How Is Everyone Feeling?

[Chriso]

I've been on this site since mid 2006, many others for longer. Personally, I feel a combination of massive relief and a touch of hysterical hapiness that the crash is finally here.

Prices are now officially at where we were when I registered and all the momentum is downwards.

As great as I'm feeling right now, I still can't help but feel angry at the outrageous media spin and nonsence spouted during the boom, and how many of my friends and family have been lured into this stinking mess.

Most on this site were made to look like gibbering inbreds for even daring to think that house prices couldn't keep rising exponentially, above inflation, forever! Friends, family, colleagues all openly ridiculed me for my thoughts and I still can't help but feeling a little bitter about it all.

Anyway, we were right, they were wrong, sit back, relax, and enjoy the show!!

[Guest Mr Parry]

I've been on this site since mid 2006, many others for longer. Personally, I feel a combination of massive relief and a touch of hysterical hapiness that the crash is finally here.

Prices are now officially at where we were when I registered and all the momentum is downwards.

As great as I'm feeling right now, I still can't help but feel angry at the outrageous media spin and nonsence spouted during the boom, and how many of my friends and family have been lured into this stinking mess.

Most on this site were made to look like gibbering inbreds for even daring to think that house prices couldn't keep rising exponentially, above inflation, forever! Friends, family, colleagues all openly ridiculed me for my thoughts and I still can't help but feeling a little bitter about it all.

Anyway, we were right, they were wrong, sit back, relax, and enjoy the show!!

Feel alright, bruv.

Got a touch of the clap I think though.

[eric pebble]

I've been on this site since mid 2006, many others for longer. Personally, I feel a combination of massive relief and a touch of hysterical hapiness that the crash is finally here.

Prices are now officially at where we were when I registered and all the momentum is downwards.

As great as I'm feeling right now, I still can't help but feel angry at the outrageous media spin and nonsence spouted during the boom, and how many of my friends and family have been lured into this stinking mess.

Most on this site were made to look like gibbering inbreds for even daring to think that house prices couldn't keep rising exponentially, above inflation, forever! Friends, family, colleagues all openly ridiculed me for my thoughts and I still can't help but feeling a little bitter about it all.

Anyway, we were right, they were wrong, sit back, relax, and enjoy the show!!

Matches my thoughts EXACTLY Chriso............. I am still really p*ssed off about how STUPID people are........... REALLY P1SSED OFF.................

[Patfig]

I left the UK in 2004, one because one, could and two, because I was so uncomfortable with house prices and was struggling financially.

Well my timing wasnt that good and I have watched the prices go up and up and up with incredulity.

It is insanity and shows people just cant think for themselves and get sucked into ****** tv programmes and think they are all of a sudden entrepreneurs.

Well it's going to be sad for a lot of gullible and also a lot of greedy folks.

If they drop enough might come back............. if they can sort out the other shite that is wrong with the UK. :angry: :angry:

[Guest KingCharles1st]

As someone programmed by everyone I ever met into investing in bricks and mortar- and being one of the first to suffer last time, and then after that, putting it all together in a lovely home with 80% equity and then losing out in a huge divorce 14 years later, I no longer feel "THE PRESSURE" if you can understand what I mean.

I feel relieved that this pain is going to rain for about 4-6 years, and this breathing space will give a survival rat like myself plenty of time and options to manouvre to get where I want to be- simple as that.

Edited July 11, 2008 by KingCharles1st

[Guest Mr Parry]

I left the UK in 2004, one because one, could and two, because I was so uncomfortable with house prices and was struggling financially.

Well my timing wasnt that good and I have watched the prices go up and up and up with incredulity.

It is insanity and shows people just cant think for themselves and get sucked into ****** tv programmes and think they are all of a sudden entrepreneurs.

Well it's going to be sad for a lot of gullible and also a lot of greedy folks.

If they drop enough might come back............. if they can sort out the other shite that is wrong with the UK. :angry: :angry:

Where are you living now, Patfig?

[Chriso]

'No longer feel the pressure', great way of putting it.

Funny how house prices use to be brought up nearly every dinner party I went to (me being the only bear). It's never mentioned now!

Funny that.

[Patfig]

Where are you living now, Patfig?

South Island New Zealand and loving it.

Far from the troubles of the world.

[bobby9983]

I agree that a correction is welcome, but with the current Armageddon that is slowly playing out in the credit and debt markets, I think that a simple House Price Crash is the least of our worries.

If they don't sort the money system out (which is currently fundamentally broken by the way), then we are all in trouble.

