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@Si1 I prefer to have autonomy when I hire workmen. I don't feel comfortable having workmen in my home if something like my oven needs repairing as I can definitely live without an oven as I don't really use mine. But your own call. 

What spare cash do you have from government stimulus? I haven't got anything, the only money i saved is from commute which is maybe £160 per month? tbh its probably different in other parts but the average home in my area is a £1 million, 400k upwards for a flat. The money driving most recent purchases in my area is family money, (husband grew up in the area so I know people). Even we were indirect beneficiaries as we lived for free with his mum for 3 years so effectively a £36k or more gift. The biggest threat to that might be care home fees or businesses failing so parents can no longer afford to help out adult children. 

 

But yeah there was a good thread earlier on how Boris johnson can barely afford a 2 bed flat above a shop for his PM salary. in london, salaries are no longer correlated with housing prices. Even when my MIL bought her house in north london for 100k, she had help. She also had help when she bought her flat for 70k and wasn't bankrupt when she had to sell for 40k to upgrade to the 100k house. Many of her friends had help, one of her friends bought a cottage in hampstead garden suburb with monies from her parents selling part of their business. This was in 2000? Its very unfair but sadly its the way it is. 

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3 minutes ago, desiringonlychild said:

@Si1 I prefer to have autonomy when I hire workmen. I don't feel comfortable having workmen in my home if something like my oven needs repairing as I can definitely live without an oven as I don't really use mine. But your own call. 

 

Yeah because you can tell who has covid and who doesn't.

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1 minute ago, desiringonlychild said:

@Si1 Its true, i mean, people on this site must be used to being slightly surprised as HPI has been going on for years. But don't worry you will all be vindicated when the crash comes and uk house prices drop 50%. I don't know how that is going to happen with a Tory government. 

East Finchley flat median selling prices down 10% in a year. That must sting. 

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5 minutes ago, desiringonlychild said:

@Si1 Its true, i mean, people on this site must be used to being slightly surprised as HPI has been going on for years. 

Apart from in NI, Scotland, North of England.

Who do people try and air brush out reality.

Most of Britain's housing stock has been falling in real terms for well over a decade, it's the London/SE free money that's made everything look buoyant.

It's like thinking Santa Claus and God is real just because everyone says they are.

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Just now, desiringonlychild said:

@Si1 Not really even if it doesn't apply for my flat. I bought it to live in, not to invest. I hope they do go down a bit more as prices going up would make it harder for me to upgrade actually. I had a big deposit so less worried about negative equity. 

You must be overr-joyeed about it because you've come to the House Price Crash website as a flat owner in London.

:lol: 

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@TheCountOfNowhere  i live in London though so what happens up north isn't really applicable? Btw most people in London do hope for lower house prices even the home owners. The only people it is bad for are the downsizers and they largely bought in the 1990s so it would just be a smaller profit and less money for the kids to buy a home (but thats just circular reasoning anyway). The high house prices just highlight the huge chasm in salaries/family money i.e. friend who is a trainee lawyer in small firm earning less than 30k gets house bought for him, husband's colleague on 100k can't afford to buy as he has no partner and no family help (100k higher rate tax payer is often worse off than  a couple earning similar or even less combined due to taxes). 

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9 minutes ago, desiringonlychild said:

@Si1 Not really even if it doesn't apply for my flat. I bought it to live in, not to invest. I hope they do go down a bit more as prices going up would make it harder for me to upgrade actually. I had a big deposit so less worried about negative equity. 

If you say so

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13 minutes ago, Si1 said:

let's be honest though, it's a sh*t judgement to have to make, to buy or not, and we are all, and @desiringonlychild, victims of it, so we're on the same side really 

It the same old question from me, why do people who are content and happy with their home ownership get drawn to a website that advocates them losing 60% of everything they've never worked for ?

But you are right, buying a house, any house, should not be a gamble.  It should not be so extortionate that it can destroy your finances for life or make it impossible to move for work etc.

The whole thing is totally and utter ****ed

House prices really are the least of anyone's worries

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7 minutes ago, desiringonlychild said:

@Si1  Thanks. Truly I find it to be an impossible situation and I thought actually the pandemic might restore some sanity. But the government is propping up the market to a degree that I would have previously thought impossible.

So why did you buy into it then if you thought they'd not do this and prices could collapse ?

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1 minute ago, TheCountOfNowhere said:

So why did you buy into it then if you thought they'd not do this and prices could collapse ?

Well firstly, I am not sure when it would happen. I had stayed with family for 3 years and could not continue doing that forever. I could rent but I wasn't willing to do that if I started a family as I didn't want to have to look for new homes if my landlord decided to sell up when I was on maternity leave etc. So I thought I would buy this and overpay to the mortgage to reduce the debt so that when the crash happened, I could upsize. Thats what my MIL did and it worked pretty well for her, she is still in the house she bought during the crash even though she sold her 1 bed flat at a loss of 40%. If prices had continued to inflate, she would never have been able to buy her house and she needed the house. In the long run, she says that property price crash was good for her overall as it enabled her to buy the home she needed for her 4 kids (she had 3 kids in that 1 bed flat!).  my dad did the same (albeit in a different country)., and upgraded from a semi detached to a detached house. 

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41 minutes ago, desiringonlychild said:

Well firstly, I am not sure when it would happen. I had stayed with family for 3 years and could not continue doing that forever. I could rent but I wasn't willing to do that if I started a family as I didn't want to have to look for new homes if my landlord decided to sell up when I was on maternity leave etc. So I thought I would buy this and overpay to the mortgage to reduce the debt so that when the crash happened, I could upsize. Thats what my MIL did and it worked pretty well for her, she is still in the house she bought during the crash even though she sold her 1 bed flat at a loss of 40%. If prices had continued to inflate, she would never have been able to buy her house and she needed the house. In the long run, she says that property price crash was good for her overall as it enabled her to buy the home she needed for her 4 kids (she had 3 kids in that 1 bed flat!).  my dad did the same (albeit in a different country)., and upgraded from a semi detached to a detached house. 

Well, good luck.

They way it's looking you're more likely to be right that anyone.

It's still really weird coming on HPC as yet another home owner who'll only loose their deposit but is happy all the same, so.....

FOR THAT REASON..... I'm OUT - Dragons Den | Meme Generator

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1 hour ago, TheCountOfNowhere said:

It the same old question from me, why do people who are content and happy with their home ownership get drawn to a website that advocates them losing 60% of everything they've never worked for ?

Still got some sense of injustice? Or want a bigger house and realise that if they're falling they'll gain from their house falling a little but the bigger one falling more?

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11 minutes ago, Riedquat said:

Still got some sense of injustice? Or want a bigger house and realise that if they're falling they'll gain from their house falling a little but the bigger one falling more?

Yeah, sure, I get that but....70% of the people on the HPC website own houses :lol: 

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11 minutes ago, TheCountOfNowhere said:

Yeah, sure, I get that but....70% of the people on the HPC website own houses :lol: 

I think the common theme of people here is an understanding of how rigged various things are, how money printing is hollowing out the economy, that party politics is largely theatre etc etc.

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22 hours ago, satsuma said:

Crazy, crazy, voodoo freakonomics  

"Sunakonomics...."

 

The guy is the worst thing to happen to this country, politically and economically, for decades (and that's a pretty high bar to get over already...)

 

Sadly 90% of the population think he's the Messiah, because he's bribed them to stay in and drink Stella for a whole year, with their own tax cash.

 

And lots of people are touting him for the next PM.

 

We are well and truly f***ed, unless someone finds a handy grassy knoll somewhere in a London park....

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