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Debate House Prices
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If prices crash I'll just buy more loverly property
FungusFighter
Posts: 1,163 Forumite
So said the bulls back in 2007 (and thro most of 2008) so who's been snapping up the bargains (and who is trying deparately trying to get rid of the lemons they've already got?)?
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FungusFighter wrote: »So said the bulls back in 2007 (and thro most of 2008) so who's been snapping up the bargains (and who is trying deparately trying to get rid of the lemons they've already got?)?
I think that was a common response to those saying property will drop 70% or could be bought on a credit card.
Has property dropped 70% or can be bought on a credit card? :rolleyes:
I'm not trying to sell my BTL's. I'm very happy with them, my tenants and the amount my mortgages have reduced by. At this rate I'll be mortgage free on them ahead of my planned schedule :T:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
FungusFighter wrote: »So said the bulls back in 2007 (and thro most of 2008) so who's been snapping up the bargains (and who is trying deparately trying to get rid of the lemons they've already got?)?
Bargains?
What bargains?
Aberdeen average price July 2007 £189,763
Aberdeen average price July 2009 £188,002
I'm not entirely sure you can describe a fall in value of £1761, or less than 1%, over two years as a "bargain" really.....;)
(but the mortgage savings made from being on a tracker for that time are very tasty indeed)“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
IveSeenTheLight wrote: »I think that was a common response to those saying property will drop 70% or could be bought on a credit card.
Has property dropped 70% or can be bought on a credit card? :rolleyes:
Precisely. If prices did fall that much, me, and almost everyone I know, would load up. Buy a few in cash and chuck a couple more on credit cards.
Which is of course exactly why prices can never drop that far.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Precisely. If prices did fall that much, me, and almost everyone I know, would load up. Buy a few in cash and chuck a couple more on credit cards.
Which is of course exactly why prices can never drop that far.
No offence mate, and I'm not calling you thick or anything, but when the BTL losers were saying this like some kind of crash-warding-off mantra, 30% drops were expected and considered huge.:eek:
It was only the lone nutters/mega-weirdos who talked/talk about buying property on credit-cards, I mean duhh:rolleyes:0 -
HAMISH_MCTAVISH wrote: »Precisely. If prices did fall that much, me, and almost everyone I know, would load up. Buy a few in cash and chuck a couple more on credit cards.
Which is of course exactly why prices can never drop that far.
Don't be silly Hamish. If house prices did drop by 70% then it would of course have to be caused by some massive economic failing. Therefore, there is a good chance you, your mates, everybody would be affected and thus buying property would be the last thing on your mind.0 -
FungusFighter wrote: »So said the bulls back in 2007 (and thro most of 2008) so who's been snapping up the bargains (and who is trying deparately trying to get rid of the lemons they've already got?)?
too slow fungus me old china - there is already a thread on this here
http://forums.moneysavingexpert.com/showthread.html?t=19675150 -
Well I for one said I would buy more and I would if they really dropped but they haven't fallen that much, so I won't as I am quite happy with what I have already got. Especially as I will probably sell up anyway in 9-14 years so it isn't worth getting involved again with such a short timeframe.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0
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don't think this mantra was ever to be taken seriously given that BTL would be buying on the credit whos reduced availability would be the a major contributory factor to the drops themselves...
..but the statement itself is just a different formation of the idea that a reduction in capital prices would necessarily make them cheaper to buy - and doesn't really take into the account the factors that would cause such a price drop
Prefer girls to money0 -
And don't forget that HPI cheerleaders don't have money, they have "equity""The problem with quotes on the internet is that you never know whether they are genuine or not" -
Albert Einstein0 -
I don't think anyone is buying BTL property anymore. Roll back a few years (is it that long already - lol) and a risky geared investment was a good gamble (and it was always a gamble).FungusFighter wrote: »So said the bulls back in 2007 (and thro most of 2008) so who's been snapping up the bargains (and who is trying deparately trying to get rid of the lemons they've already got?)?
Now if you look at BTL there are a few questions like how to borrow the money and how much profit will the rent make over the interest and expenses. Take out a hundred k of debt in order to 'make' ten pound a month? You'd have to be absolutely nailed on barking bonkers mad.0
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