DICKDASTARDLY Posted February 18, 2006 Share Posted February 18, 2006 Attention all newbies. Take my advice and take everything you read on here with a pinch of salt.I was first thinking of buying mid 2002, but with a meager deposit and crap wage, deicded to reant my council flat for 2 or 3 years, get better job etc and svae as much as poss. All thaughts of houses pushed to the back of my mind. Cut to Jan 2004, when I decided to strart looking again. I was shocked to see how the prices had risen, wondering what had happened, i typed in house prices uk (or soemthing) And found this site. I began house viewings in ernest as prices rose so sharply, eventualy found a hosue I really liked, it was in bury outside manchester, quite a way out from where I work - Salford, and my flat is five minutes away from work. The house was on at £76k, I put in an offer of £71k, which was my deposit + 3.5times salary, that was rejected at first, he agreed to 73.5, but I did not budge, believeing alot of what I read on here. About 10 weeks later I had a call from the EA, saying the buyer had accepted the ofer, however, since then I had been logging onto the forum daily, and was so convinced not to buy, especially as i had posted asking peeps opinion, that I did not proceed. Also there was alot of newspaper reports about the possibility of a crash, and remember those trevor Mcdonald programs ? Now 2 years later, I Am in exactly the same boat, Feeeling like teh worlds biggest fool, If I had of bought then I wouldve paid at least two years off, but teh crux of teh matter is I did really like the house and it had been done up by a developer, needed nothing doing. I doubt I will even find another I like as much, that I can afford. I have now started to accept prices will not drop, I think i was in denial when I decided not to buy then. I Am now 37, and renting a crappy council flat, with little hope of owning my own house. My advice to any newbies on here is to decide what is right for you and you alone. Quote Link to comment Share on other sites More sharing options...
29929BlackTuesday Posted February 18, 2006 Share Posted February 18, 2006 Dick - how can anyone take you seriously when your spelling is akin to that of an 8-year old? Newbies - this man/lady is an estate agent trying to get you to be the 'last fool' in a pyramid scheme! Quote Link to comment Share on other sites More sharing options...
Its time to buy Posted February 18, 2006 Share Posted February 18, 2006 (edited) i think you make some good points dick dastardly if this is true. I am sure other people are as frustrated as you are. Sorry to hear your situation If you are comming to your 40s, then you need to think if you can wait just a few more years - a crash doesnt come overnight. I envy some of the youngsters going through college and doing proper degrees. If they are careful with money, they will be able to buy something reasonable buy the time they get a good job and saved a small deposit. It is all about timing. Edited February 18, 2006 by notanewmember Quote Link to comment Share on other sites More sharing options...
look to the past Posted February 18, 2006 Share Posted February 18, 2006 Good post – there are a lot of VI (vested interests) like estate agent who will try to ramp the market up “never be a crash again” – likewise there a lot of VI’s who really want a crash. Do what’s best for you – best to join up and argue your points. Quote Link to comment Share on other sites More sharing options...
Guest The_Oldie Posted February 18, 2006 Share Posted February 18, 2006 Newbies - this man/lady is an estate agent trying to get you to be the 'last fool' in a pyramid scheme! I doubt it, DD posted requesting opinions from forum members regarding the proposed purchase in August 2004. http://www.housepricecrash.co.uk/forum/ind...owtopic=188&hl= Quote Link to comment Share on other sites More sharing options...
Guest boredwaiting Posted February 18, 2006 Share Posted February 18, 2006 I think if you really wanted to buy you would have done. Hindsight is a wonderful thing (believe me I know, i did this back in 2001 and there was an opportunity in 96 - i really missed the boat there) but you need to look forward - from today onwards. Several times I have almost bought but pulled out... ultimately I don't think that the housing market is safe as such (not for a while in terms of value for money) but i do admit that I really cannot see it crashing... I wouldn't say we are fools - we just missed an opportunity that's it. There is more to life and we will get by. I understand your frustration and how you feel. It's good to voice it, and there is a clique on here that will attack you for not praising them or saying what they want people to say - but just let them be.... Good luck anyway. Quote Link to comment Share on other sites More sharing options...
dnd Posted February 18, 2006 Share Posted February 18, 2006 I Am now 37, and renting a crappy council flat, with little hope of owning my own house. My advice to any newbies on here is to decide what is right for you and you alone. That's a sad story, but bad advice at the moment.... Quote Link to comment Share on other sites More sharing options...
