First Time Buyers - Enough is Enough!

Thorpeedo

meanmachine wrote:

But I'm talking about moving up the ladder.

Surely a booming housing market helps no one except someone about to die and give the property to their kids.

My friend bought a £100K property in 2000

Didn't buy a £150K property in 2000

Sold the first property for £150K in 2004, and made £50K

Meanwhile the £150K property soared by £70K to £220K

They then had to take out a £170K mortgage, whereas in 2000 they would only have needed a £150K mortgage (less deposit).

So who's gained from this, except the banks of course...

Exactly the reverse is what I'm hoping for... bring on a crash.. the smaller the mortgage, the shorter time I have to work to pay it !

Sput2001

purplefirth wrote:

Nice but dont you realise that people pay rent! £700 a month for 36 months £25,200 and that assuming your greedy little landlord doesn't put the rent up during that time

I'm glad someone else thought of that too!

geoffky

Oh those were the days..remember them ? Who would of thought that the con was to last another 3 years...

morg_monster

nice one bringing this old thread up! Have just been entertaining myself reading through the first few pages. Sadly lunchtime's over now so will save the rest for later...

obsessed_saver

Give it a couple more month and prices will be back at 2005 levels.

carpetbelly

2005 levels? well, selling a property here and to price it agressively it's up for the price it was originally purchased in 1995 and that's realistic pricing considering the market, it's valuations and wanting a quick sale. And less is expected to be taken due to offers not obviously hitting the asking price. So there are some bargins to be had out there. We've already had one offer we accepted but the people just pulled out due to a death in the family. And there seems to be enough people interested. It's definately interesting to see the market from a selling point of view though since I've done the buying thing previously.

I used to be in the camp of I didn't think prices would fall to hard and even if they did they'd recover in the long run. Obviously I think I am going to be wrong on my first point, at least I have time on my side for the long run part

Californication

carpetbelly wrote: »

Obviously I think I am going to be wrong on my first point, at least I have time on my side for the long run part

But in real or nominal terms? :-)

bubblesmoney

carpetbelly wrote: »

2005 levels? well, selling a property here and to price it agressively it's up for the price it was originally purchased in 1995 and that's realistic pricing considering the market, it's valuations and wanting a quick sale. And less is expected to be taken due to offers not obviously hitting the asking price. So there are some bargins to be had out there. We've already had one offer we accepted but the people just pulled out due to a death in the family. And there seems to be enough people interested. It's definately interesting to see the market from a selling point of view though since I've done the buying thing previously.

I used to be in the camp of I didn't think prices would fall to hard and even if they did they'd recover in the long run. Obviously I think I am going to be wrong on my first point, at least I have time on my side for the long run part

i thought i was getting a good bargain by getting the price down (of the house i am interested in) to what the same house sold in early 2003. looking at your post i might have to think a bit again as to how much of a bargain i am getting

carolt

carpetbelly wrote: »

2005 levels? well, selling a property here and to price it agressively it's up for the price it was originally purchased in 1995 and that's realistic pricing considering the market, it's valuations and wanting a quick sale. And less is expected to be taken due to offers not obviously hitting the asking price. So there are some bargins to be had out there. We've already had one offer we accepted but the people just pulled out due to a death in the family. And there seems to be enough people interested. It's definately interesting to see the market from a selling point of view though since I've done the buying thing previously.

I used to be in the camp of I didn't think prices would fall to hard and even if they did they'd recover in the long run. Obviously I think I am going to be wrong on my first point, at least I have time on my side for the long run part

Congratulations, carpetbelly, for your honesty in admitting you were wrong and bearing your soul about it on here. You were (if you'll forgive my saying so) one of the most bullish bulls until recently, so am impressed you're man enough to admit you were wrong. :T

1995 prices! Wow! Bring it on! it's certainly not hit that here, and even I don't expect it to (though it would be nice!). I suppose it depends on the area and individual property. Still shows how far it may go, if prices have receded 13 years in about 9 months..... :eek:

Still, plenty of bulls in denial out there. Wonder how long till HammersFan etc admit they had it wrong?

Pobby

Already hit 1995 prices. That seems a terrific fall.