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sam

My Faith Has Been Weakened Today

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I have been driving around to the west and north of Cambridge today, i had several jobs to price up.

Now every ounce of commonsence in my body tells me that this Country is and has been on a debt fuelled spending spree, the like of which is just impossible to sustain.

Yet today all i see is sold signs, WHAT THE F***.

Two years ago i was certain that i was doing the right thing by staying out of this huge con, today for the first time i am 50/50, am i along with most of the site missing something.

In theory my gut instinct and prediction for the property market i made from two years ago should be more sound today, but it does not feel that way.

I am starting to loose the faith(temporary hopefully), i put it down to a moment of weakness, deep inside me there is this little voice that makes me hang on.

I swear that people must be on the brink of being crushed by heavy debt, but you see little sign of it on the street, how is it holding up.

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I see loads of SOLD signs too.

But often they are subject to contract and will fall through later.

One house around here has been 'sold' twice and back on the market.

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I've seen houses in my area. 2 were sold (both having been on market for ages, then sold and pulled-then back on market).

Both sold again after a week of being back on market. House on same street put on market 2 weeks ago, sold.

People are crazy for paying these prices.

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SSTC

With no more FTBs to keep chains moving people cannot complete. EAs used to put signs up saying "under offer." Now its tiny print under "Sold" to the effect that it is not yet sold because contracts cannot be exchanged yet. Some EAs have been known to put up sold signs on their own houses which are not even for sale to create the illusion that the market is in a frenzy.

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You should buy now, before you miss out.

Forget the doomsayers! I bought just over a year ago, it is possible to find bargains that you want to live in, its your own roof over your head, treat it like that and you wont go far wrong. I have no regrets.

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Sam , you seriously need to stop thinking so negatively and just take the plunge.

You wait and wait and wait and it is no good.

You should buy a place of your own as soon as you can afford to, you won't regret it.

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SSTC

With no more FTBs to keep chains moving people cannot complete. EAs used to put signs up saying "under offer." Now its tiny print under "Sold" to the effect that it is not yet sold because contracts cannot be exchanged yet. Some EAs have been known to put up sold signs on their own houses which are not even for sale to create the illusion that the market is in a frenzy.

Yep, these hourdings are just free advertising for EA's - they create whatever illusion they want - bit like the Governments CPI figures...

Everything is 'smoke and mirrors' ATM - and it's working so far...

Edited by dnd

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Its because the market is still rising and there is more demand than supply. Its pretty simple really.

But that doesnt mean it wont crash in the future.

Personally I wouldnt sit on the sidelines if it was my main house, I would have jumped in 2 years ago.

An investment property is different its always wise to wait for a crash and buy low.

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Cambridge is not doing quite as well lately according to the latest ODPM data:

Cambridge

£385,496 Q: -16.6% YoY: 1.9% 49

City Of Peterborough

£215,766 Q: -3.6% YoY: 3.7% 272

South Cambridgeshire

£342,484 Q: 1.1% Yoy: -16.4% 290

Sources:

England and Wales

Land Registry of England and Wales. The information above is based on figures provided by the Land Registry of England and Wales.

Figures for England and Wales are for the period April to June 2006.

Even the YoY positive at 1.9% was poor and the dramatic crash* in the last Q shows all is not well out East. :D

_______________

* Crash conditions exist when, in any given Q, prices fall by 5% or more, or by 20% or more in a 12 month period.

Edited by Realistbear

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An investment property is different its always wise to wait for a crash and buy low.

absolutely and a lot of people on this site confuse the two, probably because we're so brainwashed with these "your home can make your fortune" shows.

there's really nothing to fear if you can afford the repayments and tie yourself to a fixed deal, if its your main residence and you don't gamble with it. simple.

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Hi Sam,

I'm Cambridge too.

All I can say is hindsight is a great thing, with the benefit of our knowledge today there are always things we would change that we did before today.

I am looking in the Cambs area to buy at whatever point feels right, at to me that all that matters. When I buy am I confident that I can pay the repayments happily and safe in the knowledge that they wont go up too quickly (which for me means I'd like a 10 year mortage). The basics are so easily forgotten when we are all so worried about the way prices don't seem to be going the way we hope (ie down!).

For me I just think that if I pay 250k for a house now or 175k in a couple of years when everyone is running away, I only care if I feel happy in the house, enjoy the neighbourhood and hope it doesnt change too much in the first few years I live there. Make sure the house suits me today and who i will be five years from now and most of all that I can afford to pay for it.

