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Given up

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Like many I couldn't believe that this runaway housing bubble could last forever, then Covid happened. With a pandemic crippling the economy, the government running up vast amounts of debt and a no deal brexit, which is going to destroy the UK economy. You would imagine the last thing that people would do is get a bigger mortgage and a bigger house.

Yet this exactly what happened. The idiot government pumped yet more money into the housing market, with a wasteful and pointless stamp duty cut. The result in my area was 30-40K being added to the asking price and buyers jumping over themselves to pay it. With stories from outraged buyers, who complained bitterly that banks wouldn't give them mortgages to pay these insane valuations. When the banks were in fact trying to protect their interests, with the massive risks to the economy in 2021.

It is simply impossible for me to save a deposit to keep up with this runaway market. Even buying a s**thole, in a crime ridden neighbourhood would stretch me to the limit.

The world has gone utterly mad.

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  • 3 weeks later...

Nice post @bartelbe , completely agree.

I sold to rent in August 2010 because 1) I was convinced that property prices were going to fall and 2) my employment situation wasn't great. Since then property prices have increased and I couldn't afford to buy another property. I played the game and lost the bet!

I should be able to buy a modest house or flat next year. Sadly this is only possible because my father passed away last summer and his house is going to be sold.

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