Housepricecrash.co.uk & MSE

Mistymaid

chucky wrote: »

they want to be individuals and have bought into gold - that's one big gold bubble that's going to bust :rotfl:



HPC.co.uk was started in 2003 - of course they will get it right at some point, a broken clock is right twice a day. the bubble would always burst - how super intelligent to predict it. there are some decent posters on HPC but there a big bunch of nobodys who think they are top economists



they bang on about hyper inflation hitting the UK- wouldn't that mean property prices increasing? but they think it's best to keep on renting... :rotfl:

I hate to say this but I didn't buy gold - if I had when they first recommended it, I would be quids in by now ...ouch

And the HPC would have happened sooner. The broken clock argument has been around a long time. Thing is, if certain people hadn't kept moving the goal posts ie lifting restrictions on the FSA and on banks and encouraging higher and higher loans/interest only loans/ ... blahdy blah, it would've and should've happened around 2002.
Something stank and now that has proved to be the case probably more than any of us realise.
Even up to 6 months ago somebody called me a 'doom-monger,' although they ain't saying much now.

... and I did buy ... and sell ... and bought again ... think that covers it. Not to make money, although I did, but to get where I personally needed to be.
If you want to ask me would I have preferred to make the move without the house price boom and all the trauma associated with it - the answer most certainly is YES!!!!

... and your last statement, well I think you need to read a lot more ... a lot more ... because it's about the most naive thing I've read in a long, long time!

setmefree2

Mistymaid wrote: »

.Dan, re the extension thing. Maybe just best to double up the kids in the bedrooms - they'll squeal but they will survive - best that than end up with no roof over their head at all.

And if you earn enough and save you'll be able to afford it cash and negotiate a better deal in a couple of years anyway.

... says her who is working on a Sunday evening to try and get enough together to pay for double glazing ...

Mistymaid you seem like a nice poster:D but you're right we don't see money in the same way. The best thing imho is to get them all their own bedroom by borrowing the money, as long as you can afford it of course. If I can afford it why would I wait? Then pay the mortgage debt asap and at the cheapest interest rate possible. Which is why I'm a MFW - I'm trying to payoff our 25 year mortgage in 7 or 8 years.

TBH one of the other problems I have with HPC is that it's all about the market value buyers pay for a house, not enough thought is given to the cost of financing, which often can be as much and more than the purchase price of a house.

mp2

chucky wrote: »

they want to be individuals and have bought into gold - that's one big gold bubble that's going to bust :rotfl:



HPC.co.uk was started in 2003 - of course they will get it right at some point, a broken clock is right twice a day. the bubble would always burst - how super intelligent to predict it. there are some decent posters on HPC but there a big bunch of nobodys who think they are top economists



they bang on about hyper inflation hitting the UK- wouldn't that mean property prices increasing? but they think it's best to keep on renting... :rotfl:

really? well it seems the credit bust and housing collapse has caught out the banks, investment banks, the FED, the BOE, the stock markets, the government, the worldwide economy and pretty much every homeowner in negative equity.

there is also a difference between price and value.

its possible to see massive inflation (which by the way is simply a devaluation of currency) and also a fall in house prices if houses are overvalued.

given that house prices have tripled in recent years, even if prices of all goods rise by 50% , house prices would still need to halve, in order to reach an equilibrium.

overlander

chucky wrote: »

they want to be individuals and have bought into gold - that's one big gold bubble that's going to bust :rotfl:

Trust me if any site knows when its about to burst its HPC.



HPC.co.uk was started in 2003 - of course they will get it right at some point, a broken clock is right twice a day. the bubble would always burst - how super intelligent to predict it. there are some decent posters on HPC but there a big bunch of nobodys who think they are top economists

I think you will find the predictions were a lot more detailed and accurate than just a house price crash. I have seen the damage the top economists have done i'll stick with HPC.



they bang on about hyper inflation hitting the UK- wouldn't that mean property prices increasing? but they think it's best to keep on renting... :rotfl:

No, you really should spend more time over there you might learn something.

chucky

Graham_Devon wrote: »

Erm........no. Quite the opposite.

yes just like your prediction of inflation at 20% and the FTSE hitting 2,200...

"Erm....no"

lol, you have to get out more Graham that's not how to interact socially.
step away from the PC, switch it off and meet some real people... it will do you good, but unfortunately your impressive post count won't be so... er impressive...

Graham_Devon

chucky wrote: »

yes just like your prediction of inflation at 20% and the FTSE hitting 2,200...

"Erm....no"

lol, you have to get out more Graham that's not how to interact socially.
step away from the PC, switch it off and meet some real people... it will do you good, but unfortunately your impressive post count won't be so... er impressive...

Shall i take your lead and follow you in how to interact socially?

You seem to have the art down to a tee.

setmefree2

ad9898 wrote: »

I think everyone has some kind of VI on here including myself, there are a few exceptions, Dithering Dad, Mr B, Generali etc.., people who have STR'd or who never had a house and saving would like prices to go down, in the long term this is the best outcome for the economy and society in general, however for some who bought in the last 3-4 years with a highish LTV do not want prices to drop, what ever the cost to others, the economy or society.

