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Be Careful What You Wish For


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........The realms of 40-50% would be catastrophic for EVERBODY - whether homeowner or not.......

You're being a drama queen. I remember widespread nominal house price falls of circa 40% back in the nineties, spread across most parts of the country. The world didn't end, life went on pretty much as before for most people, albeit with some much-needed belt tightening after earlier excesses. It's just the financial cycle in operation: boom and bust.

Many people will experience lower living standards in the future because of the profligacy of the government, the banks, and themselves. Just learn to cut your cloth accordingly and live within your means. A 40% reduction in curent house prices will eventually enable many people who are currently priced out to buy a home when the credit crunch finally eases, as it will. In the meantime they need to save a significant deposit as it will be the only way they will be able to borrow, just as it was in the not too distant past.

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HA HA HA HA HA

:lol::lol::lol::lol:

I thought twice about replying to this thread, what with you being a bit of a newbie & all, but its been eating away at me.

My quality of life and that of my family has suffered over the last 15 years because of HPI.

HPI was caused by clever greedy people in banks, and stupid greedy people in houses they couldnt afford.

In a different way, my quality of life and that of my family will suffer for the next few years - probably another 15.

Whats the difference?

The stupid greedy b4st4rds that caused it all will be suffering along with us - probably more.

So I delight in their misery!

Watch me laugh out loud again

:lol::lol::lol::lol:

HA HA HA HA HA HA HA

EDIT - This made me laugh as well, I had to edit my original post as it contained too many emoticons!!! - thats a first for me. Just reflects the extent of my shadenfreud I suppose!

Edited by sbn
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HA HA HA HA HA

HPI was caused by clever greedy people in banks, and stupid greedy people in houses they couldnt afford.

:lol::lol::lol::lol:

HA HA HA HA HA HA HA

oh happy happy

one point of contention - I PROMISE you the banks were not clever at all. just greedy.

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The quality of life enjoyed by many for the last ten years has been artificial. Not many can afford two holidays a year and brand new car every three years, designer clothes, plasma tvs etc. It was all done on the back of the rise in value of their house.

We are only going to see everyone's quality of life drop back to what it should be, where saving for items and being frugal is normal.

Maybe people will start to see the joy in the little things in life once they get less caught up in keeping up with the Jones.

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Taking delight at the misfortune of others is never less than ugly. Unfortunately, it IS becoming all too common on this site While there have in the past been reasoned, intelligent, arguments presented and while there continue to be posts linking to housing-related articles I might otherwise have missed, the site does of late seem to have descended to a "look at this muppet who bought a house" / "it's all thr fault of immigrants" level.

In the past I've deliberately directed people towards the site. Now, to be honest, I'm too embarrased to.

I delight in:

Being able to afford a home for myself and my family

Not being made to feel like a leper for not over-extending myself

Yes, I delight in being right.

I don't delight in:

Families being turfed out of their homes.

People losing their jobs.

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I delight in:

Being able to afford a home for myself and my family

Not being made to feel like a leper for not over-extending myself

Yes, I delight in being right.

I don't delight in:

Families being turfed out of their homes.

People losing their jobs.

yes indeed. I also don't delight in moral hazard - bail outs should be limited, this is one way of helping to prevent the same pain occurring to another generation 15 to 20 years hence.

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Just thought I’d post my thoughts.

Fishman as this thread illustrates this forum is a honey pot to the delusional fringe of the online internet community.

I have been on this forum for 3 month, had the same thoughts as you and have not read a similar post to yours. Well done for posting.

You can take comfort with the thought that when the market bottoms out the lunatic fringe here will be too busy counting their emergency cans of corned beef and weighing their pile of rice, they will miss the bottom of the market and then spend the next 5 years telling themselves it is just a dead cat bounce.

