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What has struck me here is that it seems that all the people who are doing alot of complaining about house prices are all very well off (by my standards anyway), in that they are all earning very good wages and most of them have massive deposits saved up.

And tara, no offence; I am happy for you and what you have, but a little modesty wouldn't go amiss. And if I was like you, on £27K and paying £140 a month rent, I wouldn't be wasting time on here talking about house prices, as you're getting a better deal now than you ever will if you buy a house!

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What has struck me here is that it seems that all the people who are doing alot of complaining about house prices are all very well off (by my standards anyway), in that they are all earning very good wages and most of them have massive deposits saved up.

And tara, no offence; I am happy for you and what you have, but a little modesty wouldn't go amiss. And if I was like you, on £27K and paying £140 a month rent, I wouldn't be wasting time on here talking about house prices, as you're getting a better deal now than you ever will if you buy a house!

Edited by tara747
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What has struck me here is that it seems that all the people who are doing alot of complaining about house prices are all very well off (by my standards anyway), in that they are all earning very good wages and most of them have massive deposits saved up.

And tara, no offence; I am happy for you and what you have, but a little modesty wouldn't go amiss. And if I was like you, on £27K and paying £140 a month rent, I wouldn't be wasting time on here talking about house prices, as you're getting a better deal now than you ever will if you buy a house!

Fair point. I really only do it to balance the smugness of the likes of O****** and some of the bulls who don't seem to post so much these days - I do not wish to cause offence so will refrain from mentioning it in future.

Edit: I actually sat down and counted my blessings one day, I may be priced out of owning a house for now but I know that I am lucky in other ways.

:)

Edited by tara747
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Its interesting to see that most people who have posted so far are quite high earners. Certainly greater earners than myself. Im suprised that property puchase is such a struggle for such people.

Keep 'em coming... :)

My salary is above average for NI but not enormous - I'm sure the BF and I could stretch to buy a shoebox but prefer to wait. Just our own choice...

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What has struck me here is that it seems that all the people who are doing alot of complaining about house prices are all very well off (by my standards anyway), in that they are all earning very good wages and most of them have massive deposits saved up.

And tara, no offence; I am happy for you and what you have, but a little modesty wouldn't go amiss. And if I was like you, on £27K and paying £140 a month rent, I wouldn't be wasting time on here talking about house prices, as you're getting a better deal now than you ever will if you buy a house!

Depends really were you live...were we live you don't get anything descent for a family of 4 under 400k..then the deposit is peanuts :rolleyes:

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:lol:

It's government- and law-related. I am far from the top of my salary scale and there are others doing the same job, so the £27K is ok for now. I am guaranteed a pay rise every year. Believe me, there are a fair few people in the world with recession proof jobs - lucky us eh!

As for the 'peppering', I like to think that it's a nice counter balance to Orbital and his risible posts...

Yeah, I worked in a government department for before where we all thought we had essential recession proof jobs - then the Department announced a change of policy and 50% of people were redundant within 2 months. It was a year or two ago so obviously nothing to do with a recession.

Actually a lot of the people who went actually were doing essential jobs and the fact theyre not getting done now is doing real damage ,but government policy rarely cares about conforming to things like logic or reason.

Unless you're the Queen or a bailiff there is no such thing as a job for life.

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Yeah, I worked in a government department for before where we all thought we had essential recession proof jobs - then the Department announced a change of policy and 50% of people were redundant within 2 months. It was a year or two ago so obviously nothing to do with a recession.

Actually a lot of the people who went actually were doing essential jobs and the fact theyre not getting done now is doing real damage ,but government policy rarely cares about conforming to things like logic or reason.

Unless you're the Queen or a bailiff there is no such thing as a job for life.

Was it a permanent job - or were you working on a contract or in a govt agency? Just asking because I know people in both categories and their jobs are not secure. Govt decides that your agency's work will no longer be done = bye bye. My job will still be around in a recession.

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Where do you live - SE london

What’s your status - Potential FTB, renting 3 bed house with wife and 2 kids for 1100pcm (would cost about 1600pcm as a 25 year repayment on it with our 40k deposit - house is worth circa 300k)

What do you earn? £27,000 pa - am a teacher so is fairly recession proof, wife earns approx 30k part time self employed. Not exactly a stable income hence the fact I don't want to take out a 4.5 x joint income mortgage... = 57k family total

Deposit - About 40k (and have 10k for stamp robbery etc saved)

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Income: Expecting about £50k this year.

Deposit: 150k.

Currently about to move into a friend's BTL terrace renting for £400 a month. I could buy the house outright though!

When I look at these figures I wonder whether I'm mad not to buy.

I STR'd in Dec 06 as was relocating from Bristol to Lancashire. Didn't want to buy initially as didn't know where my future would be. However life in Lancashire is going well, and I expect to be here indefinitely.

Why haven't I started shopping for houses?

Firstly, pride.