I've very recently change my mind on this, but it's clear that house prices have been pushed by the availability of cheap credit. Take the credit away and watch the prices fall.

But this lack of credit doesn't just affect house prices. It's affects everything, from the housing market to the labour market.

On that basis, I'm very afraid.

[Chriso]

I agree that a correction is welcome, but with the current Armageddon that is slowly playing out in the credit and debt markets, I think that a simple House Price Crash is the least of our worries.

If they don't sort the money system out (which is currently fundamentally broken by the way), then we are all in trouble.

I've very recently change my mind on this, but it's clear that house prices have been pushed by the availability of cheap credit. Take the credit away and watch the prices fall.

But this lack of credit doesn't just affect house prices. It's affects everything, from the housing market to the labour market.

On that basis, I'm very afraid.

At least you're prepared and have your 'savings' in the right places. Hows those gold bars of yours?

[Guest Mr Parry]

South Island New Zealand and loving it.

Far from the troubles of the world.

Nice!

[Guest Steve Cook]

I agree that a correction is welcome, but with the current Armageddon that is slowly playing out in the credit and debt markets, I think that a simple House Price Crash is the least of our worries.

If they don't sort the money system out (which is currently fundamentally broken by the way), then we are all in trouble.

I've very recently change my mind on this, but it's clear that house prices have been pushed by the availability of cheap credit. Take the credit away and watch the prices fall.

But this lack of credit doesn't just affect house prices. It's affects everything, from the housing market to the labour market.

On that basis, I'm very afraid.

yes

[joey]

Wow it is DOOM and GLOOM this morning reading the papers.

http://www.dailymail.co.uk/femail/article-...dit-crunch.html

Above regards the lady whose house was valued at 575K 3 montsh ago and the best offer she can get is 485K which was accepted then the buyer pulled out. Realistically we are seeing at least 20% drops in 3 monts which is historic. She is also a DTS (Desperate To Sell) as she has mounting debts. A sob story but there will be plenty more.

I recall reading last year the arguments the Bulls were saying no way it be as bad as the early 90s, now it is being predicted as worse and on par with the GREAT DEPRESSION.

I love Financial Planner's (FP) advice "I would touch property with barge pole right now "

Edited July 11, 2008 by joey

[Radge]

On that basis, I'm very afraid.

Yep, sadly the mickey mouse housing driven economy could unravel quite a lot. If my granny was still alive, I could imagine her saying:

"Ye cannae eat a granite worktop"

[TheUnknown]

I feel kind of sad...for all the people who have been morally bankrupted by this whole debacle.

The 'values' of our society have been so corrupted, the consequences so much far reaching than just the cost of housing - the instant gratification - the celebrity idol - the warped expectations of our youth. And all fed by lies at every level.

An insipid mess and, perhaps, hopefully this will be the start of a new reality.

On a personal level at least I now know I was right all along, but this is the only place I can say it. I have watched helplessly as family and friends have become caught up in this sorry exercise.

A time for moral reflection and correction - I can only hope so

[eastleighfan]

Now , now , fellow HPC'ers

No-one likes a "told you so" , but ..........oh to hell with it

W E T O L D Y O U S O !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Patfig]

Wow it is DOOM and GLOOM this morning reading the papers.

http://www.dailymail.co.uk/femail/article-...dit-crunch.html

Above regards the lady whose house was valued at 575K 3 montsh ago and the best offer she can get is 485K which was accepted then the buyer pulled out. Realistically we are seeing at least 20% drops in 3 monts which is historic. She is also a DTS (Desperate To Sell) as she has mounting debts. A sob story but there will be plenty more.

I recall reading last year the arguments the Bulls were saying no way it be as bad as the early 90s, now it is being predicted as worse and on par with the GREAT DEPRESSION.

I love Financial Planner's (FP) advice "I would touch property with barge pole right now "

485K my heart bleeeds for her........... thats nealry half a mill.... does it have more than 1 bedroom!

[Realistbear]

I've been on this site since mid 2006, many others for longer. Personally, I feel a combination of massive relief and a touch of hysterical hapiness that the crash is finally here.

Prices are now officially at where we were when I registered and all the momentum is downwards.

As great as I'm feeling right now, I still can't help but feel angry at the outrageous media spin and nonsence spouted during the boom, and how many of my friends and family have been lured into this stinking mess.

Most on this site were made to look like gibbering inbreds for even daring to think that house prices couldn't keep rising exponentially, above inflation, forever! Friends, family, colleagues all openly ridiculed me for my thoughts and I still can't help but feeling a little bitter about it all.

