new development is now wrong time to buy in Northern Ireland

Rainmaker_uk

x12yhp wrote: »

Why do we feel sorry for those in big debt and negative equity? What about those of us who were prudent and have been left in the same 'limbo-land' thanks to those less prudent who forced the market upwards!? A bit of perspective is required. Whilst the OP doesn't seem to have been wreckless, many of those who now suffer the most are the ones who spent way more than they could afford and who enjoyed years of foreign holidays and new cars.

Wow there are some bitter people on here. Do you sit around wishing badness to people who own or want to buy a house?

You can't just sit there blaming others for you being in 'limbo-land' just because others may have over paid - perhaps you have (and continue to) sit on your hands waiting for the perfect moment to move (perhaps when we hit 1970s prices...)

I am sick of all the anti housing biggots that destroy any thread that an OP starts - usually with the aim of getting some useful info - but ending up with Housing crash drivel.

Just don't bother posting - its really really boring...

x12yhp

facingthefuture wrote: »

x12yhp I understand what you are saying, it's a fair point. In our own case we incurred debt through doing work for people then not getting paid (we still had to pay our suppliers for their goods). Frankly I almost wish it had of been enjoyed in a holiday or new car. Still, we pay what we owe and will work hard to do so. Thankfully our being careful over the years has helped.
It does make me think that people can have debts for lots of reasonable reasons eg. a friend went in to debt recently to pay for a wheelchair for her son, an aunt spent her money on getting an op because the pain was unbearable and she just couldn't queue any longer. It's just too easy to judge, you don't know the backgrounds and sure some went crazy, others may have just been unlucky.
As for negative equity, I do feel sorry for people. I lived in London during the last crash (black Monday) and went to work by tube until I got sick of people jumping in front of them. Inevitably there were tales of negative equity behind them and often distraught children and parents left behind. So yes, people may have been foolish but my goodness the despair and havoc it can wreak on families is painful. Honestly, I ended up walking from Camden to Oxford Circus every morning instead.

There are of course reasons but a lot of people do not think the situation through. There is a lot of pity and sorrow for those who get into a mess. The government is helping them out as best possible. The whole country is 'willing' that there is a recovery such that the 'mess' can be sorted. Meanwhile there are large numbers of people who were more careful. Many are left without their own property, yet would really desire one. They get no sympathy and no assistance. Making an unreasonably broad generalisation (to demonstrate the point), our society is actively penalising financial prudence. This annoys me massively (as it should do anyone who is a true 'moneysaver').

Rainmaker_uk wrote: »

Wow there are some bitter people on here. Do you sit around wishing badness to people who own or want to buy a house?

You can't just sit there blaming others for you being in 'limbo-land' just because others may have over paid - perhaps you have (and continue to) sit on your hands waiting for the perfect moment to move (perhaps when we hit 1970s prices...)

I am sick of all the anti housing biggots that destroy any thread that an OP starts - usually with the aim of getting some useful info - but ending up with Housing crash drivel.

Just don't bother posting - its really really boring...

So let us get this right. If I had gone with the flow and gotten into a financial mess... you would feel sorry for me? But because I thought about it and waited (and am presently left without a place of my own) - you feel that I am an 'anti-housing biggot'!?

Rainmaker_uk

x12yhp wrote: »

So let us get this right. If I had gone with the flow and gotten into a financial mess... you would feel sorry for me? But because I thought about it and waited (and am presently left without a place of my own) - you feel that I am an 'anti-housing biggot'!?

There is a difference between feeling sorry for people and rubbing it in and taking pleasure in their misfortune.

We are all human and we all make mistakes - just spare a thought for those whose lives are falling apart and families that are left with no home before revelling in their sorrow quite so openly.

facingthefuture

x12yhp wrote: »

our society is actively penalising financial prudence. This annoys me massively (as it should do anyone who is a true 'moneysaver').

I agree. Particularly the thing about saving for a home then for the government to seize it if you go to a nursing home, when others get it free.

x12yhp

Rainmaker_uk wrote: »

There is a difference between feeling sorry for people and rubbing it in and taking pleasure in their misfortune.

We are all human and we all make mistakes - just spare a thought for those whose lives are falling apart and families that are left with no home before revelling in their sorrow quite so openly.

I was not rubbing it in (inspite of having to suffer those people rubbing it in when they thought they were doing so well).

I was simply saying that whilst there are people who are losing their homes, there are people who saw the writing on the wall and never even had a home. In many regards the latter are the ones most deserving of 'pity' because they were prudent, they didn't enjoy the holidays and the new cars and yet they still end up with no home.

At the end of the day a house is just another asset, albeit one you live in (but one does not need to own a house to have somewhere to live). If someone spent all their money on another asset (say a Ferarri) and suddenly found they could not afford the financing of it... I don't see many people feeling any pity at all (irrelevant of whether that person wanted nothing more in the world than that Ferarri). It is simply not fair on hard working savers, who think through their purchases, to be going around and always feeling sorry for people who spend more than they can afford.

tara747

I agree with x12yhp - some of us have been careful, made sacrifices, were priced out and now still haven't been able to buy a house as we are just waiting to see what is around the corner with the spending review and the upcoming cuts! It is NOT going to be pretty. I am holding off to see if I still have a job in a year's time tbh, as is everyone I know.

He is saying that *some* of us saw it coming. The govt etc were well warned by the so-called doomsters but they chose to ignore the warnings and - well, you know the rest. I blame the govt first and foremost for not regulating the banks :mad: - when I saw 100% mortgages at silly salary multiples I thought 'no good can come of this!'

Having said that, I also agree with Rainmaker that there are a lot of people suffering very badly in this housing crash and I do not wish ill on anyone. My heart goes out to them (apart from greedy BTL/speculators, they deserve everything they get).

In the end, we all make our choices with the information we have at the time. But I do know several people who bought at the top of the market here, despite warnings being SCREAMED at them from all angles. I feel sorry for them, but at the same time I endured years of taunting from people who bought before the boom/were piling into BTL about what a fool I was not to buy. Well, it seems that they were wrong. I don't gloat about it, I am merely glad that I didn't fall for the whole Ponzi scheme.

p.s. Rainmaker - the OP *did* come on looking for advice about whether now was the right time to buy what with the ongoing housing market crash, so I think that x12yhp's comments are very relevant.