basildonian Posted February 19, 2006 Share Posted February 19, 2006 That's a sad story, but bad advice at the moment.... How can it be bad advice to do whats right for you and you alone? Quote Link to comment Share on other sites More sharing options...
newaccount99 Posted February 19, 2006 Share Posted February 19, 2006 (edited) His English and spelling might be terrible but his advice is sound. The world is full of people offeing you advice and opinion, make of it what you will. But the decisons you take are your responsibility and the later consequences yours to deal with. I doubt DD's consequence is as bad as he may feel it to be, and his decision based in terms of Risk v Reward probably not such a bad one. What if ............... Edited February 19, 2006 by BTLOptingOut Quote Link to comment Share on other sites More sharing options...
ryanjw Posted February 19, 2006 Share Posted February 19, 2006 (edited) My advice is - if you see a house you like and you can get away with borrowing X 3.5 your current salary then do it. You could be waiting forever for this mysterious crash. I certainly dont wanna be stuck with parents for another 10 years. Do what you feel is right. I`m not saying waitings wrong either. Edited February 19, 2006 by ryanjw Quote Link to comment Share on other sites More sharing options...
Converted Lurker Posted February 19, 2006 Share Posted February 19, 2006 (edited) There will always be FTBs who fall quite neatly into the 8-12% currently buying. For example, they buy the 135K property with a 120K mortgage, spread between themselves as a couple earning 45K per year. They hear talk of: falls, crashes, unaffordability...and shrug their shoulders as they get a 5K discount, fill in paperwork and move in effortlessly. Edited February 19, 2006 by Converted Lurker Quote Link to comment Share on other sites More sharing options...
devils advocate Posted February 19, 2006 Share Posted February 19, 2006 My advice to any newbies on here is to decide what is right for you and you alone. Agreed. The great thing about advice is that you don't have to take it. What FTB's should do is make a decision themseves, in full possession of the facts. If tehy then apply current and historical facts to theier situation, and then evaluate teh risks, the next step is to decide on whether the risks are acceptable. Me, I want a bigger house, but I don't want to take the risk of buying at this level of prices. I've feelt this way for a few years. So I'm going to sit tight and wait. I'm sure that if I'd bought in 2003 or 2004, I'd be able to convince myself that I'd made a paper gain so far, but the longer the current situation goes on, the more that I think that prioces will drop. I'd rather not wait, but the alternative is worse. Quote Link to comment Share on other sites More sharing options...
Converted Lurker Posted February 19, 2006 Share Posted February 19, 2006 (edited) Attention all newbies. Take my advice and take everything you read on here with a pinch of salt.I was first thinking of buying mid 2002, but with a meager deposit and crap wage, deicded to reant my council flat for 2 or 3 years, get better job etc and svae as much as poss. All thaughts of houses pushed to the back of my mind. Cut to Jan 2004, when I decided to strart looking again. I was shocked to see how the prices had risen, wondering what had happened, i typed in house prices uk (or soemthing) And found this site. I began house viewings in ernest as prices rose so sharply, eventualy found a hosue I really liked, it was in bury outside manchester, quite a way out from where I work - Salford, and my flat is five minutes away from work. The house was on at £76k, I put in an offer of £71k, which was my deposit + 3.5times salary, that was rejected at first, he agreed to 73.5, but I did not budge, believeing alot of what I read on here. About 10 weeks later I had a call from the EA, saying the buyer had accepted the ofer, however, since then I had been logging onto the forum daily, and was so convinced not to buy, especially as i had posted asking peeps opinion, that I did not proceed. Also there was alot of newspaper reports about the possibility of a crash, and remember those trevor Mcdonald programs ? Now 2 years later, I Am in exactly the same boat, Feeeling like teh worlds biggest fool, If I had of bought then I wouldve paid at least two years off, but teh crux of teh matter is I did really like the house and it had been done up by a developer, needed nothing doing. I doubt I will even find another I like as much, that I can afford. I have now started to accept prices will not drop, I think i was in denial when I decided not to buy then. I Am now 37, and renting a crappy council flat, with little hope of owning my own house. My advice to any newbies on here is to decide what is right for you and you alone. Sorry, in being specific to your situation, the arguments v a correction are all done , it`s alive, it`s here and amongst us. Whilst prices may not get back to 2002 levels immediately, surely there are a vast amount of properties you could get a 10-15% discount off now in your chosen area? Add that to a 10 year fixed repayment mortgage and you are probably in a better position to buy then you were over the last 18 months? PMA might get you a long way Edited February 19, 2006 by Converted Lurker Quote Link to comment Share on other sites More sharing options...
