Pride comes before the 'Fall'

mr.broderick

neverdespairgirl wrote: »

Non necesse est.

We didn't buy a house from late 2005 onwards, although we could easily have done so. We took a long, careful look at prices, and decided not to bet on it.

Interesting phrasing NDG. When I look back i have never bought a house and wondered/worried that it might lose money, was never really worried about the fact.

neverdespairgirl

I don't quite follow you there, Mr. B?

Jonbvn

IMHO, the way things are starting to look economically speaking, house prices may be the least of our worries. Basically a HPC will be just one of the symptoms of a much bigger problem. Whether an STR or a BTL will be largely irrelevant, when you are on the breadline!

Davesnave

Neas, you are young and you seem to think you've had it bad, but those of us who've been around a bit longer remember what 'having it bad' was all about. As a kid, I don't remember my Dad owning a new car when the recession in the building industry left us all living in one room for a while!

So far, this 'Crash' has been something of a mixed blessing for those like you, rises in interest rates negating many of your perceived 'gains.' If the kind of recession I've been imagining takes hold, many FTBs will be the biggest casualties.

At present we have 15 houses to every buyer. Just wait till it's 15 well-qualified applicants for every job! What are the other 14 going to pay the mortgage with?

Still, cheer up, when countries get themselves into the position the UK and the US are in now, there's another option. Start planning for a War!

Edit: Actually, I don't think our crowd could plan a Sunday dinner, but some might argue that the other lot have been at it for some time already!

mr.broderick

neverdespairgirl wrote: »

I don't quite follow you there, Mr. B?

Yeah just read my post again and cannot remember the point i was trying to make...cracking up.

keeprenting

Dithering_Dad wrote: »

The same accusation can be levelled at the people who insist they had housing crash prescience skills. In reality they didn't buy a house, not because of some expertise in predicting housing markets, but because they simply could not afford one.

I could have bought a very nice house at any point from mid-2005 onwards but thought that property prices were a joke back then (and they are even more of a joke now). I've been saving for a deposit for three years and expect to be able to buy at 2002 prices in a year or two years' time.

WTF?_2

mircea wrote: »

Yep - you are right. The House Price Crash is here and all the signals point to an almighty crash like we never seen before and it will also trigger something similar to the great depression in the '30's. The recession will affect everybody, including the imbeciles on this forum who sing the praises of the house price crash and believe that £10k in the bank saved over 5 years of hard toil makes them immune to it. So you can wipe that smirk of your face now. You will suffer, just like everyone else.

Still determined to shoot the messenger(s), eh :rolleyes:

I'm not at all happy that the madness of the credit/property boom has ended like this. But nothing I could do about it other than prepare as best I could and warn others to do likewise.

WTF?_2

keeprenting wrote: »

I could have bought a very nice house at any point from mid-2005 onwards but thought that property prices were a joke back then (and they are even more of a joke now). I've been saving for a deposit for three years and expect to be able to buy at 2002 prices in a year or two years' time.

Damn right. I was in a position at the end of 2006 where I was thinking about buying and took a serious look at the market.

Didn't take a lot of looking to realise that it was grossly overpriced and out of control as it was rocketing even higher at the time. A bit more digging on the internet and I found out the reasons behind the boom and realised that it was going to end in an almighty mess - this is just beginning to unfurl now.

I have no debt and actually enough money right now to buy outright in a year or two's time so the main problems will be the banks that hold my savings imploding and of course losing my job.

I can minimise the risks of the first by monitoring the situation and picking my banks/investments properly and there's little I can do about the second. At least I will have massive savings to fall back on and no-one screwing me for repayments plus interest on a large debt, unlike many who bought into the boom without doing their homework.

WTF?_2

Davesnave wrote: »

At present we have 15 houses to every buyer. Just wait till it's 15 well-qualified applicants for every job! What are the other 14 going to pay the mortgage with?

I remember applying for jobs back in the early 90s where there were often over 30 applicants for a single position (was once applicant #37 at an interview). You didn't really stand a chance as even entry level technical positions had their pick of qualified people who had been made redundant elsewhere.

A lot of the time, you wouldn't even get an acknowledgement back when you submitted your CV and cover letter. And you needed a damn good cover letter if they would even look at you.

Over the last decade I personally can't believe how easy it has been to get good, well paid jobs. Employers have been competing for workers.

Definitely, some people don't know what is about to hit them. Only this time around, many people are carrying huge unsustainable amounts of debt to service.

ManAtHome

mircea wrote: »

The recession will affect everybody, including the imbeciles on this forum who sing the praises of the house price crash

If poundland had listened to the HPC "imbeciles" instead of the HPI imbeciles (no quotes intentionally), we wouldn't be up !!!!!! creek without a paddle, but then some of the HPI imbeciles will be "allright jack", many of the sensible/non-selfish won't be through no fault of their own (other than having a bit of common sense and/or social conscience, unlike the HPI-ers).