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    • ardvo
    • By ardvo 28th Jun 16, 11:16 PM
    • 40Posts
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    ardvo
    Brexits - effect on the HOUSING MARKET ? house prices + Mortgage lenders lending ??
    • #1
    • 28th Jun 16, 11:16 PM
    Brexits - effect on the HOUSING MARKET ? house prices + Mortgage lenders lending ?? 28th Jun 16 at 11:16 PM
    How will leaving the EU has been voted, affect the housing property marking in the next years to come,

    especially house prices ?

    and mortgage lenders offering mortgages ?

    How will they be affected ?
    Last edited by ardvo; 28-06-2016 at 11:27 PM.
Page 54
    • glasgowdan
    • By glasgowdan 22nd Sep 16, 8:37 AM
    • 1,247 Posts
    • 1,338 Thanks
    glasgowdan
    I think you meant to say get on with spending the rest of their working lives and huge proportions of their incomes paying for it, whilst trying to convince themselves and the rest of the world that they had a choice in the matter.

    The fact that Glasgowdan frequently feels the need to resort to abusive outbursts aimed at complete strangers on the internet and doesn't seem capable of engaging in a rational and reasoned debate perhaps suggests he has quite a lot of pent up frustration and anger as a result of the rather unfortunate position he finds himself now in.
    Originally posted by iantojones40
    What unfortunate position's that? The part where I own 70% of my new home, where mortgage payments are 13% of our take home pay and 1/3 that of similar rentals, where our mortgage will be paid off in 5 years, I'm self employed and work around 20hrs a week over the year or the part where I've the most beautiful wee boy the world has ever seen, a perfect wife and a baby girl due in 3 months?

    My troll detector was beeping a long time ago, I know your ploy don't worry!
    Last edited by glasgowdan; 22-09-2016 at 9:19 AM.
    • MobileSaver
    • By MobileSaver 22nd Sep 16, 8:43 AM
    • 953 Posts
    • 1,314 Thanks
    MobileSaver
    whilst trying to convince themselves and the rest of the world that they had a choice in the matter.
    Originally posted by iantojones40
    They did have a choice; they can either rent or buy.

    I think you meant to say get on with spending the rest of their working lives and huge proportions of their incomes paying for it,
    Originally posted by iantojones40
    Someone who decides to rent will literally spend the rest of their working lives paying for their home.

    Someone who decides to buy has an end game... a point at which their home becomes their's, fully paid up and despite whatever else might happen they will always have a roof, their roof, over their heads. It's not rocket science.

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    • indianabones
    • By indianabones 22nd Sep 16, 9:27 AM
    • 108 Posts
    • 120 Thanks
    indianabones
    Just returned from holiday and it's been an interesting read the last few pages of this thread.

    There was a comment by AFF8878 2 pages back who said houses were very affordable in the UK and that actually we're not in a crisis. Are people serious when they type this kind of stuff?
    • saverbuyer
    • By saverbuyer 22nd Sep 16, 9:32 AM
    • 2,273 Posts
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    saverbuyer
    They did have a choice; they can either rent or buy.



    Someone who decides to rent will literally spend the rest of their working lives paying for their home.

    Someone who decides to buy has an end game... a point at which their home becomes their's, fully paid up and despite whatever else might happen they will always have a roof, their roof, over their heads. It's not rocket science.
    Originally posted by MobileSaver


    I decide to rent for 5 years from 2007. Best decision I ever made. The NI market crashed 60% and I was able to get a better house in the best part of the city I live in. The only end game for my friends who bought while I rented, is paying the negative equity for the next 25 years.


    They will literally spend the next 25 years paying off negative equity.


    Interestingly, it would still be cheaper for me to rent my house than buy it. I would save £500 a month renting compared to an interest only mortgage. Would be a nice wad of cash in retirement. The OH wanted to buy, so we bought.
    • Ozzuk
    • By Ozzuk 22nd Sep 16, 10:00 AM
    • 801 Posts
    • 1,252 Thanks
    Ozzuk
    I decide to rent for 5 years from 2007. Best decision I ever made. The NI market crashed 60% and I was able to get a better house in the best part of the city I live in. The only end game for my friends who bought while I rented, is paying the negative equity for the next 25 years.


