utterly disillusioned

mi-key

georgy9 - if I was in your position I'd wait and see what happens - you say you are in your late twenties - theres no law saying you have to own a house by a certain age ( in fact IIRC the average age of FTB's now is early thirties ) so you can wait a couple of years to see what the market does.

I'm 32 and just buying my first place now - I left home at 16 and have been quite happy to rent since then, especially over the past few years where rent has been a lot cheaper than a mortgage for the equivalent place.

Now I am in a position where I can comfortably afford somewhere the size I want in an area I like, so I'm buying - I'm not buying to try and make a profit so I dont really care what happens with prices - I'm not planning on moving for at least 10 years.

Would I rather have spent the last five years struggling to pay the mortgage on some poky flat in a bad area just to have some equity to put towards the house now ? not really !

Sapphire

georgy9: as a consolation, check out the housepricecrash forum (I think someone above posted a link). There are some wits there (bulls as well as bears), and it should make you feel better discussing your situation with them. There are a lot of people in the same boat as you.

While I am not in the situation you are in (I own a nice property in an area I like), I do have the opportunity to move further 'up the ladder' at present. However, I am not going to do so: I feel house prices are far too high given average earnings, and do not like the way financial organizations are behaving in getting people to get into heavy debt - without there being any control over the way they are doing this. I think there will be heavy consequences as a result when (not if) there is a crash. The greed surrounding the housing market is sordid and I do not want to join in the rush to buy properties like so many sheepies are still doing. Instead, I'll invest (or, as some would have it, save) any extra money I have for the moment. If you have any spare cash, put it, for example, into ISAs as a means of accumulating some money with interest . . .

whambamboo

Basically a recession is inevitable at some point. We have had 10 years of growth (in the economy). It will come, and houses will halve in value. It is impossible for the economy to continue growing forever and for houses to get any more expensive.

I am not too sure about shares as a vehicle for my cash given this fact, so I think I will leave it as cash.

sanfrancisco

I thouroughly agree with Georgy. When will people realize that a WHOLE GENERATION has been left out? People are truly loosing hope, and that is a bad thing to take away from people. I feel so sorry for my whole generation. The good news (?) is that the people behind you Georgy are in an even worse position having got massive debts from about to be introduced INCREASED tuition fees. Who do all these people think will buy their houses? Oh I forgot, all the Poles!!!

Why don't you send your post/letter to Tony Blair?

A_Fool_&_His_Borrowed_Mon

jamminjamaica wrote:

doom and gloom

Doom! Gloom!
*Down with the House Price Naysayers & Doomongers.
High Prices are here to stay!

Look at this recent Protest by Homeowners & Lending Institutions upon hearing that people are begining to say that prices are to fall.
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*Sarcasm Detector Overloaded. :money:

PropertyGuru

I just thought it was worth pointing out - the website for people who believe a crash is coming is:-

http://www.housepricecrash.co.uk

not the lame 'me too' forum mentioned above (which has about 3 members, 2 posts a day, and some little estate agent w@nker also calling himself 'Property Guru).

Accept no substitutes! PRICES WILL FALL!!!:money:

F_T_Buyer

A Fool & His Borrowed Mon, that is very funny!

Consa

Sure pg we will all believe you :rotfl:

RHemmings

PropertyGuru wrote:

I just thought it was worth pointing out - the website for people who believe a crash is coming is:-

http://www.housepricecrash.co.uk

not the lame 'me too' forum mentioned above (which has about 3 members, 2 posts a day, and some little estate agent w@nker also calling himself 'Property Guru).

Accept no substitutes! PRICES WILL FALL!!!:money:

I thought that https://www.housepricecrash.co.uk was run by the First Church of Scientology. Is this true?

libitina_2

PropertyGuru wrote:

I just thought it was worth pointing out - the website for people who believe a crash is coming is:-

http://www.housepricecrash.co.uk

not the lame 'me too' forum mentioned above (which has about 3 members, 2 posts a day, and some little estate agent w@nker also calling himself 'Property Guru).

Accept no substitutes! PRICES WILL FALL!!!:money:

Hello CIUW