apom Posted February 19, 2006 Share Posted February 19, 2006 Attention all newbies. Take my advice and take everything you read on here with a pinch of salt.I was first thinking of buying mid 2002, but with a meager deposit and crap wage, deicded to reant my council flat for 2 or 3 years, get better job etc and svae as much as poss. All thaughts of houses pushed to the back of my mind. Cut to Jan 2004, when I decided to strart looking again. I was shocked to see how the prices had risen, wondering what had happened, i typed in house prices uk (or soemthing) And found this site. I began house viewings in ernest as prices rose so sharply, eventualy found a hosue I really liked, it was in bury outside manchester, quite a way out from where I work - Salford, and my flat is five minutes away from work. The house was on at £76k, I put in an offer of £71k, which was my deposit + 3.5times salary, that was rejected at first, he agreed to 73.5, but I did not budge, believeing alot of what I read on here. About 10 weeks later I had a call from the EA, saying the buyer had accepted the ofer, however, since then I had been logging onto the forum daily, and was so convinced not to buy, especially as i had posted asking peeps opinion, that I did not proceed. Also there was alot of newspaper reports about the possibility of a crash, and remember those trevor Mcdonald programs ? Now 2 years later, I Am in exactly the same boat, Feeeling like teh worlds biggest fool, If I had of bought then I wouldve paid at least two years off, but teh crux of teh matter is I did really like the house and it had been done up by a developer, needed nothing doing. I doubt I will even find another I like as much, that I can afford. I have now started to accept prices will not drop, I think i was in denial when I decided not to buy then. I Am now 37, and renting a crappy council flat, with little hope of owning my own house. My advice to any newbies on here is to decide what is right for you and you alone. You could be right this could be the only speculative market that won't crash. all others have done so since biblical times. Not one has not. Quote Link to comment Share on other sites More sharing options...
BuyingBear Posted February 19, 2006 Share Posted February 19, 2006 He's basically saying that he cocked up his timing so therefore anytime is a good time to buy, I disagree. Quote Link to comment Share on other sites More sharing options...
Mr Blek Posted February 19, 2006 Share Posted February 19, 2006 Looks like he's moaning about mistiming. In hindsight, if we could all go back, we'd all be millionaires now. Its not the way it works. The worst thing you can do now is panic and buy. Cue forward two years and what will you be posting then? Quote Link to comment Share on other sites More sharing options...
Magpie Posted February 19, 2006 Share Posted February 19, 2006 I have some sympathy with the original post. I've noted elsewhere that there can be a kneejerk reaction here to advise posters against buying regardless of their personal situations. There are a wide variety of people posting here. Some are unable to buy now and have never been able to. Some are bitter because they think maybe they should have bought 10 years ago (I'm probably just about in that category although I was maybe never quite in a situation to buy...). Some are viewing property as an investment (whether BTL or STR, because both are looking at the returns from a different angle to those who simply want a home). Some maybe want to talk the market down and think that everytime they talk someone out of buying they are helping to achieve this. This all makes it an extremely useful source of information and varying opinions, but I have seen people advised not to buy several times where I thought the advice was questionable. If you simply want somewhere to live, it might not be so dreadful to buy now rather than spend a possibly extended period of time renting. If it matters to you to own property, if you have a family, if you are approaching forty (meaning that getting a 25-year mortgage will become harder) etc etc, there may be personal cirumstances that outweight the HPC argument. You just have to be prepared for the possible negative consequences of that choice. I'm buying, even though I believe the market will fall. I fully respect the decisions of many here who choose not to (and I sympathise with those who want to but can't). But I find it irritating when any decision to buy whatever is attacked without a full knowledge of the background. If Dick is genuine and I see no reason to think he isn't, I'd advise him (and others in similar situations) to make the decision at this stage on his own situation alone, taking into account all the information given here, but remembering that he is the one who has to live with the decision. Quote Link to comment Share on other sites More sharing options...
