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I've Lost £150k Waiting For This Crash!

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The £130k property that I almost bought back in 2002 is now worth £250k.

Add the £30k I've spent in rent, that equals £150k and I'm gutted!

On top of that my 7 year old has asked me why we don't own our own home!

I can't bring myself to tell him it's because I'm a dumb a$$.

Anyone feel the same?

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Guest Bart of Darkness
On top of that my 7 year old has asked me why we don't own our own home!

Tell him it's because he doesn't pull his weight enough and that the next time he asks that question, he's going to be sent out to work as a chimney sweep.

Oh, and give him a good slap at the same time. :P

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The £130k property that I almost bought back in 2002 is now worth £250k.

Add the £30k I've spent in rent, that equals £150k and I'm gutted!

On top of that my 7 year old has asked me why we don't own our own home!

I can't bring myself to tell him it's because I'm a dumb a$$.

Anyone feel the same?

None. I had the opportunity to buy a new build flat in 2004 in Newham. The increase in identical property prices since then in that area would not even cover transaction costs.

However, in (mortgage interest + service charges) v rent alone, I've saved about 8k a year.

Also had I bought, I'd still be stuck in Newham. Can't find a great deal to be sad about tbh.

If you have been waiting since 2002, well..... that's unfortunate.

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Don't be too hard on yourself!

You can't lose what you don't have. I've "lost" loadsa money too, waiting to buy in Canada and watching the pound tank against the Canadian dollar.... so much, that we will now just rent!

And you forgot to add interest payments into the equation..... money that's even more dead than renting. At least rent provides you with a home.... much cheaper than a hotel! What does interst get you?

Factor that in and it won't look so bad.

And property WILL crash!

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I sympathise. It's hard to watch that happen. I have a friend who sold in London in 2000 and moved to Wiltshire. He didn't buy because he thought the market was over-valued and would come down. He's still waiting.

Having said that, to say you 'have 'lost' that money is not strictly accurate. I still believe prices will drop so you will get most of that back eventually IMO.

However, it can't be denied that things have gone on for longer than almost everybody here would have believed.

Edited by Starcrossed

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Guest casaloco

Can somebody punch him!

I had an oportunity to rob a bank last year, but I didn't do it... what an a$$ I feel!

I could have made thousands of pounds at other peoples expense.

=> to spell it out plainly - you haven't LOST the £120,000 the house would have gone up in value, you simply haven't STOLEN £120,000 from another human being. Ignoring that, you wouldn't actually MAKE money uless you sell the house at a profit and go back to living in a rental property. Even then you would have had £120,000 less £40,000 tax and c£10,000 costs....

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Guest wrongmove
The £130k property that I almost bought back in 2002 is now worth £250k.

Add the £30k I've spent in rent, that equals £150k and I'm gutted!

On top of that my 7 year old has asked me why we don't own our own home!

I can't bring myself to tell him it's because I'm a dumb a$$.

Anyone feel the same?

It is not really fair to add in your rental costs - you would either have been paying interest on a mortgage or losing interest on your savings if you had bought.

At this point in time, I am obviously down compared to buying earlier. Maybe that's becasue I am a dumb a$$ too, but instead I have spent my deposit on a derelict Spanish farmhouse instead. This gives me lots of cheap (working) holidays now, and a lovely retirement home in years to come. I would never have done this if I had piled into UK property, and my rent is cheap, so no, I don't feel the same.

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Guest wrongmove
how much did I lose? nothing.

You're born with nothing....

You die with nothing....

What have you got to lose?

NOTHING !!

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You're born with nothing....

You die with nothing....

What have you got to lose?

NOTHING !!

As a friend of mine recently said. "I was born with nothing, and I've still got most of it left."

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The £130k property that I almost bought back in 2002 is now worth £250k.

Add the £30k I've spent in rent, that equals £150k and I'm gutted!

On top of that my 7 year old has asked me why we don't own our own home!

I can't bring myself to tell him it's because I'm a dumb a$$.

Anyone feel the same?

I almost bought in 2001, as these things do it collapsed at the last minute and I had to rent.

I suppose that if I had bought I would have been better of, but a life full of "What if's" is a good way to blame the world.

None of us would have suspected that the MPC would deliberatly create and economy based on debt by creating the housing boom.

Its a speculative crazy mess and a lot of people are gutted.

Life your life as best you can with what you have... Its fun...

I know people in negative equity back in Devon, I bet they are more gutted...

those poors souls failing to pay of their mortages..

Smile, It's all good, all of the time... :)

even in times of pain.

