FTB's to struggle until prices rise....

Mr.Brown_4

chucky wrote: »

by looking at the predictions from the usual suspects from the last couple of years i'm surprised that they keep on coming back with the stuff they've predicted :rolleyes:

Do you have a prediction for housing and the economy this year? It would be interesting to know your thoughts on the subject.

carolt

JonnyBravo wrote: »

Whereas your posts say <stamping foot> "I can't buy a house and I want one, it's not fair the bulls have them all!"

Equally poor little you.

No - I don't want to buy at the moment.

And prices rises are not - I know this will shock you - caused by the witterings of a small group of self-appointed 'experts' on an obscure internet forum.

I know you'd like it if it was true.

But - whisper it - what the bulls say or want doesn't actually have any impact on house prices at all. :eek:

I hope you recover from that very, very tragic news.

chucky

Mr.Brown wrote: »

Do you have a prediction for housing and the economy this year? It would be interesting to know your thoughts on the subject.

i reckon it between -3 and +3 over 2010.

here's the 2009 prediction thread and yes i did get it right...
http://forums.moneysavingexpert.com/poll.html?do=showresults&pollid=4009

always gives me a chuckle to see the same old posters with the same old predictions - the "Down between 15% and 20" has an old poster called mewbie who ran off as he couldn't take the strain on this forum anymore.

carolt

That would be mewbie, renowned for his wit?

I miss him.

ukcarper

carolt wrote: »

No - I don't want to buy at the moment.

And prices rises are not - I know this will shock you - caused by the witterings of a small group of self-appointed 'experts' on an obscure internet forum.

I know you'd like it if it was true.

But - whisper it - what the bulls say or want doesn't actually have any impact on house prices at all. :eek:

I hope you recover from that very, very tragic news.

Isn’t that true for the bears as well

System

carolt wrote: »

There, there.

So basically what you're saying is you vastly over-extended yourself and it's all the bears' fault.

Poor little you.

Er, lol? That's not even remotely relevant to my post.

nembot

carolt wrote: »

Hamish sweetie, can you answer me a question. I'd really, really like to know the answer, and I suspect I'm not the only one.

Why do you so passionately - that you post endless posts on the subject - desire FTBs to be priced out of the market? Why does the very thought of a FTB being unable to buy fill you with glee and cause you to pepper your posts with gloating smilies? Why, if you're as successful financially as you say you are, does your happiness depend so absolutely on a segment of the population being unable to achieve what you claim you enjoy?

I just don't get that. I really, really don't.

Please tell us.

We're your friends.

We can help.

It's OK Hamish. We won't laugh.

We just want to help you deal with ..it, whatever it is.

How true it is I don't know, but someone posted that Hamish bought two properties close to peak prices.

Maybe Hamish could confirm?

HAMISH_MCTAVISH

nembot wrote: »

How true it is I don't know, but someone posted that Hamish bought two properties close to peak prices.

Maybe Hamish could confirm?

:rotfl:

I bought one property in 1990. It has since appreciated by 400%, and I paid the mortgage off on it a few years ago. It is now lived in by an aging relative who we let live there rent free. Had I waited 6 years, I could probably have bought it for 10% less, but it would have cost me 6 years of rent at 6% plus of the price per year to do so. A 36% extra cost for a 10% saving would have been rather foolish.......

I bought the second property, which we live in, in 2007. It has since appreciated by a few percent, as of the latest RoS actual sold price averages. Additionally, it was on a tracker so I've paid very little in interest. Renting the same property for the same timeframe would have wasted almost £40K, versus appreciation of around £7K on the value of this one.

In both cases, we bought when we did not because of trying to time markets, (that would be foolish and expensive), but because we happened to need a house at the time, and believed buying would be far cheaper than renting. In both cases we were right.

I am living proof that you can buy at peak not once, but twice, and still end up vastly ahead of renters financially.

System

You should put that in your sig to save explaining it countless times.

[Deleted User]

Out of interest, if you'd had a crystal ball and had known that house prices were about to drop what would you have done? You presumably had responsibility for an elderly relative in need of a home and you only owned one home at that time.

I'm just wondering if you'd be better of financially had you been able to predict what would happen?

At the last crash my newly maried cousin had purchased a small flat at peak and when prices crashed they were expecting a first baby and needed to move. They were in serious negative equity so couldn't sell. They ended up renting out the old place and getting an expensive second mortgae to buy a bigger house to live in. It was a terribly stressful time for them and they couldn't see how they'd ever recover.

A few years down the line they sold the little flat and made an absolute packet. They often say that had they known prices were about to crash that they'd never have bought. And they believe they'd be much worse off as a result.

Sometimes it's best not to know!! Of course, it doesn't always work out so well, but in the big scheme of things what you buy and sell property for becomes pretty insignificant when you look back at it.