Abandoned hope for all ye FTBs

Max_Headroom_3

dopester wrote: »

It would be the no.1 first option for me.

Price to sell. Get a job (even minimum wage).

If you owned outright and got a job at minimum wage, you wouldn't need to sell would you? :rolleyes:

For the record, if I don't get the sort of job I want within a month or two then I will take any job I can get, because my fortunate position means I can. If I were to take your advice and sell to rent or MEW then my vastly increased outgoings would mean I wouldn't be able to however.

You need to learn to think these things through...

Find a way to get cheap shelter for 2 to 3 years..... (apartment in Spain for £60 a month I was looking at) - then in 2 or 3 years, buy the house back, or a very similar house, at 30%-70%+ discount to values today.... leaving yourself in a much stronger financial position.

This crash has a lot further to go - imo.

So basically gamble on house prices?

You're obviously a far far wealthier man than me Dopester, if you can afford to gamble tens of thousands of pounds on a guess at the future.

StevieJ

Graham_Devon wrote: »

Could you tell me how many people / families thats actually helped, or even, applied to?

Can you? It is logic to assume anyone who has lost a job and has no major savings and a mortgage to pay.

dopester

Max_Headroom wrote: »

You're obviously a far far wealthier man than me Dopester, if you can afford to gamble tens of thousands of pounds on a guess at the future.

The latest cut on Rightmove with Property-Bee for a house I'm monitoring, was £25K off the asking price.

Not wealthy Max, but as an FTB, it is a gamble I'm taking, but one I'm certain of.

The gamble is not over-paying for over-valued property, where everything that went in to making values rise, and trying to support falling values, is collapsing.

You want to stay in your mortgage free home - and that is fine and good, lets hope you get that job (seriously).

Yet you don't forsee values continuing to crash significantly? There are many others in similar, or much worse, financial circumstances to you Max. How can values remain anywhere near current levels?

StevieJ

dopester wrote: »

It would be the no.1 first option for me.

Price to sell. Get a job (even minimum wage). Find a way to get cheap shelter for 2 to 3 years..... (apartment in Spain for £60 a month I was looking at) - then in 2 or 3 years, buy the house back, or a very similar house, at 30%-70%+ discount to values today.... leaving yourself in a much stronger financial position.

This crash has a lot further to go - imo.

Link, I would like to have a look at that

dopester

StevieJ wrote: »

Link, I would like to have a look at that

I've not got the link handy (cleared history since last went exploring for value / options) but will try and search it out Stevie. Standby.

IveSeenTheLight

dopester wrote: »

Values have to fall. Fall by at least 50%, and probably 70%. House prices are just insanely over-valued.<Edit ISTL>:rolleyes:, hmmm whatever, 70% lol </edit>

FTBs should not have to sacrifice as much as you would like to keep asset values so much higher than they should be. <Edit ISTL> FTBers have always had to make sacrifices, generations before may not have had a telly, let alone an LCD in each bedroom along with a PC for each adult / child. People used to walk miles just to get to and from work with no car. There were sacrifices before and there will be sacrifices now. The question is whether you are prepared to make sacrifices to achieve your desire. </edit>

FTBs deserve a life beyond servicing a mortgage and being a slaves to crippling amounts of debt <Edit ISTL> why should FTBers of this generation have it easier than those in the past?</edit>, in an economy where even what were considered very safe jobs may be under threat - with rising unemployment, pay-cuts, and much tougher to get a decent paying secure job, with lots of competition. <Edit ISTL> even more reason that if you wish to buy property, you need to be able to make sacrifices to maintain it.</edit>,

It was only the buyers since 1997, buying at ever higher prices, which rocketed up the value of property for all existing owners - even those who haven't moved since 1997. <Edit ISTL> according to your graph below, house prices were higher in 1989 than in 1997, how can house buyers from 1997 be blamed for the 1989 house price? Admit it, this is your way of trying to portray house prices should always be at the trough of the cylce. Guess what, cycles happen and there will always be a bottom and a top of the cycle</edit>,

Values for all property owners increased by the ever higher sums being paid, month after month, year after year, by active buyers. That is how markets work.<Edit ISTL> You've kindly shown in the graph that house prices are at the long term trend. Surely this indicates an equilibrium of the current cycle and what you are indeed calling for is the overshoot as seen in previous cycles. Sure it will help you and many others which I accept is a valid VI point, however, it does not go with your argument that house prices should steadily increase as in which case we are now at that point. Unless you believe house prices should bottom out after an over shoot and THEN ONLY THEN start with the steady increases {cuckoo, cuckoo} </edit>,



Now we need active sellers accepting lower prices from buyers to bring down values for all property owners..<Edit ISTL> For your VI point of view to lower prices in your dream of 70% average lower prices from peak :rotfl::rotfl:</quote>

Couple of points above

Max_Headroom_3

dopester wrote: »

The latest cut on Rightmove with Property-Bee for a house I'm monitoring, was £25K off the asking price.

Doesn't mean a lot without the asking price. £25K off of a two and a half million pound mansion is a 1% drop. £25K off a £50K studio flat in a dodgy area is a 50% drop.

Either way however, I'd suggest that a further 70% as the top end of your prediction is wishful thinking.

Not wealthy Max, but as an FTB, it is a gamble I'm taking, but one I'm certain of.

Fair enough, but that's not what you said is it? You said that if you lived in a house that you owned outright and were out of work, you'd sell it and gamble on significent falls.

The gamble is not over-paying for over-valued property, where everything that went in to making values rise, and trying to support falling values, is collapsing.

You want to stay in your mortgage free home - and that is fine and good, lets hope you get that job (seriously).

Yet you don't forsee values continuing to crash significantly? There are many others in similar, or much worse, financial circumstances to you Max. How can values remain anywhere near current levels?

I don't think they will. But they'd have to fall a hell of a long way to make the selling of a house I've spent 10 years and a fortune renovating and furnishing and paying for in the hope that I'll buy something similar later, and cover the selling costs, moving costs, accommodation costs and buying costs, all whilst unemployed, a good bet.

Do you really think that would be a sensible gamble for me to make? Honestly..?

StevieJ

I think where Dopester lives it is nearer 500k than 50k

dopester

StevieJ wrote: »

Link, I would like to have a look at that

http://www.inspain.tv/AllProperties885/442743/PropertyDetails_442743_2.aspx

And a few others.

http://www.inspain.tv/searchresults.aspx?ptype=2&sd=42275&prop=4&price=-100

Unless it is a pricing mistake?

StevieJ

dopester wrote: »

http://www.inspain.tv/AllProperties885/442743/PropertyDetails_442743_2.aspx

And a few others.

http://www.inspain.tv/searchresults.aspx?ptype=2&sd=42275&prop=4&price=-100

Unless it is a pricing mistake?

Cheers Dopester, doesn't look right as I am sure think as well

Sounds 'to good to be true' and you know what they say about TGTT.
I have been looking at places around there it is not bad, I think it a very Spanish that side of Malaga. Decided to wait until the fate of the Euro was more obvious.

At those rates you could rent a hoiday home for a year :T