I have been convinced for 2 years or so that house prices are precarious. I have disagreed with friends, family and acquaintances about it. When I left Bristol, I felt I had a chance to put my money where my mouth was: I wanted to be able to say "I saw it coming and acted accordingly. I was proved right."

I've staked a lot of credibility on my bearish credentials, and I'm reluctant to give succour to my bullish friends by buying again now!

Secondly, freedom.

I came to feel quite stifled in Bristol by the feeling that my life had come to rest. I'm single but felt tied to the job and the house. Selling up was a breath of fresh air.

I remain deeply bearish on the property market. However the idea of buying is beginning to seem more attractive: I am beginning to suspect that even if my bearish predictions are proved right, I will not be significantly better off renting for 5 years and buying later, compared with buying now.

And these concerns will probably seem self-indulgent to those who are genuinely priced out, for which I apologise.

On a separate note, fascinating how the members of this site seem to be, contrary to my initial expectation, better off than the national average. I wonder what this says about us.

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I can't let this lie it seems!

There's something else to add as a reason I'm not househunting, and it's related to "Pride" in my post above.

I believe people who pay too much for an asset are fools. I believe the person who paid me £230k for my 2-bed terrace in Bristol was a fool. And if I bought a house at today's prices, I would feel a fool.

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Its interesting to see that most people who have posted so far are quite high earners. Certainly greater earners than myself. Im suprised that property puchase is such a struggle for such people.

Keep 'em coming... :)

It shouldn't be surprising that highly skilled, well educated people with very well paid jobs are also the people who properly understand the nature of asset bubbles, inflation risks, etc, etc.

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Live: West Cornwall

Status: FTB, Renting big detatched expensive farmhouse with gardens for 600pcm with partner & 3 kids

Salary: £35,000

Deposit: £20,000

Intend to build ecohouse or buy when the cycle has turned but in no hurry. Enjoy renting! There are a lot of advantages...

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Live: Village near Halifax, West Yorks

Status: FTB, renting and waiting. I pay 400 pcm for a quaint 2 bed terrace in the country.

Earn: 15k basic, 17k with overtime

Deposit: 13k but I'm about to blow that on tuition fees (law)

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:lol:

It's government- and law-related. I am far from the top of my salary scale and there are others doing the same job, so the £27K is ok for now. I am guaranteed a pay rise every year. Believe me, there are a fair few people in the world with recession proof jobs - lucky us eh!

As for the 'peppering', I like to think that it's a nice counter balance to Orbital and his risible posts...

Ah, the government job. I know someone who works in a permanent government post, earning roughly twice your salary, and they're pretty high up. Let me assure you, the government spending spree on government jobs is well and truly over. You are very likely to 'enjoy' a guaranteed payrise yearly, buy it is highly likely to be locked down way below inflation for years to come now.

In the great depression, unemployment ran at rates between 10 and 30% in the west. Loads of people were still in work, and so by your measure 'recession proof'. In a recession, jobs such as yours are almost guaranteed to be available, just as is the case for almost any other job. What will also be the case is that there will be fewer of them, there will be more people chasing them, the pay will be eroded, and you may not be one of the ones that has one.

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Its interesting to see that most people who have posted so far are quite high earners. Certainly greater earners than myself. Im suprised that property puchase is such a struggle for such people.

Keep 'em coming... :)

.....some of the high earners see property even in the short term as a possible immediate loss situation in the UK and have estimated it is better to keep their cash deposits, currently, in the bank.....also if you don't need a house right now, if say you are living with parents or working overseas........why have the hastle.....?.....especially as the word in the street is HPC... :huh:

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Guest Cletus VanDamme
Ah, the government job. I know someone who works in a permanent government post, earning roughly twice your salary, and they're pretty high up. Let me assure you, the government spending spree on government jobs is well and truly over. You are very likely to 'enjoy' a guaranteed payrise yearly, buy it is highly likely to be locked down way below inflation for years to come now.

In the great depression, unemployment ran at rates between 10 and 30% in the west. Loads of people were still in work, and so by your measure 'recession proof'. In a recession, jobs such as yours are almost guaranteed to be available, just as is the case for almost any other job. What will also be the case is that there will be fewer of them, there will be more people chasing them, the pay will be eroded, and you may not be one of the ones that has one.

That's a bit harsh!

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What has struck me here is that it seems that all the people who are doing alot of complaining about house prices are all very well off (by my standards anyway), in that they are all earning very good wages and most of them have massive deposits saved up.

And tara, no offence; I am happy for you and what you have, but a little modesty wouldn't go amiss. And if I was like you, on £27K and paying £140 a month rent, I wouldn't be wasting time on here talking about house prices, as you're getting a better deal now than you ever will if you buy a house!

