Bagehot Posted April 3, 2006 Share Posted April 3, 2006 What will the consequences for you be if there is no significant correction in the housing market? What choices will you have left? Me: consigned to buying a sub-desirable 2/2.5 bed house in outer London with a monster mortgage (but one which I can get and can afford as I would go ultra austere and do nothing but pay of the mortgage) Quote Link to comment Share on other sites More sharing options...
Guest Winners and Losers Posted April 3, 2006 Share Posted April 3, 2006 What will the consequences for you be if there is no significant correction in the housing market? What choices will you have left? Me: consigned to buying a sub-desirable 2/2.5 bed house in outer London with a monster mortgage (but one which I can get and can afford as I would go ultra austere and do nothing but pay of the mortgage) You should have done a poll. For me, no HPC is good news and HPC is good news. No HPC in UK and I will save all my pennies to pay off my mortgage in Australia and retire at 45. HPC and I will buy a house in the UK and hang on to my house in Oz for retirement. Quote Link to comment Share on other sites More sharing options...
iamconfusedagain Posted April 3, 2006 Share Posted April 3, 2006 What will the consequences for you be if there is no significant correction in the housing market? We get a even deeper division of wealth, lots of social unrest etc. I will be looking an alternative home outside the UK. If I can not leave I will have to rent forever or get a nice tent. Quote Link to comment Share on other sites More sharing options...
ʎqɐqɹǝʞɐɥs Posted April 3, 2006 Share Posted April 3, 2006 Move abroad! Quote Link to comment Share on other sites More sharing options...
the end is a bit nigher Posted April 3, 2006 Share Posted April 3, 2006 Me: consigned to buying a sub-desirable 2/2.5 bed house in outer London with a monster mortgage (but one which I can get and can afford as I would go ultra austere and do nothing but pay of the mortgage) pretty much the same here - although if i can get another 5 years work like the last one i can probably buy for cash - like having some spare money to go on holiday with tho' Quote Link to comment Share on other sites More sharing options...
Mr Blek Posted April 3, 2006 Share Posted April 3, 2006 I'd still have enough to buy a house without the hassle of a 25yr mortgage. But I don't entertain the thought. The writing is on the wall for me. The tanker has turned Quote Link to comment Share on other sites More sharing options...
Guest Posted April 3, 2006 Share Posted April 3, 2006 Hopefully I will see no more than a 6 month bear market in stocks, followed by a RAGING bull market as all the property numpties pile back into the real stuff, and I'll be pulling £££££s of loads of silly IPOs (Inside Tits Co ITIT.L), while renting a 5 bedroom detached with 1/2 acre of lawn backing onto a golf course for £500pcm in Cheshire. Then I'll retire to Costa Teguise, Lanzarote, and run a bar for my HPC friends. Quote Link to comment Share on other sites More sharing options...
camem' Posted April 3, 2006 Share Posted April 3, 2006 (edited) You should have done a poll. For me, no HPC is good news and HPC is good news. No HPC in UK and I will save all my pennies to pay off my mortgage in Australia and retire at 45. HPC and I will buy a house in the UK and hang on to my house in Oz for retirement. what a beautiful summary of why HPI sucks moose balls you can a. retire b. not retire, but be loads more wealthy. No really, loads. It'll be great. One day you'll have paid off both mortgages and have enough money to actually stop working altogether ! Edited April 3, 2006 by camem' Quote Link to comment Share on other sites More sharing options...
newaccount99 Posted April 3, 2006 Share Posted April 3, 2006 Pretty much given up the idea that there will be a HPC! Perhapes a protracted and very long drawn out decline over a period of 10 years + but no "Crash" as such. If it happens over a period of just 5 years or so there doesn't need to be any nominal fall for a 20% real-price correction. Owning is currently un-affordable to me in terms of: mobility, flexibility, freedom, choice..........If prices fail to adjust or go up then it just tips the balance even further in that direction. I live in a brand new "BTL It's my pension init" leased town house on a low rent.............meanwhile with a sizeable sum of equity I can afford to top up my pension that atracts 47% tax/NI incentive and invest in funds that have made upto 49% over the last 12 mths. No HPC? No skin off my ass. Quote Link to comment Share on other sites More sharing options...
Guest Posted April 3, 2006 Share Posted April 3, 2006 Pretty much given up the idea that there will be a HPC! Oh FFS. It almost crashed last year. Look at what happened to SENTIMENT. Are we not on a knife edge, with world rates rising? Quote Link to comment Share on other sites More sharing options...
Elizabeth Posted April 3, 2006 Share Posted April 3, 2006 I am The New Rentier Class. Now just watch that phraze propagate in the media over the next few months. Someone might even right a PhD. But YOU SAW IT HERE FIRST! Quote Link to comment Share on other sites More sharing options...
Guest Posted April 3, 2006 Share Posted April 3, 2006 I am The New Rentier Class. Now just watch that phraze propagate in the media over the next few months. Someone might even right a PhD. But YOU SAW IT HERE FIRST! No Eliz, we need a BUZZWORD: May I suggest.... "Privately Managed Subsidized Living" (PMSL) Quote Link to comment Share on other sites More sharing options...
