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My Work Colleages Are Scared


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I got a right earbashing from a colleague this week. He moved to the area to take up this job and is renting here whilst trying to sell his house back home. The house has been on the market for 6 months and he hasn't had many offers, except for a few that he considers too low. I looked on Rightmove and quickly saw why. He is trying to sell it for the price he paid for it, but other houses in the area have dropped considerably lower. I suggested he lower the price especially as he is struggling financially paying rent here and the costs associated with his old house and spent five minutes getting yelled at. He kept going on and on about how he wouldn't be able to cover the mortgage if he lowered the price. I got the impression he was taking out 6 months of frustration on me. I decided to keep my opinions to myself in future!

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Spoony, well done for defending your corner.

If I were you I would take great satisfaction at seeing their sentiments change once the crash starts to gain momentum. I'm so tired of hearing the same senseless arguments from people who just don't understand that a) prices can't keep going up, and B) it's not good for most people if they do.

It seems that everyone has been brainwashed by the school of miracle economics.

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Guest Mr Parry
I got a right earbashing from a colleague this week. He moved to the area to take up this job and is renting here whilst trying to sell his house back home. The house has been on the market for 6 months and he hasn't had many offers, except for a few that he considers too low. I looked on Rightmove and quickly saw why. He is trying to sell it for the price he paid for it, but other houses in the area have dropped considerably lower. I suggested he lower the price especially as he is struggling financially paying rent here and the costs associated with his old house and spent five minutes getting yelled at. He kept going on and on about how he wouldn't be able to cover the mortgage if he lowered the price. I got the impression he was taking out 6 months of frustration on me. I decided to keep my opinions to myself in future!

I have learn't to say nothing at all. Just listen. There's still a lot of bulls out there, people still think property is the only financial future for them. This is one subject that reaches even the most placid of people to a psychotic homocidal condition of rage.

I too believe property is the future . . . but only if you build your own house in paradise in the Far East. Just about to start my second project in the Land of Smiles!! Very excited about this.

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One of my workmates has just had an offer accepted, despite everything I have told him.

The house was on for 450k, he thinks 400k is a bargain because he saved 50k. I pointed out how much house prices dropped in the States and mentioned how the problems are worse here, so if he's happy to spend 100k over the odds because he can't wait a few years, then go ahead.

He already has a house which he intends to keep, and one in New Zealand where he is from.

He knows exactly what he is doing though. He's willing to do it to keep his soon-to-be wife happy. I suspect if he didn't, then it would be his soon-to-be ex :huh:

Yes, don't forget, even though there may be a crash, some people will be buying and moving home. Often the moves will have strong motives. e.g. moving job, bigger family etc.

Not everyone wants to rent, since the landlord can boot you out if he wants to sell house (or gets repossessed). Moving house is a real pain and owning your own home gives you greater control of not having to move out (so long as you can keep paying for it!!)

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He knows exactly what he is doing though. He's willing to do it to keep his soon-to-be wife happy. I suspect if he didn't, then it would be his soon-to-be ex :huh:

Makes me wonder, are women and their "nesting instinct" partly responsible for HPI? :ph34r:

Edited by Lander
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Guest An Bearin Bui
Makes me wonder, are women and their "nesting instinct" partly responsible for HPI? :ph34r:

I would say it has more to do with men and their greed / competition instinct, personally... :D

Or if I'm charitable then I suppose humankind's greed / competition instinct...

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I would say it has more to do with men and their greed / competition instinct, personally... :D

Or if I'm charitable then I suppose humankind's greed / competition instinct...

So you don't think women are greedy too? Nothing personal if you are a woman btw

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Can't agree more with the comments on here.

Your banging your head against a brick wall with most folk, why who wants to believe they've been sold an economical miracle with the fundmantel principles of pyramid selling from a nicely suited & booted snakeoil salesman or saleswoman.

This whole notion of HPI has become a nationwide ill and cancer which has literally invaded our everyday lives to a sickening degree, i am furious, sad and surprised really by how this thing has panned out and yet people still believe it'll all be ok - listen up - NO IT WON'T. We're at the beggining of this and how long it takes to get through the system is anyones guess, but its like the monumental P**s up of the century, some at the party abstained some got a little tipsy, some liked the look of it but stood back whilst many gorged and told how good it was and others joined in, but the quesy stomach is bubbling away, you know its going to happen, the sweats have started and its just a matter of time before it comes up and can then utter the words 'ohhh never again!'

Bottom line though, just ignore those that want to shout, rant and belittle as if they know it all, they're frightened and their little inner voices are getting louder and louder.

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Actually, I've just done the figures in my head.

