The Welcome Thread For New Members

[Captain Cavey]

Yowsers!

And not only all that, you have a coterie of attractive female sleuths who are inexplicably drawn to your hairy, phallus-shaped body and mindless outbursts.

I salute and congratulate you as one of the winners in this minging debacle.

Us Neanderthals getting some luck at last. Now lets get crashing!

[ingermany]

very new to this. have read the forum and news blog for 3 months.

I live in Germany (UK employed/UK taxpayer). Moved here from Lincolnshire in 2001. Sold UK house in 2001 and have been in a state of clinical depression ever since as prices started to rise. Also the dismay in the wake of 9/11 as central banks cut rates, wiping out my savings and really lighting the touch-paper of house price inflation (was Osmama bin Laden an estate agent by any chance). Yes, I felt guilty, just a bit, as I knew deep down I probably wasn't the only victim of 9/11, and others had suffered as much, if not more than me. Still I felt it was unfair that UK property owners were coining it in just as I had left the UK property market. Then there was Enron and even lower interest rates, higher property prices, more gloom.

For a time on satellite TV from UK I kept seeing the " Loans.co.uk" ads promising ulimited loans for UK mortgage payers who were promised unimaginable rewards just for having a property. Then came the "debts.co.uk" ads (which seemed to have the same actors and producers) promising those who had taken out loans, that repayment was totally uneccessary (and illegal) as a result of something called IVAs. Then, perhaps logically came credit cruch and northern rock.

I have been scanning property in Lincs for 2 years now. I did consider moving back there in 2006 and was struggling to find a 4 bed family home for less than 300k. I did look seriously at a nice house for 280k and almost put in an offer. In 2008 the 280K house is back on the market at 225K and there lots of family homes for 200-250K. Not quite 2001 prices, but definitely asking prices 20% less than 2006. Interesting that rightmove/halifax/DLG stats just don't convey this. Problem is that "my" 280K house looked good value in 2006, it now looks good value at 225K (or does it?...........if I buy will I get a new neighbour in 2009 who has bought for 175K). The psychology of a falling market is almost as worrying as a rising one (if you're a worrier). Anyway, I think sanity is returning, to me, if not to the housing market. House prices are now falling at the same rate as my equity investments, which is a step in the right direction.

Edited January 17, 2008 by ingermany

[redrick]

Evening HPCers

I registered this week, having been lurking for a long while. So long that I can't remember how I heard about the site...

Anyway, it's compulsive stuff and I'm often struck by how the subjects discussed on here pop up on the national news the next day. My interest in this subject is mostly that of many parents of teenagers - how will they ever buy a place of their own and will it be anything more than a cardboard box?

My first house was a 2 bed semi that I bought when I was 21. My wife bought a 2-bed terrace at around the same time. I was an apprentice and she was a lowly civil servant. When we married we sold hers (never crossed our minds to rent it out - we were right naive). Moved to a bigger place when the kids came along and twice more with my job. Just in case any younger members think we had it good (and looking back, I reckon we have been fortunate), consider my dear old granny's tale (she died last year aged 100 with her mind sharp as a tack). She stopped work when she and grandad had children and never worked again. Grandad was a metallurgist in the Sheffield steel works and they bought a new semi in the 1930s that was big enough to bring up a family of three. No mortgage - just savings and a loan from friends that they paid back pretty quickly. When he retired, they used his lump sum and the equity in their family home to retire to a detached house in the Cotswolds that has just sold for over £300K. Will we ever see days like the 30s again? Part of me hopes so, for the sake of my children although I expect it's going to be a bumpy ride for a lot of us.

Hold on ....

[libspero]

Hi,

New here - but long time reader of the site.

I'm 21. My parents always taught me the value of money from a very young age.

Got married 1.5 years ago, and despite advice from this site bought a house last year with my wife. It's a 2 bed semi, but we only paid 2 times my salary for it. We're on course to be mortgage free in 5 years, if my pay remains the same, or quicker if my pay improves. If the prices crash, which I'm now pretty sure they will, does anybody think it will be more than the 30% predicted on this site?

We can afford for them to crash upto 50%; but anymore would make me a bit upset!!

Congrats on the marriage, welcome to the forum.

IMO, you are in a great position (many would be jealous).. more than thirty percent drops are highly unlikely particularly in nominal terms.. when you factor in inflation possibly but still that is a long way to drop.

There are many views on this forum, enjoy the experience.

Libs

[LumberJack]

Hello! Testing, testing 1 2 3.

FTB, London.

[jungllie jim]

Hi

39 YO divorced male, Aircaft engineer by trade working for HM government. Currently awaiting sale of FMH from which i'll recieve £15k.

Looking at working in industry either permenent or contracting within the next 5 years Immediate pension payable from leaving at 40 at 12k/year till 55 then index linked back 15 years and a gratuity of £53000 plus.

FMH up for sale with court ordered min price £240,000, with equity split 91/9% Ex wife £40k in debt

until FMH sells. House up for £247,950 TA1 postcode.

Currently in subsidised accom watching the market implode.

