stew Posted March 28, 2008 Share Posted March 28, 2008 (edited) (Mods - I tried posting this yesterday, with no luck... I've had a quick search & I don't think it appeared, but if this is a repost, please delete) I was speaking to a colleague today... a totally innocent conversation, but it is the first time I have heard anyone admit that they were in negative equity. A bit of background... She is a hard working person, very rounded and says it like it is, around 30ish yrs old. She bought a flat about 12-18 months ago (I forget the timing, but it was when property was at the peak, when there was no sign of it abating) on her own. Before buying I carefully mentioned that it may not be the right time to buy. I say carefully, as I wasn't sure how far down the buying route she had gone, and didn't wish to become the 'negative' person amongst all the others who were congratulating her. (you know the drill!) Anyway, she went ahead, and from what I could tell, stretched herself financially. So, today... ...there was talk of moving in with their other half. I asked whether they would get a place together to which the response was.. "Well, I will move in with him, but my flat is in negative equity" I was genuinely knocked back. I guess this is going start affecting a lot of people in similar circumstances. I do feel sorry for her, this would be a dire situation to be in. I guess she got sucked into the whole 'property frenzy' and got on the ladder before 'it was too late'. I'm glad I discovered this forum, otherwise I would probably be in exactly the same position. Edited: Spelling! Edited March 28, 2008 by stew Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted March 28, 2008 Share Posted March 28, 2008 And so the cycle continues... This is going to be like the last housing bust again... Single women will move in with their other halves and married women will walk out on and divorce their other halves. Probably best to invest some money in dating site shares. Quote Link to comment Share on other sites More sharing options...
insidetrack Posted March 28, 2008 Share Posted March 28, 2008 What does "negative equity" mean? Never heard of it. Quote Link to comment Share on other sites More sharing options...
Bug16 Posted March 28, 2008 Share Posted March 28, 2008 What does "negative equity" mean? Never heard of it. Quote Link to comment Share on other sites More sharing options...
piece of paper Posted March 28, 2008 Share Posted March 28, 2008 What does "negative equity" mean? Never heard of it. It's a bit like you feel having spent £200 per head on a meal that's given you extreme diohrrea and the doctor has prescribed syrup of figs thrice daily for the next twelve months. p-o-p Quote Link to comment Share on other sites More sharing options...
M21er Posted March 28, 2008 Share Posted March 28, 2008 Hi Stew, Good anecdotal. Where is this? Thanks Quote Link to comment Share on other sites More sharing options...
grey shark Posted March 28, 2008 Share Posted March 28, 2008 Hi Stew,Good anecdotal. Where is this? Thanks Agreed so many good anecdotes around but there worthless without a town , city , county attached to them . Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted March 28, 2008 Share Posted March 28, 2008 What does "negative equity" mean? Never heard of it. That's because house prices only ever go up. Quote Link to comment Share on other sites More sharing options...
redgenieuk Posted March 28, 2008 Share Posted March 28, 2008 (Mods - I tried posting this yesterday, with no luck... I've had a quick search & I don't think it appeared, but if this is a repost, please delete)I was speaking to a colleague today... a totally innocent conversation, but it is the first time I have heard anyone admit that they were in negative equity. A bit of background... She is a hard working person, very rounded and says it like it is, around 30ish yrs old. She bought a flat about 12-18 months ago (I forget the timing, but it was when property was at the peak, when there was no sign of it abating) on her own. Before buying I carefully mentioned that it may not be the right time to buy. I say carefully, as I wasn't sure how far down the buying route she had gone, and didn't wish to become the 'negative' person amongst all the others who were congratulating her. (you know the drill!) Anyway, she went ahead, and from what I could tell, stretched herself financially. So, today... ...there was talk of moving in with their other half. I asked whether they would get a place together to which the response was.. "Well, I will move in with him, but my flat is in negative equity" I was genuinely knocked back. I guess this is going start affecting a lot of people in similar circumstances. I do feel sorry for her, this would be a dire situation to be in. I guess she got sucked into the whole 'property frenzy' and got on the ladder before 'it was too late'. I'm glad I discovered this forum, otherwise I would probably be in exactly the same position. Edited: Spelling! Well you can't do more than help. The fact mortgage approvals are even over about 30K is a shocker, when the whole market is on the edge of a cliff. As things tighten up no doubt they will fall further?! Quote Link to comment Share on other sites More sharing options...
David Posted March 28, 2008 Share Posted March 28, 2008 Hi Stew,Good anecdotal. Where is this? Thanks Not wanting to hijack this thread but ... MGS, damn fine school. Not that I'm biased or anthing like that Quote Link to comment Share on other sites More sharing options...
Charliemouse Posted March 28, 2008 Share Posted March 28, 2008 What does "negative equity" mean? Never heard of it. Neither have many first time buyers but they will know about it soon enough. Buying a house for the first time now would be like standing at the top of a hill in a thunder storm with a copper suit on and shouting, "All gods are idiots" Quote Link to comment Share on other sites More sharing options...
stew Posted March 28, 2008 Author Share Posted March 28, 2008 Hi Stew,Good anecdotal. Where is this? Thanks Sorry, I forgot to mention location.. it's in Cambridge. I don't know exactly where, but definitely IN the town. Quote Link to comment Share on other sites More sharing options...
M21er Posted March 28, 2008 Share Posted March 28, 2008 ( OFF TOPIC ) Not wanting to hijack this thread but ... MGS, damn fine school. Not that I'm biased or anthing like that Hi David Tried to send you a PM regarding MGS but your messaging is switched off Regards M21er Quote Link to comment Share on other sites More sharing options...
M21er Posted March 28, 2008 Share Posted March 28, 2008 Sorry, I forgot to mention location.. it's in Cambridge. I don't know exactly where, but definitely IN the town. Hi Stew, Thanks for the location update. M21er Quote Link to comment Share on other sites More sharing options...
Bug16 Posted March 28, 2008 Share Posted March 28, 2008 Sorry, I forgot to mention location.. it's in Cambridge. I don't know exactly where, but definitely IN the town. In Cambridge? You can literally take your pick as to any flat in any location in the city and it'll be in negative equity now. Quote Link to comment Share on other sites More sharing options...
ae589 Posted March 28, 2008 Share Posted March 28, 2008 Single women will move in with their other halves Que? Bisected women? Quote Link to comment Share on other sites More sharing options...
babesagainstmachines Posted March 28, 2008 Share Posted March 28, 2008 Que? Bisected women? Bisectual women? Where Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted March 28, 2008 Share Posted March 28, 2008 Bisectual women? Where Essicts and Sussicts, mainly. Quote Link to comment Share on other sites More sharing options...
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