Thursday, Nov 16, 2006

October sees fastest house price rise in 4 years

Guardian Unlimited: October House Prices rise with demand

House prices rebounded in October to rise at their fastest rate in more than four years, suggesting potential buyers were not put off by August's base rate rise, surveyors said today.

Posted by jellycaster @ 12:18 PM (459 views)
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1. denzil said...

No real surprise. The market in my neck of the woods is fairly fluid. To look at the market would suggest that the last two years the market was just catching its breath and now it is onwards and upwards again.
However even the blindingly stupid are starting to realise there is space for upwards momentum and gains of any magnitude could be rapidly wiped out. Interest rate rises take longer than a couple of months to kick-in so I think it's premature to state the effect of the rate rise in Aug and Nov.
Good properties are selling in days around here. Just driven past a place that has been on the market at 599K for 8 days that has a "sale agreed" sign up. However I'm starting to see a lot of "sale agreeds" turning back into "for sale" boards.
A BTL landlord who I work with is selling his BTL as his fixed rate has just ended and he cannot afford to subsidise his tenant.
Depending on another IR hike early next year I think the market is probably at its peak.

Thursday, November 16, 2006 12:40PM Report Comment
 

2. george monsoon said...

I HAVE OFFICIALLY GIVEN UP.

I have waited and waited and waited for over three years to buy a house. There was at the beginning a time when I could just about have got my foot on the ladder. I held on in with the obviously misguided idea that prices had to fall, because they were already ridiculously high, but that time has passed. Even the low end properties are now out of my reach. I don't expect that I will be visiting this site much in the future.
The wealth is now in the hands of the elderly and the fortunate. I am poor. I will always be poor, and the way things are going, I am going to get even poorer. The landlords will inherit the earth.

Time to hang up my crash hat for the last time and try to earn enough to pay the bills.


Thursday, November 16, 2006 01:07PM Report Comment
 

3. george monsoon said...

Just to add to the post above..

Everyone who has a home and has owned for more than a few years, is probably sitting on thousands in equity. Their argument would probably go something like "well if I sell up, the house I wish to buy will cost more, so I have made nothing" this argument is accurate, however, the lucky gits have thousands of pounds in the bank when moving, which will pay for the costs and a hefty deposit, brining down the overall mortgage.

I actually burst last weekend and got myself thrown out of a house for punching a person who said It was my fault for not buying earlier. It felt great. The person in question was 27, owns a BMW x5 and has worked for estate agents in the past ..

Anyone who

GET IN !

If anyone here owns more than one property for no reason other than financial gain, or has just cashed in on a property, but still comes on here complaining of house prices, you are rubbing it in for the rest of us. spare a thought for those people who because of YOU, greedy banks, sellers, estate agents and the government cannot now buy a home for their family. I have a family. My new partner wants a family, so I have to continue renting. I am earning a good wage and work very hard for a living. 50+ hours a week.

It did feel good to hit that guy and I have no regrets. Now BAN me from this site, before I get really angry



Thursday, November 16, 2006 01:39PM Report Comment
 

4. Randomkevlar said...

Without wanting to appear rude, thats great news george. If most HPC'ers now give up and buy then the end is surely just over that interest rate hill.

Whilst my mother and I where selling off flats we had jointly developed in the early 90's, we got caught in the last HPC, its wierd but it does seem all very similar, the year before that HPC prices in the London and the South east where rocketing up and everything looked rosey but within months 40% was wiped off property values in our area (bournemouth) and part of our house (yes, it was our family home we had converted to flats) had to be sold just to cover the growing morgage costs, making us a nice loss.

Now I am unable to buy a property because of some mental block, I'm utterly convinced that the moment I buy the bottom will drop out of the market, but maybe its not when I buy but when HPC'ers start buying that pushes it over the edge.....

Thursday, November 16, 2006 01:51PM Report Comment
 

5. David20040_0 said...

Yet again I am proved right, prices are not going to fall. They just keep going up.

