BOE Base = 2%

kennyboy66_2

Kez100 wrote: »

But you are saving more on your next home each month than you are losing in interest, surely? So the decision you made is still, overall, a sensible one.

Wants to have cake and to eat it.

with beans on top.

Kez100

kennyboy66 wrote: »

Wants to have cake and to eat it.

with beans on top.

It's a natural reaction to a move made by others which makes you worse off. However, for your own mental survival, it is sensible to look at the whole picture.

People who judged the market at peak and sold to rent have been laughing their socks off and that is fine - they were sitting pretty, made a great judgement call and it looked like nothing could go wrong for them if they just sat it out. However, the good judgement call has now turned slightly sour - but isn't that typical life? Win some you lose some? I suspect for the reasons I gave most peak price STR are still sat in a far better position than if they had chosen to stay where they were.

StevieJ

kennyboy66 wrote: »

Wonder if the people who greeted the HBOS house price falls with cheers will greet this with the same joy.

After all, its 2 sides of the same coin.

I doubt interest rates will be moving up much while house prices continue to fall.


* kicks self for being on a fixed rate for the next 21 months *

Halifax are pretty good at delivering the Coup de grace on rates day, if there were any members opposing the 1%, the house figures saw them off

StevieJ

Kez100 wrote: »

OK, trying look at it glass half full. Your new home (one day) might cost £100,000. It was £200,000k at peak so was worth £170,000 at start of November and £165,750 at the end. Your savings have dropped in the month from whatever, say £150,000 to £149,000 because your interest didn't cover all your expenses.

Still a win situation and more preferable (financially) to the alternative which was living in your depreciating last home, surely?

Hope they didn't put it all in the stock market

Kez100

PasturesNew wrote: »

Yes, that's what keeps me going. I was downsizing anyway, from 6-beds to max 2-beds. So still OK there on the masterplan. And there's still 3-4 years to play.

To sell a house like mine where I used to live it'd now have to be priced about £80k less. So that can be considered "banked" over the last 18 months.


Plan C is now to get a job in January.

Absolutely. Nothing is selling down here PN, it's really bad. A big drop would be necessary, you are right.

It's good to be in a position where you can choose to work don't actually have to. Quite a powerful place to be.

Many people are sat in jobs they hate just to pay the mortgage - on a depreciating home.

I think you still have many things to encourage you to get out those beans back out of their can and have a celebration!

neas

so what they gonna do next lol... all their 'cards' are being played... reduce interest rates to 0... thn what? negative interest rates? :P. They fighting a losing battle and they know it.. recession is and will happen. houses will fall.. and people still wont be able to aford the inflated prices because of redundancies..

StevieJ

PasturesNew wrote: »

Yes, that's what keeps me going. I was downsizing anyway, from 6-beds to max 2-beds. So still OK there on the masterplan. And there's still 3-4 years to play.

To sell a house like mine where I used to live it'd now have to be priced about £80k less. So that can be considered "banked" over the last 18 months.


Plan C is now to get a job in January.

Yeh, but could have had a job running a B&B

PasturesNew

kennyboy66 wrote: »

Wants to have cake and to eat it.

with beans on top.

Don't we all though.

Some people want a house, holidays and car they can't afford, while claiming fortunes in TC benefits, and a mortgage bail out while they get free training and other goodies because they are on some qualifying benefit. And this can apply to people who have high household incomes in some instances.

I just want cheapo beans! (and cake).
And my savings to be able to cover my rent and beans (and cake)

StevieJ

neas wrote: »

so what they gonna do next lol... all their 'cards' are being played... reduce interest rates to 0... thn what? negative interest rates? :P. They fighting a losing battle and they know it.. recession is and will happen. houses will fall.. and people still wont be able to aford the inflated prices because of redundancies..

Why do you expect BOE action to show results in minutes? this is designed to provide economic stimulus over the next two years. This is not about the housing market!

PasturesNew

StevieJ wrote: »

Yeh, but could have had a job running a B&B

Totally out of the question. Most people think that but the house would have needed a lot of investment - and you can't really run a B&B on your own, it takes a couple. Also, I don't communicate well with people, and it's a people-centric business.

It's also VERY seasonal .... in an area where tourism's probably just dropped off a cliff.