BOE's David Miles: House Prices will "Rise for Years"

CRASH_BANG_WALLOP

suburbanwifey wrote: »

The Halifax will do what other lenders do. What they say now is irrelevant. .

this gets better and better dude :rotfl:

suburbanwifey

ILW wrote: »

Out of interest, you have now paid off your mortgage and I would assume you have children.

How would increased house prices benefit you?

They won't as we won't be selling or moving from where we live, we were lucky to buy the home we want to stay in for life. We have no children so its not even as though we will be leaving it all for anyone so no, in effect it doesn't benefit us or me at all. That is why I can give an unbiased appraisal of the situation, as I stand not to gain or lose. If prices crash, it wouldn't hurt me, if they rise it won't benefit me (unless we go for equity release when we are old and crabby lol) The only benefit for me is no mortgage, security for life whatever happens and more money in my pocket every month as not paying a mortgage. Good point, so I've answered your point.

ILW

suburbanwifey wrote: »

They won't as we won't be selling or moving from where we live, we were lucky to buy the home we want to stay in for life. We have no children so its not even as though we will be leaving it all for anyone so no, in effect it doesn't benefit us or me at all. That is why I can give an unbiased appraisal of the situation, as I stand not to gain or lose. If prices crash, it wouldn't hurt me, if they rise it won't benefit me (unless we go for equity release when we are old and crabby lol) The only benefit for me is no mortgage, security for life whatever happens and more money in my pocket every month as not paying a mortgage. Good point, so I've answered your point.

I only asked as you seem to celebrate increasing house prices and I wondered why.

suburbanwifey

CRASH_BANG_WALLOP wrote: »

:j


your argument has been moligated

Moligated? what does that mean? you've obviously reduced yourself now to blinding me with science :eek: I guess I'll have admit to not having a clue what that means, so I'll go look it up. You may be stupid and impolite but you are incredibly entertaining! But I'd rather be like me, good with money and fabulous at understanding property rather than wasting my time eating dictionaries for breakfast to try to undermine genuine posters on here by accusing them of being male and someone other than who they are.

suburbanwifey

ILW wrote: »

I only asked as you seem to celebrate increasing house prices and I wondered why.

I can answer that question too. I bought my last home 6 1/2 years ago and have just cleared my mortgage and its now all mine, If it fell in value, then I would feel cheated on what I paid, as in effect I would have paid more than it was now worth. Although common sense tells me that if this did happen, over the next 30 years or so it would regain and then surpass that value, in the short term it would annoy me that my house value had fell. I like that my house is now worth 47K (approx) more than I paid for it - so in effect I made a lot of money buying my house (even though its money tied up in bricks and mortar) so it was a wise financial move. I don't like losing money, does anyone? I hope that answers your query.

DervProf

suburbanwifey wrote: »

I like that my house is now worth 47K

Blimey, no wonder you cleared your mortgage so quickly.

What did you pay for it ?

ILW

suburbanwifey wrote: »

I can answer that question too. I bought my last home 6 1/2 years ago and have just cleared my mortgage and its now all mine, If it fell in value, then I would feel cheated on what I paid, as in effect I would have paid more than it was now worth. Although common sense tells me that if this did happen, over the next 30 years or so it would regain and then surpass that value, in the short term it would annoy me that my house value had fell. I like that my house is now worth 47K (approx) - so in effect I made a lot of money buying my house (even though its money tied up in bricks and mortar) more than I paid for it, so it was a wise financial move. I don't like losing money, does anyone? I hope that answers your query.

So short of a bit of a warm feeling inside, the increase in value has no real benefit to your lifestyle at all.

suburbanwifey

ILW wrote: »

So short of a bit of a warm feeling inside, the increase in value has no real benefit to your lifestyle at all.

Correct answer! BUT that warm feeling, its warmer than Ibiza and better than a hot water bottle at giving me comfort That warm fuzzy feeling is priceless wouldn't you say? as is knowing that we are both now secure for life and we now work to enjoy life rather than to line the banks pockets with interest. I may even go cruising when I am an old biddy lol (I'll be able to afford to now!=)

suburbanwifey

DervProf wrote: »

Blimey, no wonder you cleared your mortgage so quickly.

What did you pay for it ?

Well, we were a bit lucky really. Bought a rural property that someone else had bought, their relocation fell through, so they had had to move back to England for work reasons. They sold at a huge loss, less than they paid for it, 4 months earlier, as they couldn't afford mortgage and rent and I went in with a rather offensive offer, she had to accept (I may have a chest, but when it comes to benefiting my family, I can be ruthless lol and I do all financial dealings in my house, I'm better at it than him ) and she had to sell to me, or go under. We got it at a great price! through someone else's misfortune sadly, which I did feel sorry for her about, but I did take advantage of it, as would anyone in that situation. By paying the mortgage off so quickly, we have also saved many, many thousands in interest payments and due to the location of my property, its doubtful (pigs would fly past my window first) that it would ever reduce in value, certainly never less than I paid for it.

ILW

suburbanwifey wrote: »

Correct answer! BUT that warm feeling, its warmer than Ibiza and better than a hot water bottle at giving me comfort That warm fuzzy feeling is priceless wouldn't you say? as is knowing that we are both now secure for life and we now work to enjoy life rather than to line the banks pockets with interest. I may even go cruising when I am an old biddy lol (I'll be able to afford to now!=)

I am in a similar position to you, mortage paid off 5 years ago, no desire to move etc. But I do have a son who now has a mortgage and I would have been happier if he had bought at half the price he had to pay. The fact that my place is worth 3 times what I paid is of no benefit to anyone really.