How does losing a fifth of your wealth feel?

mewbie_2

Dithering_Dad wrote: »

mewing

You mewed for the right reasons, took a sensible decision and are seeing the benefits.

This was not however always the case. I saw a TV program a while back ago where a very young, very flash estate agent was basically living a lifestyle he could not possibly afford through wages alone. Perhaps Krusty and Phil could supply an update at some point.

Dithering_Dad

mewbie wrote: »

You mewed for the right reasons, took a sensible decision and are seeing the benefits.

This was not however always the case. I saw a TV program a while back ago where a very young, very flash estate agent was basically living a lifestyle he could not possibly afford through wages alone. Perhaps Krusty and Phil could supply an update at some point.

I forgot about crusty & phil. I wonder how many of those guys who bought a house in the country and an apartment in town are panicking right now, especially given all the redundancies in the City.

mewbie_2

Dithering_Dad wrote: »

I forgot about crusty & phil. I wonder how many of those guys who bought a house in the country and an apartment in town are panicking right now, especially given all the redundancies in the City.

Scary indeed. Not my particular target though that sort of people. I can understand why someone might want a small place in town to save the commute, and a home elsewhere. Plus it's probably the only way to afford a decent family home.

No my venom is reserved for those who used the 'free' equity as a BTL leveraged gamble on ever rising prices, adding fuel to the boom, and pricing FTB's out at the same time.

bluey890

Rochdale_Pioneers wrote: »

If its a theoretical value of your house if you sold it, then its not "wealth" - you can't lose a 5th of what you don't have.

A decrease in house price is a loss of wealth, its just not a realised loss of wealth until its sold.

Now i see how wookster runs rings around you!

bluey890

Rochdale,
It is probably easiest to explain in terms of gold
If you bought gold when it didnt cost much i.e. when GBrown sold it.
If you still own it i.e. unlike GBrown, your wealth has increased.
Bluey890

space_rider

Well I bought my house for £145000 with a £50,000 deposit Dec 2006. I`d be lucky if I could sell it for £90,000 right now. Good thing is it`s in an area I like and there is plenty of room for myself and my 3/4 daughters. As long as I can manage to climb the stairs to my bedroom to escape their noise and continue to pay the mortgage which has gone down by £240 per month I`m happy. The savings on the mortgage is being saved for rate increases.

brixham

Old_Slaphead wrote: »

How does losing one fifth of you wealth feel - pretty crap!

My pension's down more than that in past year effectively wiping out my last 4 or 5 years contributions. When added to lower annuity rates the real reduction will be even greater.

Personal pensions.......the swizz of the decade!

Yep same here. Went to see my FA the other day and when you see the figures printed out it make pretty bleak reading. With hindsight would I have even bothered
Anyway no need to worry as my FA says it will all be shooting back up soon. Nearly spat my Tea all over him at this point !

PasturesNew

mewbie wrote: »

.. I saw a TV program a while back ago where a very young, very flash estate agent was basically living a lifestyle he could not possibly afford through wages alone.

Was that the one with the hot tub, the sports car he was polishing ... and he'd just lost his job?

PasturesNew

honeypopper wrote: »

A lot better than you probably.... property is on the up again...and you still have sweet f all.

Bless you, only 17 posts. Here, have the benefit of my research: http://en.wikipedia.org/wiki/Dead_cat_bounce

PasturesNew

space_rider wrote: »

... my 3/4 daughters...

No need to be PC. Just call them midgets.