[howarden]

Hello, late 20s, first post, moved to Sheffield late last year for a job and while looking for somewhere to rent came across this site, lurked for a while now and finding things increasingly interesting, thought I should join and chip in once in a while.

[mik_m666]

Hi there all, same old story, long time lurker first time poster

26 yrs old, Aircraft engineer, currently contracting and making a decent living, have been looking at relocating back to the North east/North Yorkshire with my girlfriend, house prices are so much cheaper than in GU51 where we currently rent, however over the last few weeks there seems to be a definate down-turn in the way things are heading, a HPC would be very nice, but I'm not sure most are prepared for the massive financial fall out that looks almost ineveitable to be going along with it.

Maybe I will take that job in Nova Scotia and buy me a big-ass truck to watch this all happen from afar.

[bearleft]

Hello HPCers thought I might stop lurking and start posting. 56 year old, three daughters all graduates, all with graduate debt, will never be able to afford to buy a home of their own without HPC. So I'm not exactly unbiased on the question of HPC. Just like in the bad old days of Thatcher, this is personal!

[Guest muttley]

Hello HPCers thought I might stop lurking and start posting. 56 year old, three daughters all graduates, all with graduate debt, will never be able to afford to buy a home of their own without HPC. So I'm not exactly unbiased on the question of HPC. Just like in the bad old days of Thatcher, this is personal!

Three daughters!! You may be able to afford to retire in 20 years time. Meanwhile, welcome to the bear pit.

[Venger]

Hi - new member saying hello... (I think I found HPC through

a link or reference on moneysavingexpert.com forums)

I've joined because all the content / discussion / info / view-points /

experience / insight ect in all the HPC forums threads I've read

have made excellent and valuable reading.

I'm 37, am not a big-shot earner, and do not own my own house at this

moment in time.

However I have some capital built up to purchase at some future time,

if and when house prices fall in the preferred area I would like to live.

Thanks - Friday.

[Not Long Now]

Hi All,

Have been aware of the site for 18 months or so - but only in recent months have I checked in everyday. I have to say that I am very impressed by some of the contributors - obviously quite intelligent and well informed people.

Finally got around to registering so I can hopefully add to the debate.

A bit about me - Im a potential first time buyer when some sense returns to the market. As I've a degree in Economics, I hopefully know more than the average person about how markets operate, the idea of herd behaviour and the existence and build up of bubbles in markets.

Look forward to hopefully contributing over the coming weeks / months.

[Ski]

Hi All,

I must be the uber lurker as seem to spend most of my time simple reading this site. I have made a couple of posts though. From now on I hope to add to the debate rather than spondge ideas off it!

A bit of info. We (Mrs Ski and I) are FTBer. I mid 30's, she early 30's.

We lived abroad for a couple of years and paid about £700 per month rent in Germany for the sort of place that appear to be on the market to £3/4M here in Cambridge. (Came back to the UK Oct 06). Hence we're not going to buy now !

Ski

[Dr Elk]

Hi All

Been quite p***ed of with house prices for a while now and have been lurking on the site for a month and decided to get a login to try and contribute.

Cheers

Elk

[madmax2]

hi guys, been lurking a bit but decided to sign up so i can learn more from you chaps.

some background, married, male, 34. renting for the last 8 years. have been offered mortgages in the past at 5 times salary IO , i said no, have been offered liar-loans to get a house, and i said no.

because i never did believe that 3 bed in essex costs £200k. they could keep it at that price.

i went out thursday for a really good meal because i was so happy, the crash i was waiting for is now proper reality. i'm still not sure if i'm in the nest position to take advantage of it when it does become viable to buy. i dont have any credit cards, never have. both cars were paid for cash, i have never bought anything on credit before either. in fact, i love paying cash for things. i have around £4k in savings which i am hoping to add to so that it become a bit of a deposit. my threshold at which i will buy is about £120k for a 3bed house. so i wait...:-) but at least i think i am in the same boat as you guys.

p.s. i dont know if i am bull or bear, because i dont know the difference...so left it at default.

[Harbour Lad]

Another long time lurker and first time poster here, 43 years young electronics engineer living in a quiet village in East Sussex where I have been for the last 20 years and now mortgage free. Looking to move somewhere a bit more lively (Eastbourne, don't laugh) and am up for sale at the moment. 10 viewings but no serious offers as yet. Can't remember how I came across the site, but it makes interesting reading I love the collective wit on here! Look forward to contributing something to the site.

[butterfly]

Having lurked on the site for a while and also becoming quite addicted to it, I am finally making my first post. I bought my current house in the 1990's property crash and, because I got it at a knock down price, I was able to pay off the mortgage within 8 years. Due to the insecure nature of my job in academic research and the fact that I like being mortgage free, I don't want to by another property until prices return to a reasonable level. Nor do I want to be part of the mindless consumerism and debt slavery that has become so common in recent years.

[Guest grumpy-old-man]

Hi to all the newbies, we normally like to give you all a personal welcome but there are quite a few of you I notice.

Welcome to the site, lurkers & non-lurkers.