Thursday, November 16, 2006 01:52PM Report Comment
 

6. David20040_0 said...

I have said before a 0.25% interest rise will not make any difference on the hosuing market. Rises are starting to pick up again and become more marked. This shows that a housing price crash is not going to happen.

The housing market is extremely strong and for those of you wanting a crash accept it just isn't going to happen for at least 10 years.

Thursday, November 16, 2006 02:00PM Report Comment
 

7. george monsoon said...

Ok, until the moderator has has enough of me, I will continue to post, but don't expect and objective view from me.

The problem isn't really the banks, or the greed ridden sellers. Its the estate agents and the stupid, ignorant, blind sighted, low IQ, Class "D" advertisers target audience, easily led and probably overweight masses that have caused this misery. If I was making the rules.

With respect to mortgage lending, the bank would have to :- take into account ALL outgoings, earnings and spending patterns of the borrower.

The prospective borrower would have to prove in a court of law that they were able to meet repayments by producing evidence of earnings and it would be compulsory for them to be able to meet the repayments in the event of an interest rate rise of 5%

The borrower would also have to prove that the property was going to be occupied by them as their living
address. I would ban buy to let, instead I would put a massive tax on landlords, and impose the strictest rules on the amount they were able to charge to tennants, thus rendering it a very low yield business.

I would increase capital gains tax to 80%
I would imediately send the current housing market into decline by increasing the interest rates to 10% and leave them at that level for a year.

Estate agents would also be disbanded and current estate agents would be employed by a governent run organisation that ensures houses are not sold for more money than they were bought. Britain would also leave the EU and I would promote growth in farming and manufacturing, by giving them massive tax breaks in order for them to compete. I would re-open all viable mines, ban 4x4 vehicles from general road use, and restrict anyone in a german vehicle to the inside lane of the motorway..... oh hang on I think Ive lost the plot..
end.




Thursday, November 16, 2006 02:13PM Report Comment
 

8. Mammys Little Soldier said...

Calm down george monsoon - don't let a little RICS survey push you over the edge.

Thursday, November 16, 2006 02:19PM Report Comment
 

9. denzil said...

It's a tough one George. It's very easy to get drawn in and believe a crash is just around the corner, it may well be. I personally believe the UK consumer is in for a helluva headache after the excesses of the last five years but I also believe in a stagnation scenario.

Some wise advice that was written a while ago on this blog by Paul or at least a Paul said that you have to set yourself a date that you will wait for a crash to occur and if it does not occur then just get on with your life and buy at the best possible price you can.
I know people who believed in crash theory going back to 2003 who all gave up and bought property. If the market crashed tomorrow I bet they would have no regrets whatsoever.

Best of luck in whatever you do and watch you don't get the NSPCEA after you.

Denzil

Thursday, November 16, 2006 02:21PM Report Comment
 

10. Number2 said...

this is just the media trying to keep everything going. no doubt all the figures have been fiddled to the max!

Thursday, November 16, 2006 02:21PM Report Comment
 

11. george monsoon said...

I have a tent, a nice guitar and a good bottle of bourbon. As long as I can chase the sunshine, I suppose I will be happy, but no way am I getting on the property ladder until prices dont move and my wage doubles.

Thursday, November 16, 2006 02:32PM Report Comment
 

12. denzil said...

George Monsoon said:
>>I would re-open all viable mines, ban 4x4 vehicles from general road use, and restrict anyone in a german vehicle to the >>inside lane of the motorway..... oh hang on I think Ive lost the plot..
>>end.

Ah you've got me into grumpy old men mode.
I would also ban those ffing idiots who drive with their ffing sat nav stupid screens directly in front of their faces. I was crossing the new severn crossing back into England the other night and a gimp was gaily driving a away in the middle lane when nobody was in the inside lane (I'd ban them too), weaving too and fro he was. I moved to the outside line to get around the idiot and I could see him showing his mate a little red dot on an illustration of a road bridge a brightly lit screen. My guess was he was saying, "look it shows us where we are". I gave them some verbal and several hand gestures and was on my way. Those gimp nav systems should simply be voice only. Those pair of fools on the Severn Bridge could have easily look out of the window to see where they were.
The irony is mobile phones were banned from hand use in cars but you can place a screen with a picture of yourself right in your field of view.

