Questionably Bad Advice Given on here!!!!!! FTB Look HERE!

Soot2006

Locally here FTB's are still able to buy on reasonable mutiple's of salary, deposit etc permitting.

Exactly, and this is what I meant by an acceptable risk.
Enough deposit + reasonable mortgage = nice property ....

"right" and "wrong" time to buy can only really be defined in hindsight - so again, it's up the individual and their personal comfort zone when it comes to risk & debt!

As for your analogy, OP, I don't feel sick when I see a price reduction in a jacket I've just bought. As long as I like the jacket I'm happy - after all, it's what I was happy to spend on it in the first place. I tend to not be bitter about such things. One only lives once.

pandamonia

http://www.telegraph.co.uk/finance/personalfinance/investing/4229153/Buy-to-let-Rents-are-likely-to-continue-to-slip.html

Another

housesitter

As a FTB myself, perhaps I'm blinkered.
Many posts from FTB's have started along the lines of: "I know it's mad to buy now but we are doing it anyway, need advice"
On this section, people ask for advice with purchases and get it.
A quick title search for FTB shows that people are neither being encouraged or disuaded.

So, for the OP to say that people are encouraging FTB's to jump into the market has me wondering what posts he's been reading ?

If you want to see people being told that getting into the market now is idiotic, see the House Prices , the Economy, & Recession board.


Personally, I've posted a few times on FTB thread saying it's madness, but on the flip side. If I stay quiet, there will be more repo's around the corner for me.


As for rent's lowering, in this area they are going up. Regardless of what your internet links suggest.

carolt

housesitter wrote: »

Personally, I've posted a few times on FTB thread saying it's madness, but on the flip side. If I stay quiet, there will be more repo's around the corner for me.

What a lovely attitude! :eek:

As for rent's lowering, in this area they are going up. Regardless of what your internet links suggest.

Not round here they're not. Maybe your area is atypical?

Wow, some people on here have been accused of being 'vultures', but your post explains why.

Others on here, mercifully, take a more responsible attitude.

If I can advise someone not to make a big financial mistake, then I feel I've done well. Just as others on this site kindly take their time to help me save money in numerous ways. Good thing everyone doesn't have your attitude.

housesitter

carolt wrote: »

If I can advise someone not to make a big financial mistake, then I feel I've done well. Just as others on this site kindly take their time to help me save money in numerous ways. Good thing everyone doesn't have your attitude.

I don't see you posting in every thread telling FTB's not to buy.
Just as I don't. I posted in a few, but tend to think that those who are sensible will search around a bit and look for what the general feeling is.

Those that dont, well they are the type that generally don't listen no matter what you tell them.
The same people buying in 2007 and even last year.
If you have to ask the question; "Is it the right time?" then you have some concerns. Sense says to examine those.
I guess some FTB's have less of that than sense however.

But then again, I don't spend my free time worrying that other people are going to make mistakes unless I come to their rescue.
Even you can't save everyone.

Just see the negative and move along next time eh?


As for the rents, are you actively seeking to move house and looking at the data or just having your point of view again?
Thanks to property bee and actually looking, I can see them being put up. Probably because people are trying to knock them back down.
EA's are such an honest bunch.

carolt

housesitter wrote: »

I don't see you posting in every thread telling FTB's not to buy.

Have you actually read any of my posts. Try looking first.

Just as I don't. I posted in a few, but tend to think that those who are sensible will search around a bit and look for what the general feeling is.

Those that dont, well they are the type that generally don't listen no matter what you tell them.
The same people buying in 2007 and even last year.
If you have to ask the question; "Is it the right time?" then you have some concerns. Sense says to examine those.
I guess some FTB's have less of that than sense however.

But then again, I don't spend my free time worrying that other people are going to make mistakes unless I come to their rescue.
Even you can't save everyone.

Just see the negative and move along next time eh?


As for the rents, are you actively seeking to move house and looking at the data or just having your point of view again?

Yes, I am. Look daily. You?

Thanks to property bee and actually looking, I can see them being put up. Probably because people are trying to knock them back down.
EA's are such an honest bunch.

Do check my posts - I've spent the last couple of years telling FTB's not to buy, and gained a lot of enemies among those who wish house prices would only ever go up.

I just don't share your taste for not warning others so I can benefit. That's all.

housesitter

Carol: Do you post in EVERY thread ? Thought not.

Yeah. I came on here specifically not to help others. Obviously <sigh>
I don't have a taste for not warning people Carol.
Like I said: Some people can't be helped.

You should take your own advice. Read posts. Not just pick out the sections you don't appreciate.
I'm sure your enemies/keyboard warriors have their reasons.

Thrugelmir

carolt wrote: »

Do check my posts - I've spent the last couple of years telling FTB's not to buy, and gained a lot of enemies among those who wish house prices would only ever go up.

I just don't share your taste for not warning others so I can benefit. That's all.

Anybody who bought at the top of the market is going to suffer. Not only FTB's. Those of us remember the last bubble. I bought a house for £88,000 saw it rise to £125,000 ( based on next neighbour who sold -identical link detatched). Only to sell it for £88,750 when I eventually traded up! At no time did I see my house as an investment.

The issue now is making financially sound decisions depending on an individuals circumstances.

My concern ( if I was in Government) would be the potential fall out from thr BTL market. All the people that borrowed money on interest only mortgages to purchase BTL property have a real issue. With no capital appreciation there's no return. Falling prices mean lower rents. It's a house made of cards just waiting for a strong wind to blow it over.

vyle

I understand your logic, OP, but at the same time, if the situation is right for the buyer, then sometimes the best thing to do is take the plunge.

In my situation, my partner and I just got £45k off of the apartment we were looking at. with that amount off, our mortgage is looking to be £250 a month.

We've looked at renting and found that the cheapest equivalent where we are is £500pcm.

With the current employment situation we're not going to move out of the area and risk having to change jobs as that would be too risky, so you're saying that it would be best for us to throw £500 a month down the drain, rather than spend £250 a month to have a home to own. We're looking to stay there for at least 10 years. Who's to say that the market won't be back up by then?

There's waiting for the right time and then there's waiting too long.

We may have been a bit hasty in going to buy property, compared to some people, but our hastiness put the seller in a position where they had to make a sale far lower than they had planned to.

brit1234

Thrugelmir wrote: »

The market will turn before people realise. Only a lucky few will be able to buy their dream house at the very bottom of the market.

This isn't a post recommending buying, but really that FTB's need to sit down with their calculators and make a hard finacial decision based on their own circumstances.

You should really look at historical property cycles.

There has never been a property crash where prices have fallen and suddenly risen.
There has never been a property crash where prices have fallen and suddenly risen.
There has never been a property crash where prices have fallen and suddenly risen.
There has never been a property crash where prices have fallen and suddenly risen.
There has never been a property crash where prices have fallen and suddenly risen.
There has never been a property crash where prices have fallen and suddenly risen.

NEVER EVER
:mad::mad::mad::mad::mad::mad:

Years of stagnation before rises.


This is a boat, you will not miss it if you don't by now, in fact it won't set sale for many years and then very very slowly.

Anyone who tells you different is lying to get money out of you.:mad:

The bottom lasts years!!!!!!