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beenhearingthisforyears

If U Move Into A Home That Some Family Lost To Repossession

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I have become very frustrated how easy some forum members make investing in shares/savings etc sound. Having a discussion with friends last night re: being notified by our banks that they are lowering interest rates on savings. If times get really tough - as predicted here, mass unemployment etc - the stock market COULD be effected too? Surely it will be those struggling financially now who will really suffer the most? And if the crash comes and you get to buy and live in a home that some family lost to repossession.........then how will you feel?

Could I respectfully ask members who are waiting for a crash before they buy "how can you be so confident that you will be immune to job losses?" Surely in times of recession anything can happen..........and if times do get “really” bad* as I have experienced because I was made redundant unexpectedly last time, all thoughts of purchasing a property CAN go by the wayside......- *i define really bad as houses crashing by at least half as SOME members believe-

Also in a twist of fortunes could people who have STR..... become the new "despised" just as BTL'ers and LL's are despised today? (despised by some people on this forum who have expressed that sentiment.) Post crash could you not also stand accused of having made a "killing" out of property? Perhaps accused by FTB’s who may have lost their jobs and STILL cannot get on the property ladder. I have made profit from property in the past so I will/do not hold that sentiment myself.

Edited by beenhearingthisforyears

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And if the crash comes and you get to buy and live in a home that some family lost to repossession.........then how will you feel?

Could I respectfully ask members who are waiting for a crash before they buy "how can you be so confident that you will be immune to job losses?"

Post crash could you not also stand accused of having made a "killing" out of property?

I have no problem buying a repossessed house - as long as it is priced right. I'm not responsible for someone's bad financial planning, but I do accept collective responsibility for keeping housing affordable so that those who are repossessed can quickly get back on their feet.

To your second question... I'm self-employed. And I retrain every five years to add to my skills base.

Your third question - no. Just bought at the right time of the cycle. :)

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beenhearingthisforyears,

I have become very frustrated how easy some forum members make investing in shares/savings etc sound. Having a discussion with friends last night re: being notified by our banks that they are lowering interest rates on savings. If times get really tough - as predicted here, mass unemployment etc - the stock market COULD be effected too? Surely it will be those struggling financially now who will really suffer the most? And if the crash comes and you get to buy and live in a home that some family lost to repossession.........then how will you feel?

It was their decision to purchase at whatever price they paid. In fact in all of this there is the inplicit game being played where one party is competing with another party in either their ability and willingness to borrow or their willingness to lie about their finances in order to borrow sufficient sums. In no way am I saying that it is everybody but there are a significant number who will have just played the game and lost.

Could I respectfully ask members who are waiting for a crash before they buy "how can you be so confident that you will be immune to job losses?" Surely in times of recession anything can happen..........and if times do get “really” bad* as I have experienced because I was made redundant unexpectedly last time, all thoughts of purchasing a property CAN go by the wayside......- *i define really bad as houses crashing by at least half as SOME members believe-

As far as I see the economy and our competitivenesss is getting worse by the day. Not participating and not getting into debt to do so is one of a number of things I can do to insulate myself from the bubble.

Also in a twist of fortunes could people who have STR..... become the new "despised" just as BTL'ers and LL's are despised today? (despised by some people on this forum who have expressed that sentiment.) Post crash could you not also stand accused of having made a "killing" out of property? Perhaps accused by FTB’s who may have lost their jobs and STILL cannot get on the property ladder. I have made profit from property in the past so I will/do not hold that sentiment myself.

There will be a whole list of people/organisations up against the wall on that score.

Edited by OnlyMe

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beenhearingthisforyears,

I have become very frustrated how easy some forum members make investing in shares/savings etc sound. Having a discussion with friends last night re: being notified by our banks that they are lowering interest rates on savings. If times get really tough - as predicted here, mass unemployment etc - the stock market COULD be effected too? Surely it will be those struggling financially now who will really suffer the most? And if the crash comes and you get to buy and live in a home that some family lost to repossession.........then how will you feel?

It was their decision to purchase at whatever price they paid. In fact in all of this there is the inplicit game being played where one party is competing with another party in either their ability and willingness to borrow or their willingness to lie about their finances in order to borrow sufficient sums. In no way am I saying that it is everybody but there are a significant number who will have just played the game and lost.