An exciting time to be here, ask as many questions as you like, no matter how daft they seem, that's how I started.

use the site search function as well as googling, it's really helpful.

I guarantee you that everything has been discussed on this site in one form or another.

GOM

[BufferBear Bitcoin Bull]

Welcome all, it's good when you stop lurking.....

[Doesn't Commute Anymore]

Hello HPC

I'm a male in my early 30s who moved to Milton Keynes about a year ago for a new job. I’ve lurked for a few months but now I feel I have learnt enough to contribute to the HPC debate.

I suppose that I am typical of my age group in that it has taken years for me to pay off student debts and build up a small deposit.

This site confirmed my observations as a potential FTBer in late 2007

– overinflated house prices that have lost touch with income multiples and affordability

- a deteriorating UK economy and global credit squeeze that makes financing these house prices unsustainable

- new blocks of apartments that are ‘investment vehicles’ for the BTL crowd and not proper starter homes for the FTBer

- a property sector dominated by dodgy practices of estate agents and sub-prime mortgage brokers

This website has almost certainly saved me from negative equity, and given me the insight to see through the media talk on property and the ‘renting is just dead money’ argument of the brainwashed majority.

[Yakov Sherimyetkov]

Hi all

I am really pleased to have found this site. There is a good range of comment and debate and I am looking forward to getting involved.

I am looking to buy anytime from now, to within the next 18 months. I have been viewing properties and have researched property figures and prices and I agree with the majority that property is vastly overvalued.

I will be browsing the site and I look forward to speaking to you all, sharing ideas and debating the big question.

Many thanks for a great site

Yakov

[Son of Taeper]

Hi all

I am really pleased to have found this site. There is a good range of comment and debate and I am looking forward to getting involved.

I am looking to buy anytime from now, to within the next 18 months. I have been viewing properties and have researched property figures and prices and I agree with the majority that property is vastly overvalued.

I will be browsing the site and I look forward to speaking to you all, sharing ideas and debating the big question.

Many thanks for a great site

Yakov

????

The big question to my mind is how many vis there out there Yakov.

Many thanks for a great post

[Bosh]

Morning all,

I live in Surrey, work in Broadcast TV. I was fortunate to pay off my mortgage early last year, Sold up in August at the peak and now rent a great house about 15 doors along from where I previously lived. I have been studying the housing market for about 15 years and have been convinced for the last three years of a HPC.

I am desperate to share my views with healthy debate, we all have varying interests in the current market.

I never ever thought I would see the day that I rented. I put a lot of time, effort and money into my home and we made a commitment to move in 4 years anyway for school reasons. I was very a-nal in overpaying my mortgage and put every available penny into it. I could not just sit back and watch my worth devalue on a daily basis and ruin any chance that we have of getting where we feel we need and want to be.

My timing was great for getting out now it`s about getting back in and I fear that could be years away but I am happy with my decision and feel equipped to face the next 4-5 years.

Cheers

Boshdadosh

[Longinthetooth]

Hi,

I am a Chartered Surveyor and have been carrying out surveys and valuations of residential property for 37 years. Over the years I have seen the role of the surveyor change significantly and am saddened to observe public preception of their usefulness decline. Along with most business models we have evolved from small local concerns to national and multi-national corporates where the individual has little or no control over his/her work ethic.

Our profession is bracing itself for the fallout which will inevitably occur with falling values and rising numbers of re-possessions. On a micro level I have tried to assess how much fault lies at the door of valuers but on looking back over the 'heady' years there was considerable pressure on individuals by their corporate masters to lend, lend, lend. Large firms of valuation panel managers were falling over themselve to impress upon lending institutions that by using their firm they would not 'rock the boat' by downvaluing - if they did, they would simply go to another firm that wouldn't. On a macro level, it is clear that this recent 'boom' was unlike ones that I have experienced in the past in that the driving forces were not a result of the British economic situation but something well beyond the control of Westminster.

What's my point? Well, I would suggest that the Bank of England and our armoury of national fiscal tools are blunt instruments to combat our present property gloom. What should turn things around (he says hopefully!) is the simple premise that a shed load of cash must be standing around in the global economy and unless it is put into circulation it is little more that paper and metal. It could of course be channeled into developing economies but, unless a very long term return is acceptable, this will be very risky (I'm sure there are a few Nigerian relatives of a dead former oil minister who would take a few million off their hands). Better, I would have thought, to put it back into the high yielding sub-prime markets of the West where you know where you stand.

On a practical note, I am here to answer any questions on a professional valuer's viewpoint of the current situation. I must stress that anything said will be personal to me and will not in any way reflect the views of the Royal Institution of Chartered Surveyors.

[Patient London FTB]

On a practical note, I am here to answer any questions on a professional valuer's viewpoint of the current situation. I must stress that anything said will be personal to me and will not in any way reflect the views of the Royal Institution of Chartered Surveyors.

Hello Long, thanks for posting.

You explained what drove the valuations carried out in the past and as you've invited questions, can I ask you what the cannier surveyors will be doing now to keep banks 'onside' in the current market as it moves downwards?

Thanks

Patient