Sod it - Im buying!

scattymam1

wow what a positive attitude - very glad it's not doom and gloom for everybody.

We have been trying to sell for almost a year now and next month our hipp will run out!! Wish everybody had your attitude. Hoping we get sold soon, I'd love to go wandering round b and q looking for stuff for our new house!

Turnbull2000

scattymam1 wrote: »

wow what a positive attitude - very glad it's not doom and gloom for everybody.

We have been trying to sell for almost a year now and next month our hipp will run out!! Wish everybody had your attitude. Hoping we get sold soon, I'd love to go wandering round b and q looking for stuff for our new house!

That post it beyond satire!

Hey, I've got some Jaguar shares to make a profit on, they may seem expensive now (with them going bust n all), but just be positive people and you cannot lose!!

themanbearpig

alexlyne wrote: »

There's a good graphic on the BBC website somewhere that shows land registry prices over the last 5 years showing the rise and fall in house prices by region, some areas are still rising, some have been slowly dropping since 2005. the places with the biggest rises will have the biggest drops, but where I'm looking, modest gains are followed by modest drops. Prices will fall another 5% in the next year I reckon. This isn't an awful lot and doesn't make me want to hold out for another year. I'm sure other areas expect bigger drops, but as it's region by region, it's impossible to be exact

Do you have any theory to back up your claim of another 5% fall, or did you just decide it sounded like a reasonable number in your head?

Prices will fall until the market reaches its natural equilibrium. This is something that the market will decide, and the government can't change. They like to believe they can, but they can't. They can slow down the rate of falls, as it is doing now with fiscal and monetary policy, but in the end the market does what is needed.

In the next 2-5 years, interest rates will have to return to normal levels (normal levels are around 8% historically), and lending will not rise to anywhere near peak levels.
These factors alone, not taking into account the massive unemployment coming, and shrinking of economic growth blows a prediction of just another 5% drop out of the water.

You can stick your head in the sand if you like, but what is coming can't be stopped.

QTPie

Depends whether life is about "doing the right thing ALL of the time" or "being happy"...

The former is nigh on impossible (nobody can get it right ALL of the time! Not even me... ), so why not settle for the latter...? If the OP is happy (and has done the research and is, as sure as possible, that they will still be financially secure and happy in 12/24/60/120 months time), then that is all that matters...

There are ALWAYS ways that things could be done better, but life isn't about living it perfectly - it is about surviving and enjoying it. There are 6+ billion people in the world - not everyone can do it in the "optimum way" possible.

My mother bought a new car a few months ago. I knew that she was interested in buying one, but not that she was actually going to buy one until AFTER she had done the deal and signed the contract. She was soooooooo pleased with herself: doing the deal herself, getting a bit extra off, the dealers gave her TWO HUGE bouquets of flowers... I think that she got a rotten deal (could have done so much better - buying a end of the line Ford Ka, just before they introduced the new model, in the recession) and, if she had involved us, she could have saved a very sizeable chunk of cash. Did I say that? I did say that I wish she had involved us (so we could have saved her more money), but I didn't dwell on it - she is happy and rubbing it in wouldn't help...

People have to make their own decisions, work out what is right for them and do what makes them happy.

QT

GracieP

QTPie wrote: »

My mother bought a new car a few months ago. I knew that she was interested in buying one, but not that she was actually going to buy one until AFTER she had done the deal and signed the contract. She was soooooooo pleased with herself: doing the deal herself, getting a bit extra off, the dealers gave her TWO HUGE bouquets of flowers... I think that she got a rotten deal (could have done so much better - buying a end of the line Ford Ka, just before they introduced the new model, in the recession) and, if she had involved us, she could have saved a very sizeable chunk of cash. Did I say that? I did say that I wish she had involved us (so we could have saved her more money), but I didn't dwell on it - she is happy and rubbing it in wouldn't help...

But if she went online and told everyone what a great deal she got and a bunch of car salesmen and recent purchasers of overpriced cars told her how great she was and that everyone else should buy cars like her, do you think that everyone who knows better should go "aahh well, aren't they happy, that's lovely!" Or do you think they should point out the bad deal so others don't follow them down that path?

If you make a mistake it's better to realise you have made a mistake so that you don't do the same thing next time. What happens in a few years when your mum wants an upgrade?

besonders1

The problem is that people who buy now won't be able to afford to sell later on if they need to upgrade as most banks will have a tough criteria for lending, gerneally speaking the less you pay the less risk . Most people I find such as my friends seem to assume that prices will suddenly go back to 2007 levels soon (the "normal" prices LOL) so there is no point in worrying about negative equity? but it does not seem to concern them that the same house was going for 1/3 of its 2007 price 5-7 years ago. As others have said the only way you would be safe is if you bought a house factoring future price drops but many sellers are reluctant to sell them at reasonable prices because they either are in negative equity or they are in denial thinking the market will pick up and want to make a profit like on the property shows.

gabyjane

fatpig wrote: »

gabyjane, wait until your new build falls down and then you'll be wishing you stayed renting.

Hmm well having lived in a newsih built house before we bought this i won't worry too much about it as all was fine!!