And another bear bites the dust... mbga9pgf's epiphany....

StevieJ

I reckon I destroyed his dreams with this post the other day

http://forums.moneysavingexpert.com/showthread.html?p=31381853&highlight=#post31381853

Emy1501

The simple problem with HPC is that people believed they could crash the housing market with a forum which would scare people into believing the world was soon to end and knock confidence in the ousing meaning many on there buying up cheap property even though many of them at the start were not priced out FTB's but STR's and people with lots of money looking for a cheap investment.

As time has gone on more people joined believing they could also play the housing market. As the many are now finding it impossible to time the housing market and the few have done have done it through luck.

There is long way to go before th mess we are in is sorted. SLS problems, The end of SMI's within a couple of years, the fact that FTB's who bought new properties with the governments 30% discount for 5 years will all have to find the extra 30% in due course. Add all that to the fact that we are going to see worse cuts than anything in the 80's and we know that its highly unlikely these rises we have been seeing just before an election will continue.

The problem of course for a fair few is are they prepared to continue with their life on hold epsecially when some have been living like this for maybe not far off 10 years now.

new_home_owner_3

i have to question the fact that he has 100,000 pounds i remember this time last year he had about 20,000 pounds saved then all of a sudden its shot up to 100,000 pound the problem with this guy he wants a 300,000 pound house has a first time buyer he needs to be more realistic and buy a house that he can afford.

'I remember his post's well he was telling everybody not to buy, and when people questioned him it was because he had not saved up enough to buy a property, walter mitty springs to mind.

If hes a a first time buyer he should buy a first time buyer property, when you start driving you dont go out and buy a brand new 40,000 pound motor, you buy a cheap starter vehicle.

DaddyBear

new_home_owner wrote: »

If hes a a first time buyer he should buy a first time buyer property, when you start driving you dont go out and buy a brand new 40,000 pound motor, you buy a cheap starter vehicle.

What a load of tosh. The wife and I are FTBers with close to a six figure income. Are you suggesting that we buy a 100k flat at one times income? Absolutely rediculous.

Pobby

Graham_Devon wrote: »

He's succesfully saved 100k over those 5 years.

Would hardly call that the road to no where.

Pretty sad thread IMO. Leaves a bad taste in the mouth. Celebrations that someone who has tried so hard, and done their best to support themselves instead of relying on debt, has given up....uncalled for really. Expected though, I guess.

So agree Graham. Nice to see a lot of decent people thanking this post.

HAMISH_MCTAVISH

DaddyBear wrote: »

What a load of tosh. The wife and I are FTBers with close to a six figure income. Are you suggesting that we buy a 100k flat at one times income? Absolutely rediculous.

I think he's suggesting you buy what you can afford, which in your case is rather a lot, instead of moaning about how high house prices are and waiting for a crash that isn't coming.

DaddyBear

HAMISH_MCTAVISH wrote: »

I think he's suggesting you buy what you can afford, which in your case is rather a lot, instead of moaning about how high house prices are and waiting for a crash that isn't coming.

Morning Hamish.
He used the line. First time buyers should buy a first time buyer home. No mention of income or affordability. That's just crazy talk.

new_home_owner_3

DaddyBear wrote: »

Morning Hamish.
He used the line. First time buyers should buy a first time buyer home. No mention of income or affordability. That's just crazy talk.

You need to stop stressing all first time buyers are in different circumstances, if you have 100,000 then you would probably be looking at houses for 220,000 pounds due to the ltv.

I believe the other person has nowhere near 100,000 pound, i think more like 30 or 40000 at most so he should be looking to buy at 100,000, wich would give him 60% deposit and he would have all the good mortgage deals available to him.

Im only going by what ive read this person post before,

He was going on about house prices where going to fall 50% and people shouldnt buy, he then may have bought a house that is 200,000 pound now for 100,00, but it never happened so if he does need to buy he needs to become realistic.

Im not generlising first time buyers im just on about the other person as a individual....

new_home_owner_3

HAMISH_MCTAVISH wrote: »

I think he's suggesting you buy what you can afford, which in your case is rather a lot, instead of moaning about how high house prices are and waiting for a crash that isn't coming.

thats right, just because what he wanted to happen never did, he should now re evaluate his situation and if that means buying a two bed roomed flat instead of a 4 bed detached house which he was going to buy after the 50% falls then so be it.

HAMISH_MCTAVISH

new_home_owner wrote: »

thats right, just because what he wanted to happen never did, he should now re evaluate his situation and if that means buying a two bed roomed flat instead of a 4 bed detached house which he was going to buy after the 50% falls then so be it.

A reality that a lot of these bears are now having to accept. They gambled, they lost, so be it.

You cut your cloth according to what you can afford. Nothing new about that. If you have parental help or are in a couple with two incomes, you can afford more than a singleton from a poor background. It's always been that way, and always will be.