London Has Peaked

Crashy_Time

ukcarper wrote: »

Debt free maybe but if you had bought 16 years ago and paid as much on a mortgage as you have rent you could be debt free with a property.

Can you explain how the property market is a Ponzi scheme.[/QUOTE]


Oh shut up and go and sell some mortgages.

Crashy_Time

In_For_A_Penny wrote: »

Except that you will owe at least £400 per month for the rest of your life.

So what? The financial head start you get from renting cheaply, saving, and avoiding being massively overleveraged means it doesn`t matter. Many people who bought at the peak will have mortgage debt for the rest of their life! :eek:

In_For_A_Penny_2

Crashy_Time wrote: »

So what? The financial head start you get from renting cheaply, saving, and avoiding being massively overleveraged means it doesn`t matter

As others have said - I just don't follow your arguments.

No doubt for some people (including myself) renting is the sensible option short to medium term – moving around for work, saving for a deposit etc.

Renting in the long term – i.e. over an entire lifetime, while a valid life choice is a poor financial choice. To argue otherwise is ludicrous.

This is as someone who accepts the housing market in the UK is currently overpriced, dysfunctional and bad for the overall economy.

ukcarper

Crashy_Time wrote: »

ukcarper wrote: »

Debt free maybe but if you had bought 16 years ago and paid as much on a mortgage as you have rent you could be debt free with a property.

Can you explain how the property market is a Ponzi scheme.[/QUOTE]


Oh shut up and go and sell some mortgages.

So you can't perhaps that's because it isn't .

Bubble_and_Squeak

i bet if feels like a classic ponzi scheme to the person who bought this
http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=45629978&sale=1112257&country=england

now that a house with an extra bedroom is available on the same street for £70,000 less

Jack_Johnson_the_acorn

Crashy_Time wrote: »

ukcarper wrote: »

Debt free maybe but if you had bought 16 years ago and paid as much on a mortgage as you have rent you could be debt free with a property.

Can you explain how the property market is a Ponzi scheme.[/QUOTE]


Oh shut up and go and sell some mortgages.

Stop reacting so childishly when someone points out the flaws in your "argument".

ukcarper

Bubble_and_Squeak wrote: »

i bet if feels like a classic ponzi scheme to the person who bought this
http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=45629978&sale=1112257&country=england

now that a house with an extra bedroom is available on the same street for £70,000 less

Even though the house he bought is a much nicer house he might feel he overpaid a bit but it's nothing like a Ponzi scheme and making that comparison distracts from your argument.

Bubble_and_Squeak

ukcarper wrote: »

Even though the house he bought is a much nicer house he might feel he overpaid a bit but it's nothing like a Ponzi scheme and making that comparison distracts from your argument.

i admit its not a ponzi scheme as such
but
it does have a lot of similarities

Jason74

Crashy_Time wrote: »

What about the outstanding debt? I am debt free, I won`t change that to "buy" into an overheated Ponzi.

The thing is, you can't have it both ways. On one hand, you tell us that your market has barely moved in ten years. Yet on the other, you tell us that the market is "an overheated Ponzi". By definition, it's pretty much impossible for both of those statements to be true, so you should perhaps decide which of those statements you actually think is accurate. Either that or explain to us mere mortals how two apparently directly contradictory statements can both be true.

rob404uk

E17 and N17 may be crashing. So what if it is as I like living in my little bit of E17 and my mortgage is a lot cheaper than rent would be. I could buy a nice big house in Northern Ireland but I would be unemployed and leave all of my friends. Would that be a good life choice?