Could I respectfully ask members who are waiting for a crash before they buy "how can you be so confident that you will be immune to job losses?" Surely in times of recession anything can happen..........and if times do get “really” bad* as I have experienced because I was made redundant unexpectedly last time, all thoughts of purchasing a property CAN go by the wayside......- *i define really bad as houses crashing by at least half as SOME members believe-

As far as I see the economy and our competitivenesss is getting worse by the day. Not participating and not getting into debt to do so is one of a number of things I can do to insulate myself from the bubble.

Also in a twist of fortunes could people who have STR..... become the new "despised" just as BTL'ers and LL's are despised today? (despised by some people on this forum who have expressed that sentiment.) Post crash could you not also stand accused of having made a "killing" out of property? Perhaps accused by FTB’s who may have lost their jobs and STILL cannot get on the property ladder. I have made profit from property in the past so I will/do not hold that sentiment myself.

There will be a whole list of people/organisations up against the wall on that score.

thanks for response. i can see a common "no debt" that links many members.......but isn't is terrfying how many do have huge debts....

I had £15k card debt post studying/unemployed and took me 10 yrs to get it paid off on 0% credit cards..luckily before they made transfer charges and i jumped from one card to another......

Edited by beenhearingthisforyears

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Guest Bart of Darkness

If U Move Into A Home That Some Family Lost To Repossession, then how will you feel? (if the crash comes)

I would be fair.

I would give them exactly the same amount of consideration they gave people who were priced out of "getting on the ladder".

I would not gloat over the savings I had made by buying at the right point of the housing cycle, well, certainly no more than they probably gloated over how much money "their" house had made them.

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With a little research you can discover which companies are exposed to which factors. Some large companies will continue to grow throughout an economic down turn. It depends on what they are exposed to. There’s an uncountable number of factors out there with the potential to slow any company. But you should not buy shares based on the company name, you should have a very sound understanding of any firm before you invest in them. You should seek the sort of information not available in the press. You will need to understand their market place and factors affecting that.

Not many people can be certain of their job in the event of a recession, but some people can be confident (not certain) they are safe, policemen for example.

I would happily move into a house repossessed from some overstretched family, if they cannot pay for the house their debt repayments should be reduced by selling said house.

The problem gets really bad when there are not enough buyers to buy all the cheap houses, then prices have to come down.

Buying today one would be wise to assume that. Over the next five years bills and taxes will grow faster than wages, also rates look like following the Fed (eventually). Anyone who buys now is likely to become poorer over the next five years as a result. Also in 2010 / 2012, the baby boomers will retire. This will mean sharp rises in National Insurance. I cannot understand how anyone can justify getting into debt when common sense points to Joe Public becoming poorer in the short/medium term.

Everyone will earn slightly more and pay a lot more for everything, leaving us all with less. Prepare for a war of attrition where those carrying the largest debts will have the least power to generate cash. Those with wise investments in areas about to see strong growth will have the most power to generate cash.

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Could I respectfully ask members who are waiting for a crash before they buy "how can you be so confident that you will be immune to job losses?"

I am waiting for the crash before buying precisely because I don't think you ever know what is going to happen in life, whether that be in relation to you job or your health or whatever.

Up to now people would try to make sure their repayments were managable and that they had savings in case things ever got difficult but that has all stopped now. Most of us can't buy anything at all, let alone trying to make sure the repayments on the mortgage are manageable and that savings etc. are available to deal with any change in circumstances.

I would argue that with the coming crash and as you rightly point out - job losses, taking on a mortgage would be downright daft.

So although some will be fairly confident that their jobs are pretty recession proof, the rest of us don't know. The only thing we do know is that without a crash buying property is simply out of the question.

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thanks for response. i can see a common "no debt" that links many members.......but isn't is terrfying how many do have huge debts....

I had £15k card debt post studying/unemployed and took me 10 yrs to get it paid off on 0% credit cards..luckily before they made transfer charges and i jumped from one card to another......

You're welcome.

I think a lot of people have no real idea how long debts with acrruing interest can and do hang around. Particulalry vulnerable to this are the young - the cost and value of a tertiary education is a big factor that I don't think anyone has properly factored into long term affrodability of housing.