In the last six months, my next door neighbour has lost about three times what I've spent in rent, without taking his mortgage costs into account.

Renting is such dead money!

Why didn't I buy?!

:lol:

Depends really on what type of OO he is. I regard the financial value of my house as land+rebuild costs, or maybe 4x local average salary. I'd be more than happy to sell it to anyone for either of these two sums, but only if i could buy another house at a similar, sensible rate. Which, because of the bubble, I cant right now.

It has another value to me, too, which is the value of not having to deal with any a-hole landlords, and, as I pointed out previously, I've only ever met 1/10 who wasnt an a-hole.

Edited by General Melchett
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my father in law keeps telling me to buy a house in the village. Such as that white one around the corner. Sure, prices might come down a bit nationally but this is a sought-after location.

It's already come down from £220 to £200, I say. Let's see whether it drops more over the coming months.

So what if it does, he says. It'll bounce back in no time.

But until then I'll be in negative equity, I say. I have a minimal deposit. No 100% mortgages available any more.

But a young professional like you can still get a 100% mortgage, he says.

Great, I say. Fingers crossed that I don't lose my job. But I only want to be here for 2 years. I want to move across the country after that.

But your wife needs a cosy place to call her own, make a nest, not like that draughty big place you're in now. Would you deny her that?

At this point I bite my tongue and don't say that I'll not take advice on when to buy a house from someone who lost everything speculating on residential property in the last bubble.

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Guest Steve Cook
Makes me wonder, are women and their "nesting instinct" partly responsible for HPI? :ph34r:

noooooo...... :lol::lol::lol:

Testosterone fueld greed and fear

The same bleeding hormone that is responsible for most of the mayhem and destruction throughout human history

Edited by Steve Cook
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my father in law keeps telling me to buy a house in the village. Such as that white one around the corner. Sure, prices might come down a bit nationally but this is a sought-after location.

It's already come down from £220 to £200, I say. Let's see whether it drops more over the coming months.

So what if it does, he says. It'll bounce back in no time.

But until then I'll be in negative equity, I say. I have a minimal deposit. No 100% mortgages available any more.

But a young professional like you can still get a 100% mortgage, he says.

Great, I say. Fingers crossed that I don't lose my job. But I only want to be here for 2 years. I want to move across the country after that.

But your wife needs a cosy place to call her own, make a nest, not like that draughty big place you're in now. Would you deny her that?

At this point I bite my tongue and don't say that I'll not take advice on when to buy a house from someone who lost everything speculating on residential property in the last bubble.

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Tell the nosey old bastad to mind his own business.

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I arrive at the staff resturant. I get gloated by my companies chief house price inflation cheerleader who just read a report that interest rates will fall to 4% by next year. I normally don't react but I wanted to test the water right now. I replied that it might happen but with inflation so high its not likely. Even if it did happen it wouldn't make any difference to mortgage rates, because they've risen faster than base rates have fallen. I was met with a look of disbelief and confusion as he could not see that the Bank base rate was not linked to mortgage rates. I tried to explain about LIBOR but he obviously did not understand and by now I was fighting to be heard amongst all the other peoples opinions. I tried to quote Halifax's 7.25% base rate as an example to show how rates are 2% above the BOE base rate but I was met with the statement of there being tons more lower rate mortgages out there. I said yes, but they are usually with high fees and even Nationwide have pulled their deals.

I then got gang attacked by 4 other people. One saying they had fixed their mortgage the other day and got a good rate of 6%. One saying they had just got a mortgage - moving house. ( I said bad move you should sell and rent) Another saying that I was 'throwing money down the drain' by renting and that houses are going on the market and selling the next day in Bristol. Another who said you are waiting for the right time to buy and you'll never buy because you will never afford to because you are wasting money renting and prices go only go up!

At this I almost despaired but it shows that either they are really thick, have their heads in the sand or are in the denial stage. The whole thing was really heated. I told them prices are falling just look at the stats. I then got asked how much MY rent was etc!!! I tried to tell them this is happening around your eyes, don't take my word for it read the news. All I got was the usual bull stories again. I gave up.

In short they still think I am totally mad or so they say but I think panic is setting in. Rather than say I am right after all they are continuing to trump their bull arguements?

Any analysis of this would be great. I wanted to let you know what the mindset seems to be of my local bulls, what do you think is going on here?

If I were you I'd start a conversation tomorrow about banking, loans and ex nihilo money creation - then they'll have you down as a total nut!! :lol:

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remember, you cant argue with a person too thick to understand your argument.

It's not (always) people being thick. I know a number of clever and/or successful contacts or friends that still are going through the motion of buying.