Thursday, November 16, 2006 02:35PM Report Comment
 

13. Sam said...

I agree Denzil, whenever you're speculating consider your personal situation first and make the best choice you can at the time. that's the best any of use can do. "the prices of houses can go up and well as down".

on the article itself, it's a monthy comparision which can be skewed by a low month, followed by a average one. most of this year has been eratic. certainlly not as steady as four years ago. i.e. they don't compare year on year.

Finally, -- doesn't RICS deal with asking prices rather than the actaul prices properties sell for? - I know it's a govenment instituation but Land registry figures show less ripple effect and more instabiltiy. I think this is just fog in the theatre of economics.

Thursday, November 16, 2006 02:42PM Report Comment
 

14. george monsoon said...

Now we have a heated debate..

How about shopping. they have childrens play areas in shops. How about a nice comfortable bar in all the major shops, where all the blokes can go and play darts, cards, pool, watch sky sports and have a pint with the lads.. while the missus gets on with her hobby.

Or.. a slow lane on the highstreet for pedestrians who do not posess the capacity to move forward faster than an asthmatic ant with heavy shopping. Young professionals - contradiction in terms.. those fffers in suits that have their hair cut spikey and walk around with their mobile phone vaccum packed to their ears, I would introduce a fine for anyone using a mobile in a public place. cubicles called telephone boxes would be introduced on the streets where anyone wanting to use a mobile would have to use... oh hang on we used to have them, they were big red and shiny, and offered sollace for a drunk in need of bladder release.

Thursday, November 16, 2006 02:45PM Report Comment
 

15. Retiredbanker said...

George; have patience, and try and control your understandable frustration. Resort to violence and you have lost the argument.

A crash will come, but if it is as bad as the last one many people will lose their jobs and therefore not be in a position to buy a
property, even at much reduced prices.

Personally I do not see much of a future for the UK, and my advice to young people is to obtain a marketable skill and emigrate.
Looking at the web-sites for Australia and New Zealand, I notice that building workers, motor mechanics, nurses, police officers,
etc.,are very much in demand; so one does not necessarily need advanced academic qualifications.

Browsing my "old school website" ( a London Livery Company school ), I have been staggered by the number of my fellow pupils
who did in fact emigrate in the 1960's.
Although houses were cheap at that time, wages were pitiful and it would have been very difficult to raise a family on just one income
with the usual UK scenario of low wages, high taxes and high costs.
So if you wanted children you went to live abroad.

Thursday, November 16, 2006 02:52PM Report Comment
 

16. Bingo said...

George, youv'e got to chill out man.... I've been renting now for 3 years after selling up I decided to rent temporarily until something came along that I fancied, what happened? I waited so long that prices got too high and now I find myself in this situation (renting). You know what though? I have actually come to terms with it and rationalised it to myself and the wife. itook the time to sit back and analyze my situation and this is what I came up with... When you consider how many people are actually making money off the back of your house purchase and the amount of money being made by them, it is obvious to me who the real fools are. Why do you think the estate agents and financial advisers (independant my a*%e) can afford to drive around in beemers and get massive bonuses every year,, the money is coming directly out of the pockets of the house buyer. All you have to do is find somewhere nice to rent and come to terms with the fact that you are renting and not supporting the money go round that is the property business. You and millions like you are under enormous pressure from society to 'conform' to the rules of society. Those 'rules' are written by the bankers, the credit card companies, the loan consolidation companies, the banks and yes,,, the independant financial adviser, not to mention advertisers and last but not least, the government. All designed to get the money out of your pocket, and into theirs... It starts at a young age, the kids are all asking for ipods and hair straighteners for christmas, because they want to be like the 'cool' people on tv and of course, all their mates will be getting them...
don't worry about conforming, you don't need to... To conform will cost you a fortune and you will be just like all the other 'sheeple' in this country who reads the newspapers and actually believes what they read.... Those poor people, pity them but don't try to be like them....!!

