Some of you are vultures

mr.broderick

neas wrote: »

And clearly... that isnt enough.

Imagine a gambler.... he lost 100 billion pound.... instead of calling it quits he bets another 100 billion pound hoping to reclaim the original lost 100 billion.

Thats the level of our goernments power..

Seems logical.
What's the wife's car fund hoping to buy?
Give me a shout if you are looking for a quality cheap motor.

neas

I doubt scenario 2 will happen what with the increased repossessions...

It will take time for people to understand their house isnt worth 300k anymore... that acceptance takes time... repossessions will be the primary drivers of sales.

neas

Wife car fund is getting a brand new Citroen 2009 model C1... in May 2009 hopefully.

106 emissions, 68 mpg reasonably nippy... designed by toyota... nice ish car. replace her 1.6 litre renault laguna that eats petrol... and cash for maintenance.

TDS_2

phil1873football wrote: »

Here's a thought, if all these people who bought their house in the last few years (including myself) decide never to sell because they won't get back what they paid for it (because they can't afford to make that sort of loss), won't that mean loads of FTB's chasing after the very few homes that are for sale, therefore, pushing prices back up.

Just a thought...shoot me down if you so feel the need!!

Someone on here has already illustrated that the majority of people can sell at 'reduced prices' w/o worrying about negative equity.
The other point to mention, is that it is the very people that are likely to be hit by negative equity that will be hardest pressed to afford their mortgages. It's all very well trying to boycott the market, but there will no doubt be many more that can't afford that luxury.

greenwheels007

My reasoning is that a deposit will increase in relation to the cost of the house you want to buy. House prices wil fall next year as people can not service these ridiculous mortgages. The banks haven't even started exercising their right to review the ability of the mortgagee to pay and how the propose to secure debt.
I can only assume that the people who are sure that house prices will not fall have big houses and their eyes squeezed tightly shut.
I have said it so many times but will say it again..
In the new year there will be a totally new and frightening financial environment. The recession is quite fun at the moment, lots of bargains, low interest rates and houses are still occasionally selling.
By February mass job losses will be a reality, that is the single and fundamental factor that people are hoping will go away.
A large proportion of businesses are comparative luxuries.
Marketing, publicity, media, hotels, clothing, catering, home improvement, cinema, theatre, recreation, electrical goods, car sales, tourism and many many more trades are riding the storm at the moment and purposely. There is good reason to stay in business at the moment, high street trade and the Christmas buzz are good for business. Businesses also have back orders of work already paid for.
By February the considerations are so different. The owner of the company may still be able to get out with some capital, moth ball the business and wait. The large companies have a duty to do the best for their share holders. Export will be almost nil and the stock exchange and currency will be jittery.
Even if only 5% of people lose their jobs that is someone you and I know. That will effect our spending and further compound the problem.
There will be 5% less people who can buy or keep houses. That is Millions of people.
I have yet to see a reasonable rationale as to why in this environment house prices will just stagnate as people 'decide' not to sell.
My conclusion is open your eyes and sell, bail, bail, bail.

Is my view wrong, I have been wrestling with this and just can't see that the start of 2009 will be anything other than a time for mass unemployment and a crash in the markets. Why will the house prices perversely manage to buck this trend.

To simply say that people will stay put and thus the market will be unafected seems nonsensical to me!

before_hollywood

Cleaver wrote: »

I dunno, there could be a whole range of reasons ranging from your personal finances and location to the vast and complex reasons why house prices have soared so high in recent years.

Or you could just blame scapegoat BTL landlords.



Oh, wait, you just did.

people go on in the media about cheap northern towns, and where i grew up is mentioned.

persoanal finances? no debt and highly paid for what i do (i'm a tech advisor for a technology company)

and yes i blame btl landlords cos they ruined any chance of affordable housing buying anything at the bottom end of the housing chain and putting it on at high rents or clogging up flatshare websites advertising rooms totalling £250+ a week with a 'live out landlord'

btw before this madness started terraced houses were £40k, had i not been a 19 year old student i might have bought one

ampersand

Any signature update for you yet, bh?
Please send me your congestion charge.

neas

either way, us HPCers are being proven we are the ones in the 'right'.

The market itself is correcting it....we as individuals or even as group didnt force it... it is changing because it was unfeasible....

Thats all there is to it.:money:

before_hollywood

JonnyBravo wrote: »

Big wow.
I didn't move out til I was 28 back in '98 when house prices were more reasonable. The reason? I was saving a good deposit. Get over it.



Still, at least it comes across loud and clear that you're not bitter at them for getting "your" house :rolleyes:



No reason why you shouldn't. Seems as if you're bitter that you're going to have to save first? Oh my! The injustice!
Why should it be cheaper to buy than rent? A God-given righ that those who can't afford to buy should pay more? Market forces at the time should decide the cost surely?



I don't need your sympathy thanks, I'm fine. (Perhaps as I don't pay for a fancy school or a fancy 4X4 though?)
As for those who have not been astute enough to measure just how strong their "superior financial position" really was, well they will now help fuel the price decline which you seem to view as a birth right.
I think you'll find that people have used "superior financial positions" to their advantage since many ages gone. I think you need to accept it. It's not going to stop because of a recession/HPC/the next HPI/the next boom/because you're upset

:rolleyes:

1. bitter? i had a mortgage offer for the eventual selling price, i wanted to offer £5k less to clean it up but there were no offers put forward at that time, i walked away, it remained on the market for 6 months.
2. renting is designed to be costlier than purchase price
3. i dont have to like it, infact i am hoping to be a live in landlord when i get my place, they are a minority round here, live out landlords making 2-3 times their outgoings rule the rental market round here

before_hollywood

ampersand wrote: »

Any signature update for you yet, bh?
Please send me your congestion charge.

been too busy working, i post here on breaks