Experts say wait 5 years to buy back into property

SingleSue

I'm glad that I can't be accused of wanting prices to rise because I am a homeowner, or prices to drop because I want to get on the property ladder.

I am one of those unusual beings....a neutral.

No vested interest here either way.

ad9898_3

StevieJ wrote: »

There is a tendency for the future to be not quite what people expect good or bad

Well I expect the future (within the next 50 years), to something akin to the Mad Max movies, scarcity of resources will almost certainly take us down this path, lets hope it's not quite what I expect.;)

Harry_Powell

mewbie wrote: »

You're right, I was thinking more about people who have taken on BTL's in the last ten years, by releasing equity from the family home.

"I own four properties"
"Er no. You have huge mortgages on four properties with an ever decreasing amount of equity in each"

NE on one property would be bad, but not the end of the world. On multiple properties, drowning in a sea of debt - unimaginable.

Oh but sorry I forgot. It's all Fred Goodwin's fault.

I'm no expert on BTL's, apart from renting one currently, but surely the main problem with negative equity is that it locks people into their home and prevents them from moving. I'm living in my Landlord's property, not him, and neither of us would be trapped there.

StevieJ

ad9898 wrote: »

Well I expect the future (within the next 50 years), to something akin to the Mad Max movies, scarcity of resources will almost certainly take us down this path, lets hope it's not quite what I expect.;)

And 50 years previous they were expecting a life of leisure by now with Robots doing all the work or on the dark side wiped out by Nuclear bomb :cool:

BlondeHeadOn

Cleaver wrote: »

I can tell you from experience that that type of comment doesn't get you many marks in a Statistics 'A' Level exam.

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

Martinslovechild

My goodness - it seems to me that there's quite a lot of bitterness and resentment on some of these threads.

Some people almost can't wait for others less fortunate than themselves to be made redundant, be repossessed and ship out so that they can buy their nice 4-bed detached with a juicy 40% saving compared to its peak value a couple of years ago.

Not only that, they'll gladly give them a hand with the packing, endeavouring to throw their stuff on the lawn.

I wish these people would display some sympathy and respect - not everybody is a 'greedy buy-to-letter' or 'greedy banker' or greedy anything.

Whilst we all appreciate that the economy is in a spin and that there will be many casualties, not least the people whose careers are ended abrubtly or those whose relationships will unfortunately not be able to withstand the stress of the downturn, it's worth considering for a moment that a little humanity and a little care goes a long way. After all, there's a chance that all of us, at some point in our lives, may face a struggle of some description. That others should choose to ridicule you for your 'greediness' is inconsiderate at best and displaying a complete lack of compassion at worst.

ABUSE

I would agree Martinloveschildren

But surely it is ok to talk from such a high moral ground, when you are financially very secure based on your signature

For many of us, it has been impossible to buy a home and so forgive our eagerness in finally being able to

mewbie_2

Mortgage Feb 2001 - £129,000


That would have bought something reasonable to live in back then, around the start of the stupidity. Let's hope it will buy something equally reasonable in a few years.

ad9898_3

Again I point to schadenfreude as being a very satisfying emotion, just admit it. Someone elses downfall is always interesting, if not not satisfying, anyone who says otherwise is likely being economical with the truth.

Dan:_4

ABUSE wrote: »

I would agree Martinloveschildren

But surely it is ok to talk from such a high moral ground, when you are financially very secure based on your signature

For many of us, it has been impossible to buy a home and so forgive our eagerness in finally being able to

Only through a lot of hard work.

Why do poeple assume it is a god given right to own a house?

If you don't earn enough, you can't buy a house, simple - This is not something new, it has always been the case.