'We've reached a tipping point' Signs of house price weakness

lisyloo

I can't imagine there are many people who would be happy to move their family and belongings, lock stock and barrel, from one home to another on a weekly basis

If we had kids I don't think it would be possible - so in that sense you're right.
Most people with second homes don't move everything on a weekly basis - they go to argos and buy a second duvet and some extra crockery and cutlery and have stuff in two houses (BTW - in a serviced appartment you get everything)..
Weekly is massively better than daily travel but was temporary and I think people can tolerate sub-optimal conditions on a temporary basis especially if it's "reasearch".
But now we have somewhere to stay we'll be cutting it down to every 2 or 3 weeks.
Sometimes you actually have to DO it and see what it's like.
So for example DH was intending to commute until he discovered the reality of the 5 commute door-to-door was too long.
My experience is that there is NO substitute for actually doing it.
Nothing I've experienced is a real suprise (Finsbury park is a bit of a dump and it's depressing living in one room), but there is no substitute for experiencing it for REAL and knowing for a fact what's it like rather than what someone said on a forum.

We will actually DO travel every 2 or 3 weeks and see what it's like being in London more. Seems very sensible to me before committing to a large purchase.

I'd hazard that most people already have a very good idea of the area they'd like to set up home in

We've lived in Wilts about 24 years, but unfortuantely DH didn't find a position here but found a great job in London, so it's not always that simple for everyone. Ironically he's reduced his options by being succesful in his career i.e. there are fewer CEO jobs than checkout assistants.

It's only the HPC crowd that have this weird idea that people rush into buying a property for financial reasons

Not quite.
There's a lot of "dead money" comments etc.
When you have temp work or have just started a business it isn't always that straight foward. For example if you start a business you won't get a mortgage for 12 months minimum.
Not everyone's lives are entirely straighforward.
For example do you buy if your business has 3 months worth of work booked?
If you've been in businesss along time then probably yes.
If it's a new business then it's probably a little premature wouldn't you say?
I see a lot of assumptions that everyone's life is quite straightforward and a lot of people there's days are on short term or zero hours contracts or self-employed.

Crashy_Time

Jason74 wrote: »

Another piece of very sensible advice. I actually disagree with you quite stropngly on the likely short term direction of the Londpn market (albeit that could just be because we're genuinely seeing very different things in our own local area), because I think that short term (long term, its hard to see anything other than ever more expensive housing sadly), the downside risks are much greater and the potential for upside much lower than you suggest.

But it's hard to argue against the idea that someone who buys a home now because they want to live there is going to be better off both financially and emotionally a few years down the line than someone who tries to time the market. Buying something you don't really want just to be on the ladder is another matter imho, but its hard to see how anyone will lose long term by buying a home that they want to live in and can afford. The HPC crowd however, (esecially those who have sold to rent, !!!!!! is that all about ???) show how you can lose big long term by not doing that.

Do you post when Padington is on his marmalade break? You both seem to be banging on the same drum. Buying into the biggest housing bubble in history is going to be the ruin of many. People are waking up though, the ramblings of a dozen or so over leveraged posters in this little bunker isn`t going to affect the final outcome.

Jack_Johnson_the_acorn

Crashy_Time wrote: »

Do you post when Padington is on his marmalade break? You both seem to be banging on the same drum. Buying into the biggest housing bubble in history is going to be the ruin of many. People are waking up though, the ramblings of a dozen or so over leveraged posters in this little bunker isn`t going to affect the final outcome.

You're a horrible stain on this debate forum, you add nothing of any worth. You're obviously suffering from a horrible case of jealousy. Please try and make an argument using evidence rather than constantly making baseless assertions.

ukcarper

Jack_Johnson_the_acorn wrote: »

You're a horrible stain on this debate forum, you add nothing of any worth. You're obviously suffering from a horrible case of jealousy. Please try and make an argument using evidence rather than constantly making baseless assertions.

Especially if you read Jason's posts.

Crashy_Time

Jack_Johnson_the_acorn wrote: »

You're a horrible stain on this debate forum, you add nothing of any worth. You're obviously suffering from a horrible case of jealousy. Please try and make an argument using evidence rather than constantly making baseless assertions.

Reality beginning to bite is it Acorn?

hpifever

Your friends at Foxton's think the housing markets is screwed!

Jack_Johnson_the_acorn

Crashy_Time wrote: »

Reality beginning to bite is it Acorn?

Never mind bitten, You're so far from reality that you don't even realise that you've been eaten alive.

As for me, I have overpaid my mortgage by £7200 this year, my mortgage has only £100k outstanding, if rates went up to 12% tomorrow and my fixed rate magically disappeared I'd still be paying less than what I comfortably pay with my overpayments. So yeah I'm terrified that reality has "bitten" :T

hpifever

7200k??

Hopefully if the interest goes to 12% your house would drop massively in price and therefore remortgaging your house will be impossible. I cant wait!

:T:T

ukcarper

hpifever wrote: »

7200k??

Hopefully if the interest goes to 12% your house would drop massively in price and therefore remortgaging your house will be impossible. I cant wait!

:T:T

Do you think that is likely

Jack_Johnson_the_acorn

hpifever wrote: »

7200k??

Hopefully if the interest goes to 12% your house would drop massively in price and therefore remortgaging your house will be impossible. I cant wait!

:T:T

Well done on spotting a typo, I'll be mortgage free within 8 yrs at this rate so this crash needs to get a move on. :rotfl: