shavedchimp Posted February 1, 2006 Share Posted February 1, 2006 I'm just wondering how many of the readers of this site are homeowners? Can we start a poll on that? Obviously you home owners are gonna have a different angle on all of this - you have a bit of a dilemma don't you? Shavedchimp Quote Link to comment Share on other sites More sharing options...
ILBB Posted February 1, 2006 Share Posted February 1, 2006 I'm just wondering how many of the readers of this site are homeowners? Can we start a poll on that? Obviously you home owners are gonna have a different angle on all of this - you have a bit of a dilemma don't you? Shavedchimp Why do homeowners have a dilemma? Quote Link to comment Share on other sites More sharing options...
BubblesBurst Posted February 2, 2006 Share Posted February 2, 2006 Why do homeowners have a dilemma? Yes why the dilemma ? As a home owner I eagerly await a return to realistic pricing which should be at least 45% less than current values. It's all relative, If my house drops 50% in value so do all. Just gets you more for your cash. Quote Link to comment Share on other sites More sharing options...
E Powell Posted February 2, 2006 Share Posted February 2, 2006 Homeowner & debt free. Both of the children one a Dr the other a Dentist could not afford a house. Quote Link to comment Share on other sites More sharing options...
Brian Potter Posted February 2, 2006 Share Posted February 2, 2006 Home owner who needs a bigger house - increasingly brassed off at the money people are expecting for crap housing. Not going anywhere until the insanty passes. If my house drops 20% it sure aint as much in pound notes as the big house down the road dropping 20%. Unfortunately, when prices drop it will probably be because we have all been made redundant - so you cant fekkin win really. Quote Link to comment Share on other sites More sharing options...
Aud Posted February 2, 2006 Share Posted February 2, 2006 Hi I'm a homeowner, have been for 25 years now in second house. I would welcome HPC, I have approximately 120K equity in my home, but as the average 3 bed semi in my area is 250-300K I would need to take on a mortgage of 130-180K if I wished to move. houses in my area have tripled in value in the last 6 years, total out of the range of FTB's and has produced an increasingly static market as homeowners are becoming unable to move up. The homeowners who fear a HPC are those who have MEW'ed to the hilt or bought recently; other than them a HPC is a benefit to all. Quote Link to comment Share on other sites More sharing options...
Fanny Magnet Posted February 2, 2006 Share Posted February 2, 2006 Homeowner & debt free. Both of the children one a Dr the other a Dentist could not afford a house. Could not afford a house on a doctors and dentists salary. I find that incredulous. Please explain. Do you mean they could not afford a house - period. Or they could not afford a house with the required number of bedrooms, bathrooms, garages, spa-tubs and paddocks ? Quote Link to comment Share on other sites More sharing options...
CrashBear Posted February 2, 2006 Share Posted February 2, 2006 I'm renting, debt free, have a deposit, saving 10k for travelling in 5 months(currently got 7k)......it'll be 18months-2years before I return and hopefully the contrast will be interesting. Quote Link to comment Share on other sites More sharing options...
newbie Posted February 2, 2006 Share Posted February 2, 2006 Could not afford a house on a doctors and dentists salary. I find that incredulous. Please explain. Do you mean they could not afford a house - period. Or they could not afford a house with the required number of bedrooms, bathrooms, garages, spa-tubs and paddocks ? If they're in London then can probably get a dodgy flat in an ex-council estate. Quote Link to comment Share on other sites More sharing options...
Badger Posted February 2, 2006 Share Posted February 2, 2006 I used to be a homeowner but sold in 2001 for travelling & alternative lifestyle for a few years, bad timing eh? The upside is I'm debt free, have a 50k deposit waiting for a downturn, have taken a huge risk to do something I always wanted to do, live in a gorgeous rented place & career prospects better than ever. Quote Link to comment Share on other sites More sharing options...
