Saving to sell?

brit1234

HAMISH_MCTAVISH wrote: »

Northern Ireland is a very different situation from the mainland UK, and has little chance of returning to peak levels in the foreseeable future. NI is down 45% or more from peak and still falling.

Whereas the mainland UK only dropped around 20% from peak and recovered to the current situation of around 10% below peak. With some areas already back to peak prices and many more headed that way in the next few years, waiting it out or renting remains the best option for most mainland UK owners.

Where do you get this information from Hamish. I would hardly call international millionaires and billionaires panic buying central London properties to protect themselves from collapsing banks and currencies evidence of potential national price rises. House prices are continuing to fall and we have a lot less money in our pockets with high inflation.

I feel sorry for the original poster and advise FTBs to avoid share ownership at all cost.

HAMISH_MCTAVISH

brit1234 wrote: »

I would hardly call international millionaires and billionaires panic buying central London properties to protect themselves from collapsing banks and currencies evidence of potential national price rises.

:rotfl::rotfl::rotfl::rotfl:

Brit, you poor deluded nutcase.

Properties are back to peak or close as makes no difference in many areas of the UK.

Even my own town, which is about as far away from London as you can get, reached a new peak last year, is now a good 10% higher than the same month in 2007, and up 4% on the same quarter year on year.

House prices are continuing to fall

No they aren't. Up £4000 since the start of the year.

Now of course the indices show miniscule falls, but that's seasonally adjusted. So unless you can find someone willing to sell you a house in a seasonally adjusted currency, rather than pounds sterling, it does you no good at all.

and we have a lot less money in our pockets with high inflation.

Whilst wage inflation running at 2% or so also reduces the relative value of mortgage debt, and mortgage holders are taking advantage of once-in-a-lifetime low interest rates to save even more.

I feel sorry for the original poster

I feel sorry for you, given that prices in your area are up many tens of thousands of pounds since you started predicting 50% falls that never materialised.

and advise FTBs to avoid share ownership at all cost.

You've been spectacularly wrong in everything so far, which is why you're the laughing stock of the boards. I expect nothing to change in that regard..... So following your advice is probably the last thing any sane person would do.

mcc100

HAMISH_MCTAVISH wrote: »

With some areas already back to peak prices and many more headed that way in the next few years, waiting it out or renting remains the best option for most mainland UK owners.

This is only your opinion Hamish yet you state it as fact.

By all means post this kind of comment on the 'Debate House Prices and the Economy' forum ........ but I think it is unfair to post it on the 'House Buying, Renting and Selling' forum where most of the posters are looking for genuine advice because they are in difficult situations.

HAMISH_MCTAVISH

mcc100 wrote: »

This is only your opinion Hamish yet you state it as fact.

No it's not just my opinion.... it's the mainstream consensus from all the leading economic and business forecasters ranging from NIESR, to Price Waterhouse Coopers, to Savills, to CEBR, to the government's own Office for Budgetary Responsibility.

All expect house prices to reach and exceed their previous peak in nominal terms by the middle of the decade.... Sometime between 2014 and 2017.

Given that we're in 2011 now, 2014 is just 3 years away. Which certainly qualifies as a "few years".

Although some expect an inflation adjusted new peak to take longer, this is of little concern to most owners who are also seeing the value of mortgage debt being eroded by inflation as well.

And inflation adjusted indices should also be of no concern to anyone in or close to negative equity, as it's nominal terms gains they are worried about.

By all means post this kind of comment on the 'Debate House Prices and the Economy' forum ........ but I think it is unfair to post it on the 'House Buying, Renting and Selling' forum where most of the posters are looking for genuine advice because they are in difficult situations.

They're getting genuine advice from me.... for people in "difficult situations" selling at the bottom of the market and crystallizing a loss is in almost all cases the very worst thing you can do. Yet this sort of bad advice is commonplace from a few desperate crashaholics on here, and I don't see you asking them to move over to the debate house prices board.....

flecker

HAMISH_MCTAVISH wrote: »

:rotfl::rotfl::rotfl::rotfl:

Brit, you poor deluded nutcase.

Properties are back to peak or close as makes no difference in many areas of the UK.

Even my own town, which is about as far away from London as you can get, reached a new peak last year, is now a good 10% higher than the same month in 2007, and up 4% on the same quarter year on year.

And in other areas, including my neck of the woods (Yorks & Humber), they've fallen below their 2008/9 troughs. Round here, we're back to 2004 prices and still falling fast (2.8% in the last two months).

loveGSDs

hi katie

im also in a similar position....bought in 2007 for more than property was worth :mad: - now desperate to move due to noisy neighbours and also tiny garden etc

thankfully not in negative equity but house we are wanting to buy is worht a lot more than what we have so we need a big deposit.

its all save save save just now (and looks like it will be for a while )

your def doing the right thing - good luck xx

katie1234

Thanks.

All this saving is just no fun at all. One day i can hopefully look back and be glad i did it though!

As for the great house price debate, what will be will be. 45% is about accurate for what we have dropped so far. Well not just that much yet. Id say prices over here will fall a little more this year and the start to stabilise by next hopefully. As for waiting it out, it wouldnt be worth it in the long run. Better lose a bit now and get a cheaper house in the next few years than wait 15 years and struggle to afford then.

Shared equity in our case is the silver lining to this cloud. We were offered 100% morgage and if we had taken it would now be paying everythn towards a house worth far less and could never save such a big amount. Not always a bad thing in this case.

Thanks again for all the advice.