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

HAMISH_MCTAVISH

Crashy_Time wrote: »

Remember boys and girls, if a person calling himself Jack Johnson the acorn tries to sell you a mortgage, run as fast as you can in the other direction.

And if a person called Crashy Time tries to tell you that it was a good idea to rent for 17 years, when the total he's paid in rent would have paid off a mortgage in full by now..... Ask him if he took his meds today.

Jack_Johnson_the_acorn

Crashy_Time wrote: »

Remember boys and girls, if a person calling himself Jack Johnson the acorn tries to sell you a mortgage, run as fast as you can in the other direction.

Hahaha can't take you seriously, so I'll leave the thread at this.....

You continue paying off your LL's mortgage for him and I'll continue paying off my own. I'm sure you'll time the market perfectly, I mean you only need prices to drop 125% and you'll have broken even.:T

Best of luck :beer:

HAMISH_MCTAVISH

And for our new arrivals this evening, your guide to MSE is below.



I see we've got quite a few visitors from HPC in this thread at the moment, so in the event you want to expand the discussion beyond any potential "tipping point", or indeed to debate the underlying causes of UK house prices being where they are....

The link for the debate house prices/economy board, where you are just now, and where all threads on house prices are contained, is here.......

http://forums.moneysavingexpert.com/forumdisplay.php?f=149


There's a thread on the London housing shortage here.....

https://forums.moneysavingexpert.com/discussion/5030798


And the UK wide housing shortage here.....

https://forums.moneysavingexpert.com/discussion/5026820

and here....

https://forums.moneysavingexpert.com/discussion/5028693


You can discuss the current performance of rents versus house prices, the skew inherent in the ONS rent index, and how these things relate to a housing shortage here......

https://forums.moneysavingexpert.com/discussion/5033480


And my personal favourite thread, the one discussing Aberdeen house prices, is here....

https://forums.moneysavingexpert.com/discussion/5025761


And of course, in the interest of reciprocity, if any of our more bearish MSE-ers have not yet found HPC, the thread inviting all of them to come over and post can be found, here......

http://www.housepricecrash.co.uk/forum/index.php?/topic/195761-is-prime-london-crashing/page-91


We're a fairly broad church over here on MSE, you won't get banned for being bullish or bearish, you certainly won't get moderated for claiming house prices will rise, and we welcome opposing views.....

:beer:

Loughton_Monkey

crashy_time wrote: »

straight question hamish. Do you work for one of the big builders? Are you paid to create an online response to the idea that there is no housing shortage? .......

Crashy_Time wrote: »

I`ll try once more; Hamish, are you paid to troll the internet putting out a pro-building message?

All valid questions, and something I've wondered about myself.

You only have to look at Taylor Wimpey's £2 billion turnover - some 15% below that of Barratts. I'm sure they want to grab another £500 million to get into first place......

Hence it might make perfect sense to throw £50K a year or so to Hamish to convince the 25 or 30 of us who read this MSE board to stump up and buy a bigger and better new house sooner rather than later.....

In the unlikely event that you could be wrong, I may just drop a line to all the major builders suggesting such action as a perfect world-beating marketing strategy. Perhaps they are overlooking such cunning opportunities?

HAMISH_MCTAVISH

Jack_Johnson_the_acorn wrote: »

Thanks Hamish just spat tea all over my phone
:rotfl:.

I know, I should probably feel bad.

But it's not like we didn't try to warn them.....

They were convinced it was all about the liar loans, 10 x income I/O mortgages, self cert, etc, pumping up lending to unsustainably high numbers of mortgages being issued every month. Which was of course complete tosh.

Yet here we are with mortgage rationing remaining endemic, approvals at little more than half the long term average, I/O gone for owner occupiers, self cert abolished, and new lending stress tested to 7%, and nationally prices have risen to a new peak anyway.

Because they completely failed to realise that the shortage of housing was the primary cause of high prices.

And rationing lending only caused new building to fall to 100 year lows, while rents soared to record highs, and a generation were forced to buy houses for their landlords instead of themselves.

The bulls won..... The bears were comprehensively defeated.

But now it's time to move beyond that, and for everyone to realise we have an almighty housing shortage to address, and no way of doing so until both lending and building increase radically from today's paltry levels.

HAMISH_MCTAVISH

Loughton_Monkey wrote: »

it might make perfect sense to throw £50K a year or so to Hamish to convince the 25 or 30 of us who read this MSE board to stump up and buy a bigger and better new house sooner rather than later.....

Couldn't agree more old boy..... :beer:

I may just drop a line to all the major builders suggesting such action as a perfect world-beating marketing strategy

If you wouldn't mind.

With that sort of additional income, I could probably just about catch up with your levels of G&T consumption.

Crashy_Time

HAMISH_MCTAVISH wrote: »

And if a person called Crashy Time tries to tell you that it was a good idea to rent for 17 years, when the total he's paid in rent would have paid off a mortgage in full by now..... Ask him if he took his meds today.

A mortgage on what though, a basic flat that you can rent for 3 or 4 hundred a month? I don`t want to be tied to a place like that. While renting I have lived in properties that were worth 800k, and it was nice, no neighbours anywhere near and large garden space, and because it was shared with people I knew the rent was peanuts, less than a mortgage at the time. In fact if you are honest Hamish you will admit that my housing costs for 17 years are pocket change, it is just a small payment for decent shelter, and I am happy with the arrangement so far. You however seem unable to see beyond the buy buy buy, buy at any cost groupthink (or are you paid to spout this misinformation?)


Someone finding a decent house they wanted to live in long term over ten years ago (before the market was pumped up for the bankers benefit by self cert and Liar Loans) did well to buy for cash or with a repayment mortgage, as long as they didn`t MEW or base their dreams around a massive profit in the future, but UK property has not been value for many years, and a sizeable correction will be required before it is again.

Crashy_Time

Jack_Johnson_the_acorn wrote: »

Hahaha can't take you seriously, so I'll leave the thread at this.....

You continue paying off your LL's mortgage for him and I'll continue paying off my own. I'm sure you'll time the market perfectly, I mean you only need prices to drop 125% and you'll have broken even.:T

Best of luck :beer:

Not sure my landlord even has a mortgage. Enjoy your debt slavery, remember to change the wallpaper once in a while to make it all seem like "yours", and don`t cry too hard when NE bites you on the bum. Good luck.

Jack_Johnson_the_acorn

Crashy_Time wrote: »

A mortgage on what though, a basic flat that you can rent for 3 or 4 hundred a month? I don`t want to be tied to a place like that. While renting I have lived in properties that were worth 800k, and it was nice, no neighbours anywhere near and large garden space, and because it was shared with people I knew

No neighbours just the 5 other people you had to share a toilet with :rotfl:

Crashy_Time

Jack_Johnson_the_acorn wrote: »

No neighbours just the 5 other people you had to share a toilet with :rotfl:

Think there were three toilets if I remember correctly, one of them was en-suite.