On the matter of the stock market - yes I think that too will come under severe pressure, especially as a lot of the big hitters in the main index are associated with financial services and the perpetuation of the property/borrowing/speculation frenzy.

Edited by OnlyMe

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I have become very frustrated how easy some forum members make investing in shares/savings etc sound. Having a discussion with friends last night re: being notified by our banks that they are lowering interest rates on savings. If times get really tough - as predicted here, mass unemployment etc - the stock market COULD be effected too?

Could? Of course it will... people here are mainly interested in the UK housing market but this is an irrelevantly small cog in a global machine undergoing catastrophic failure. Of course the UK housing market is going to collapse (I find it strange that this is even a contentious issue) but look at the bigger picture, energy, the dollar, resources, population, debt, environment degradation etc... the next few decades are going to be very interesting.

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Also in a twist of fortunes could people who have STR..... become the new "despised" just as BTL'ers and LL's are despised today? (despised by some people on this forum who have expressed that sentiment.) Post crash could you not also stand accused of having made a "killing" out of property? Perhaps accused by FTB’s who may have lost their jobs and STILL cannot get on the property ladder. I have made profit from property in the past so I will/do not hold that sentiment myself.

I don't think BTLs are 'despised' for making a 'killing' out of property here but for driving up prices by buying properties which have low or even negative yields. This stupid pig-headed conviction that capital gains will cover this lack of yield is helping nobody, least of all the BTLs.

I don't think BTLs who bought sensible letting properties at sensible prices before the boom are really despised for just trading in property and making money - just heartily and justifiably disliked if they gloat.

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I...................

what a load of twaddle twaddle twaddle..................................... myself.

But that said I'll enter into the spirit of having "bugger all of merit to say regards house prices "

How about asking how you would feel having sex with somebody who had chucked their partner out because he/she did not have a deposit for a house. :rolleyes:

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My main concern these days would be that the previous 'owners' might come back one night to slit my throat while I was asleep...

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Could I respectfully ask members who are waiting for a crash before they buy "how can you be so confident that you will be immune to job losses?" Surely in times of recession anything can happen..........and if times do get “really” bad* as I have experienced because I was made redundant unexpectedly last time, all thoughts of purchasing a property CAN go by the wayside......- *i define really bad as houses crashing by at least half as SOME members believe-

Okay..

say I loose my job in the recession..

WellI would have to get a new one.

Also I have lost two jobs in this recession already..

(1999. Recession. Export industry I worked in electronics.. that died.. I got out 6 months before the comany folded..

2003.. Still this damned recession.. IT industry for the airlines.. ouch.. after 2001...)

The recession has been here for years..

If you don't think so design a time machine head back to 2000 and explain to people that mew and huge debt is silly with no inflation.. that should remover £500,000,000,000 from the economy..

so I have found work in an industry that is as recession proof as I can find..

Its not my storm, but I am old enough and ugly enough to weather it as best I can..

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From what I remember from previous threads you're an LL yourself, aren't you, BHTFY? Five houses, is it? In which case, since you're one of the people who've contributed to ramping prices to the level they're at, you are directly responsible for the consequences.

Are you trying to make yourself feel better?

Of course if you're not an LL I'll withdraw this and apologise.

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From what I remember from previous threads you're an LL yourself, aren't you, BHTFY? Five houses, is it? In which case, since you're one of the people who've contributed to ramping prices to the level they're at, you are directly responsible for the consequences.

Are you trying to make yourself feel better?

Of course if you're not an LL I'll withdraw this and apologise.

i accept your apology..... <_< i own the flat i live in and that is all........well the BS owns the flat i live in.....to be more accurate......

and why would i post topics like this if i was a 5 property LL???

Edited by beenhearingthisforyears

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If times get really tough - as predicted here, mass unemployment etc - the stock market COULD be effected too?

Well, the way I look at that is this:

If unemployment went up to 10% that would be very bad news for the economy IMO, and I think house prices would fall a lot as a result. But even then unemployment would be affecting 10% of the population, whereas the other 90% would be benefiting from nice low house prices. So as long as one is in the 90%, then all is well. So if such a catastrophe happens, the odds are that a person will still be in employment, but the near certainty would be that they would benefit from low prices.

