Abandoned hope for all ye FTBs

Max_Headroom_3

dopester wrote: »

We can take information and process it, mixed with knowledge, and make informed decisions about realistic future outcomes.

Do I need to consult a crystal ball to check if the coming months and years will see a frenzy of people in the UK suddenly buying properties at ever higher prices in the near future? Banks back to happily issuing mortgages at heavy multiples and relying on what they are told with a self-cert?

Or do you project with realistic information and knowledge. Many banks heavily reliant on liquidity (Government debt) from BoE. 1 million people + projected by many an authority to join the dole queue in the next 12 months. Pay-cuts for many people remaining in work. Young people graduating with fewer opportunities to earn good money, and more competition for the better jobs available. Cut backs in the public sector.

And several years ago my crystal ball told me with just as much conviction that I should sell and wait for the next crash. You know the rest...

As I've said all the way along, you're probably right. And your course of action is almost certainly correct.

But I'd still need to be a certifiable idiot to gamble my house on it as you've suggested that I do.

Max_Headroom_3

dopester wrote: »

To answer your question - yes of course. If you could have sold towards that £1 million peak. You could have rented as values fell, and then bought your home again, with a lot of financial security to go with it. Having a lot less to worry about now. Values are real, whether stock market values or property values.

.

And if it had in fact then doubled to two million instead..?

baileysbattlebus

dopester wrote: »

You can't condemn all FTBs as being like that.

Anyway, as far as I'm concerned they were part of the problem. Buying 3 years ago (2006), near the very peak. More sheeple agreeing to buy at higher prices, which caused prices to rise further for the rest of us FTBs who were waiting.

Her partners idea to replace 3 year old perfectly good furniture, or hers? Doing that at Christmas just gone, and now it is abandoned with the split and her back at home. They were probably deeply in negative equity at Christmas, or seen the value of their equity plunge.

Sounds like your daughter was brainwashed by Krusty and co. Hmmm look in this shop. Need to buy something new again. Bang it on the credit-card. Retail therapy. "Yes John and I saw it and just loved it. Perfect for the lounge. Compliments the curtains so nicely. Yes, we're still doing alright. Look at us everyone, we're successful adults."

Empty shallow people - or him weak if he agreed to it - even if she was putting him under that demanding stroppy pressure.

Did you not raise your daughter with respect for the value of money, and the dangers of debt? Just applaud her decision to buy near the very peak price, and lavish spending when it was not needed.

I did raise her to have respect for money - the decision to buy 3 years ago was theirs - we advised them not to - not because we saw any of this coming, but because they had never lived together before and were advised to rent. But renting here is an expensive business too.

Nothing they bought was on credit, except a bedroom suite (interest free over 1 year) and the house - it didn't need to be - they earned decent money between them and most months they could comfortably afford buy a large item. I also don't think they will be negative equity yet - they were able to renegotiate their mortgage with the Nationwide at the end of last year. They had put down a reasonable deposit and have been overpaying the mortgage every month - though that might stop now she isn't there.

And it was him not her who wasn't happy with his life and the "things" in it - had to have the status symbol car, BMW, and generally the best of everything - she didn't and more to the point she didn't when she lived with him - he did. She wan't allowed to !!!! She got fed up of being told off for buying something in Primark, while he bought the £200 sunglasses, the gym membership, the designer clothes, the Las Vegas holidays -

Don't get me started.

But most of the young people I know, through my children, when they have bought property and quite a few of them have, none of them had to wait for anything - perhaps it's just the people we know.

And I do know it won't be representative of all FTB's - just the dozen or so that I know personally.

We tried to bring up all of our children to believe that you should not judge or be judged by what you have, where you live, what you live in and not to be ashamed of what they have, where they live and what they live in.

ps. He is still in the house - there are no plans to sell it for the time being.

Chris2685

baileysbattlebus, I think you have just suitably highlighted the cause of this boom and bust havent you?

LydiaJ

Dopester

I don't understand why you're recommending that Max STR. Because of the rules about benefits, your plan only works if he gets a job, but if he gets a job he can stay in his home.

The only way it would make sense for him to STR is if he got an interesting well paid job that wasn't within commuting distance of his house. Then it might make sense. But it also might make sense just to sell and buy in the usual way people do when moving across the country.

Max_Headroom_3

Dopester just wants everyone to sell, preferably under as much pressure as possible and for as little as possible (hence his advice to me even went as far as advising me to sell cheap).

He feels that then he'll be better off because this will help bring down house prices so he'll be able to get a cheap house.

That's entirely as far as his logic goes.

pickles110564

Vinegartits wrote: »

, it actually sold for within 5% of the amount advertised in the local press.

Which is what I said, it sold for more than the For Sale Price.

mewbie_2

pickles110564 wrote: »

Which is what I said, it sold for more than the For Sale Price.

C'mon Pickly, you can't have sold it since yesterday?

pickles110564

mewbie wrote: »

Oh OK, slipped me by. So I have three questions.

When do reckon you're going to finish it?
Not this year.
Where are prices going to be at - ie. how much will you lose?
At current prices and when all finished I expect to be down about £25k
Are you voting BNP?
Same as always, will still vote Tory. (boring I know)

Looking to take advantage of the £2k scrapage, so what small car would be a good investment please?

mewbie_2

pickles110564 wrote: »

Looking to take advantage of the £2k scrapage, so what small car would be a good investment please?

As I understand it, no new small car is an investment. That's the problem with the scheme. Something a couple of years old, well that might be a sensible option.

btw - only £25k down is a result in this market. Have you factored a further 10% drop in to bring us through to 2010?