MarkG Posted April 3, 2006 Share Posted April 3, 2006 Are we not on a knife edge, with world rates rising? No. Britain is protected from rising rates by the Gordon Brown Reality Distortion Field (pat pending). Quote Link to comment Share on other sites More sharing options...
homeless Posted April 3, 2006 Share Posted April 3, 2006 I will wait 15 more years ar which time i will be 50. Then i will go on a killing spree of the rich landlords and spend out my days in free rented accomadation with free food, free electricity and probably turn gay and have an asshole as big as a clowns pocket. And who will pay for all this. well the landlords taxes of course. Quote Link to comment Share on other sites More sharing options...
clangnuts Posted April 3, 2006 Share Posted April 3, 2006 What will the consequences for you be if there is no significant correction in the housing market? What choices will you have left? Me: consigned to buying a sub-desirable 2/2.5 bed house in outer London with a monster mortgage (but one which I can get and can afford as I would go ultra austere and do nothing but pay of the mortgage) Without HPC, we cannot afford to live in the South East. For us it's as simple as that. I do an essensial community based job, had loads of training from my employer - but it's getting to the stage where I'm going to have to take out a loan, just to stay in this area. It's bankrupting me living here! Clangnuts Quote Link to comment Share on other sites More sharing options...
newaccount99 Posted April 3, 2006 Share Posted April 3, 2006 Oh FFS. It almost crashed last year. Look at what happened to SENTIMENT. Are we not on a knife edge, with world rates rising? It almost crashed last year like it will 'almost boom' this Q1/2. I've witnessed this so-called knife edge for 3 years.........I'm not saying it won't happen...........I'm saying that the knife-edge may just stick around for a good few more years yet. Prices didn't "crash" in Japan until someone looked back over 15 years.............it's not inconcievable that it might happen here. I'll bet money it will adjust back before I retire......but it all looks like a watched kettle to moi. Quote Link to comment Share on other sites More sharing options...
Guest Posted April 3, 2006 Share Posted April 3, 2006 It almost crashed last year like it will 'almost boom' this Q1/2. I've witnessed this so-called knife edge for 3 years.........I'm not saying it won't happen...........I'm saying that the knife-edge may just stick around for a good few more years yet. Prices didn't "crash" in Japan until someone looked back over 15 years.............it's not inconcievable that it might happen here. I'll bet money it will adjust back before I retire......but it all looks like a watched kettle to moi. 3 years? naaaaaaaaaaaaaaaaaah. Not up north. 3 yrs ago houses were flying of the shelves. As in flying of the shelves-flying of the shelves, not as in "flying of the shelves". Sep 2004 Mammas UP until Super Merv saves the day in August '05. Proper Bo. You won't get hot action like this on TV, you know. Real life only. You just gotta be more positive about this negative thing. Quote Link to comment Share on other sites More sharing options...
CaptainClamp Posted April 3, 2006 Share Posted April 3, 2006 Economics dictate it will crash. Fast or slow, either nominal falls or via inflation (though my money is on fast nominal falls). It's going to happen. However, if it doesn't I will steal a boat and take up piracy on the high seas. Or perhaps a submarine, though the light is better on a boat. I'll be damned if I ever buy a house at these income multiples though. Quote Link to comment Share on other sites More sharing options...
MarkG Posted April 3, 2006 Share Posted April 3, 2006 However, if it doesn't I will steal a boat and take up piracy on the high seas. Or perhaps a submarine, though the light is better on a boat. Ever read 'Illuminatus'? I could quite handle living on the Leif Erikson, myself... Quote Link to comment Share on other sites More sharing options...
CaptainClamp Posted April 3, 2006 Share Posted April 3, 2006 Ever read 'Illuminatus'? I could quite handle living on the Leif Erikson, myself... Yes I read that as a young teenager, hadn't quite taken enough drugs yet. The Leif Erikson would be quite pleasant alright, though probably very difficult to dock. Must revisit Illuminatus soon, I think one of my housemates has it (advantages of renting number 3,254) Quote Link to comment Share on other sites More sharing options...
Guest Bart of Darkness Posted April 3, 2006 Share Posted April 3, 2006 Buy the same type of place, just spend vastly greater amounts of wonga on it. A week after I buy, then we'll see the downturn. Quote Link to comment Share on other sites More sharing options...
BillyShears Posted April 3, 2006 Share Posted April 3, 2006 What will the consequences for you be if there is no significant correction in the housing market? What choices will you have left? Me: consigned to buying a sub-desirable 2/2.5 bed house in outer London with a monster mortgage (but one which I can get and can afford as I would go ultra austere and do nothing but pay of the mortgage) Into my fifties before I pay off the mortgage on an average 3 bed semi in a relatively cheap part of a relatively cheap city. Billy Shears A week after I buy, then we'll see the downturn. I have often thought the same thing. Billy Shears Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted April 3, 2006 Share Posted April 3, 2006 Me: consigned to buying a sub-desirable 2/2.5 bed house in outer London with a monster mortgage (but one which I can get and can afford as I would go ultra austere and do nothing but pay of the mortgage) wow. how depressing...... i would turn to crime and fraud and borrow insane amounts of money on btl with a view to not really caring at all. i wouldnt give a sh1t. if it went t1ts up after that id just split the country. one thing i wouldnt be doing is servicing a job. Quote Link to comment Share on other sites More sharing options...
BillyShears Posted April 3, 2006 Share Posted April 3, 2006 Oh FFS. It almost crashed last year. Look at what happened to SENTIMENT. Are we not on a knife edge, with world rates rising? Changes in the housing market seem to happen far too slow and not nearly monotonic enough for the MTV generation. Billy Shears Quote Link to comment Share on other sites More sharing options...
MarkG Posted April 3, 2006 Share Posted April 3, 2006 i would turn to crime and fraud and borrow insane amounts of money on btl with a view to not really caring at all. i wouldnt give a sh1t. if it went t1ts up after that id just split the country. You know, that's not such a bad idea. Do you think I can get a BTL mortgage on an eight-hundred-foot long yellow submarine? Quote Link to comment Share on other sites More sharing options...
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