Thursday, November 16, 2006 03:01PM Report Comment
 

17. Tipping Point said...

Give up you want George but you might want to keep in mind the following:

1) Unemployment is rising.
2) Inflation is rising.
3) A change of Government next election is highly likely.
4) International Investment is pouring into Eastern Europe and will reverse the brain drain from there.

All in all it sounds like the 1980's are returning.

Thursday, November 16, 2006 03:06PM Report Comment
 

18. Payrme said...

Going a little off topic aren' we?

George, you shouldn't take all this so personally - nobody has it in for you. It's just that as this particular snapshot in time other people appear to be better off. Respect to them for taking the risks and getting the rewards. I still feel house prices are at ridiculous values but evidence my opinion is wrong has been stacking up for years. In a year so we may both be proved correct but I wouldn't expect anyone to hate me for making what I consider to be an informed decision with whatever info or means I have at my disposal. As for a crash - it can only happen when the last bull becomes a bear, whilst demand and ability to buy (increasingly fuelled by banks desperate to maintain market share) remain a crash cannot happen.

As regards taxing landlords to the hilt and banning second homes this just seems a little ridiculous. Nobody owes you a particluar standard of living (although I agree the state should provide some kind of minimum for those really in need) so just get over yourself.

Thursday, November 16, 2006 03:14PM Report Comment
 

19. inbreda said...

I'd get rid of jehovahs witnesses.

They can do what they want in the privacy of their own home but it would be illegal to try and tell a stranger how mental you are.

Thursday, November 16, 2006 03:34PM Report Comment
 

20. Cyril said...

George - don't lose faith. HPC is coming soon.

Thursday, November 16, 2006 04:59PM Report Comment
 

21. Drewster said...

I can understand people losing hope in the crash ever coming, but take a look at the most damning figures in the property market today: the rental yield. For example I recently saw advertised a "luxury two bedroom apartment in Manchester, 190k, currently let at 775 per month". The estate agent markets this as an "investment property", but if you do the math you can see the gross (pre-tax) yield is just 4.9%, that's before taking into account tax, service charges, ground rent, void periods, boiler repair, etc.. An interest-only mortgage on the same property would cost 791 (at 5% rates).

The same estate agents has several other "investment properties" for sale with gross rental yields below 5%. This picture is repeated across the city and no doubt across the country. If you don't believe it just check your local area and report back to us. By any traditional financial measure, housing is overvalued in my area and probably in yours too. It doesn't mean a crash will happen tomorrow but it does increase the likelihood of a crash.

Thursday, November 16, 2006 06:35PM Report Comment
 

22. sovietuk said...

Don't give up George, keep grafting away. Quitters never win. Winners never quit. Plus it will be good to see the over optimistic idiots with their faces rubbed in the mud.

Thursday, November 16, 2006 07:37PM Report Comment
 

23. Talman said...

It's true, despite waiting and waiting I've decided it's just not going to happen. I'm off to buy asap and I suggest you all do the same.

Actually, I'm lying. I have absolutely no intention of buying anything at the height of the market. But had I been a VI, how easy it would be to make a post like that above. It's not going to happen any time soon but happen it will. My folks are renting a Wimpey two bed flat. Owner bought it for 196,000 18 months ago off plan. Couldn't sell it 6 months ago for 150,000 and that's in Liverpool with a river and parkland view. Now tell me prices aren't crashing already and in the future capital of culture!!!

What is a crash? There's a big difference between a car crash and one involving an oil tanker. One can take seconds and the other days. The helmsman is lying dead on the tanker so when does the crash really start? At the point of impact or when events have been put in motion with an inevitable crunch just a matter of time away. Don't despair. The crash has happened, it's just a matter of how long the journey is.

Thursday, November 16, 2006 07:43PM Report Comment
 

24. inbreda said...

yeah - but we can get rid of jehovahs right?

Thursday, November 16, 2006 10:00PM Report Comment
 

25. Paul said...

David20040_0, you really don't do numbers n' details do you? Don't ever give economic advice to anyone ... ummm, ever.

