OH MY GOODNESS - the house price crash hits home!

System

HAMISH_MCTAVISH wrote: »

"Paying your landlords mortgage is not wealth"?

"Renting is meaningless lies and misinformation"

no, doesn't quite work that one does it

System

Really2 wrote: »

IO my mortgage is £138, To rent my house would be £1100+, So around £1000 is the difference:)

Apart from that.

Spartacus_Mills

HAMISH_MCTAVISH wrote: »

Well that didn't take long.

Leopard, spots, you know the rest........



I'll expect Spartacus Mills, champion of the victimised, defender against ad hominem, to come charging along on that white horse shortly.......








Any time now......









Or maybe not......










Ah..... I thought so.

Just been to Sainsbury's to get my lunch. Sorry if it feeds into your rabid paranoia old chap.

carolt

Really2 wrote: »

IO my mortgage is £138, To rent my house would be £1100+, So around £1000 is the difference:)

So for you it makes sense. For now, at least.

But in my case, it would clearly not have made sense.

For julie and those who thanked her - please read my post - all your points are answered.

Please respond to all of them - you have failed to answer a single one, just repeated your earlier errors.

I sincerely hope you don't have a job in a financial/mathematical discipline.

chucky

Batchy wrote: »

FACT is they are described and spelt differently and one YOU have all the risk and reward, whereas in renting, you get what you pay for, with NO RISK.

is the risk reward that rentals give you?

if you had 3 children would you be moving them about from rental accommodation to rental accommodation that suffers from damp just to save a couple of hundred pounds a months to "beat the market"?

carolt wrote: »

Should add, the damp has made my asthma really awful; both I and my 9 year old, who also has asthma, were up half the night coughing as a result of the mouldy smell.

Spartacus_Mills

HAMISH_MCTAVISH wrote: »

It has nothing to do with different viewpoints. There are some bearish posters on this board who are very challenging debate opponents, and who I respect immensely. But I have no patience for idiotic, unsourced, fiction masquerading as fact,

Unless it is being presented by you, of course.

Same for blogs and opinion pieces.

carolt

HAMISH_MCTAVISH wrote: »

Indeed.

Every year of rent you pay is a straight addition to lifetime housing costs.

In order for that to pay off, you have to see prices fall by more than the cost of renting in the meantime.

So someone that has delayed purchasing from 2005 until 2010, would need to see 5 years of 5% (average) rent deducted from the 2005 house price for it to pay off for them.

The arguments about rent being the same as mortgage interest are spurious. You are not paying the mortgage interest, but you will have to at some point. You could be 5 years into a mortgage, and 5 years closer to being mortgage free. Rent is an additional cost. Plain and simple.

You do not pay interest on money you never borrowed. If you buy it cheaper, that's 25 years of interest plus capital saved.

Spartacus_Mills

Really2 wrote: »

IO my mortgage is £138, To rent my house would be £1100+, So around £1000 is the difference:)

IO my mortgage would be £48.25 pcm as I have paid it down to less than £10K. Should I rent my house it would be £650/£700 PCM.

What is more interesting would be a comparison in terms of what it would cost to buy now with a mortgage versus rental.

carolt

chucky wrote: »

is the risk reward that rentals give you?

if you had 3 children would you be moving them about from rental accommodation to rental accommodation that suffers from damp just to save a couple of hundred pounds a months to "beat the market"?

If I had bought it, I'd be desperately trying to sell it now, in NE, just so I could move.

As it is, I have the flexibility to move where I want. When I want.

And fear not - I'll try to avoid properties with damp. It's not on my 'things to go for' list.

Renting or buying.

HAMISH_MCTAVISH

Batchy wrote: »

IT was a lot easier to get a mortgage year ago, and is VERY difficult now, but, this will keep prices STABLE!!!!

I'll pick the easiest of your myths to debunk, as I can't be bothered with the rest.

It was harder to get a mortgage a year ago than today. The number of mortgage approvals is up over 100% since then.

Prices are not stable, they have risen by 10% in the last 10 months. They are forecast to rise another 15% by 2012.

Rent is an additional cost. If you've been renting since 2005, you need to see, on average, price falls of 25% from 2005 levels to make it worthwhile renting in the meantime. I don't know of anywhere on the mainland UK where that has happened.