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Guest wrongmove
As a friend of mine recently said. "I was born with nothing, and I've still got most of it left."

:P

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The £130k property that I almost bought back in 2002 is now worth £250k.

Add the £30k I've spent in rent, that equals £150k and I'm gutted!

On top of that my 7 year old has asked me why we don't own our own home!

I can't bring myself to tell him it's because I'm a dumb a$$.

Anyone feel the same?

You fell for the biggest housing scam there is. Half the people on here bang on about not buying because prices are too high and convince people like that you that you should hold out for a crash. While your holding out, writing on here, they are pounding the street buying whatever is left.

Dont be a complete dumbass and buy now. I do not see a crash anytime soon. Its bullsh1t, all of this.

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Can somebody punch him!

I had an oportunity to rob a bank last year, but I didn't do it... what an a$$ I feel!

I could have made thousands of pounds at other peoples expense.

=> to spell it out plainly - you haven't LOST the £120,000 the house would have gone up in value, you simply haven't STOLEN £120,000 from another human being. Ignoring that, you wouldn't actually MAKE money uless you sell the house at a profit and go back to living in a rental property. Even then you would have had £120,000 less £40,000 tax and c£10,000 costs....

Keep telling yourself that, you believe it dont you.

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The £130k property that I almost bought back in 2002 is now worth £250k.

Add the £30k I've spent in rent, that equals £150k and I'm gutted!

On top of that my 7 year old has asked me why we don't own our own home!

I can't bring myself to tell him it's because I'm a dumb a$$.

Anyone feel the same?

Poor you. I think they have a column in Private Eye where people can whinge about how unfair life has been on them and then they beg people to send in money. Why not try that?

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Guest casaloco

Has HPC been infiltrated by a group of BTL/speculators trying desperately to push the prices up a little more before the crash?

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The £130k property that I almost bought back in 2002 is now worth £250k.

Add the £30k I've spent in rent, that equals £150k and I'm gutted!

On top of that my 7 year old has asked me why we don't own our own home!

I can't bring myself to tell him it's because I'm a dumb a$$.

Anyone feel the same?

Nope. I sold in late 2003 due to a job move. Moved most of the STR funds into the SM and have been making out like a bandit for the last almost 4 years. Now mostly in cash (80-20) and sitting very comfortably. Average returns of about 20% since 2003 has much more than kept pace with the property market. I am in the W Midlands where the market peaked in 2005 with very little to the upside since then. According to the LR the past year has seen growth of around 4.3% (-1.2% ADJUSTED FOR REAL INFLATION) hardly enough to keep up with a savings account. Also, the stats do not represent a true picture as fewer, more expensive, homes are selling which means overall HPI has been negative for at least 2 years.

Now its time to sit back and relax, watch IR skyrocket on savings, as Great Crash 2 does its work.

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Lost Hair > Reseeding Hairline :(

Gained Weight > Expanding waistline :(

All in all not a good bear run really?????? :rolleyes:

Looking on the bright side, you are now more cuddly & streamlined, when walking forward. Join the club ;)

Regarding the original question, I could have bought a place in Kings Cross in 1997 for 75K, which now is probably worth over 500K, but as Kings X was the heroin / whore capital of London , I always felt like my life was in danger around that area, so do not regret it.

My income was probably not steady enough to guarantee paying the mortage either.

Edited by Saving For a Space Ship

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Can somebody punch him!

I had an oportunity to rob a bank last year, but I didn't do it... what an a$$ I feel!

I could have made thousands of pounds at other peoples expense.

=> to spell it out plainly - you haven't LOST the £120,000 the house would have gone up in value, you simply haven't STOLEN £120,000 from another human being. Ignoring that, you wouldn't actually MAKE money uless you sell the house at a profit and go back to living in a rental property. Even then you would have had £120,000 less £40,000 tax and c£10,000 costs....

I think you need to get a grip on reality. Seeing the value of your house increase does not equate to stealing money off of other people, except perhaps in whatever weird version of reality your mind inhabits.

To the OP, it's really unfortunate that you have waited to buy since 2002. That really was a little early to be getting out of the game given that interest rates were running at incredibly low levels. The name of the game is to buy at the right time and sell at the right time, not to randomly depend on a property crash to deliver you a bargain. That's as bad as thinking that you're rich and a financial genius because the property boom gave you a paper profit.

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Ive saved about 60k :) i almost bought in 2004 but the prices fell and i bought in 2006 :P However if i could have afforded to have bought in 01 and bought the house i bought in 2006 iit would have only gone up 40k...

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