Do you think the FSA warns banks to make provisions for a 40% fall in house prices for nothing? For fun? Because they're bored?

The recent rises have only increased the risk of a nasty fall - that is the private fear that all housing "investors" have at the back of their mind. The recent boost was a temporary skew of the market from city bonuses. 5% falls in the values of 20 semis are easily wiped out by a 20% increase in the price of a single penthouse. So do everyone a favour and do the maths. Use your toes as well if you have to.

Besides you'll not come back here when prices start tumbling because you're a fairweather troll - you gloat when things are going your way and disappear when they're not. Please don't insult our intelligence by thinking we can't see you for what you are.

Of course there were Australians and Americans who until a few months ago were saying the same as you. Now their portfolios are hemorrhaging money while they sleep restlessly, wondering where prices will bottom out - 70% of their value, 60%? 50%? Less?

It was my advice to set a date denzil, and I stick by it. I'm looking to buy a small place now, but only in a bit of town where prices are unlikely to be heavily affected by a crash - West London which also means that it will probably be a very very small place. Even then there are few guarantees in the market, and I don't pretend it would be immune.

George, what options do you have? If that sounds blunt, then well maybe it's meant to (but as Captain Chaos says "please not in the face"). Save money. Doesn't matter even if its a little, just save money and stick it in an ICESAVE account or something. If you can't afford to buy, you rent and you save money. That's it. No point "giving up" on anything - just have to get back on and keep pedaling ...

I hear of these daft programs like "Pay Off Your Mortgage in Twenty Days" (or something like that) and think well if they can do that, couldn't someone realistically do the same to buy a house outright? The answer is yes and no - yes because they wouldn't have to pay the interest payments so it would be cheaper than taking out a loan in the first place. No because all of that shows guests just happen to have bought their houses before around 2002 - sometimes these program formats depend on flawed assumptions.

Thursday, November 16, 2006 10:41PM Report Comment
 

26. paul said...

David20040_0, you really don't do numbers n' details do you? Don't ever give economic advice to anyone ... ummm, ever.

Do you think the FSA warns banks to make provisions for a 40% fall in house prices for nothing? For fun? Because they're bored?

The recent rises have only increased the risk of a nasty fall - that is the private fear that all housing "investors" have at the back of their mind. The recent boost was a temporary skew of the market from city bonuses. 5% falls in the values of 20 semis are easily wiped out by a 20% increase in the price of a single penthouse. So do everyone a favour and do the maths. Use your toes as well if you have to.

Besides you'll not come back here when prices start tumbling because you're a fairweather troll - you gloat when things are going your way and disappear when they're not. Please don't insult our intelligence by thinking we can't see you for what you are.

Of course there were Australians and Americans who until a few months ago were saying the same as you. Now their portfolios are hemorrhaging money while they sleep restlessly, wondering where prices will bottom out - 70% of their value, 60%? 50%? Less?

It was my advice to set a date denzil, and I stick by it. I'm looking to buy a small place now, but only in a bit of town where prices are unlikely to be heavily affected by a crash - West London which also means that it will probably be a very very small place. Even then there are few guarantees in the market, and I don't pretend it would be immune.

George, what options do you have? If that sounds blunt, then well maybe it's meant to (but as Captain Chaos says "please not in the face"). Save money. Doesn't matter even if its a little, just save money and stick it in an ICESAVE account or something. If you can't afford to buy, you rent and you save money. That's it. No point "giving up" on anything - just have to get back on and keep pedaling ...

I hear of these daft programs like "Pay Off Your Mortgage in Twenty Days" (or something like that) and think well if they can do that, couldn't someone realistically do the same to buy a house outright? The answer is yes and no - yes because they wouldn't have to pay the interest payments so it would be cheaper than taking out a loan in the first place. No because all of that shows guests just happen to have bought their houses before around 2002 - sometimes these program formats depend on flawed assumptions.

Thursday, November 16, 2006 10:42PM Report Comment
 

27. indiablue19 said...

Inbreda...

