Is It A Good Time To Buy?

ruggedtoast

Dithering_Dad wrote: »

Great post Conrad and very much what I was also thinking. It's crazy that some people on here are placing a set timeframe on their house purchase (not for 2 years seems to be a common refrain) instead of researching their target area and keeping an eye out for bargains that are available now.

I guess some of them have been renting for so long that they don't see a house as a 'home' but rather as simply a roof over their heads. If this is the case, then perhaps they're better off renting. For the rest of us we will keep a look out for that 'perfect' home.

Some people know the cost of everything and the value of nothing.

Some people arent privileged baby boomers whove been riding the crest of a very benign economic wave since birth, and who assume that generous pensons, stable jobs and every rising property prices are some kind of birth right.

Jonbvn

Conrad wrote: »

The time to buy is the point of maximum pessimism which I suspect is already passing. Rates will soon fall and with todays Government intervention the oil tanker is gradually losing momentum.

Furthermore I am seeing lower mortgage rates being reported of late as lenders regain thier composure.

I wish I had your optimism. However, the point remains that the bottom and top of any market is very difficult to call.

I have seen mention (on here) that we may be looking at a bull trap.

Only time will tell (thankfully we're not buying/selling).

Jonbvn

ruggedtoast wrote: »

Some people arent privileged baby boomers whove been riding the crest of a very benign economic wave since birth, and who assume that generous pensons, stable jobs and every rising property prices are some kind of birth right.

What complete tosh! People in the noughties have never had it so good!

I remember the 70's! As well as flares and sideburns, we had eye-watering inflation, winters of discontent and 3-day working weeks.

GDB2222

Conrad wrote: »

Quite soon many uber bears will realise the bottom has yet again passed them by.

Well, of course, uber bears will let the bottom pass them by. I'm merely a sensible bear, so it won't happen to me.

The time to buy is the point of maximum pessimism which I suspect is already passing.

You're not qualified to judge, because you're an optimist.

Seriously, though, people were borrowing too much to buy houses at prices that were multiples of earnings that were extraordinarily high by historical standards. By extraordinarily high, I mean a lot higher than we have EVER had in this country before.

Even with the 10%+ fall in prices since the peak, the multiple is still above 5, which is higher than it was at the peak of the last house price boom (and every preceding boom). The long-term average is around 3.5, and to get there will need a further drop in prices of 30%.

GDB2222

Have a look here:
http://www.hbosplc.com/economy/includes/25_07_08Affordability.xls

baby_boomer

ruggedtoast wrote: »

Some people arent privileged baby boomers whove been riding the crest of a very benign economic wave since birth, and who assume that generous pensons, stable jobs and every rising property prices are some kind of birth right.

See the letters page in today's Times for a strong ripost.

Thank the baby_boomers for a better world

Dithering_Dad

ruggedtoast wrote: »

Some people arent privileged baby boomers whove been riding the crest of a very benign economic wave since birth, and who assume that generous pensons, stable jobs and every rising property prices are some kind of birth right.

I'm not a baby boomer yet managed to acquire a decent pension through studiously putting away 10% of my income, I have a stable job acquired via a university education and by keeping my skills up to date, I have see one house proce crash and bought my first house during it (much like you could now).

Rather than sitting back and moaning that some people have more than you, I'd suggest you got off your behind and did something about it. Opportunities are out there, have the balls to take them.

mr.broderick

In response to the thread title it got a whole lot better today...

LillyJ

Dithering_Dad wrote: »

I'm not a baby boomer yet managed to acquire a decent pension through studiously putting away 10% of my income, I have a stable job acquired via a university education and by keeping my skills up to date, I have see one house proce crash and bought my first house during it (much like you could now).

Rather than sitting back and moaning that some people have more than you, I'd suggest you got off your behind and did something about it. Opportunities are out there, have the balls to take them.

I agree, I think young people of my age need to stop complaining and get on with life!
I know I am an eternal optimist, but really I think there are too many pessimists in the world. (and people who think they are more hard done by than anyone else)

Cannon_Fodder

mr.broderick wrote: »

In response to the thread title it got a whole lot better today...

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