Tragic case... "This website has failed"

Sir_Humphrey

StevieJ wrote: »

Must be a real sinking feeling when they realise that

But had it been 2007, they would have negative equity unless they heavily overpaid. It is not a one-way bet. You bet either way when you do not have RPI at 20+% as in the 1970s/early 1980s.

I am up tens of thousands on my decision to wait from the end of 2005/start of 2006. This is based on House Price falls in the area I would have bought, plus savings I have made instead of paying interest (my rent is lower than the mortgage would have been and my landlord pays for council tax, repairs etc). Do not forget opportunity cost, Stevie.

Other people's experience may be different of course. Someone holding off from 2004 would probably still be in the red, but that may not always be the case if the govt really screw up the economy.

Davesnave

StevieJ wrote: »

By the time you have waited you could have paid a large chunk of your mortgage off, it is now getting on for seven years since 2004, mortgages are no cheaper but less accessible. In general (I think) you should buy when you can, many people have bought at peaks in the past and now have cleared their mortgages, timing in this context is for mugs.

Some of us don't have mortgages, but I take your point and agree with it. That wasn't a serious suggestion. Being older, I'm more aware than most for the need to live life, not put it on hold.

Anyway, I'm sure most of us can look back and say 'Doh!' about some property decision. My 'Doh!' moment dates back to 2003 and I still can't drive past the place, but I blame no one else. It was me.

Graham_Devon

AD9898 wrote: »

Think I'll coin a new phrase...... the boomaholic.

Definition - those who overstretched, lied on their mortgage form, over indebted, hope house prices don't fall and push them over the edge, hope one day the easy money will return so they can continue to sell bits of the UK to each for ever increasing prices.

Ladies & gentlemen....... I give you the Boomaholic.

It's getting to distasteful level. It's perfectly clear Hamish and chums are revelling in this.

Let them, I say, Theres nothging you can say or do to change the fact thye love to see someone lose out, and tell them "well you could have bought a property at this point" not knowing individual circumstances, and clearly ignoring any particular bit of info they do not wish to digest.

Theres a lot more sympathy out there for those priced out and unable to proceed, than there is for people revelling joyously while telling anyone that will listen, how much they earn, starting threads about the woes of buying ferraris and generally mocking those less well off, caught up in an unfortunate position.

I guess we'll see more of this sort of thing, the longer this whol economic problem continues, and the longer house prices slowly decline.

RenovationMan

AD9898 wrote: »

Think I'll coin a new phrase...... the boomaholic.

Definition - those who overstretched, lied on their mortgage form, over indebted, hope house prices don't fall and push them over the edge, hope one day the easy money will return so they can continue to sell bits of the UK to each for ever increasing prices.

Ladies & gentlemen....... I give you the Boomaholic.

Do these people really exist?

Or is this 'Boomaholic' a term to describe the non-existent sample of society, created to bolster an argument without recourse to actual data and real-world examples?

AD9898_2

FTBFun wrote: »

I'll say it again for the hard of hearing - there is a housing shortage not a houses to buy right now.

!!!!!! does that mean, there are thousands of flats all round the country (perfect for FTBrs supposedly) that have been built in the last 5 years, yet they stand empty, no one wants them.

Why do you think that is ? Do you want a clue ?

It's been shown all over, builders won't build now because they got used to selling a cardboard shoebox for 250k, now they can't, they don't want to know.

doire_2

abaxas wrote: »

HPC is a wonderful site.

Without it, I wouldnt be living in a house I cant afford to buy, but the rent is lower than a mortgage on a house 1/2 it's size.

Why?

Because I'm a good tenant, I know my local market and I bargain hard. The current place is due to the owners moving away but wanting to keep their old home on (as they will ultimately return).

If a LL believes they have the upper hand in the transaction, I would walk away. Find those who actually understand business and work together. Everyone gets what they want.

Its a fantastic site. I got married last year and was nearly sucked in by my in laws and wife-to-be telling me to buy before we got married.

Having read HPC daily i put across my views on why we shouldn't buy. We have kept adding monthly to our deposit and watched house prices fall. OK we have spent nearly £6,000 in rent since then but i have been watching two houses since around August or September

One has come down £38,000 since then and the other £60,000.

Im going to view the first one on saturday

StevieJ

Davesnave wrote: »

Some of us don't have mortgages, but I take your point and agree with it. That wasn't a serious suggestion. Being older, I'm more aware than most for the need to live life, not put it on hold.

Anyway, I'm sure most of us can look back and say 'Doh!' about some property decision. My 'Doh!' moment dates back to 2003 and I still can't drive past the place, but I blame no one else. It was me.

Yes I have a couple of those that is why I understand how dispiriting it can be to get it wrong

Graham_Devon

RenovationMan wrote: »

Do these people really exist?

Or is this 'Boomaholic' a term to describe the non-existent sample of society, created to bolster an argument without recourse to actual data and real-world examples?

When people are revelling over someone not buying, completely ignoring the fact that the only way that person would have been able to buy, is lie on a self certification mortgage.....yet they still keep pointing out "he missed out" and "he could have bought" and "it must be a bitter pill to swallow than you didnt buy"....yes. They exist.

This whole thread is based on a joyous sentiment that somoene on HPC has lost out. It completely ignores the fact that they would have had to have committed, what is, in law, fraud, by lying about his income, in order to buy.

But what does a bit of fraud matter!? LOL, the nutter lost out, haha, must be swallowing a bitter pill now, ha ha ha :T

There is ALWAYS an elephant Hamish consistently completely refuses to acknowledge in every one of his threads lately. Didn't used to be, you couldn't get round the bloke, he'd come up with everything in response to your questions. Not anymore, it's simple ignore, rinse and repeat.

Sir_Humphrey

Graham_Devon wrote: »

When people are revelling over someone not buying, completely ignoring the fact that the only way that person would have been able to buy, is lie on a self certification mortgage.....yet they still keep pointing out "he missed out" and "he could have bought" and "it must be a bitter pill to swallow than you didnt buy"....yes. They exist.

This is a key point. I very much doubt that many people could have bought in 2004 given the price to wage ratio at the time and also make high repayments - sufficient to increase LTV bearing in mind that mortagge interest payments are front-loaded - even with low IRs.

AD9898_2

doire wrote: »

Its a fantastic site. I got married last year and was nearly sucked in by my in laws and wife-to-be telling me to buy before we got married.

Having read HPC daily i put across my views on why we shouldn't buy. We have kept adding monthly to our deposit and watched house prices fall. OK we have spent nearly £6,000 in rent since then but i have been watching two houses since around August or September

One has come down £38,000 since then and the other £60,000.

Im going to view the first one on saturday

Good for you mate, glad it's working out for some people. Tell me, is anything different about these houses that have fell by this amount, have they been half demolished ?, subsidence or something ?

Or is it some greedy b4stards who've realised that they can't quite load as much debt as they'd hoped onto a unsuspecting buyer