looked good, but post about 2009 prices stopped falling and started to move ever so slightly upwards from 2010 onward

By 2012 I was in a better paid job and had 6 years of savings and I didn't see prices falling because well we had been in the worst crash in living memory and it had already been two years where prices were not falling so I decided to buy. I got what I felt was a good deal an old lady accepted my offer which was a bit below asking and the rest is history

 

My mistake back in 2006-2010 was not understanding that I was poor I thought I was average but I was in fact poor. I was only on £22k then which I thought was more than the average wage but it wasn't I was on less than the full time median male wage and I just didn't realize it. and I didn't have a partner then so I was thinking about most things with just one income while most house buyers have dual incomes.

I feel houses in London and the SE are now overpriced but most other area of the UK are sustainable at current prices

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8 minutes ago, Grab_Some_Popcorn said:

I have nearly given up about once a year... but once I realise what I could afford, even with a mortgage large enough to stop me sleeping, I soon revert to enjoying my rental property.  

I look at this (it was listed at £530k in july!) and I realise the market is insane

ZoIwZQD.png

clearly just made up numbers!

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5 minutes ago, thewig said:

clearly just made up numbers!

Yep. During a bubble people are silly enough to believe those numbers ... now, price discovery is in flow, based on actual wages rather than easy credit and foreign slush funds.

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1 hour ago, OzzMosiz said:

Very true, however if I had rented from 2005 until today I would have paid out way over 100K on rent alone. That to me is dead money!

I've learnt a lot from this whole experience - this process has lead me to become completely debt free, I have paid off all of my wifes debts, have good cash savings and already have a healthy chunk of savings for my 2.5 year old son. My family has security, we are positioned well and ready to go. Whilst everyone else has been spending - I have been saving.

When people question whether my decision to stay out of the market was the right thing to do and question whether I regret wasting all that dead money on rent I can't help but reflect upon how different my situation may now be without having the knowledge that I have gained and if I had remained as oblivious to what is going on as most non HPCers... how much total debt would I now have if I hadn't noticed the dangers on the horizon nor had this site to refer to all those years ago? Ultimately - how much security would my family have right now heading into this storm?

I'll be buying early next year because I have to consider my wife's need to provide a stable 'home' for our son. That will be around the time that a lot of unfortunate home 'owners' with families will be waking up to the realisation that they have been very stupid indeed and that all they actually own is insurmountable debt.

Edited by Mapatasy

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They can troll all they want, they can even do it for free on their commute, maybe even at home of an evening. It beats staring blankly at the spreadsheets at the horror story unfolding for them or praying that Gina Miller or some other of Goldman Sach's harbingers can save them from the inevitable.

But it's all in vain, this time there will be no saviour, no bailout, no prop big enough to counteract the effects of the end of Freedom Of Movement from the EU.

Repeat "Nigel Farage is a racist" as you cry yourselves to sleep tonight ******* ahahaha!!!

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5 minutes ago, Calcutta said:

They can troll all they want, they can even do it for free on their commute, maybe even at home of an evening. It beats staring blankly at the spreadsheets at the horror story unfolding for them or praying that Gina Miller or some other of Goldman Sach's harbingers can save them from the inevitable.

But it's all in vain, this time there will be no saviour, no bailout, no prop big enough to counteract the effects of the end of Freedom Of Movement from the EU.

Repeat "Nigel Farage is a racist" as you cry yourselves to sleep tonight ******* ahahaha!!!

 

only 3-4% of homes transact each year

That means for example, 80-85% of Londoners who own a home (owner or landlord) bought 5 years or more ago

For this 80-85% group a 50% house price crash just wipes out their paper profit it does not result in them losing anything

For them there would need to be a HPC in excess of 50% for them to start making losses

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1 hour ago, Grab_Some_Popcorn said:

If we buy, we will be compromising on the size of the house, the age and the location.

This is all we get for our budget at the mo:

8GrcmOn.png

 

Do you have a link to a house you would be happy to buy?

I gave up last year happy so far but I do have a nagging fear after waiting so long that I will have got in just in time for the pop.

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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% +
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      • Even
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      • up 5%



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