I feel that my own hopes that there is some huge crash at times undermines my own desire for a home, not a house or a pension scheme, but just a home and sometimes I catch myself feeling like I must buy or I definately must not buy and try to remember that the only person on this website that lives in the house I buy (or has to pay for it) is me.

Edited by JustinC

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Haven't been on this site for what must be about a year IIRC. How's tricks? Are people still living in a fantasy world where the housing market is constantly on the brink of a humungous crash? Are there any signs of even brief flirtations with realty?

All the best,

Neitherbullnorbear

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absolutely and a lot of people on this site confuse the two, probably because we're so brainwashed with these "your home can make your fortune" shows.

there's really nothing to fear if you can afford the repayments and tie yourself to a fixed deal, if its your main residence and you don't gamble with it. simple.

No, I want a house to live in, but I don't want 80% of my wages going on paying for that house/bills. Is that unreasonable?

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Haven't been on this site for what must be about a year IIRC. How's tricks? Are people still living in a fantasy world where the housing market is constantly on the brink of a humungous crash? Are there any signs of even brief flirtations with realty?

All the best,

Neitherbullnorbear

See ODPM stats in my post above. Some good news here and there. Moving along in the right direction at least. :)

Here tis:

Cambridge is not doing quite as well lately according to the latest ODPM data:

Cambridge

£385,496 Q: -16.6% YoY: 1.9% 49

City Of Peterborough

£215,766 Q: -3.6% YoY: 3.7% 272

South Cambridgeshire

£342,484 Q: 1.1% Yoy: -16.4% 290

Sources:

England and Wales

Land Registry of England and Wales. The information above is based on figures provided by the Land Registry of England and Wales.

Figures for England and Wales are for the period April to June 2006.

Even the YoY positive at 1.9% was poor and the dramatic crash* in the last Q shows all is not well out East. biggrin.gif

_______________

* Crash conditions exist when, in any given Q, prices fall by 5% or more, or by 20% or more in a 12 month period.

Edited by Realistbear

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Haven't been on this site for what must be about a year IIRC. How's tricks? Are people still living in a fantasy world where the housing market is constantly on the brink of a humungous crash? Are there any signs of even brief flirtations with realty?

All the best,

Neitherbullnorbear

! lol no now its worse its "world war 3 is about to start and then there'll definitely be a crash"......

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Haven't been on this site for what must be about a year IIRC. How's tricks? Are people still living in a fantasy world where the housing market is constantly on the brink of a humungous crash? Are there any signs of even brief flirtations with realty?

All the best,

Neitherbullnorbear

:lol:

! lol no now its worse its "world war 3 is about to start and then there'll definitely be a crash"......

:lol::lol:

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:lol:

:lol::lol:

I think they have avoided WW3 for a few weeks. The UN "peacekeeping" force is not materialising in the form of 15,000 troops to keep Hezbollah in order. So far, apart from a small French contingent, only nations that do not recognize Israel's right to exist have signed up: Indonesia, Malaysia and Bangladesh--all Muslim nations :lol::lol::lol::lol:

What a joke the UN has become. Its like the Cat signing up to babysit the canary cartoon.

Edited by Realistbear

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No, I want a house to live in, but I don't want 80% of my wages going on paying for that house/bills. Is that unreasonable?

you obviously can't afford a house then, or you want one thats too big for what you can afford with your income. that's your income's problem, not the fault of the house price!

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you obviously can't afford a house then, or you want one thats too big for what you can afford with your income. that's your income's problem, not the fault of the house price!

:lol::lol::lol:

Let them eat cake!

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you obviously can't afford a house then, or you want one thats too big for what you can afford with your income. that's your income's problem, not the fault of the house price!

That really is the most dumbest thing i have ever read on this site.

NO I AM WRONG

That is the most dumbest thing i have ever read

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:lol::lol::lol:

Let them eat cake!

I kind of agree with Cuckoo. 80% of your wages being eaten by bills indicates an extravagent lifestyle or really poor earnings. Even if houses were cheap I think someone in this situation would struggle.

All IMO of course.

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I think what has got to me is that EVERYTHING has gone quite, debt articles, Gordon Brown, it is jsuts a feeling, nothing is happening, does anyone know what i am on about. :)

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you obviously can't afford a house then, or you want one thats too big for what you can afford with your income. that's your income's problem, not the fault of the house price!

That really is the most dumbest thing i have ever read on this site.

NO I AM WRONG

That is the most dumbest thing i have ever read

truth hurts.

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  • 301 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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