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Taking delight at the misfortune of others is never less than ugly. Unfortunately, it IS becoming all too common on this site While there have in the past been reasoned, intelligent, arguments presented and while there continue to be posts linking to housing-related articles I might otherwise have missed, the site does of late seem to have descended to a "look at this muppet who bought a house" / "it's all thr fault of immigrants" level.

In the past I've deliberately directed people towards the site. Now, to be honest, I'm too embarrased to.

No point directing them here now, those who thought something was wrong 4 years ago and found this site themselves will be prepared. The rest <shrug> dont really care. Our culture is pretty much destroyed after 12 years of labour rule. One things for sure, the immigrants will be amongst the first to leave.

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Just thought I’d post my thoughts.

I’m a little perturbed by the reaction of some folk who are taking obvious

delight in the crumbling housing market.

Schadenfreude at it’s ugliest.

However, the contraction of the value of most people’s largest asset should not to

be taken lightly.

OK, some BTL’ers jumped on the easy-money wagon and are now getting their digits well and truly singed.

But for most, equity in one’s home is the barometer of financial security.

Erode this and you erode the confidence that allows homeowners to buy goods and services that pays wages for millions of people.

The whole UK economy has drifted towards this dependency on housing equity. A 20% correction will be painful but probably manageable.

The realms of 40-50% would be catastrophic for EVERBODY - whether homeowner or not.

So yes a 3 bed semi in the south east for £100k may sound like a fantastic deal but if you’re unemployed it might as well be £500k as regards affordability.

Be careful what you wish for.

Yes its all my fault -I talked the market down.

I will be really struggling if prices went down 50% with my money in inverse shares waiting to buy in cash.

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Guest ponder

To all the people who have cash how have people cashed in by owening a house?.

How are you going to keep it safe in such a catostrofic crash happened?

The only safe place would be under your bed providing some one desperate (which there will be a lot of people) does not break in and steal it.

The banks would not be safe and I doubt that the £32k per person per account would happen any more if a big bank went belly up.

In the mean time you would be lossing money because of inflation and you may be paing your rent with your cash as you are unenployed?

Your financial adviser may run off with your money.

If a 40% crash happens the country is without a paddle.

You may as well stick it in bricks and mortar at least a house will be there when it over :lol:

But in all seriousness it does not matter how much you have everyone stands to lose debt or cash if we go in to recession.

If you survive with you job and you have a house or cash at the end you will be in a good position a few years later.

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Guest X-QUORK
I don't delight in:

Families being turfed out of their homes.

Get it into perspective, it's no worse than somebody who rents having to move out when the BTL decides to sell or redecorate. Don't see much sympathy for these "families being turfed out of their homes" do we?

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Guest X-QUORK
You can take comfort with the thought that when the market bottoms out the lunatic fringe here will be too busy counting their emergency cans of corned beef and weighing their pile of rice, they will miss the bottom of the market and then spend the next 5 years telling themselves it is just a dead cat bounce.

Meanwhile you take pomposity and generalisation to new levels.

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Guest ponder
Agreed.

we can only hope when you have a family and house that it all hapens again (which it will) and you are one of the loosers perhaps then you may feel a bit more simpathetic.

In the mean time grow up!

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Get it into perspective, it's no worse than somebody who rents having to move out when the BTL decides to sell or redecorate. Don't see much sympathy for these "families being turfed out of their homes" do we?

Well, it is - those people can just move in to another rental. It's very annoying (been thru it myself 3 times and it's annoying enough when single), but you're not going to end up homeless. Being repossessed means homelessness - where are these people going to go? In order to get repossessed, you must have lost your job, and if there's no replacement job...

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Fishman as this thread illustrates this forum is a honey pot to the delusional fringe of the online internet community.

I have been on this forum for 3 month, had the same thoughts as you and have not read a similar post to yours. Well done for posting.

You can take comfort with the thought that when the market bottoms out the lunatic fringe here will be too busy counting their emergency cans of corned beef and weighing their pile of rice, they will miss the bottom of the market and then spend the next 5 years telling themselves it is just a dead cat bounce.