I am definitely avoiding this conversation like the plague now, no-one likes a smart-**** and my fear is that's how 'we' come across.

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In reply to the person that mocked him for his company having a staff canteen:

He said "Staff restaurant" not canteen and that doesn't necessarily mean he has a shit job. I happen to know Slaughter & May have two staff restaurants - one for staff and one for partners. I doubt many people would consider working for them to be a shit job.

In reply to the opening poster:

Don't be such a smug git :P

Put the gun down Lasertrip - I actually highlighted the STAFF bit of the phrase and mis-read resaurant as 'canteen'. I emphasised the word STAFF ie the fact that they have JOBS not the fact that they ate FOOD.

Blimey.

I've got a sh1t job so wouldn't dream of accusing anyone else of having one!

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QUOTE (Scunnered @ Mar 31 2008, 04:30 AM)

Slightly misled by the title there; I was expecting you to reveal some strange housing-based fetish.

Yes, i was expecting a tale of Gymslips and cold custard as well. Very disappointing.

Hi everyone, blimey I didn't expect such a lot of interest on this topic! It was 2AM when I wrote that topic title, very tired.

Now I log on tonight, completely horrified at how the topic description sounds! This feeling was then replaced by an uncontrollable laughter fit. It must be the strangest topic title ever on here. Oh well! Yes - they attacked me, turning on me. You get the idea. Not the other.

Anyway, varying views and replies, thankyou very much. I thought that the arguements were crazy especially coming on a day when the Daily Mail had a story about homeowners selling up to rent.

The trouble is with the people concerned, they have little interest in financial matters, common sense or knowledge. In order to make my points I would have to give them an economic lesson. But you are right, they do feel smart for having 'all this equity'. Its definately true, that the last 12 years of HPI have created a sort of HPI cult obession whereby its seems to be a measure of a persons social standing and success if they own a house - the bigger the better equity wise.

They have known nothing else and now they are threatened.

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I arrive at the staff resturant. I get gloated by my companies chief house price inflation cheerleader who just read a report that interest rates will fall to 4% by next year. I normally don't react but I wanted to test the water right now. I replied that it might happen but with inflation so high its not likely. Even if it did happen it wouldn't make any difference to mortgage rates, because they've risen faster than base rates have fallen. I was met with a look of disbelief and confusion as he could not see that the Bank base rate was not linked to mortgage rates. I tried to explain about LIBOR but he obviously did not understand and by now I was fighting to be heard amongst all the other peoples opinions. I tried to quote Halifax's 7.25% base rate as an example to show how rates are 2% above the BOE base rate but I was met with the statement of there being tons more lower rate mortgages out there. I said yes, but they are usually with high fees and even Nationwide have pulled their deals.

I then got gang attacked by 4 other people..........

What's the latest Spoony!?!

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:ph34r::ph34r::ph34r:

I am right now listening to two colleagues (late 40's) talking out their mortgages. Both well qualified, and in good middle management positions. They both just agreed that their monthly mortgage payments are HALF their take home salary!

:blink::blink:

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Guest theboltonfury
It's not (always) people being thick. I know a number of clever and/or successful contacts or friends that still are going through the motion of buying.

I am definitely avoiding this conversation like the plague now, no-one likes a smart-**** and my fear is that's how 'we' come across.

how's this for a tactic. i hate my job, dislike most of my colleagues and would be quite apathetic to me being completely hated by them

I often start preaching about houses, libor, IR, weak pound etc etc. When they tell me to shutup because I'm hitting a nerve, i then do it some more, then some more, then some more. Sack me? What for, pointing out they are ill informed, greedy ostriches with far less 'wealth' then they think.

I feel like the HPC version of Michael Douglas in Falling Down - I just have enough of these pompous halfwits.

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Guest Skint Academic
how's this for a tactic. i hate my job, dislike most of my colleagues and would be quite apathetic to me being completely hated by them

I often start preaching about houses, libor, IR, weak pound etc etc. When they tell me to shutup because I'm hitting a nerve, i then do it some more, then some more, then some more. Sack me? What for, pointing out they are ill informed, greedy ostriches with far less 'wealth' then they think.

I feel like the HPC version of Michael Douglas in Falling Down - I just have enough of these pompous halfwits.

When I worked in a corporation I did something similar. Except I had a conversation with someone who wanted to talk about it and we were in the middle of a quiet office. So people had no right to shut me up because I wasn't talking to them, but they had no option but to listen. Very subversive :) This was back in 2006 though and no one could envisage such a thing happening.

Zoom forward to 2008 and even my parents are expecting a crash. A sure sign how sentiment has changed.

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