Bitterness...

Sibley

I know there is a lot of bitterness between people who now own a house and people who want to buy.

The main thing as I see it.

If you bought say 10 years ago. You knew you were going to make a lot of money as soon as you moved in.

Now prices probably won't go up 50-100% or more like they did then.

The price tag you see on the house is roughly what it will be worth through most of your mortgage payments.

Houses might go up 5-10-20% or so but the big money gains are possibly over for a long time.

BTL is still a good idea if you can get hold of one. At the end of the day you will have an asset that is getting paid off for you by somebody else. One day it will be yours to sell or get a living from the rent.

Renting is fine. I rent in Thailand. Difference being my rent is roughly 100 pounds a month. That gives me loads of disposable income. I would detest paying 800 quid a month off somebody Else's mortgage.

I have never understood why some of the bears on there boards do not team up and buy a place together.
It would make a lot of sense.

hallmark

Sibley wrote: »

I have never understood why some of the bears on there boards do not team up and buy a place together.
It would make a lot of sense.

Presumably because by definition anyone bearish thinks house prices are going to fall & are therefore a bad investment. Teaming up would (to a bear) just be buying a share of a bad investment.

Aberdeenangarse

I'd be bitter if I lived in Maidstone.:rotfl:

abaxas

I would hate having to continually post to attempt to protect my ego. It just makes you look like a tit end.

doire_2

Sibley your constant ramping and dribble about house prices makes me think you are scared about something?

Batchy

true sibley but 100% of 60k is still the same as 50% of 120k.

The cost of housing overall has increased ie, rent used to be £200 per month (for me over ten years ago) now the equivalent is £600 per month, strangley.

So, the cost of a mortgage by comparison, for the same property, has gone from 60k at 7% £430 per month, to 120k at 3.5% which is around £600.

The cost of buying now is a no brainer, since you will be paying the same for rent as a mortgage, so whether property prices increase or decrease, at least you own something at the end, there will always be the ones wanting flexibility of renting, but there ya go.

its not a direct science everyones different, probably best not to wind people up, since most of those talking about "not buying" can't, those who can, or could over the last years, did and have.

Batchy

Also over the last years, you could have got 8-10 % interest in bank accounts, and there is nothing like that now, the returns are lower on everything, apart from greek debt, there are no returns, even at 22% lol

DervProf

Sibley wrote: »

If you bought say 10 years ago. You knew you were going to make a lot of money as soon as you moved in.

You made no money as soon as you moved in. Just as you haven't lost any money if you own the type of property covered by today's Halifax figures.

Anyway, I keep wondering about your theory that vendors wouldn't drop the price of their property by a single penny.

paulmapp8306

Just look at EBay, or classified adds. If you want or need to sell something - you have to reduce your price until its at a level until someone is prepared to buy it.

If you dont need or want to sell, but are prepared to for the right price, then fine you can choose your asking price and stick to it.

the question is, how many home owners are happy to stay where they are indefinately, and how many NEED to sell (either because they cant afford to keep what they have, cant afford to heat what they have after the family have left, have an empty house left to them, need a bigger house for an expanding family, or need to move location for work/family reasons).

AD9898_2

No idea if you're persona on here Sibley is the same as real life but if it is you may have houses bought and paid for, you may even have many thousands of pounds in the bank.... but what I've gathered you are poor in every other conceivable way, probably surrounded by the same ilk of people.

If indeed you are like your character on here, I would sooner be a penniless tramp and have a kind, giving and decent character than a runt who spends his time scoffing at others misfortune, whether it be their fault or not that they are in a disadvantaged position.

Cleaver

paulmapp8306 wrote: »

Just look at EBay, or classified adds. If you want or need to sell something - you have to reduce your price until its at a level until someone is prepared to buy it.

If you dont need or want to sell, but are prepared to for the right price, then fine you can choose your asking price and stick to it.

the question is, how many home owners are happy to stay where they are indefinately, and how many NEED to sell (either because they cant afford to keep what they have, cant afford to heat what they have after the family have left, have an empty house left to them, need a bigger house for an expanding family, or need to move location for work/family reasons).

Agree with all of that. In terms of the last paragraph though, with house prices have risen so much in the last decade and interest rates so low the number of people who are probably happy to stay (or just rent their house out and buy another one) is probably much larger than the latter camp. This is evident with house prices not really going in either direction.