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I Am Going To Put An Offer In On Monday - Am I Mad?


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At the moment common sense is winning but it is naive to ignore the emotional aspect of buying and owning a home.

This is the dillemma facing all married men.

His logic versus her emotions.

And we all know who is going to win the battle, don't we?

Even if it means losing the war...

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Sold our house in October having had it on market for 13 months and so naturally feel very fortunate. As a property bear,

We reckon that offer of £600,000 is appropriate at the moment, as owners are pissed off,

Am I mad to make any offer in present climate?

So you write your a property bear yet your profile is that of a bull , do you know the differance ?? :rolleyes:

Lets say you are a genuine poster , offer them £499k , tell them thats all you can afford also everything over 500k pays 4% stamp on all of it , at 600k do you want to give Brown £24,000 ?? At least at 499k you only have to give that Pig £14,970.

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So you write your a property bear yet your profile is that of a bull , do you know the differance ?? :rolleyes:

Lets say you are a genuine poster , offer them £499k , tell them thats all you can afford also everything over 500k pays 4% stamp on all of it , at 600k do you want to give Brown £24,000 ?? At least at 499k you only have to give that Pig £14,970.

Stop encouraging this thread!

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Got to be a troll. His rental is way over the odds.

He mentions South Manchester and then North Derbyshire in the same post which means he's near to me.

5-bed exec to rent £950pcm at the most, a friend has just been offered a stunning new-build one at £850.

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This week's Moneyweek described the UK housing market as toxic and advised readers to stay away from buying. That is pretty much my view.

I read somewhere last week that within a year of the 1929 crash that house prices in the US fell by 90% and then people jumped in to buy only to discover that houses then fell another 90% from their remaining 10%, people who had bought with cash lost everything and those who had bought supopsedly cheap property with a mortgage went bankrupt as the banks demanded back their money.

Prices fell to 1% of their pre-crash value? :blink:

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Got to be a troll.

Troll or Tool , he/she can't even make his mind up if he's a bull or bear check my 9.04 post , when i posted that their name was at the bottom of the page so their still around ........lurking as they say :lol: The've sure got a lot of posts to answer as well .

Edited by grey shark
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This week's Moneyweek described the UK housing market as toxic and advised readers to stay away from buying. That is pretty much my view.

I read somewhere last week that within a year of the 1929 crash that house prices in the US fell by 90% and then people jumped in to buy only to discover that houses then fell another 90% from their remaining 10%, people who had bought with cash lost everything and those who had bought supopsedly cheap property with a mortgage went bankrupt as the banks demanded back their money.

Completely agree - something about "not trying to catch a falling knife?"

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This week's Moneyweek described the UK housing market as toxic and advised readers to stay away from buying. That is pretty much my view.

I read somewhere last week that within a year of the 1929 crash that house prices in the US fell by 90% and then people jumped in to buy only to discover that houses then fell another 90% from their remaining 10%, people who had bought with cash lost everything and those who had bought supopsedly cheap property with a mortgage went bankrupt as the banks demanded back their money.

Yes, this is the problem with making any offers now. If the financial system is not broken now nothing will break it. If the wheels are coming off and the VI`s are just trying their best to spin things a bit then we are going to see house prices hit the floor( where a lot of them should be anyway) In a year or two £600,000 will buy a very, very nice home, not some place with a builders yard out back.Come on get real, the press are determined to have their "Great Depression" you are a millionaire man!

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Well, I have enjoyed reading your views, particularly from:

- Those with good advice (Downtraded, Tuffers, Mr. Yogi)

- The funnies (Bloo Loo, Laura)

- The muppets (Paddles - you post and bump an allegedly worthless thread... yawn & grey shark)

And yes, posting on housepricecrash, I do possess a preconception as to what the bottom line of the advice received will be, but I was more interested in analysis rather than being told 'don't do it'. Not a troll, though the scenario does contain a little bit of artistic license. A few cretins with no idea of the greater manchester housing market though (£600,000 too much outside of Hale!!! - try Bramhall, Disley, parts of Marple, Heaton Moor where you will get a substantial but hardly outstanding house for that much, even now (though I accept you will keep getting more for your money); £850 per month for a 5 bed exec home in south manchester: maybe by a council estate in Stockport, or maybe mitchbux you are just easily impressed by your mate! :P