    They will literally spend the next 25 years paying off negative equity.


    Interestingly, it would still be cheaper for me to rent my house than buy it. I would save £500 a month renting compared to an interest only mortgage. Would be a nice wad of cash in retirement. The OH wanted to buy, so we bought.
    Originally posted by saverbuyer
    I see where you are coming from but after 25 years they will own that asset completely and could sell then rent. Interest only mortgages make no sense to me as in that situation I'd agree renting would be more sensible. If you rent though, you'll only end up with a big cash pot if you are sensible and save the additional free cash, if there really is any as the vast majority of people pay interest+capital which normally pretty close to rental price (or the landlord wouldn't do it!).

    You'll never convince me renting is better than buying but that is because I've always viewed bricks and mortar as not only a good investment, but psychologically as my home that I can pretty much do whatever I want in, and I have 3 dogs which discounts a lot of options. But thats me, if you want the freedom to move then sure renting is a great choice.

    But financially, no, you are lining someone elses pockets.
    • saverbuyer
    • By saverbuyer 22nd Sep 16, 10:35 AM
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    saverbuyer
    I see where you are coming from but after 25 years they will own that asset completely and could sell then rent. Interest only mortgages make no sense to me as in that situation I'd agree renting would be more sensible. If you rent though, you'll only end up with a big cash pot if you are sensible and save the additional free cash, if there really is any as the vast majority of people pay interest+capital which normally pretty close to rental price (or the landlord wouldn't do it!).

    You'll never convince me renting is better than buying but that is because I've always viewed bricks and mortar as not only a good investment, but psychologically as my home that I can pretty much do whatever I want in, and I have 3 dogs which discounts a lot of options. But thats me, if you want the freedom to move then sure renting is a great choice.

    But financially, no, you are lining someone elses pockets.
    Originally posted by Ozzuk

    Depends on where you are. For me, renting is significantly cheaper, but I choose to buy. In N.I. big houses in expensive areas are 9 times out of 10, cheaper to rent. Plus the LL always pays the council tax here.


    If you're financially disciplined, then it's an option.


    I agree on interest only mortgages, but I was using it as an example of house it can work out cheaper to rent. The majority of landlords here who bought from 2003-2012 are making a loss every month. I took a step back for a few years, paid maybe 40k in rent, but saved 500k in negative equity and mortgage interest.
    • Grenage
    • By Grenage 22nd Sep 16, 11:22 AM
    • 670 Posts
    • 644 Thanks
    Grenage
    If renting is cheaper than the mortgage, the landlord must be simple.

    Saying that renting is better than buying because property prices might drop is a bit like putting all your money on 12 and spinning the wheel - you might get lucky, but you probably won't.

    I once turned £10 in to £280 in one day on a forex account, but I'd have to be borderline retarded to believe it was more than luck.
    • saverbuyer
    • By saverbuyer 22nd Sep 16, 11:36 AM
    • 2,273 Posts
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    saverbuyer
    If renting is cheaper than the mortgage, the landlord must be simple.

    Saying that renting is better than buying because property prices might drop is a bit like putting all your money on 12 and spinning the wheel - you might get lucky, but you probably won't.

    I once turned £10 in to £280 in one day on a forex account, but I'd have to be borderline retarded to believe it was more than luck.
    Originally posted by Grenage
    The landlord is probably stuck, bought when the general hype told him prices go up 10% every year and it's sustainable. Probably caught in negative equity and is "waiting it out".


    Some are maybe happy to take a monthly loss, expecting to make it up with capital appreciation. To be honest I don't know, but where I live and the type of house I live in, it's usually cheaper to rent.


