A serious question for the Bears....

chucky

Dan: wrote: »

Good question.

I have a close friend who has been telling me that prices will crash since 2003. He has made his wife and kids wait 6 years for this to happen, and now, at last, he has dicided to buy.

So, if he had bought 6 years ago, he would still not be anywhere near NE, would have paid nearly a quarter off his mortgage and now be taking advantage of the low interest rate to shave several more years off.

What a waste of 6 years.

in a nutshell it just sums up a lot of the people on here...

lostinrates

I don't own.

We are lucky (and hardworking) enough to have substantial deposit and a good income. We are in the position now where we are looking at properties we will probably never move from. For us the changes in what we can get for our money have been significant over the period of decline. Some places we couldn't have afforded a couple of years ago are still on the market, with comparable properties entering the market at different levels.

The thing is, along side the strong desire to just buy, we have had real life going on too. Not buying allowed us to move simply and easily abraod for DH's career, and may do again. We have had a sort of cut off point to dither until which is March. (not to do with property or markets) although we would have bought (nd almost have) a suitbale, the right, property for us at any point. When I first cme back to UK I was determined to buy and buy quickly, hopefully for DH to move into, and I'm very glad we didn't. What we were looking at then was so different and similarly temporary. The timing would have been wrong.

System

ruggedtoast wrote: »

Hamish - I am still yet to work out what you are on about.

You seem to think that there are all these people out there sitting on pots of money wishing ruin on the rest of the world so that they can pick over the dead carcasses of what remains at firesale proces.

Most of the "bears" you hate so much are just regular people who want to see housing be affordable again for regular people. Based on surveys of the UK population they account for about 75% of everyone.

Very few of them care about your silly graphs or notional house price indices.

Based on my observation of real world advertised prices, they are still going down. I think thats a good thing.

Sorry that is so upsetting for you. I suggest you try and get over it and find some other avenue for your frustration than making 20 threads a day on here.

Its not healthy.

This doesn't really answer "what's your plan B?" though does it?

HAMISH_MCTAVISH

ruggedtoast wrote: »

Go to post 3.

Read post 3.
.

You can believe whatever you like, prices rising, prices falling, indices, anecdotals, whatever. Fire off as many insults as you want to.

Thats not what the thread, or my question, is about, and so I'm not going to get drawn into an argument about any of it.

It's a serious question.

What is the plan b for those that are banking on a crash to buy, if the crash turns out to be over?

HAMISH_MCTAVISH

lostinrates wrote: »

I don't own.

We are lucky (and hardworking) enough to have substantial deposit and a good income. We are in the position now where we are looking at properties we will probably never move from. For us the changes in what we can get for our money have been significant over the period of decline. Some places we couldn't have afforded a couple of years ago are still on the market, with comparable properties entering the market at different levels.

The thing is, along side the strong desire to just buy, we have had real life going on too. Not buying allowed us to move simply and easily abraod for DH's career, and may do again. We have had a sort of cut off point to dither until which is March. (not to do with property or markets) although we would have bought (nd almost have) a suitbale, the right, property for us at any point. When I first cme back to UK I was determined to buy and buy quickly, hopefully for DH to move into, and I'm very glad we didn't. What we were looking at then was so different and similarly temporary. The timing would have been wrong.

Great response LiR, thanks for that.

I suppose your situation isn't typical for the bear side of things though.

I'm more curious about those that haven't bought purely because they believed prices would drop.

bendix

My plan B is the same as my plan A.

I already have property overseas and have no intention of buying in the UK, especially London where I work. The idea of paying £500,000 for some crappy little two bedroom terrace in a dreary suburb is palpable nonsense, particularly when I can buy a four bedroom detached home on an acre of land with swimming pool etc for around 20% of that overseas.

Prices up. Prices down. Who cares?

lostinrates

HAMISH_MCTAVISH wrote: »

I'm more curious about those that haven't bought purely because they believed prices would drop.

We would have prceeded with buying something, unsuitable but livable, ''a rung on the ladder'' had we not become convinced a drop was more than likely. I'd really like to unpack...soon.

That the timing came now has been interesting personally. Its let us challenge our own politcal/ethical beliefs ..and despite the constant refrain that nobody here listens to other arguments I find I have changed opinions on somethings (in either direction) that I wouldn't have without input from people here.

HAMISH_MCTAVISH

bendix wrote: »

My plan B is the same as my plan A.

I already have property overseas and have no intention of buying in the UK, especially London where I work. The idea of paying £500,000 for some crappy little two bedroom terrace in a dreary suburb is palpable nonsense, particularly when I can buy a four bedroom detached home on an acre of land with swimming pool etc for around 20% of that overseas.

Prices up. Prices down. Who cares?

Fair enough, nobody can deny prices are cheaper elsewhere in the world.

But as you have no intention to buy in the UK no matter what happens to prices, you're not really in the target group for the question.

But thanks anyway.

Mr_Matey

Everyone should have a "plan B".

My plans for now are to rent and save a bigger deposit. I consider property to be overpriced in my area still.

If property prices drop or stay steady, I'll end up with a bigger deposit when I choose to buy, and will get a better first home than I can currently afford.

If property prices shoot up to ridiculous levels again, I'll continue to rent and invest my money elsewhere. Property isn't the only asset class y'know...

chucky

lostinrates wrote: »

We would have prceeded with buying something, unsuitable but livable, ''a rung on the ladder'' had we not become convinced a drop was more than likely. I'd really like to unpack...soon.

That the timing came now has been interesting personally. Its let us challenge our own politcal/ethical beliefs ..and despite the constant refrain that nobody here listens to other arguments I find I have changed opinions on somethings (in either direction) that I wouldn't have without input from people here.

that implies that housing is affordable