The headline point has to be that at in the dying days of a bull market you have to stand back and consider whether a price drop makes something good value rather than just a little less expensive. The psychology of housebuying makes that much more difficult to recognise objectively than some of the armchair economists out there seem to appreciate. My actual line: am waiting for the flat to sell before a big purchase - that is the best hedge against the price of my target, as one poster helpfully identified. As it was bought for a five figure sum 10 years ago, I am pretty relaxed.

Oh, and the "bull" - set that by accident and doesn't seem to allow any change. So it will just have to keep upsetting the bedsitters. Or can I change it? ;)

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£850 per month for a 5 bed exec home in south manchester: maybe by a council estate in Stockport, or maybe mitchbux you are just easily impressed by your mate! :P

You said you were renting in North Derbyshire and commuting to Manchester. Agreed that £850pcm would only get you a 5-bed hovel/brothel once you get past Disley - but that is Cheshire for you.

£850 a month will get my two solicitor friends a beautiful 'exec' 5-bed new build in North Derbyshire, in catchment for a sought after local primary. The house has so many fancy branded bathroom suites she's threatening to lock half of them so they don't have to be cleaned. Rentals are much lower in ND because of the foul commute. £1300 pcm in ND and you are being done.

Easily impressed - no. I have mates with much bigger, more prestigious properties and even those would not rent for your supposed rental in ND.

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  • 6 months later...

Heatonfan please could you give an update on what happened with your offer and what your thinking is now? If I remember correctly, you sold in Bramhall?

Hopefully you won't get the trolling responses from the die-hard southerners who can't understand how anyone can live outside of Twickenham now we're in the sub-forum.

Cheers,

RK

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  • 3 months later...
Heatonfan please could you give an update on what happened with your offer and what your thinking is now? If I remember correctly, you sold in Bramhall?

Hopefully you won't get the trolling responses from the die-hard southerners who can't understand how anyone can live outside of Twickenham now we're in the sub-forum.

Cheers,

RK

Sorry RK - I don't follow this regional forum much.

Have to laugh at my original post now - it was before the "Should I buy or rent" thread was pinned to the top of the main forum. I hadn't taken any notice of any similar posts, so I probably deserved the troll accusations.

Oh, I offered £600k knowing it would be rejected and indeed it was, with no counter offer. Nothing wrong with testing the waters and we left it at that.

Sold up in Disley, October 2007, still renting in Bramhall as at December 2008 with a lease through to June 2009.

The manc city centre flat sold in the summer though with a real haircut from 2007 prices, though I made a good profit from purchase price simply because it was bought so long ago. Had I not been an avid follower of this site, it would no doubt still be for sale chasing the market down like a thousand other city centre flats.

Wife is now an avid Moneyweek reader and so I have not been under any pressure to buy a house for quite some time now.

The target house is, needless to say, still for sale. I suspect that £600k seems rather more attractive now! Will consider our position generally in the new year having casually started viewing a few properties in the last few weeks to see what is out there. 15% down and with a recession just coming into play... there is no rush.

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  • 11 years later...

Isn't it funny looking back at a thread 11 years later? Just reminded of this site when going through old internet bookmarks.

Despite the losers who teased and trolled my initial enquiry, I bought the house for £605k right at the lowest point of the market in February 2009. 6 bedrooms, detached double garage, cellars, reasonable garden, minutes walk from railway station to Manchester, minutes walk from centre of the small town, minutes walk to large park. A frigging bargain with hindsight. But I was worried at the time.  

So we learn a few things about human nature in terms of the people who posted on this thread and how worry/inertia is not always for the best.

Paid off almost all mortgage in 10 years, though have recently extended, and have a BTL nearby on a 10 year fixed at a ridiculously low interest rate with reliable tenants.

Price is important, but affordability and the cost of finance (especially if locked in) even more so.

Edited by TheLastSamurai
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