I think you're right. Many of the posters on this thread could easily afford to buy a home but choose not to because they look at property, not as somewhere to live, but as an investment. This leads me to believe that they are would-be property speculators, attempting to talk the market down and then poised like vultures for when houses become "cheap" again. I have no interest in buying at the moment, even thought I could. My reason is that I cannot get a 25 year fixed rate mortgage that I can sensibly afford and I'm not willing to pay for somebody elses lifestyle with my wages, which I worked hard to be in a position to earn. At the end of the day, you don't take a penny of it with you when you leave this world and I can only hope that I have health and lots of energy to allow me to continue living in this world until I give up the ghost. Everything else is irrelevant.

Edited by BarrelShifter
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Many of the posters on this thread could easily afford to buy a home but choose not to because they look at property, not as somewhere to live, but as an investment. This leads me to believe that they are would-be property speculators, attempting to talk the market down and then poised like vultures for when houses become "cheap" again.

You need to think through your terms more clearly. You are using the word "speculation" as synonymous with "seeing property as an investment". But they are different.

Virtually any purchase costing hundreds of thousands of pounds IS an investment and MUST be considered as an investment: Is it good value? How does it compare with the alternatives (how does this house compare with other houses or with renting)? What are the costs and benefits associated with ownership of the asset? A house purchase IS an investment by definition.

By "speculation", on the other hand, you appear to mean "buying an asset in the hope of capital gain". I cannot recall seeing a single bear on this site saying that the hope of capital gains after a crash would be a motivation to buy. If you can point to a thread to contradict me, I invite you to do so.

Edited by Selling up
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Live: Bristol

Status: Working full time and a single parent. Job not recession proof (none is I agree) but is unlikely to disappear unless the funding does. (I am employed as a debt adviser!). I rent.

Earn: not enough. less than £25k

Deposit: A measly £10k

I love renting. I adore it. I was a home owner for 15 years or so, and had all the headaches which went with it - reponsible for all the upkeep - always stressful when there is no man around to put up the shelves - do they have any other use? (men I mean, not shelves), no housing benefit when I found myself on income support, inflexible and stressful.

I have rented for the last five years and have no intention of buying. I love the freedom - if I get fed up of the place- a months notice and I am up and away! And it means I don't have any personal worries about interest rates crippling me and risking my home - yes the rent goes up slightly each year but if interest rates also rise - so does the interest on my savings. I have no angst about spending on refurbs or double glazing. Not worth it when you're renting - slap a tub of Dulux round and blow the money on a diving trip to Thailand instead!

The British obession with "owning" a property is a curse for many. I would love more people to realise that it is a poisoned chalice and just not engage with the whole utter utter nonsense of it all. House prices can do what they like - I am staying out of the circus.

The sooner people realise money is not the source of happiness, in fact quite the opposite, the better. IMHO.

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Hopefully, just about to STR.

Will put sale proceeds into multiple accounts in wife's name (currently non-taxpayer). Don't plan to gamble with stocks but might get max Premium Bonds just for fun.

Plan to move soon to dream house (listed 4-bed, 4 recp detached Georgian farmhouse with land, stables, barns, private drive, by a river blah blah). Utterly gorgeous.

Only issue will be - we won't own it. Even if it was on the market (which it isn't and it won't be), we couldn't afford it anyway. I estimate the current value of that house is at least £850,000, so to buy it, we would require a mortgage of over £400,000 plus maintenance costs, etc etc.

Rent £1,500 pcm, fixed for three years. House could be available to rent for up to 16 years as landlord wants to retire there.

Income range £60,000 to £70,000, depending on bonus. Work from home as a technical writer (yes, I do write better than this when writing professionally!)

Definitely don't want to buy now because:

  1. I think that houses represent very poor value at the moment. In fact, I've actually completely gone off the idea of buying a house at all.
  2. Despite having a large deposit, we would still require a mortgage of £100,000 or more (probably a lot more) to buy a family house with land at the current prices. And the house we could afford would not be anything like as nice as the one we will be renting.
  3. I resent having to "donate" in excess of £20,000 for stamp duty. I already paid tax on that money. And, no, I DON'T want to add the stamp duty to my mortgage so that it ends up costing me twice as much!

Hence, our plan is to rent for at least three years, possibly more while monitoring prices. If prices go down and we see something we like in our price range, we might get it. If they don't, we'll probably stay renting and when I retire, buy somewhere a lot smaller without the land. I actually quite fancy an apartment in one of those converted historic houses with lots of shared grounds were I don't have to do the gardening.

Yes, I do suffer from delusions of grandeur! :P

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Live: East Herts

Status: FTB (hopefully) Married almost 1 year, paying £200/month rent to mother-in-law and actually liking it, strangely (getting breakfast and cups of tea made and dinner on the table when I get in from work is a result :rolleyes: )

Salary: 30K. +8K from the wife

Deposit: 20K

Want to start a family soon as I'm not getting any younger. So I hope/believe that the market will turn soon (if it hasn't already- Q1 2007 ;) )

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