    I once looked at the unsustainable property market in N.I.. looked at the massive annual rises compared to local wages and decided to "take my chances" and not buy. A blind dog could see there would be a crash. Saved 500k. Don't think it was luck but then maybe I'm a retard and the people next door with 285k negative equity are the smart ones.
    Last edited by saverbuyer; 22-09-2016 at 11:48 AM.
    • Grenage
    • By Grenage 22nd Sep 16, 11:42 AM
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    • 644 Thanks
    Grenage
    I think it was more likely to be luck; it's impossible to be certain of how the housing market will play out.

    Some family friends bought in Ireland just before the crash, and they ended up in massive NE, just as you mentioned; I bought our last place just after the crash, so ended up with substantial equity after a couple of years.

    Both of us just happened to buy at the right or wrong time.
    • saverbuyer
    • By saverbuyer 22nd Sep 16, 11:47 AM
    • 2,273 Posts
    • 1,291 Thanks
    saverbuyer
    I think it was more likely to be luck; it's impossible to be certain of how the housing market will play out.

    Some family friends bought in Ireland just before the crash, and they ended up in massive NE, just as you mentioned; I bought our last place just after the crash, so ended up with substantial equity after a couple of years.

    Both of us just happened to buy at the right or wrong time.
    Originally posted by Grenage


    So you don't think the ones buying in 2007 were a bit... thick? Maybe retarded? 30% rise in 2006 told me there was a crash coming.


    I'm in the North so no escape from the negative equity for a few decades yet, never mind a few years. No escape for anyone in Ireland outside of Dublin really.
    • Grenage
    • By Grenage 22nd Sep 16, 11:52 AM
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    • 644 Thanks
    Grenage
    I was a bit leery of buying at that time for the same reason as you; it could have kept on going up, in which case we'd both have been on the other side of the equation.

    Thankfully, we aren't.

    I did complete on a house two months ago, knowing full well that there is a good chance of a fall in house price over the next few years. It's our 'end-game' house though, and we don't often see houses we like a lot. Sometimes you take a bit of a risk, but it's no great shakes if you aren't planning on moving in the medium to short term... usually.
    Last edited by Grenage; 22-09-2016 at 11:55 AM.
    • saverbuyer
    • By saverbuyer 22nd Sep 16, 11:54 AM
    • 2,273 Posts
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    saverbuyer
    I was a bit leery of buying at that time for the same reason as you; it could have kept on going up, in which case we'd both have been on the other side of the equation.

    Thankfully, we aren't.
    Originally posted by Grenage
    It never keeps going up. Bubbles always burst.
    • nubbins
    • By nubbins 22nd Sep 16, 12:07 PM
    • 604 Posts
    • 820 Thanks
    nubbins
    Why would I be wanting to buy a house sometime in the future?
    Just to satisfy your curiosity... I bought my house in 2000, when prices were sensible, my deposit was 35% and my mortgage was 2x my single, part-time wage and I paid it off in less than 10 years, all whilst still maintaining a comfortable lifestyle.
    Whilst my house may now be worth over 3x what I paid for it that means absolutely nothing to me and doesn't benefit me in anyway whatsoever.

    I just find it rather sad and pathetic when people such as yourself who have just recently bought into the peak of the biggest property price bubble the country has ever seen then spend all their time on the internet desperately trying to convince the world that they've made a sound decision and they're not at all bothered about the fact that they're going to spend the rest of their working lives and unprecedented proportions of their incomes servicing their mortgage debt.
    If you at least admitted that you've had no choice but to allow yourself to be bent over, financially shafted and turned into a debt slave, I wouldn't mind so much, but it's the fact that you constantly try to convince yourself and others that you had some kind of free choice in the matter.

    Now, do please explain why my previous post re buying woodland was so clueless...
    Originally posted by iantojones40
    Seems to completely contradict your other statement back in March

    "I'm also looking to buy in an area of the North West, with a similar budget (125k) and property requirement and from what I can see just about the whole market (in this price range at least) seems to be made up of people who aren't desperate to move (I'll be polite and not use words like, stubborn, deluded or kiteflyers)

    Everything seems to come with asking prices that are 10%-20% above what any other comparable property has recently sold for and vendors who seem to be prepared to just leave their property sat on the market indefinitely.