No need to be mean if you don't want to hear from the Jehovah's Witness gang. Jehovah's Witness never come around here any more and we didn't insult anybody. Here's how we got taken off their prayer list. Two women came to our door and my three year old answered. They asked if a parent was there they could speak with and she said, "Sure," and led them down the hallway, opened the bathroom door, ripped back the shower curtain and said, "There you go!"

Well they scampered and we never see them any more. Give that a try.

Thursday, November 16, 2006 11:18PM Report Comment
 

28. indiablue19 said...

Dear George Monsoon....

We'd all like to own houses, or at least we seem to say so, because it seems to be the thing to do, like something we'd better have to fulfill our dreams. But don't let anyone say that owning or not owning a house necessarily improves your life one way or the other; nor does it make you a better or more distinguished person. It's all an interesting discussion whether property is the "right thing" at the moment but I can say that whether I've owned or rented has never been the determining factor of how happy I was or whether my family was secure. If you want to be a man in every sense then my advice is to put down the bourbon, put your arms around your partner and tell her everything is going to be just fine. You are each other's greatest asset. And no baby cares whether there's a mortgage or a rent payment. They just want parents who love them.

Thursday, November 16, 2006 11:34PM Report Comment
 

29. Plumbing said...

George Monsoon

The housing market as an investment type class is much slower to react to intervention than other asset classes such as equities, bonds,currencies and cash. It is an often used example to liken it to an oil tanker vessel. Navigation has to be well in advance of its actual target, since any correction in direction is slow and cumbersome. Mr King and his collegues at the MPC have had
to excercise similar caution in brinkmanship to steer UK Plc to safer shores. Whether you or any of us for that matter believe that the summit has reached its peak for the housing market has less impact than the droves of people cueing up to sign up for a life of financial enslavement. The amount of money that has to be printed to satisfy the demand(dilution) is also a form of inflation which is something that the government starts to be worried about. After all this government can not be known for introducing devaluation through the back door ....can they?
More on a personal note to yourself George Monsoon, There seems to be light at the end of the tunnel and yes.........it might well be a train(for recent house buyers that is)
Keep well

Thursday, November 16, 2006 11:47PM Report Comment
 

30. geed said...

david said "I have said before a 0.25% interest rise will not make any difference on the hosuing market"

People are borrowing 3+ times as much as they were back then, its simple maths.

0.25% on 40,000 is 100.

0.25% on 120,000 is 300.

So in comparison to the late 80's/early 90's; each 1/4 point increase now costs the same as a 3/4 point increase back then.

Dont kid yourself mister.

georgemonsoon....You have expressed a frustration that many of us share and if it is some consolation, you made me laugh (because i can relate to you), something we should all try in the face of adversity. There is little to support the blossoming market at present which is a sure sign that the curtain will fall on this pantomine, perhaps later rather than sooner.

Thursday, November 16, 2006 11:58PM Report Comment
 

31. Nohpc said...

George chill out FFS. It's not that important that you can't buy at the moment really. Would it change your life that much? Money comes and money goes. That's life. There may or may not be a house price crash and it may benefit some and hurt others but it's not worth punching somebody over. There are far more important things in life. You are happy, you have a woman in your life (always a blessing in disguise) and you are tearing your hair out over not owning a house?? Take a reality check please. I don't want a house price crash but if anything I think it is more likely than ever now although I sitll think ther chances are small.

Friday, November 17, 2006 04:10AM Report Comment
 

32. Gregzki said...

Fit is the new rich! See you all at the gym!

Friday, November 17, 2006 08:12AM Report Comment
 

33. george monsoon said...

I have a confession... I gave up smoking on Wednesday!!!
Sorry guys, I picked up some patches last night.

Thanks for the support. I feel a bit more normal now.

Friday, November 17, 2006 08:42AM Report Comment
 

34. paul said...

Buy yourself a piggybank George. After you stop smoking you suddenly gain something you've maybe not had for a while - spare change.

I'm not joking.

Friday, November 17, 2006 09:18AM Report Comment
 

35. David20040_0 said...

There is a difference between the United States and Australia and here.

