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sam

Two Or Three Years Ago I Was Certain

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For two or even three years now i have been waiting for a property crash, something i was forced into(ex wife taking house :) )

A few years back i was convinced that greedy members of the public would borrow themselves into oblivion, in my mind i knew thay were all just getting off on money illusion, i knew it was all funded by lenders falling over themselves to lend money to anyone willing to take it.

For three years i have put up with the bragging of some of those who made huge gains with property, i have put up with the stigma that goes with renting, i have put up with and ignored all the pressures that has made some members of our society borrow far to much. I did this because I KNEW that one day it would be proven to be the wise thing to do, good things come to those that wait..blah blah and all that.

I posted on a few sites, it was so important to talk to like minded people, i cannot explain how much it helped me through those few years, the times when i was alone and circled by the great property owning mega rich.

Today though i am burnt out, if only i had seen a some kind of proof that something indeed was happening in the past three years, more so over the last few months. I look at these sites now and read the same stuff, i read the same type of newspaper articles, it just does not give me that lift anymore, no longer do i have that hope.

Today i just do not know anymore, have we in the UK reached a point where it is a choice of either

1, somehow getting a property and having no life

2, Having no life

Are people willing to make this drastic step forever now, or are we living in a Country where we no longer have no substance, it is all about image, you just have to turn on the tv to see how shallow we are these day, how the quick fix is God.

Is this stupid Country willing to keep letting in more and more immigrants, is it willing to keep paying single 17 year old chavs to breed.

I have now worked 25 years of the 25 years since i left school, i have paid my way all the way, i have never walked away from a debt or responsibility, and today i earn in excess of £45k, just what do you have to do.

I got this far, but now i feel like it is a toss in the air of a coin as to whether there will be a property crash or not, i feel like i am running on fumes at the moment.

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Guest absolutezero

Patience!

There atmosphere has taken a distinctly sombre tone over the past few weeks.

People are now starting to get a little worried.

Unemployment up. Debt up. Banks starting to get twitchy. House prices down in quite a few areas.

It's happening. Slowly, but that's the way it was always going to be.

Edited by absolutezero

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It's all about confidence dont you think?

If you are confident that prices will race onwards a 12x mortgage doesn't look stupid. If the papers start printing articles about BTL landlords going bust and moaning about how their lives have been ruined will more people buy into the BTL idea? I doubt it? If the papers are full of reports of house prices dropping will lack of confidence spread like wildfire?

Endowment mortages were a sure fire winner- my mates financial advisor told him he'd need a wheelbarrow to take home the cash he was going to make- hmmm, he lost thousands. Equitable life was the place to stick your pensions and investments.. hmmm. Don't worry buy shares with dot com in their name and you'll be quids in.... hmmm.

Would it be to far fetched to expect people suing for BTL miss selling in a few years?

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I got this far, but now i feel like it is a toss in the air of a coin as to whether there will be a property crash or not, i feel like i am running on fumes at the moment.

Perhaps you should consider:

How much of the money you made over the last 25 years (and left with your ex for safe keeping) was made because you stuck in at work and how much was made by taking the right decisions with property.

The people you talk about can hardly be your mates if they handle the topic so roughly when you are around.

Listen to your mates and keep true to your principles.

Good luck!

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Sam,

Stop getting so down about it as things will get better, they always do. There is not point getting so upset to the extent that it is causing you psychological stress over something you have little control over. Be patient, continue saving and position yourself for the downturn. Where you have suffered, remember, nothing remains the same for ever. Chin up.

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lol what is this groundhog day. Once a week Sam posts something nigh on identical to this. He's either properties version of an emo kid or he's a gobstopper bull troll with a thin layer of bear flavour as the outer shell.

Burnt out? Slap some sense in to yourself man!

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Unemployment is going up - as is interest rates. There are 780K properties available for sale and rent on Rightmove right now - 3 months ago there was 640K. Soon there will be 1 million.

The interest rate cylce is heading higer so house prices will go lower.

Patience is what is required...and not checking house prices daily.

Pay off debts and save. Your day will come.

Edited by Pluto

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Guest pioneer31

For two or even three years now i have been waiting for a property crash, something i was forced into(ex wife taking house :) )

.

3 yrs from now it will be a very different picture.

Places like my home town have been at a standstill now for nearly 2 yrs, ok some places are rising but by pathetic amounts now. We are seeing the last few embers of this horrendous inferno.

If things haven't changed in 3 yrs time then we will indeed be witnessing a miracle economy. Gordon Brown will be the world's greatest economist and all the theory and text books written over the last 100 yrs can be thrown into the fire.

Do you think that's gonna happen?

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I understand sam's frustrations:

I am surprised at just how things have gone from bad to worse.

1. The days when you could get a BTL mortgage and see a healthy positive cashflow from the rent exceeding the mortgage end in most areas several YEARS ago. So people buying BTL are either sinking huge deposits into the endeavour (and if they've got that much money why not put it into something offering less hassle and bigg returns) or simply subsidising their BTL ('Well, it's my pension....'). A combination of IO mortgage abuse (which makes it easier to get a positive monthly cashflow) and the willingness to make a monthly loss on a BTL buy have kep the speculative frenzy going when all indicators suggest it should have stopped.

2. Everything was going well until they cut interest rates again last year. The interest rate rises had taken the heat out of the market, all types of property were taking ages to sell and modest yet obvious price falls could be seen in many areas. Despite this monetary tightening, however, the consumer debt mountain was still moving ahead quickly. Interest rates needed to stay up and indeed needed t be increased further in time. The politically-motivated cut in interest rates was a crime, allowing the banks to continue to pump up the money supply be offering even crazier finance deals than before.

3. Immigration. Even when the rental market become oversaturated and rents fell, vast numbers of NuEU workers encouraged an explosion in slumlording, which hoovered up any terraced home going to turn into bedsits.

4. Failure for people to see the misery of over-indebtedness. Since 2002 many people around me who have taken on vast mortgages have been struggling to a greater or lesser extent. Many must be sailing very close to the wind. Despite the voluntary poverty home-buying entails for most these days, there's an endless army of kamikazes eager for shared owenersip, 7x loans, self-cert fraud, parental mega-MEWS, etc. When interest rates were raised recently MOST PEOPLE thought this would simply make homes even more expensive, even that they shoudl' buy now' before interest rates when up even more! People are crazy. You have millions of people who think even nuclear war wouldn't stop the relentless rise in house prices.

Edited by CrashedOutAndBurned

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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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