Yandros Posted February 2, 2006 Share Posted February 2, 2006 Homeowner here, for 15 years and we're also wanting to move up. Half a million for a 4 bed detached? I don't think so! I fared badly in the first crash, managed to get out of negative equity studio flat hell in 95, to get a 2 bed terrace. We then made a smart move and got a 3 bed detached for 120K in 1999. We now have about 170K equity, and a rapidly diminishing mortgage due to massive overpayments. The only dilemma is whether to bet on a HPC and jump off the sinking ship to STR. Do we gamble in an attempt to win big, if we see a large crash, or do we sit tight and make a smaller relative 'win' by paying less for our next property? My temptation is to sit tight, since as soon as we STR, we might be tempted to make the classic blunder and jump back in too soon. As it is, we're comfortable, and can sit back and watch the fireworks, accepting paper losses as 'easy come, easy go'. Quote Link to comment Share on other sites More sharing options...
Casual Observer Posted February 2, 2006 Share Posted February 2, 2006 Homeowner for 31 years. I've got about £600k equity in my house, but would welcome a crash, and see no dilemma at all. Reasons? I have 3 x 20 something children who will want to buy a house over the next few years. I'd rather they were able to house themselves comfortably than sit on a paper profit I'm never going to realise (I like the house I'm in). Also I've always hated smug people who brag about what their house is worth. Quote Link to comment Share on other sites More sharing options...
PostalVote Posted February 2, 2006 Share Posted February 2, 2006 Could not afford a house on a doctors and dentists salary. I find that incredulous. Please explain. Do you mean they could not afford a house - period. Or they could not afford a house with the required number of bedrooms, bathrooms, garages, spa-tubs and paddocks ? It doesn't matter how much you earn if you can't afford something that meets your requirements. Only a fool would commit a LOT of money to something they don't want but others think they should. If you rent a three bedroom house with a garage, and need three bedrooms and a garage, why is it a good idea to buy a two bedroom flat. Property ownership is not worth the sacrifice, and thats before the very real risk of negative equity. Its not big, its not clever, and less people do it everyday! I own by the way, but need a bigger place, and until the prices come down significantly, we can't afford to even think about moving. Quote Link to comment Share on other sites More sharing options...
Ignorant Steve Posted February 2, 2006 Share Posted February 2, 2006 Not a homeowner. STR early 2005 Currently have approx £520K put aside from other savings to re-enter when we find a final home. Not worried about prices crashing when we buy as we intend to stay for decades. I've never considered the monetary gain from property as anything other than monopoly money. Quote Link to comment Share on other sites More sharing options...
Given Up Posted February 2, 2006 Share Posted February 2, 2006 Homeowner. Paid off the mortgage last year. Seemed horrific when we took it out 20 years ago but in our case it has paid off. Quote Link to comment Share on other sites More sharing options...
Fanny Magnet Posted February 2, 2006 Share Posted February 2, 2006 I've got about £600k equity in my house. Also I've always hated smug people who brag about what their house is worth. Yes indeed, bragging is extremely vulgar. Still the £600K equity of which you brag is better than a poke in the eye. Come on admit it - it's a nice warm feeling knowing that your house is `worth` so much. Or would you rather it only be `worth` £100K after a crash - the scenario for this of course would probably be economic armageddon. Quote Link to comment Share on other sites More sharing options...
Casual Observer Posted February 2, 2006 Share Posted February 2, 2006 (edited) Yes indeed, bragging is extremely vulgar. Still the £600K equity of which you brag is better than a poke in the eye. Come on admit it - it's a nice warm feeling knowing that your house is `worth` so much. Or would you rather it only be `worth` £100K after a crash - the scenario for this of course would probably be economic armageddon. No, it's not a warm feeling - it's exactly the same house it was when it was "worth" £180k in 1994. I'd rather it was now worth £200k so that I could sell it and buy the very nice one round the corner (£350k in 1994; now worth about £1.3million and way out of my reach) It truly amazes me that you can't see how I would have a better lifestyle if mine was worth 200k and the one round the corner was worth £400k, and I could use my savings to move into it. Still, Blair needs people like you to be hoodwinked by rising prices, I suppose. And if you're such a tw*t that you think I was bragging, on a thread that was meant to explore whether even homeowners had reasons to be bears, then I can see that you would indeed be easily hoodwinked! Edited February 2, 2006 by Casual Observer Quote Link to comment Share on other sites More sharing options...