    I've made offers on 6 properties in the last 12 months, all my offers were within 8% of the asking price, all of my offers were rejected, none of the 6 properties have gone on to achieve a sale (4 still sat on the market, still at their original asking price, 2 withdrawn from the market)"
    • glasgowdan
    • By glasgowdan 22nd Sep 16, 12:12 PM
    • 1,247 Posts
    • 1,338 Thanks
    glasgowdan
    It never keeps going up. Bubbles always burst.
    Originally posted by saverbuyer
    Have you seen graphs of UK house prices over the past, say, 50 years? Bubble is the last word to describe the market. But I assume you know that.
    • saverbuyer
    • By saverbuyer 22nd Sep 16, 12:23 PM
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    saverbuyer
    Have you seen graphs of UK house prices over the past, say, 50 years? Bubble is the last word to describe the market. But I assume you know that.
    Originally posted by glasgowdan


    I actually don't know what you're talking about because you've provided no point of reference. If bubble is the last word you'd use to describe it, can you tell me the first? I assume it's balloon.
    • MobileSaver
    • By MobileSaver 22nd Sep 16, 12:42 PM
    • 953 Posts
    • 1,314 Thanks
    MobileSaver
    I was able to get a better house in the best part of the city I live in.
    Originally posted by saverbuyer
    So you eventually decided to buy instead of rent? Kinda proves my point doesn't it. ;-)

    They will literally spend the next 25 years paying off negative equity.
    Originally posted by saverbuyer
    Well actually all the forecasts are that any negative equity will be wiped out within 15 years. However, even with the exceptional catastrophic crash in NI, they will still own their own property outright after 25 years while the HPC renter will still be paying out rent month after month paying off their landlord's mortgage...

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    • glasgowdan
    • By glasgowdan 22nd Sep 16, 12:42 PM
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    glasgowdan
    I don't have time to explain everything to hpc-ers that apparently struggle with simple facts. Get on Google...the answers are there. You're the one saying "bubble". Prove it.
    • saverbuyer
    • By saverbuyer 22nd Sep 16, 12:54 PM
    • 2,273 Posts
    • 1,291 Thanks
    saverbuyer
    So you eventually decided to buy instead of rent? Kinda proves my point doesn't it. ;-)



    Well actually all the forecasts are that any negative equity will be wiped out within 15 years. However, even with the exceptional catastrophic crash in NI, they will still own their own property outright after 25 years while the HPC renter will still be paying out rent month after month paying off their landlord's mortgage...
    Originally posted by MobileSaver
    I didn't decide anything unfortunately. The decision was made for me. All it proves is I'm a slave to the other half.


    Last forecast on the news here was 25 years.


    HPC?


    In my case, the LL wouldn't even cover the interest after council tax.
    • saverbuyer
    • By saverbuyer 22nd Sep 16, 12:56 PM
    • 2,273 Posts
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    saverbuyer
    I don't have time to explain everything to hpc-ers that apparently struggle with simple facts. Get on Google...the answers are there. You're the one saying "bubble". Prove it.
    Originally posted by glasgowdan
    If you don't have time to explain, then hold back on the throwaway comments. I have no idea what you're are talking about.
    • AnotherJoe
    • By AnotherJoe 22nd Sep 16, 1:09 PM
    • 3,523 Posts
    • 3,562 Thanks
    AnotherJoe
    They did have a choice; they can either rent or buy.

    Someone who decides to rent will literally spend the rest of their working lives paying for their home.

    Someone who decides to buy has an end game... a point at which their home becomes their's, fully paid up and despite whatever else might happen they will always have a roof, their roof, over their heads. It's not rocket science.
    Originally posted by MobileSaver
    Not quite, someone who decides to rent will literally spend the rest of their working lives paying for their home.
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