nationwide down 1.9%

Jumping_Bean

mitchaa wrote: »

Did i say that, or did i say my house has risen by £40k since last June.

Yes you did said it had risen by £40K since last June. But then you said you thought a £40K increase on a £200K house was 10%:

mitchaa wrote: »

+10% on a £200k house is a £40k increase;)

This made me think you were talking about your own house. Are you saying your house has gone up from £200K to £240K? If so, this would be a 20% increase, hence the question and the slightly raised eyebrows.

WTF?_2

Cleaver wrote: »

I know your argument is true and that there will be people who overstretched, and these will be the 'poster boys' of the housing crash. We'll all read their stories with a mixture of sympathy and condemnation on here and in the Daily Mail. But I still think that these will be in the minority, and the rest of us 'fools' who bought in 2002-2004 will be sitting here in 2015 with houses probably worth the same as when we bought them, nothing lost, nothing gained, just living happy lives.

But I'm talking about people who bought in the last few years (I've stated 2005-2007 to clarify), not those who bought before the bubble went mental!

HammersFan

!!!!!!? wrote: »

But I'm talking about people who bought in the last few years (I've stated 2005-2007 to clarify), not those who bought before the bubble went mental!

I think we may have had this discussion before - apologies if we have. But has it not entered your thinking that rates might well be heading quite a bit south. Those people could afford it when they took the loan out (or they would have been re-possessed by now), their wages will have gone up a bit, they will be tightening their belts (or at least seem to be) and most likely will find their mortgage payments laugably easy to meet in as little as 5 years time and will own their home in 20-25years. A lot will own in a lot less time than that. Many will come into money, or their circumstances will ease.

I can very much see the logic in your strategy of waiting to buy - but why do you seem to take such glee in developing these hypotheses about people suffering? You do seem intent on scaring the living daylights out of people for some reason.

And when you do buy you do realise that you will have to pay more for the house than anyone else is willing and able to. That's when the theory of talking about what a wise 'waiter' you are will start to disconnect from the reality of home buying. I think there are a lot of people on here talking down the market who have got themselves so worked up about a crash they will be 'paralysed' when it comes to putting their hand in their pocket to buy.

poppy10_2

HammersFan wrote: »

most likely will find their mortgage payments laugably easy to meet in as little as 5 years time

Not if they become unemployed (unemployment rates are rising) or if the cost of living increases (inflation is rising) or if their wages fail to rise sufficiently (salaries are falling relative to the cost of living), or if taxation rises (to compensate for falling tax receipts as the economy slows) or if interest rates rise (to combat rising inflation), or if they can't remortgage (because of a fall in their house value) and therefore have to go onto the higher SVR.

If none of that happens, though, they'll be fine.

HammersFan

poppy10 wrote: »

Not if they become unemployed (unemployment rates are rising) or if the cost of living increases (inflation is rising) or if their wages fail to rise sufficiently (salaries are falling relative to the cost of living), or if taxation rises (to compensate for falling tax receipts as the economy slows) or if interest rates rise (to combat rising inflation), or if they can't remortgage (because of a fall in their house value) and therefore have to go onto the higher SVR.

If none of that happens, though, they'll be fine.

Fortunately, I think, as a nation we are made of sterner stuff than to worry about a whole load of 'ifs' that stop us doing things. I think you underestimate i) people's ability to weather tough times and ii) the extent to which the BoE will intervene to lower interest rates and iii) banks' readiness to start lending again asap (rates are actually dropping at the moment).

"If none of that happens they'll be fine". I (respectfully) disgaree. Even if some of those things happen gutsy people get through.

ManAtHome

HammersFan wrote: »

Fortunately, I think, as a nation we are made of sterner stuff than to worry about a whole load of 'ifs' that stop us doing things.

I would disagree with the "sterner stuff" - "ostrich stuff" maybe. Things have been turning downwards on most counts over the last year, and so far the response seems to be an above-inflation/pay/GDP increase in consumer debt and a well above every measure increase in government borrowings/debt - MicawberNomics..?

dopester

neverdespairgirl wrote: »

I've Seen the Light is in the far east somewhere - maybe Malaysia? From Aberdeen, though, I think.

That is true. He is working hard in the oil industry all the way out in Malaysia.

Both his BTLs are in Aberdeen - including the one he bought in 2007.

dopester

Cleaver wrote: »

But I still think that these will be in the minority, and the rest of us 'fools' who bought in 2002-2004 will be sitting here in 2015 with houses probably worth the same as when we bought them, nothing lost, nothing gained, just living happy lives.

Provided you both keep your jobs and/or don't suffer pay-cuts.

frank.hopper

ad44downey wrote: »

It's a bit like saying house prices in Iraq or Afghanistan jumped 15% last year. It hardly matters as it's not as though there's a flood or people looking to live in Scotland or Iraq.

downey! LOOK try and control yourself, or we will come down there and run your country for you, WHOOPS, I forgot, we already are....


Having trouble with you stomach? - would you like a sick bag?

skap7309

mitchaa wrote: »

That's right, on this board with all the scaremongerers. A world outside of MSE exists

Says he/she with over 1100 posts