NJP Posted February 19, 2006 Share Posted February 19, 2006 I have now started to accept prices will not drop, I think i was in denial when I decided not to buy then. I Am now 37, and renting a crappy council flat, with little hope of owning my own house. My advice to any newbies on here is to decide what is right for you and you alone. I agree that you should probably have bought four years ago if you could afford it. However, just because you made a mistake then, doesn't mean that now is a good time for people to buy, or that prices won't decrease. Quote Link to comment Share on other sites More sharing options...
aussieboy Posted February 19, 2006 Share Posted February 19, 2006 (edited) Dick - how can anyone take you seriously when your spelling is akin to that of an 8-year old? Newbies - this man/lady is an estate agent trying to get you to be the 'last fool' in a pyramid scheme! Bad typing does not equal bad spelling. Even if this were not the case, bad spelling would not invalidate DD's contribution. Crying Troll when you hear something that does not accord with your world view also does not get the Forum anywhere either. It's a bulletin board, not an A Level English paper. Edited February 19, 2006 by aussieboy Quote Link to comment Share on other sites More sharing options...
Guest Winners and Losers Posted February 20, 2006 Share Posted February 20, 2006 OK, the UK might be different, but I bought in Aus 4 years ago in the belief that prices would continue to rise. Over a period of about 2 years (starting in 2004) prices has slipped back around early 2003 values. You could still yet be happy that you did not buy if that happens here. That is back to 2003 values in 2006. I have friends who own their house and would not have a clue about what the market is doing, nor do they really care. They can pay their mortgage, they have kids to raise and that is it. Not everyone is obsessed of has their entire life ruled by the property market. I sold in London in 2002 and have the whole 'hindsight' thing going own. But, another point is that not everyone is in the property market to make a quick buck and it is not possible for everyone to hang on to their properties for ever. I wonder what the woman who sold to me in 1996 for 65k is thinking now? That she should have held on to it for another 10 years? It is not realistic. I had to sell because of divorce. Sometimes life decides for you. Buy if you are going to buy newbies, just don't complain (in hindsight!) if it all goes pear shaped. Quote Link to comment Share on other sites More sharing options...
Xurbia Posted February 20, 2006 Share Posted February 20, 2006 I don't think you need 'wet nursing' at the age of 37. What the hell have you been doing with all your money for the last 16 years? Was it the teacher's fault too that you didn't get a better paid job? Is it MacBurger's fault if you eat too many french fries and end up a fat f**k? There will always be a deal out there. Even in the best possible market conditions you could still buy a sh*thole noddy box with subsidence and still lose money on it. Information requires a brain to act on otherwise it's just useless data. I've heard it all now. Quote Link to comment Share on other sites More sharing options...
Once in a lifetime Posted February 20, 2006 Share Posted February 20, 2006 (edited) Life’s a bitch, then you buy... DD, I am sorry to hear that circumstances haven’t worked out for you. As shrek would say, “join the club, we’ve got jackets!” I don’t mean to be condescending but give us the ‘post codes’ I did a quick houseprices.co.uk and found many properties in Salford under £70k sold at the end of 2005. You are not priced out! and should continue to be patient. Edited February 20, 2006 by burnt before Quote Link to comment Share on other sites More sharing options...
DICKDASTARDLY Posted February 20, 2006 Author Share Posted February 20, 2006 Okay, My spelling wasn't great I'll grant you, big deal, I was typing in a rush. The point I was trying to make, is prices may go up / down / sideways, but people need to consider their own circumstances, as its not as cut and dried as some people would have you believe. Also, if somebody genuinley 100% believed there was going to be a crash/correction, they would be safe in that knowledge, and there would be no need to log on to this site everyday, There are people on here who make numerous postings every single day, are they trying to convince themselves, or everyone else? I Now personally feel a correction is on the horizon, but how faroff, and how much ? Sometimes i think I have done the right thing in the long term, but usually I think life is too short, so if you see soemthing you can afford and like it, why wait indefintley ? if it feels right for you, just do it and move on with your life. Quote Link to comment Share on other sites More sharing options...
Guest Winners and Losers Posted February 20, 2006 Share Posted February 20, 2006 Also, if somebody genuinley 100% believed there was going to be a crash/correction, they would be safe in that knowledge, and there would be no need to log on to this site everyday, Crystal Ball anyone? Either way, it is not possible to be 'safe in the knowledge' no matter how much you believe. There are too many factors involved to both sides of the coin. I don't think anyone on this site really professes to be that arrogant, do they? Quote Link to comment Share on other sites More sharing options...
Once in a lifetime Posted February 20, 2006 Share Posted February 20, 2006 I believe there are two types of people in today’s market not buying. 1. Those that did the maths and research. And have switched-off emotional feelings. 2. Those that cannot afford to buy a property they would ‘want’ to live in. Quote Link to comment Share on other sites More sharing options...
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