Rightmove have put the kibosh on propertysnake

obsessed_saver

*sigh* Just when I found a useful site.

Funny that another site that I know of that "collate" property listings hasn't been shut down, and it's been running for quite a few years now. From Rightmove, or direct off estate agent's websites. That is useful too.

Turnbull2000

pickles110564 wrote: »

There you go again, so people are thick because they want to buy a home?

People on here are always setting up threads to worry potential home buyers and trying to put fear of GOD into them that there is going to be a huge crash.They do this because they are jealous and p!ssed off by missing the boat

Hmm yes, I'm jealous that I'm saving a fortune by choosing not to buy. I'm jealous that I haven't bought at a historical and unprecedented high in the market. I'm jealous that I actually have a decent disposable income while I'm young.

Oh how I wish I was living in a shithole or spending 60% of my salary paying off that IO mortgage like my friends. But they're on the "housing ladder" you say? Unless they win the lottery, the odds of them trading-up are very small indeed. Salary growth isn't what it used to be.

If the people who bought suffer, then that's tough. If the people who don't buy suffer, then that's tough too.

But I believe the only boat I've missed it one that's sinking.

ixwood

The whole stupid bears and bulls thing has made it hard to get a real picture of what's going on.

I'm a homeowner, but I genuinely feel we're not too far from a crash now.

When I'm offering advice, I feel it's important to make that clear. When you see people about to pay 1/4 mill for a new build SO one bed flat in a rough area, it'd be wrong not to ask if they sure they're doing the right thing IMO.

pamaris

I think the point of the situation is that no one wins in the current environment, whether "bear" or "bull". The "bulls" end up paying massively inflated prices for years, plus the possibility of negative equity, while the "bears" refuse to join in on the madness, thus must endure the hassles and insecurity of renting.

Proportionately few people have actually profited (as in money in the bank) from the madness. Mostly, they just fluff their feathers in pride because their "net worth" trebled overnight (without realising it can disappear just as quickly).

What I don't understand is why "bears" are considered pessimists and "bulls" are optimists, when HPI benefits such an extremely fine margin compared to whom it injures in the end.

I am being very optimistic in my hope that some day soon normal people with normal jobs and normal kids will be able to provide a stable, secure upbringing for their children. It would be entirely pessimistic to think that is not ever going to be a possibility.

izzybusy23

sarah_elton wrote: »

Good riddance. What value did property snake have? You can look at sold prices easily enough which tell you if houses have started selling for less. All it did was show the number of people who had a mistaken idea about their property's value, probably from watching too much Property Ladder, and marketed at a price probably above their agent's recommendation. It was a site designed (a) for mocking these people, and (b) for those nasty people on here and HPC who love laughing at others' financial difficulties. :mad:

Hmm yes, whatever and how many 'home owners' have laughed at the misery of FTB's who cannot get on the property ladder, calling them fools and missed the boat... and flaunting their 'paper' wealth in the faces of anybody who gives a hoot.

Get over yourself.. property snake was a good website.. and if it showed people having losses on their property then good.. shouldn't have marked it way above the real market value then. :mad:

Oh and for your information, I am one of those 'nasty' people who frequent HPC.. why does everybody have such an aversion to that website?? If you don't like what you read on there, don't go on it.. simple really.

LandyAndy

Generali wrote: »

Couldn't have put it better myself.

As an aside, if the price of boats treble too will I have missed the boat boat?

If you are planning to live on it would you have missed the houseboat boat?

And if you then planned to buy somewhere to keep it would you have missed the houseboat boathouse boat?

phlash

pickles110564 wrote: »

There you go again, so people are thick because they want to buy a home?

People on here are always setting up threads to worry potential home buyers and trying to put fear of GOD into them that there is going to be a huge crash.They do this because they are jealous and p!ssed off by missing the boat

I get the feeling that the generalised comment you just made may be headed in my general direction. I set up threads talking about House Prices being unsustainable, and the future of interest rates. I do that, because thats how I see it, so that is the opinion I will offer. I will not be silenced on the premise that I do it to worry potential home buyers.

I am not jealous of home owners, I am genuinely concerned for their future, as I know how far people have stretched themselves to achieve this goal of owning one's home.

For your information as well, I never had a chance to miss the boat, unless you expected me to finance a property purchase whilst studying hard for 4 years to achieve my Engineering Masters. I graduated this year, and have now secured a permanent role starting in September in a top Accountancy firm. I know they pay some of the best wages around that a graduate can get, but I don't even have a look in on the housing market. It was not my decision not to buy, it is the cards I have been dealt. People around my age all have the same problem and it is through no fault of their own.

