Are the eternal optimists on here still feeling optimistic?

Masomnia

chucknorris wrote: »

It wasn't a once in a lifetime opportunity, there was an equally good one in the early 90's (although you might have been too young to take advantage) and I'm confident that there will be another one around the mid to late 20's. It was the 90's recession that I made the most of. To make the most of the next one I will need to be out of property, which more or less suits my age anyway, as I think I'll be in my late 60's or even 70's when the next recession arrives.

That's what I'm sort of thinking/planning for atm. Should be a good time in life for me to buy. I'm going to end up being one of those HPC nuts constantly predicting a crash, aren't I?

MFW_ASAP

chucknorris wrote: »

It wasn't a once in a lifetime opportunity, there was an equally good one in the early 90's (although you might have been too young to take advantage).

I meant such low rates, rather than low house prices, but I understand your point about recessions. I bought my first house in 1995 and remember rates being about 7%. All I've known since is falling rates.

It would be useful to have a housing boom when we come to sell this house, but I'm not counting on it with my retirement plans.

chucknorris

MFW_ASAP wrote: »

I meant such low rates, rather than low house prices, but I understand your point about recessions. I bought my first house in 1995 and remember rates being about 7%. All I've known since is falling rates.

It would be useful to have a housing boom when we come to sell this house, but I'm not counting on it with my retirement plans.

1995 was a good time to buy, so you did manage to cash in on the previous recession too. Oh yeah the rates are heaven sent, I'm saving approx. £29k a year on mortgage interest, back in 2009 I was hoping for more than 3 years, as you know its coming up to 6 years and still counting. We also have a chance of another bonus if the new norm turns out to be 3-4% instead of what I used to consider the norm at 5-6% (but I have also known double digit mortgage rates too).

Cyberman60

shortchanged wrote: »

Maybe because the recovery isn't all it was made out to be. The fact that we continue to have rock bottom interest rates proves this. There is no real recovery.
This government have pinned their hopes on propping up the housing market to give the illusion of an improving economy which of course does give some people the feel good factor as is evident on here. I suppose if house prices did start to fall even the people who pin their hopes on rising prices would also be bricking it.
This unfortunately is the UK's problem, it's economy is far too dependent on the housing market.

We're still paying off the debt accrued by the last Labour government. There's another five years to go at least before we get back financially what we lost to Labour's largesse to spongers etc up to 2010, and that's if we don't get another dire leftie government. Annual interest on National Debt is now about 50 Billion a year, which is almost half of the cost of the NHS. :eek:

.. and btw that's why interest rates will remain low..... because HMG needs to keep on borrowing !!!!!

Southend1

Cyberman60 wrote: »

We're still paying off the debt accrued by the last Labour government. There's another five years to go at least before we get back financially what we lost to Labour's largesse to spongers etc up to 2010, and that's if we don't get another dire leftie government. Annual interest on National Debt is now about 50 Billion a year, which is almost half of the cost of the NHS. :eek:

.. and btw that's why interest rates will remain low..... because HMG needs to keep on borrowing !!!!!

We haven't even begun to repay any debt accrued under labour. This is because the con-dem government has spent even more, mostly to bail out their friends in the banks. I think we're at least 10 years off even beginning to reduce the total national debt.

Cyberman60

Southend1 wrote: »

We haven't even begun to repay any debt accrued under labour. This is because the con-dem government has spent even more, mostly to bail out their friends in the banks. I think we're at least 10 years off even beginning to reduce the total national debt.

That's so funny..... blaming the coalition for Labour's 160 Billion annual deficit that is taking a decade to rectify. :rotfl:

chucknorris

Masomnia wrote: »

That's what I'm sort of thinking/planning for atm. Should be a good time in life for me to buy. I'm going to end up being one of those HPC nuts constantly predicting a crash, aren't I?

If I was you I wouldn't wait for a crash in 10 years time, from a purely financial POV they are very unlikely to fall right down to today's prices, never mind all that rent paid in the meantime. If you are talking about buying your home, then there are more factors to consider than just the price anyway, so I would buy asap.

shortchanged_2

Cyberman60 wrote: »

That's so funny..... blaming the coalition for Labour's 160 Billion annual deficit that is taking a decade to rectify. :rotfl:

Was the UK the only country affected by the financial crisis?

Did/do any other countries run a deficit?

http://en.m.wikipedia.org/wiki/List_of_government_budgets_by_country

HAMISH_MCTAVISH

Cyberman60 wrote: »

We're still paying off the debt accrued by the last Labour government. There's another five years to go at least before we get back financially what we lost to Labour's largesse to spongers etc up to 2010

Southend1 wrote: »

We haven't even begun to repay any debt accrued under labour. This is because the con-dem government has spent even more, mostly to bail out their friends in the banks. .

Cyberman60 wrote: »

That's so funny..... blaming the coalition for Labour's 160 Billion annual deficit that is taking a decade to rectify. :rotfl:

The recent large increase in deficit spending is entirely a result of the global financial crisis and would have happened regardless of who was in power.....



As it happens, the UK went into the crisis with a relatively low deficit and from a total debt position that was lower than it's been in all but a few years out of the last 300 years plus....

You can blame Labour/Brown for a lot of things, but significantly increasing the national debt prior to the global financial crisis isn't one of them.

Masomnia

chucknorris wrote: »

If I was you I wouldn't wait for a crash in 10 years time, from a purely financial POV they are very unlikely to fall right down to today's prices, never mind all that rent paid in the meantime. If you are talking about buying your home, then there are more factors to consider than just the price anyway, so I would buy asap.

I'm in no position to buy whatsoever! It's the deposit that's the issue really. The plan really is to have deposit together and a decent enough job to buy in around 5 years time; buy which time I think prices will be significantly higher than now. A dip in the market around then would work nicely. Obviously I'll have to look at the conditions around then.

If I had the deposit and a secure enough job now I would buy. Certainly outside London.