They can build their way out of the problem, both the United States and Australia are huge countries, the UK is a tiny island. We haven't got that option, so prices will continue to rise.

Who's been right so far? I predicted house prices would contine to rise after the rate increase and low and behold they have. And the people who are still predicting a crash are shown to be wrong again.

Friday, November 17, 2006 11:06AM Report Comment
 

36. tyrellcorporation said...

I'm happy cos I just rented a new 3 bed house in Exeter for 700 a month! :) After my interest has eaten into this a bit my monthly rent should be about 150 quid! - Risk free, no maintenance and I can up sticks and move within a month. In a modern fluid economy and jobs market renting makes sense and buying doesn't... simple as that.

Don't give up George you've come this far and as you probably know, if you pile into the housing market on Friday, come Monday there will be a HPC! It's inevitable!

Friday, November 17, 2006 11:57AM Report Comment
 

37. Tyrellcorporation said...

... oh, and the house in todays market is probably worth about 260k so (forgive my dodgy maths) a monthly mortgage payment would be about 1500 quid!!!
Renting is officially half the cost of buying with no risk attached...basic economics has left the building!

Friday, November 17, 2006 12:01PM Report Comment
 

38. David20040_0 said...

Paul,

You think there is going to be a house price crash but you are still looking to buy?

That doesn't show real confidence in a crash happening.

Friday, November 17, 2006 12:37PM Report Comment
 

39. George Monsoon said...

Its like waiting for paint to dry. I really need to rub all those smug idiots noses in the dirt. I have huge respect for people who, by luck or planning have bought a house before the prices rocketed and now have a comfortable cusion of equity that will help if the market goes pop, but its the NOHPC type that get my back up. They really are so ill informed and blinkered to reality.

Friday, November 17, 2006 12:46PM Report Comment
 

40. george monsoon said...

Tyrell, I am happy for you. Obviously you have a nice amount of capital in the bank.

Friday, November 17, 2006 12:56PM Report Comment
 

41. inbreda said...

India - why didn't the JWs ever come back? Were you slaughtering a goat to you heathen god on the bath alter behind the shower curtain?

I did tell the last lot - in response to the question "have you found Jesus?"

"Yeah. Years of looking and the B*****d was behind the couch all the time"

Friday, November 17, 2006 01:48PM Report Comment
 

42. indiablue19 said...

Inbreda....

What's that phrase they use in court in the States -- "I refuse to answer on the grounds it may tend to incriminate me." Suffice it to say my activities involved a lot of soap and a long handled brush, and I leave the rest to your active imagination.

Friday, November 17, 2006 02:54PM Report Comment
 

43. tyrellcorporation said...

George, yes I've got some cash in the bank and the average Joe in the street would look at me in utter bewilderment as to why I hadn't piled into the housing market with both feet and a blindfold - I still think it's worth holding out and if anything you should say to yourself, well it's now comforting to know I'm trully shafted and so I can just get on with your life...

There are always cheap places to buy a house in the World and the fact is the UK is now one of the most expensive (for some inexplicable reason). I have a general air of resignation about me now so in between that and the odd bout of envy and rage I'll carry on renting and if the situation doesn't imrpove over the next 12 months will emigrate to somewhere cheaper (NZ or Canada) and start over.

I'm looking out at a slate grey sky with rain beating against the window. The clouds are touching the trees and it's like living in a tupperware box - Why would anyone stump up 300k, work their whole lives to pay it off and then give half of it to the treasury when they snuff it, just to live here?

Friday, November 17, 2006 04:14PM Report Comment
 

44. Nohpc said...

Don't take it out on me george. I am one of those people you respect who bought before the boom and have a comfortable cushion of positive equity. And I believe I am more informed than you because I look at both sides of the arguement rather than having a blinkered view. You cannot argue that prices in good areas are continue to rise. There is no arguement there. I am not saying prices will not drop but any drop will be somewhat offset by the recent rises as far as I am concerned. I bought mine for 300 and it is now worth 330 a year later so if it drops 10 or 20% I will still be okay (even as much as 40%).

Friday, November 17, 2006 11:32PM Report Comment
 

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