I could be wrong, but that's why I don't worry so much about the other bad aspects of a downturn.

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i accept your apology..... <_< i own the flat i live in and that is all........well the BS owns the flat i live in.....to be more accurate......

and why would i post topics like this if i was a 5 property LL???

Hmmm...you're right. I do apologise. It's "lookingafterthekids" who's the 5 btl troll. So yes, my bad.

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But even then unemployment would be affecting 10% of the population, whereas the other 90% would be benefiting from nice low house prices.

Indeed. People complain about 30% unemployment rates in the Great Depression, but the 70% who were employed were generally better off than they had been ten years earlier... and often better off than they were ten years later (not even counting the fact that ten years later they might be sent off as WWII cannon fodder).

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But that said I'll enter into the spirit of having "bugger all of merit to say regards house prices "

How about asking how you would feel having sex with somebody who had chucked their partner out because he/she did not have a deposit for a house. :rolleyes:

sorry......you have totally lost me??????

.......and don't you think it is a bit out of order to quote someone and then change their quote????

and sure the moderators will move thread if they deem it not relevant........so thanks for your observations, very enlightening.......................

Edited by beenhearingthisforyears

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I have become very frustrated how easy some forum members make investing in shares/savings etc sound. Having a discussion with friends last night re: being notified by our banks that they are lowering interest rates on savings. If times get really tough - as predicted here, mass unemployment etc - the stock market COULD be effected too? Surely it will be those struggling financially now who will really suffer the most? And if the crash comes and you get to buy and live in a home that some family lost to repossession.........then how will you feel?

Could I respectfully ask members who are waiting for a crash before they buy "how can you be so confident that you will be immune to job losses?" Surely in times of recession anything can happen..........and if times do get “really” bad* as I have experienced because I was made redundant unexpectedly last time, all thoughts of purchasing a property CAN go by the wayside......- *i define really bad as houses crashing by at least half as SOME members believe-

Also in a twist of fortunes could people who have STR..... become the new "despised" just as BTL'ers and LL's are despised today? (despised by some people on this forum who have expressed that sentiment.) Post crash could you not also stand accused of having made a "killing" out of property? Perhaps accused by FTB’s who may have lost their jobs and STILL cannot get on the property ladder. I have made profit from property in the past so I will/do not hold that sentiment myself.

Currently live with my mum in a council house and work in a factory with chemicals that are carcinogenic,mutagenic,toxic, caustic and higly acidic.

Nuff said? :lol:

EDITED:

can't spell either

Edited by theChuz

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I thought i would feel extremely guilty especially if they had children, however the type of people most likely to lose their houses because of huge debts are the same type that breed the little sh1ts that bully my friends son for not having the right clothes.

Most of them are fur coat and no knickers types so i shall have a little smug smile to myself as I paint over the magnolia walls and pull up the laminate flooring.

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Life is not a meritocracy it is a lottery. I can't be responsible for anyone elses bad fortune (or bad planning or both). I can only attempt to trap a little good fortune for myself.

Britain is a system of cyclic capitalism. I can't beat it, and the only way that I can get the security I want is by playing the cycle. No I don't NEED the house. I WANT the house. In the same way that the family that got repossessed WANTED the house but didn't NEED it. I grew up in rented accommodation. It is a sh!t but its not death, and I am not Mother Theresa and I am not personally responsible for other peoples kids, lives or misfortunes. That is what I pay my tax for.

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Life is not a meritocracy it is a lottery. I can't be responsible for anyone elses bad fortune (or bad planning or both). I can only attempt to trap a little good fortune for myself.

Britain is a system of cyclic capitalism. I can't beat it, and the only way that I can get the security I want is by playing the cycle. No I don't NEED the house. I WANT the house. In the same way that the family that got repossessed WANTED the house but didn't NEED it. I grew up in rented accommodation. It is a sh!t but its not death, and I am not Mother Theresa and I am not personally responsible for other peoples kids, lives or misfortunes. That is what I pay my tax for.

My thoughts exactly.

Would perhaps feel a prang of sympathy for any kids involved for having such stupid parents. Hopefully they will grow up not to be so financially inept. It’s not my problem though just like my current situation isn’t theirs.

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  • 302 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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