Anyway, we were right, they were wrong, sit back, relax, and enjoy the show!!

I feel vindicated. I have tended to lean toward the bearish position and have also taken a lot of criticism. I have long held the view that this crash would be worse than anything we have seen before and am on record for suggesting that we will see 50-60% drops by the time this monster bottoms out. I also suggested, long before the crash got underway, that the damage would come suddenly with the biggest drops occuring early in the crash cycle. That the UK economy would go into a dramatic reversal once the crash was underway sending us into recession with consequential mass unemployment. I also made the point, early on, that the MPC was a tool of Brown's and that the idea of independence was a myth. Only recently has there been any overt admission of this with suggestions that the MPC members should now be elected independently of the Treasury (Gordon Brown).

I find it astounding that people are still calling a mere 25-35% drop when we have had the biggest and most irresponsible bubble since the Great South Sea Bubble of the 18th Century. I was comforted yesterday when Saviils called a 25% drop by the end of next year. Coming from an EA, this is indicative of what they really think is going to happen.

What I did not count on was the post August 2005 boom after Gordon told Merv's lads to cut rates as the house market was starting to wobble. The continuing supply of irreponsible levels of credit post August 2005 kept the bubble floating for another 24 months which came as a surprise. But, no matter, the level of HPI is that much higher which translates into a larger and faster crash to the bottom.

[co2_is-not_man_made]

At least you're prepared and have your 'savings' in the right places. Hows those gold bars of yours?

i am becoming increasingly worried about this as well, what is the general view, i am holding 5% in gold coins . I think it may be time to increase with all the doom and gloom is coming thick and fast who knows what will happen?

[Si1]

I was just getting to the stage of questioning my own judgement, but this wonderful site gave me validation in my logic.

The way things were going, if indeed the bull arguments had been correct, I was screwed. As things stood I had no desirable future, I would have to work my balls off to receive very little for the rest of my life, with no retirement in prospect. Furthermore, the gloating of the previous generations who would be receiving the benefits of my labours made me sick.

I can afford to do a job that I enjoy without having to pressurise myself to earn the max, will be able to own a home that suits, and also be able to afford a retirement, family, the works. I mean for god's sake, I only go on my holidays to Wales, it's not like I'm asking for too much!

In short I have a future. I am delighted.

[Moo]

Personally, I'm just glad it's (by which I mean the crash and accompanying recession) happening, so we can get it over with. I don't for one moment expect to come out of the recession unscathed, but given that we don't have a choice in the matter (and haven't had since 2001), I'll be damned if I'm going to get all upset about it.

[Glittery Hoo Haa]

Wow it is DOOM and GLOOM this morning reading the papers.

http://www.dailymail.co.uk/femail/article-...dit-crunch.html

I'm very sorry that this woman was widowed but her lifestyle was entirely unsustainable. Why didn't she invest some of her equity from the previous house sale? Why does she still have a BMW X3? Why did she spend £90k on her new house? Why is she driving 50 miles a day to a private school when she lives in a area with excellent state provision?

It's financial lunacy and she may well have come a cropper, albeit smaller in scale, without a house price crash.

[Wait & See]

I've been on this site since mid 2006, many others for longer. Personally, I feel a combination of massive relief and a touch of hysterical hapiness that the crash is finally here.

Prices are now officially at where we were when I registered and all the momentum is downwards.

As great as I'm feeling right now, I still can't help but feel angry at the outrageous media spin and nonsence spouted during the boom, and how many of my friends and family have been lured into this stinking mess.

Most on this site were made to look like gibbering inbreds for even daring to think that house prices couldn't keep rising exponentially, above inflation, forever! Friends, family, colleagues all openly ridiculed me for my thoughts and I still can't help but feeling a little bitter about it all.

Anyway, we were right, they were wrong, sit back, relax, and enjoy the show!!

Happy Days Chriso.

I still can't believe some of the arguments I've had with the "Better Get On or You'll Never Afford To Buy" brigade. They were smug - but not anymore.

I now get lines like "renting is a good option" & "I always knew house prices were too high".

[Guest DissipatedYouthIsValuable]

I'm turgid.

[Hoggums]

Simple supply and demand at play here.

She may think it was worth 575K - but it never was. It's not even worth 475K because the buyer who wanted it can't afford it.

If she puts it on at an affordable price it will sell. She shold be thankful that there's plenty of equity in the property. I wonder how many people in her situation can't afford to drop the price.

BUT yet again another vendor puts their house on the rental market.

I can see a 2nd crash coming

And that is in rental yields. It's going to happen - there will be too many rental properties on the market.