More like you haven't been on for three months yet hence you haven't seen this lame crap that has been said and agreed hundreds of times, as well as the fact that this is simply the exact opposite of the enjoyment people took in overstretching themselves(maybe you are one of them jumping on the bandwagon) and goes without saying. Common sense should rule, but it doesn't and so lessons must be learnt. Get used to this as many lessons will be learnt over the next 4 years. :o

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Guest barebear
If you'd been here for more than 5 minutes you'd realise that this has been discussed for oh, at least the last 3 years. :rolleyes:

DO try and keep up. :P

Well he seems to have achieved a 3 page reply nevertheless !!

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Don't worry folks, one needs to use the appropriate dialect for this jolly little scamp. Please allow me this indulgence...

YEH LIKE JAPES IZ DA BOMB!!! DO NO GO TEH M4D 1337 5K1LLZ 2 DIS DA FIREWALL SO NO FALL!!!

MY UNDAPANTZ IZ 2 TIYT SO I GOT 2 GO NOW

L8RS DUDE

And did he mean sados or saddos?

Also having read this, I am now concerned about the people on here.

Bosh mentioned meeting up for a curry when all this is over and I am worried that he is not a 40-ish yr old chap like myself, but a predatory 12 yr old girl.

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In order to get repossessed, you must have lost your job, and if there's no replacement job...

With the levels some folk have stretched themselves to, there will be quite a few repos this time where the borrower is still in a job. Job or no job, if your repayments are hiked more than you can afford when you come to remortgage and can only get SVRs at 2% and more what you were paying on the 'introductory' rate, in the words of the prophet, you're fecked!

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Just thought I’d post my thoughts.

Be careful what you wish for.

Fishman, as a newbie please may I be the first to welcome you to HOUSEPRICECRASH.CO.UK, I too find it utterly bizzarre that on the whole, people who visit and contribute to this website called HPC.CO.UK actually welcome a huge fall in house prices, Freaks me out everytime I log in :blink:

Also a huge thanks for the warning as I for one would rather take advice from someone who is new to this mad forum as opposed to others that contribute and share information on a daily basis. Some of these idiots have been on here for years and although in the main, many, many if not most of the predictions have come true.

Pure luck if you ask me ;) Don`t worry it`s probably a blip and I for one think Kirsty is misunderstood by the ignorant villains on this forum.

AWOOGA My friend

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Guest pioneer31
Schadenfreude at it’s ugliest.

Isn't that where Krusty encourages BTL'ers to rub their hands with glee, at the prospect of 'housing' yet another priced out family, whilst themselves enjoying the benefits of ownership?

Edited by pioneer31
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Be careful what you wish for.

Not having a go, maybe you truly don't understand what makes an economy grow sustainably and competitively, and thus need to spend some time and grasp the very basics of economics.

Of course, there are people on this site that did not manage to get on the property ladder and are damning the unaffordable housing levels and only. And nobody can blame them for that. However, what is even more relevant is that the real estate buble has deformed the broader economy by arresting plenty of scarce capital that would normally go to produce something arguably more competitive for the global market.

Now that loads of capital have been mis-allocated it is only a major bust (bankruptcies, various voluntary business closings) that can return the British economy on track by making it produce something. This instead of everlasting borrowing to finance consumption against everlasting double digit annual increases in real estate prices. Also, bear in mind that empirical evidence (from the past couple of centuries, not 5, 10 or 20 years) suggests a very intuitive finding: that home prices on average rise at the pace of the growth in people's disposable income.

And the good news is that the UK is by far not the only credit addict; there are places in Europe where things are much worse, and the strong euro will only do more damage there. Say thanks that GBP isn't EUR and that legal system in the UK allows much easier firings, so things can be mroe fluid than anywhere else in Europe.

THE BOTTOM LINE: BE CAREFUL NOT TO WISH A BUST OR THE PAIN WILL LAST MUCH LONGER.

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