Can't Own, Won't Own.

Mr.Brown_4

As far as I can see, reading the thoughts of the most prolific posters on here, there is no chance I will ever get a house. I can't afford one now, and they are just going to keep going up and up faster than my wages. Therefore I never will be able to buy one.

I wonder if they will still keep going up even if no one can afford one?

Graham_Devon

Mr.Brown wrote: »

I wonder if they will still keep going up even if no one can afford one?

Supply and demand. Hamish will tell you all about the wonderful possibilities of this while ignoring loads of other stuff.

As for your post, I was going to post something similar the other day. I don't really honestly care if prices fall from today. What I would actually like is prices to stay static.

Reason being, I would like to be able to focus on saving. Say my deposit requirement for the house that suits my requirements is 50k. What I would like to do is say, right, if I save £500 per month towards that target, it will take me approx 100 months to reach my target not allowing for interest.

I don't mind if houses go up with inflation, as wages should too and can just up the £500 with inflation.

What I don't really want is to set my target at say 50k, save £500 a month, taking me 100 months to save up the deposit, only to find 10 months down the line, it's going to take me 110 months now to save the deposit as house prices have gone wild. 20 months in, I'm now 130 months off.

This is what happened to me, and in the end I got completely dissalusioned, blew quite a bit of money and opted for a simple roof which didn't fit my requirements.

the_ash_and_the_oak

They can rise faster than wages indefinitely (but with more people able to afford) if credit becomes cheaper/more-widespread indefinitely (the seeming paradox of rising owner-occupancy stats)

Mr.Brown_4

the_ash_and_the_oak wrote: »

They can rise faster than wages indefinitely (but with more people able to afford) if credit becomes cheaper/more-widespread indefinitely (the seeming paradox of rising owner-occupancy stats)

Great sentence, and amazingly I think I understood it. Borrow more and cheaper, take on ever more total debt, longer term mortgages. I guess it's all about mortgaging your future.

It reminds me of the parable - Luke 2.1.

And John did visit the market and did buy a sheep with the promise of future payment. But each month the money lender took Johns small amount of money, and still the sheep was not owned by John. Eventually the sheep died and John still owed the money to the lender. Fortunately the lender liked John and allowed him to buy a part share in another sheep, which John did work hard and milked regularly.

It's an obvious point, but one that's missed by kids today I think.

lostinrates

Mr Brown, can you fit a post in on Shadrack, Meshach and Abednigo. My fvourite. There was a good picture in my Bible when I was a kid and I got really excited about the fiery furnace.

I wanted to call a son Abednigo. (DH isn't keen though)

Mr.Brown_4

lostinrates wrote: »

Mr Brown, can you fit a post in on Shadrack, Meshach and Abednigo. My fvourite. There was a good picture in my Bible when I was a kid and I got really excited about the fiery furnace.

I wanted to call a son Abednigo. (DH isn't keen though)

Ah the Book of Daniel, my favourite. I must confess to not having reached the end yet though. I am buying the entire series in leatherette pouches from the Jehovah Publishing Company (part owned by Amazon), and they seem to send each monthly tome in a random order. So far I have part of Daniel, the middle of Luke, the index and a free map of Jerusalem.

I am hoping to reach salvation and peace with my heavenly father before my credit card expires.

HAMISH_MCTAVISH

Mr.Brown wrote: »

As far as I can see, reading the thoughts of the most prolific posters on here, there is no chance I will ever get a house. I can't afford one now, and they are just going to keep going up and up faster than my wages. Therefore I never will be able to buy one.

I wonder if they will still keep going up even if no one can afford one?

Should have bought when they were cheaper then.

Procrastination can be costly.:money:

Prices already back to just 10% under peak..... So anyone buying on a tracker has pretty much broken even versus the national average rent at a 5% plus yield.

Cleaver

lostinrates wrote: »

I wanted to call a son Abednigo. (DH isn't keen though)

Better suited to a car I think.

"The new Toyota Abednigo. Available in 1.8 petrol, 2.0 diesel and 2.8 turbo injection."

Mr.Brown_4

HAMISH_MCTAVISH wrote: »

Should have bought when they were cheaper then.

I was at school.

HAMISH_MCTAVISH wrote: »

Procrastination can be costly.:money:

See above.

HAMISH_MCTAVISH wrote: »

Prices already back to just 10% under peak..... So anyone buying on a tracker has pretty much broken even versus the national average rent at a 5% plus yield.

I have read this and know that it means something important. It may be the key to my financial wellbeing. But I'm damned if I can work the beggar out.

HAMISH_MCTAVISH

Mr.Brown wrote: »

I was at school.
.

In February?:eek:

They were at 2004 prices then, they're at 2006 prices now.

You've lost 2 years in just 10 months.

It may be a procrastination record.:money:

Mr.Brown_4

HAMISH_MCTAVISH wrote: »

In February?:eek:

They were at 2004 prices then, they're at 2006 prices now.

You've lost 2 years in just 10 months.

It may be a procrastination record.:money:

Oh sorry, I got confused. I thought you were talking about the seventies.