If prices crash I'll just buy more loverly property

FungusFighter

So said the bulls back in 2007 (and thro most of 2008) so who's been snapping up the bargains (and who is trying deparately trying to get rid of the lemons they've already got?)?

IveSeenTheLight

FungusFighter wrote: »

So said the bulls back in 2007 (and thro most of 2008) so who's been snapping up the bargains (and who is trying deparately trying to get rid of the lemons they've already got?)?

I think that was a common response to those saying property will drop 70% or could be bought on a credit card.

Has property dropped 70% or can be bought on a credit card? :rolleyes:

I'm not trying to sell my BTL's. I'm very happy with them, my tenants and the amount my mortgages have reduced by. At this rate I'll be mortgage free on them ahead of my planned schedule :T

HAMISH_MCTAVISH

FungusFighter wrote: »

So said the bulls back in 2007 (and thro most of 2008) so who's been snapping up the bargains (and who is trying deparately trying to get rid of the lemons they've already got?)?

Bargains?

What bargains?

Aberdeen average price July 2007 £189,763

Aberdeen average price July 2009 £188,002

I'm not entirely sure you can describe a fall in value of £1761, or less than 1%, over two years as a "bargain" really.....;)

(but the mortgage savings made from being on a tracker for that time are very tasty indeed)

HAMISH_MCTAVISH

IveSeenTheLight wrote: »

I think that was a common response to those saying property will drop 70% or could be bought on a credit card.

Has property dropped 70% or can be bought on a credit card? :rolleyes:

Precisely. If prices did fall that much, me, and almost everyone I know, would load up. Buy a few in cash and chuck a couple more on credit cards.

Which is of course exactly why prices can never drop that far.

FungusFighter

HAMISH_MCTAVISH wrote: »

Precisely. If prices did fall that much, me, and almost everyone I know, would load up. Buy a few in cash and chuck a couple more on credit cards.

Which is of course exactly why prices can never drop that far.

No offence mate, and I'm not calling you thick or anything, but when the BTL losers were saying this like some kind of crash-warding-off mantra, 30% drops were expected and considered huge.:eek:

It was only the lone nutters/mega-weirdos who talked/talk about buying property on credit-cards, I mean duhh:rolleyes:

house123

HAMISH_MCTAVISH wrote: »

Precisely. If prices did fall that much, me, and almost everyone I know, would load up. Buy a few in cash and chuck a couple more on credit cards.

Which is of course exactly why prices can never drop that far.

Don't be silly Hamish. If house prices did drop by 70% then it would of course have to be caused by some massive economic failing. Therefore, there is a good chance you, your mates, everybody would be affected and thus buying property would be the last thing on your mind.

chucky

FungusFighter wrote: »

So said the bulls back in 2007 (and thro most of 2008) so who's been snapping up the bargains (and who is trying deparately trying to get rid of the lemons they've already got?)?

too slow fungus me old china - there is already a thread on this here
http://forums.moneysavingexpert.com/showthread.html?t=1967515

chucknorris

Well I for one said I would buy more and I would if they really dropped but they haven't fallen that much, so I won't as I am quite happy with what I have already got. Especially as I will probably sell up anyway in 9-14 years so it isn't worth getting involved again with such a short timeframe.

the_ash_and_the_oak

don't think this mantra was ever to be taken seriously given that BTL would be buying on the credit whos reduced availability would be the a major contributory factor to the drops themselves...

..but the statement itself is just a different formation of the idea that a reduction in capital prices would necessarily make them cheaper to buy - and doesn't really take into the account the factors that would cause such a price drop

nearlynew

And don't forget that HPI cheerleaders don't have money, they have "equity"

mewbie_2

FungusFighter wrote: »

So said the bulls back in 2007 (and thro most of 2008) so who's been snapping up the bargains (and who is trying deparately trying to get rid of the lemons they've already got?)?

I don't think anyone is buying BTL property anymore. Roll back a few years (is it that long already - lol) and a risky geared investment was a good gamble (and it was always a gamble).

Now if you look at BTL there are a few questions like how to borrow the money and how much profit will the rent make over the interest and expenses. Take out a hundred k of debt in order to 'make' ten pound a month? You'd have to be absolutely nailed on barking bonkers mad.