Pablo-silver or lead? Posted February 2, 2006 Share Posted February 2, 2006 property owner = Bull? none property owner = Bear? It’s not that simple. I own property (have done since the early 80's). Am I worried about house prices dropping? No as it has no impact on me personally. I think current prices are totally unsustainable for a variety of reasons all given on this board. (The real world will soon feed through to the VI produced stats). Nothing pi$$es me off more than hearing 36 to 66 year olds telling me how successful they are because of the amount of unearnt,on paper, ephemeral money they think they’ve made by owning a house. A neighbour (Bank Manager 50 yrs of age 3 kids’ 350k house 90 k mortgage) said to me "I was getting a bit worried but its good news to see our properties are going up again". I said “you’ve got 3 children all over 23, 2 don't own property and the other has just sold due to divorce, how can property prices going up be good for your family? He had known idea! I think having a generation of well educated people earning good money virtually priced out of the market is socially and economically bad for all of us. There’s a circa 30% correction underway. Bad news for people who bought in the two years up to the top and disastrous for overstretched BTL's. But it was always going to happen. Pablo Silver or Lead? Quote Link to comment Share on other sites More sharing options...
Fanny Magnet Posted February 2, 2006 Share Posted February 2, 2006 It truly amazes me that you can't see how I would have a better lifestyle if mine was worth 200k and the one round the corner was worth £400k, and I could use my savings to move into it. That isn't the point though is it ? Prices are what they are. Today. Now. If they were to crash to what you see as a more `affordable` much lower value of times gone by, most of us would have to endure a certain amount of economic hardship and pain. I doubt such a scenario would lead to a better lifestyle. We have really never had it so good. Still, Blair needs people like you to be hoodwinked by rising prices, I suppose. Quite. Quote Link to comment Share on other sites More sharing options...
digger Posted February 2, 2006 Share Posted February 2, 2006 Homeowner for 5 years, bought before the stupidity started. Will stay put for about five years until all of this is over one way or another. Quote Link to comment Share on other sites More sharing options...
Ferret Posted February 2, 2006 Share Posted February 2, 2006 We have really never had it so good. We`ve had super mac now we`ve got super gord. Whey Hey. Quote Link to comment Share on other sites More sharing options...
Given Up Posted February 2, 2006 Share Posted February 2, 2006 A homeowner can equally be a bear if they want to trade up. An STR would be an uber bear. The only bulls are those who own more than one property as they have assets which they do not need to live in and have treated property as an investment rather than a necessity. So possibly the only bulls are the BTL landlords. Quote Link to comment Share on other sites More sharing options...
ILikeBigBoobs Posted February 2, 2006 Share Posted February 2, 2006 (edited) I think the only homeowners that don't want a HPC are those that have moved and remortgaged heavily or MEWed in the past 5 years, those that are about to downsize or those that are selling up and emigrating. At a guess, that's probably less than 33% of all homeowners, a number which represents around 20% of the population (very approx). The other 80% of the UK presumably either doesn't care or actually wants a HPC. Though I must admit to some doubt about this theory as it doesn't seem to fit with the visual media's obsesion with rising HPs Edited February 2, 2006 by ILikeBigBoobs Quote Link to comment Share on other sites More sharing options...
E Powell Posted February 2, 2006 Share Posted February 2, 2006 Could not afford a house on a doctors and dentists salary. I find that incredulous. Please explain. Do you mean they could not afford a house - period. Or they could not afford a house with the required number of bedrooms, bathrooms, garages, spa-tubs and paddocks ? Newly qualified professionals have debt from uni. Dentist commutes 40 miles to work each way and Dr left country could not afford house in London on SHO wage. Quote Link to comment Share on other sites More sharing options...
debtfree Posted February 2, 2006 Share Posted February 2, 2006 I used to be a homeowner but sold in 2001 for travelling & alternative lifestyle for a few years, bad timing eh? The upside is I'm debt free, have a 50k deposit waiting for a downturn, have taken a huge risk to do something I always wanted to do, live in a gorgeous rented place & career prospects better than ever. Excellent timing more like. There aren't many places left to travel anymore as America and Britain have ruined it for everyone and have built up hatred towards westerners. Done the same, sold, paid of debt, travelled for 2 years, changed career and now earn more a year that what the house has gone up by. Holding on can sometimes hold you back. Quote Link to comment Share on other sites More sharing options...
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