For instance setmefree2, is one of the latter, and to be honest I don't really blame her/him for feeling like that. In the signature it says they had a 250k mortgage in 2003 and now they have a 120k one. That is one hell of a lot of overpaying going on their and good luck to them, however if prices in their area drop to 2003 prices they will have lost a huge amount of money, probably most of that 130k that has been paid off, nobody wants to face the possibility of having lost that sort of money, hence we will never be able to convince them that low prices are a good thing.

I have kids so I have a VI in HPs falling. However, I know this is bad for other people so on balance I feel neutral about it.

We haven't lost any money. We've been in the market for over 20 years so prices would have to fall a long way before we were in negative equity. We have kids so our house is a family home. Our children have grown up in the house we are in.

Tbh I never think about the market value of our house, I just focus on what we owe. We have lots of savings as well as our mortgage. Currently, our net debts are probably less than £20k. People forget that many people with a mortgage may well have savings too - we're not as reckless as some posters make out.:o

ad9898_3

setmefree2 wrote: »

I have kids so I have a VI in HPs falling. However, I know this is bad for other people so on balance I feel neutral about it.

We haven't lost any money. We've been in the market for over 20 years so prices would have to fall a long way before we were in negative equity. We have kids so our house is a family home. Our children have grown up in the house we are in.

Tbh I never think about the market value of our house, I just focus on what we owe. We have lots of savings as well as our mortgage. Currently, our net debts are probably less than £20k. People forget that many people with a mortgage may well have savings too - we're not as reckless as some posters make out.:o

Sorry setmefree2, after I read it back, I thought thats a load of bollox and doesn't make much sense, so I deleted it. doh

Mistymaid

setmefree2 wrote: »

Mistymaid you seem like a nice poster:D but you're right we don't see money in the same way. The best thing imho is to get them all their own bedroom by borrowing the money, as long as you can afford it of course. If I can afford it why would I wait? Then pay the mortgage debt asap and at the cheapest interest rate possible. Which is why I'm a MFW - I'm trying to payoff our 25 year mortgage in 7 or 8 years.

TBH one of the other problems I have with HPC is that it's all about the market value buyers pay for a house, not enough thought is given to the cost of financing, which often can be as much and more than the purchase price of a house.

You've hit the nail on the head ... it's a different attitude to money in general.

Why wait? Because I was around when interest rates went up to 15% - that's one very good reminder. People are failing to pay their mortgages now ... and the rates ... well, the rates are ... well ... nothing. Could you actually imagine what would happen if they went up!!!!

Why not MEW?
Because for the last 8 years or so the economy has been increasingly unstable, but for many this has only just come to light. Landing yourself with a 25 years worth of extra debt is a risky thing to do ... no matter how stable you think your situation is. You might make it, you might not.

... sorry but I am going to have to leave this for a while, I keep messing up at what I'm supposed to be doing ...

Mistymaid

setmefree2 wrote: »

I have kids so I have a VI in HPs falling. However, I know this is bad for other people so on balance I feel neutral about it.

We haven't lost any money. We've been in the market for over 20 years so prices would have to fall a long way before we were in negative equity. We have kids so our house is a family home. Our children have grown up in the house we are in.

Tbh I never think about the market value of our house, I just focus on what we owe. We have lots of savings as well as our mortgage. Currently, our net debts are probably less than £20k. People forget that many people with a mortgage may well have savings too - we're not as reckless as some posters make out.:o

... back again!

Let's look at it this way; who have rising house prices benefitted since say, 2002?
Or another way; who would have benefitted if house prices had not 'stalled,' and kept on rising?

People on here, who are either in danger of losing their homes, or are actually losing them, aren't usually the 'in the market for 20 years' kind of people. They are at the lower end, with kids and probably thinking of having more.
So they are in the position of borrowing to the hilt to get to their current state. If they wanted to move up market and that market was continually rising, they would proportionately speaking, be paying out even more.

During this period we have also had new entrants to the market who simply couldn't afford to buy. Their life plans were quashed and many are still living with parents etc.

Ultimately the so-called 'boom' actually benefitted very few people financially - it just made them feel better about owning a house worth a 'lot of money.'

Now some people, quite possibly a lot of people, are going to get hurt big time.

Some folk will go untouched. My house price doesn't really concern me. But then I'm not paying a mortgage and live in a slum:rotfl: I'll get what I can when I can afford it and till then I'll do without.

But a lot more people have been touched by this mess, either during the boom or after it, this time round.
Last time savers were getting about 12% interest (I know this because I ran a little sub branch of a bs) but mortgage payers were being hit in the 15% bracket. The savers didn't really have a clue what was going on.

This time everybody seems to know!

So no, on the one hand I'm gutted for people in danger of losing their homes, but the correction was going to come, the maths didn't work out - and, although I understand there was a hell of a lot of misrepresentation and peer pressure, I'm still troubled when I read that people are worried about losing Sky tv or whatever it is, and start to understand, a bit, about how people are so easily coerced.

... back again to the mindset I suppose ...

Oh, sayings I grew up with:

I want, never gets
Neither a borrower nor a lender be.
A penny of your own is better than a pound of somebody elses.
Who told you life was 'fair?'