450k for a three bed flat-madness ! Now these people face ruin.

FungusFighter

mewbie wrote: »

As I say I am not really interested in gardening. So your front lawn, or even your back lawn would not really do much to tempt me.

How about me water feature?

PasturesNew

For the discussion of "what else could they buy"...

In E14, 44/100 properties that completed in about August 2006 were under £250,000.
http://www.houseprices.co.uk/e.php?q=e14&s=4151&n=100

mewbie_2

FungusFighter wrote: »

How about me water feature?

Does it have an amusing half naked gnome holding a little fishing rod?

Or is that actually the whole deal?

Turnbull2000

Sapphire wrote: »

The ones who have participated most in 'investing' in property and getting themselves into huge debt are under 40. Look at any of the property programmes on TV and you will see that this is the case.

Basing your perception of property investing on the 'trendy', wealthy young couples you see on Location, Location, Location is not the brightest idea. Out in the real, non-televised world, the majority of investors are over 40. And many of our young people are heavily in debt because these very same over 40's decided that education is no longer free.

FungusFighter

PasturesNew wrote: »

All right thanks ... obviously in 2nd place as I don't have a c0ck though, eh!

Don't be bitter doll, we'll get around to it;)

You ever been tempted by a bit of "off plan" PN?:cool:

mewbie_2

PasturesNew wrote: »

For the discussion of "what else could they buy"...

In E14, 44/100 properties that completed in about August 2006 were under £250,000.
http://www.houseprices.co.uk/e.php?q=e14&s=4151&n=100

Er. Mainly flats then. Not so many rose covered cottages with paddocks and stabling outside.

Cleaver

Graham_Devon wrote: »

All I can say is I was nearly pushed pretty convincingly down this road.

When you have nothing of your own (i.e. home stuff), your solicitors fees paid, washing machine, fridge freezer, cooker, sofa thrown in etc, cashback, ready to move in, all sounds like a good proposition. Especially when you are sat there and every month, houses become further and further out of reach and theres some guy telling you "if you don't buy now, next year you will need a further 20% deposit, we'l do this now for you for just £5 up front, adn don't forget if you buy another home you will face 10k of expenses we will pay for you"

I am only coming at this from my own experience of being frightened shyteless of the prospect of never being able to get a home, because all you can see is prices rising every month more than your physical salary.

Yet theres someone who's willing to sign you up, sort out everything for you, and give you a guarantee of a home. It's very VERY tempting.

Very good points Graham, and I apologise in advance if I come across as harsh, but that's life isn't it? Whether it's buying a house, car, clothes, TV, insurance or pretty much anything else, there will be companies and individuals ruthlessly trying to convince you that you have to buy their product or service. And it's up to everyone else to use their head and consider if they want their product and service.

If you've got to the point in life where you have a £30k - £50k deposit (which the people in the article had), you assume they have had some life experience which should make them aware of this.

I'm not trying to talk down to you by the way, I've been sold plenty of things and then thought weeks, months or years later, "why the f**k did I buy that". Fortunately, it was small things that I just didn't give enough thought to, not a £300k property.

Graham_Devon wrote: »

I agree that some may have bought because they looked nice, but a hell of a lot more will have bought because they were the only people giving you the chance to buy. Going for a normal mortgage on a normal house you would have been told where to go. Going for these, you were helped along the way, in an economic time where like I said, the home you wanted was sometimes going up at a pace higher than your monthly full wages.

But that isn't true. These people had £30k - £50k deposits, which would be 20% or 30% deposits for big houses in Woolwich. At that time lenders would have been biting their hands off.

Graham_Devon wrote: »

Thankfully I didn't sign for mine and got what I have now, and I only got this because it wasnt shiny and new and others didnt want it. BUT, you cannot compare prices today with what people thought and were being constantly told what would happen with prices 3 years ago.

It was the art of selling. The art of the developers and the people on here ramping things up, selling to a fresh generation who didn't know much, apart from what they saw on the news. Being urged to spend, do it now, or you will never do it.

Completely agree with that one. But that 'ramping' and 'art of selling' has been happening since the Arabs sold fruit from their souks and will happen until land and property is being sold on Mars. The world over, right now, billions of people are being sold stuff they don't want or need and it's up to them whether they buy or not.

And your quote "fesh generation who didn't know much" is rubbish. Each generation tends to know as much or as little as the last generation. You're buying a house for christ's sake, do a bit of research.

julieq

From what I can see around me off plan apartments are as much about lifestyle statements as is maxing the (preferably black) credit card on designer rubbish.

It's not surprising that vacuous yuppies get sucked in, but it's not typical of the decisions people make. Even on the most bullish of South Eastern affordability criteria, most people can't get near the prices of these things and wouldn't want to anyway, frankly it only takes one plonker with a big hi fi to make everyone's idea of fashionable modern eco loft living a merry hell.

mewbie_2

julieq wrote: »

From what I can see around me off plan apartments are as much about lifestyle statements as is maxing the (preferably black) credit card on designer rubbish.

Can you get black credit cards? How cool. Mine's got a strawberry on it and say's Tesco.

julieq

Have you not come across black credit cards Mewbie? They're wonderful, stupidly elevated monthly fee and you get loads of great services like, err, black plastic and err a unique personalised 16 digit number.

e.g.

http://www.rbs.co.uk/private/loans-cards/g2/black.ashx