A serious question for the Bears....

geoffky

HAMISH_MCTAVISH wrote: »

Fair enough.

More interested in the bears that don't already own, as they are the ones risking not being able to buy if prices rise. (not saying they will, just a hypothetical scenario at this point)

I think your risk is greater than any renters....think about your risk if what i believe will happen,.happens .you will be in a very small corner having bought at the VERY TOP of the housing market..

mr_fishbulb

Dan: wrote: »

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.

You seem to imply that if you don't own a house then you are wasting your life??

I've had a great life these past 3 years renting with my girlfriend. We've used that time to save a deposit for a house, and more importantly know for certain that we want to live together.

We left uni in 2001 and spent 2.5 years saving money to go travelling for just under 2 years. Yes that money could have been used for a deposit on a house back then, we would be sitting on some gains, mortgage costs would be less than they are today. But would I say that time has been wasted? Of course not.

chucky

geoffky wrote: »

i don't believe you..i think you have make your friend up.

my friend bought 6 years ago and got a large large mortgage and has just been laid off with 30k of debt.....he is doing well..

i bought in 2004, paid large chunks of mortgage off and have over 60% equity.

not everyone gets made redundant in the real world Geoffrey
the employment rate is still over 92% so your logic seems very twisted... :rolleyes:

geoffky

mr_fishbulb wrote: »

You seem to imply that if you don't own a house then you are wasting your life??

I've had a great life these past 3 years renting with my girlfriend. We've used that time to save a deposit for a house, and more importantly know for certain that we want to live together.

We left uni in 2001 and spent 2.5 years saving money to go travelling for just under 2 years. Yes that money could have been used for a deposit on a house back then, we would be sitting on some gains, mortgage costs would be less than they are today. But would I say that time has been wasted? Of course not.

Having been a serial traveler and i still am, the life lessons you get from traveling can not have a value put on them..
ask any mortgage slave how much traveling they can afford and it might get as far as minehead for two weeks
Once you get on the debt cycle and buying a house is debt unless you buy outright then your choices in life become somewhat less and going on walkabout is something they only ever dream of doing where if you rent you can just get up and go...

geoffky

chucky wrote: »

i bought in 2004, paid large chuncks of mortgage off and have over 60% equity.

not everyone get made redundant in the real world Geoffrey.
the employment rate is still over 92%

did you miss the joke???:rotfl:

HAMISH_MCTAVISH

geoffky wrote: »

Having been a serial traveler and i still am, the life lessons you get from traveling can not have a value put on them..
ask any mortgage slave how much traveling they can afford and it might get as far as minehead for two weeks
Once you get on the debt cycle and buying a house is debt unless you buy outright then your choices in life become somewhat less and going on walkabout is something they only ever dream of doing where if you rent you can just get up and go...

:rotfl:

I've owned property in the Uk since 1990. I've also managed to live and work and travel all over the world.

Owning property didn't slow me down one bit, or stop me from doing anything I wanted to do. Including travel, and spend years at a time working overseas.

chucky

geoffky wrote: »

did you miss the joke???:rotfl:

yeah course i did - but i don't think your trolling is a laughing matter.
it's not funny.

geoffky

chucky wrote: »

yeah course i did - but i don't think your trolling is a laughing matter.
it's not funny.

I learnt well..thank you master...

andykn

HAMISH_MCTAVISH wrote: »

:rotfl:

I've owned property in the Uk since 1990. I've also managed to live and work and travel all over the world.

Owning property didn't slow me down one bit, or stop me from doing anything I wanted to do. Including travel, and spend years at a time working overseas.

As it appears the bears won't even admit the possibility of no further price falls I'll stick my 2 cents in.

I'm just selling my 2 bed flat to move into my g/f nice, but remote by inner London standards, house. I'll get enough from the flat to offset her 3rd world debt mortgage and so we roughly have equal equity to invest in another property if we need to.

My plan is to put up with the nightmare commute for around 4 years and review in that time. If prices have gone down we can move back towards civilisation in at least a similar property. If prices have gone up, I'm stuck in a postcode no-one gives a damn about (to paraphrase The Wire) for ever.

Yakubu22

mr_fishbulb wrote: »

You seem to imply that if you don't own a house then you are wasting your life??

I've had a great life these past 3 years renting with my girlfriend. We've used that time to save a deposit for a house, and more importantly know for certain that we want to live together.

We left uni in 2001 and spent 2.5 years saving money to go travelling for just under 2 years. Yes that money could have been used for a deposit on a house back then, we would be sitting on some gains, mortgage costs would be less than they are today. But would I say that time has been wasted? Of course not.

For some Not owning a House = not living

....which IMO couldnt be further from the truth