If the case above rings true in my scenario, which I know my scenario is alot more fortunate than the majority of others my age, then the case is widespread amongst my generation. A whole generation priced out, can the boat continue sailing in a scenario where no one can get on? I'll leave you to figure that out. There are however certain fundamentals, and that is that we are in a time of low but rising interest rates with astronimically high house prices which young people cannot afford. Therefore something has to give, eventually.

I was born into a generation that have to be bearish at this moment in time, because if we were bullish, then we would be resigning ourselves to never owning a home.

Thanks for your kind assumptions though.

lypsey

Pickles you say "People on here are always setting up threads to worry potential home buyers and trying to put fear of GOD into them that there is going to be a huge crash.They do this because they are jealous and p!ssed off by missing the boat"
You are very naive indeed , if you want to take a look at how the "smart" money is looking at property at the moment, open the FT and take a look at Wimpy , Perssimmon , Barretts , Berkely etc. These shares have all been pasted in the lasr 9 months and I wouldnt touch one of these shares with a bargepole. Most people like you are thinking with their hearts and not their heads , you are probably a homeowner and don't want to face up to the fact that it is possible house can come down in value.

Also take a look at Bradford and Bingley who are the largest BTL mortgage providers in the UK. I think their share price is indicative of future house prices

Also , take a look at the following graph

http://www.in2perspective.com/nr/stats/house-price-to-earnings-ratio.jsp

You will see 3 big peaks followed by troughs , the troughs are the housing market correcting itself. Unfortunatley this website has stopped updating its graphs but the latest peak is now 8 times salary and is way further than the graph shows. My 3 year old daughter can tell you that somehow prices have to come back closer to the average. One thing I guarantee you is that wage inflation will not help . House prices will fall and they will fall hard. I sold my house sometime ago and put the money into cash and now renting. I truly believe that house prices will come back 50%. And before you say don't be riduculous its impossible , if houses can go up 300% in a decade they can fall by half that amount

Lastly show me one "market" in the world , oil , gold , stocks, diamonds that go's up and up and up for 10 years without a correction ,it just doesn't happen

Wake up and smell the coffee

phlash

lypsey wrote: »

Pickles you say "People on here are always setting up threads to worry potential home buyers and trying to put fear of GOD into them that there is going to be a huge crash.They do this because they are jealous and p!ssed off by missing the boat"
You are very naive indeed , if you want to take a look at how the "smart" money is looking at property at the moment, open the FT and take a look at Wimpy , Perssimmon , Barretts , Berkely etc. These shares have all been pasted in the lasr 9 months and I wouldnt touch one of these shares with a bargepole. Most people like you are thinking with their hearts and not their heads , you are probably a homeowner and don't want to face up to the fact that it is possible house can come down in value.

Also take a look at Bradford and Bingley who are the largest BTL mortgage providers in the UK. I think their share price is indicative of future house prices

Also , take a look at the following graph

http://www.in2perspective.com/nr/stats/house-price-to-earnings-ratio.jsp

You will see 3 big peaks followed by troughs , the troughs are the housing market correcting itself. Unfortunatley this website has stopped updating its graphs but the latest peak is now 8 times salary and is way further than the graph shows. My 3 year old daughter can tell you that somehow prices have to come back closer to the average. One thing I guarantee you is that wage inflation will not help . House prices will fall and they will fall hard. I sold my house sometime ago and put the money into cash and now renting. I truly believe that house prices will come back 50%. And before you say don't be riduculous its impossible , if houses can go up 300% in a decade they can fall by half that amount

Lastly show me one "market" in the world , oil , gold , stocks, diamonds that go's up and up and up for 10 years without a correction ,it just doesn't happen

Wake up and smell the coffee

Excellent summation. The tone of it is similiar to how I felt when I typed my reply, but I think I kept it more neutral.

I've made the point about the share prices of some of the house builders before on here, don't think its got much replies on a couple of threads. You are right though about looking where the smart money is going. A quick look at the Barratts share price shows that 6 months ago it was at 1228p, now at 933p at time of posting, thats a massive 24% difference. In the same time the FTSE 100 rose, and has now fell back to the value it was at 6 months ago, so a 0% difference, this shows that Barratts falls are not as a result of the behaviour of the whole market. Indicating another story! One that so many seem to close their eyes, plug their ears, and hold their breath at.

obsessed_saver

Interesting posts, lypsey and phlash.