Michelin, Gallaghers etc - lots of bad economic news!

Ticked

motorguy wrote: »

Well you need to be a realist then

I'm a cynic, which just means I've seen it all before

qwert_yuiop

Well, it may be worrying those who want to buy, but probably not, and if you revert to the top of the page, I'd say houses in the Ballymena area are only going to get cheaper.
Although property only ever goes up, you can't go wrong with bricks and mortar, etc., and all the other rubbish that caused a lot of people to be very regretful.

qwert_yuiop

motorguy wrote: »

Mortgage interest isnt dead money, if its facilitating you buying a property at a very low rate.

Maintenance - very little needed on most houses and its money maintaining your asset so certainly not dead money.

You're paying rates in your rent. No choice there for anyone

Not really. Anyone who's been renting for the last number of years has avoided a fortune's worth of depreciation. They can toast their landlord, who's certainly got himself toasted, and be grateful. There's been no great recovery, and they can chill for a while.

tara747

motorguy wrote: »

You're conveniently missing the point that prices have risen 7% in the last year and have been rising since 2013

http://www.bbc.co.uk/news/uk-northern-ireland-33985054




Yes - you're talking about things from ten years ago!!!

We're here NOW. House prices have been rising for two years now. They bottomed out two years ago. In the meantime you've been paying rent which is dead money, irrespective of the rise this past two years.

Average house prices have went up maybe £20,000 during that time, so thats £20,000 you've lost automatically from all that hard earned saving - THEN factor in your rent.

Prices in the areas where I'd be looking to buy certainly haven't gone up by £20,000.

My rent has been astonishingly good value. No rises since 2008, and in that time my LL has forked out for various repairs totalling thousands.

And 'ten years ago' is relevant as that's when we were all be encouraged to buy in case we 'missed the boat'. We did miss the boat, but it turned out to be the Titanic.


you said - "average wages are much lower here than on mainland"

I replied - "however house prices are much higher on the mainland"

And you've just said "but wages are much lower here...."



Ask anyone how much the road tax is on their car, and they'll know what i mean.

I asked a couple of colleagues, they both knew that road tax doesn't exist any more. Perhaps it's just you...

qwert_yuiop wrote: »

Minus the above. I wouldn't let it worry me too much. No boat's been missed. Not even one across that elusive Irish channel.

Exactly...

qwert_yuiop

I believe your neg eq friends require an annual average gain of around 9% to break even in the 17 years remaining on a 25 year mortgage.

Wow (and woe).

I'd say they're regretful.

If rent is dead money, depreciation must be money in a very advanced state of decay. Smell that.

motorguy

qwert_yuiop wrote: »

Well, it may be worrying those who want to buy, but probably not, and if you revert to the top of the page, I'd say houses in the Ballymena area are only going to get cheaper.
Although property only ever goes up, you can't go wrong with bricks and mortar, etc., and all the other rubbish that caused a lot of people to be very regretful.

If you're buying at the bottom of the market, and you're buying a HOME, not looking for an investment, what does it matter what property prices subsequently do?

motorguy

qwert_yuiop wrote: »

Not really. Anyone who's been renting for the last number of years has avoided a fortune's worth of depreciation. They can toast their landlord, who's certainly got himself toasted, and be grateful. There's been no great recovery, and they can chill for a while.

Not in the last couple of years they havent. Prices have been moving UP - and significantly UP

qwert_yuiop

motorguy wrote: »

If you're buying at the bottom of the market, and you're buying a HOME, not looking for an investment, what does it matter what property prices subsequently do?

Saving money?

motorguy

qwert_yuiop wrote: »

I believe your neg eq friends require an annual average gain of around 9% to break even in the 17 years remaining on a 25 year mortgage.

Wow (and woe).

I'd say they're regretful.

If rent is dead money, depreciation must be money in a very advanced state of decay. Smell that.

WHY are you obsessed what may or may not have happened people based on decisions they made 10 years ago?

And where are you getting those figures from? According to HBOS, we're 40% down on the peak of 8 years ago, so a modest 2% growth per year will see their houses being worth what they agreed to pay for it in the first place?

motorguy

qwert_yuiop wrote: »

Saving money?

How??

How are you saving money by NOT buying at the bottom of the market?

And irrespective, if you believe its value for money at a particular price what does it matter if the market bounces up and down for the next 25 years, if you got it at the right price in the first place?