This forum isn't the same anymore

Sibley

Sorry to break it to you hamish dearie, but house prices did crash.
And it very much appears as if that correction is set to continue, certainly in real terms, probably in nominal terms too

Where did they crash then?

NI?

I don't care about there or Wales, Northern UK or the Outher Hebrides.

I live in SE near London.

Prices have not really dropped anything. I dunno maybe 5% if you wanted to sell but maybe the prices are 10% higher anyway.

If you really are a bird I suggest you enrol in charm school and try to snag a rich bloke.

The way you are going all you will end up with is a bedsit and a bigger chip on your shoulder.

IveSeenTheLight

Procrastinator333 wrote: »

On the one hand you want everyone to agree owning is better than renting. But you don't want to talk about the costs of owning vs renting. ........

Stagnation is the perfect time to not buy for many FTB. Save hard, get in to the 20% deposit bracket. And if possible skip a rung or 2 on the housing ladder thereby saving on the transaction costs too.

Of course your second paragraph above is true if they find that their current accomodation is cheaper to rent than it would be to buy.

If it's not, then you could buy and overpay the savings to decrease the LTV

chewmylegoff

Sibley wrote: »

Where did they crash then?

NI?

I don't care about there or Wales, Northern UK or the Outher Hebrides.

I live in SE near London

Just so I understand the question, you want to know where prices crashed, except for all the places where they did crash because those places are not in you view relevant to the question of whether there was a crash?

Might as well just say that 2+2 does not equal 4 and noone can prove otherwise because you don't accept maths as relevant proof.

sjaypink

Sibley wrote: »

If you really are a bird I suggest you enrol in charm school and try to snag a rich bloke.

Well, that may be the ultimate ambition with the, erm, 'ladies' you associate with Sibley....
...however, most women can succeed in life without such degradation. Thankfully. *shudder*

chewmylegoff

Surely though you must be tempted by the charm school thing if there is a lovely bloke like sibley waiting for you at the end of it. Would be nice to be kept by a rich bloke like him.Imagine the luxurious lifestyle you could lead, living in his 2 bed ex council place in Woking and the twice annual shopping trip to tk maxx.

Sibley

Just so I understand the question, you want to know where prices crashed, except for all the places where they did crash because those places are not in you view relevant to the question of whether there was a crash?

If prices had crashed anywhere decent to live you wouldn't be renting.

The fact of the matter is that prices have held up well. The government would not allow prices to drop would they?

They put FTB's and savers to the sword just to save the freckless.

MED'd up, credit carded up, loaned up. It was the way forward. We got looked after and you got shafted.

Cheers mate. I'll have a pint on you tonight. :rotfl:

Best part about it is we have at least another year of ultra low rates. Put that in your pipe and smoke it.

Procrastinator333

IveSeenTheLight wrote: »

Of course your second paragraph above is true if they find that their current accomodation is cheaper to rent than it would be to buy.

If it's not, then you could buy and overpay the savings to decrease the LTV

And that is why I use the 20% mark, interest rates drop off so much at that point. It is difficult to imagine rent being less than a mortgage after that point.

The fact that the market is so different to 10 years ago makes such a difference to the optimum strategy for owning a property in full at the earliest point in time. 10 years ago, with rising prices, interest rates didn't matter. HPI was king and the only thing that mattered was getting on the ladder asap.

Now, this stagnation / small falls / rises has completey reversed that. Jumping at the first opportunity is no longer the best strategy financially. Getting access to the lower mortage rates after 20% deposit is now so important to getting a house as cheaply as possible (allowing for purchase price and interest cost combined). It isn't just the difference in rent vs mortgage before buying, it is also the saving you get in the years after you have bought by having got a 20% deposit instead of a 10% deposit.

chewmylegoff

Sibley wrote: »

If prices had crashed anywhere decent to live you wouldn't be renting.

The fact of the matter is that prices have held up well. The government would not allow prices to drop would they?

They put FTB's and savers to the sword just to save the freckless.

MED'd up, credit carded up, loaned up. It was the way forward. We got looked after and you got shafted.

Cheers mate. I'll have a pint on you tonight. :rotfl:

Best part about it is we have at least another year of ultra low rates. Put that in your pipe and smoke it.

I'm renting because it suits me, not because I have to. Would you want to get a joint mortgage with an Australian? No, exactly.

Thanks for your concern though. I would like to reciprocate and say that I do hope they don't have to replace the windows in your ex-council block this year, that can put a horrible premium on the service charge. What with that and the cost of ting tong's hormone therapy you could be well in the red. Still, you could probably get a mortgage payment holiday or something.

P.s. Drinking on a Sunday is vulgar.

geneer

Sibley wrote: »

Where did they crash then?

NI?

I don't care about there or Wales, Northern UK or the Outher Hebrides.

I live in SE near London.

Prices have not really dropped anything. I dunno maybe 5% if you wanted to sell but maybe the prices are 10% higher anyway.

If you really are a bird I suggest you enrol in charm school and try to snag a rich bloke.

The way you are going all you will end up with is a bedsit and a bigger chip on your shoulder.

So what you really mean to pebble dash the board with is the statement house prices didn't crash up your street.
Do please try to be clear sibley, or other posters will just think your a nutter.

Which of course is both uninteresting and somewhat stereotypical as far as the bulls go.

julieq

Procrastinator333 wrote: »

Nice soundbite. But who has said renting forever is the cheapest option? It is quite easy to win an argument when you make up the position of the other side.

It's impossible to win an argument when the other side changes what it says it's arguing whenever the situation shifts, which is what the bears do. Even if you've been directionally right all the way through.

Incidentally I was reacting to suggestions in this thread that renting was not clearly more expensive than buying because of other costs. That's quite obviously wrong for the reasons I explained.

Apart from Mewbie's celebrated accidental correct prediction (where he was being sarcastic about a recovery during 2009 which none of the bears believed would happen and did) the most accurate poster here is Hamish, who has called all aspects of the housing market extremely accurately. On any rational basis he "won" the argument by being right about it throughout. But the bears will never accept that.

Semi religious nutters really. You would think at some point they'd twig that they're utterly wrong, but faith is a strange and wonderful thing.