A salutary time capsule of house price predictions - from 1996

Wednesday2000

chucknorris wrote: »

That is true, we re-let a flat this weekend in Battersea for £2,100/month, I bought it for £70.5k in 1991, at the time, if it was £80k it would have seemed to be outrageously over priced. But today it is worth £600k, an extra £9.5k at the time of purchase would now look irrelevant.

It's quite horrifying when you look back and what seemed like a lot of money back then. I remember my mother telling me the flat I was viewing in south London looked overpriced when it was £80,000.:eek: It's about half a million now. I didn't buy it, unfortunately, lol.

I know people on here make fun of HPC people but I do feel sorry for people who have put off buying waiting for a crash.

chucknorris

Wednesday2000 wrote: »

It's quite horrifying when you look back and what seemed like a lot of money back then. I remember my mother telling me the flat I was viewing in south London looked overpriced when it was £80,000.:eek: It's about half a million now. I didn't buy it, unfortunately, lol.

I know people on here make fun of HPC people but I do feel sorry for people who have put off buying waiting for a crash.

There are a quite a few properties that I didn't buy because I thought that they looked a bit high at the time. The flat that I mentioned above, there was a 2 bed (mine is a 3 bed) directly underneath it, it was on the market for £125k (I can't remember when) but it is now worth well over £500k. I really do wish that I had bought it (one of my tenants from the flat above bought it) and she is always complaining about noise from my flat, it would a been a great bonus not have to put up with her, she once actually went into the street to ask someone to switch off car engine off, because the noise was disturbing her.

mwpt

Wednesday2000 wrote: »

I know people on here make fun of HPC people but I do feel sorry for people who have put off buying waiting for a crash.

You're not allowed to do that on here. You can only feel sorry for people who might lose equity in their home if they bought and government allowed prices go down. They were doing the "right thing" and deserve to have their capital gains protected at any cost to the "rent forever loser".

westernpromise

cells wrote: »

As I've said before, someone needs to invent house price crash insurance. The type that will never pay out but at least the scared stiff of buying crew can take out to allow them to move on with their lives.

It wouldn't work. They'd just whine about the premiums.

Also, note comments like this in response to that thread by the bloke who has worked out he's lost £95,000:

GreenDevil wrote:

I nearly bought a £575,0000 place in SE London in 2012, it'd be worth a mill plus now, so what? I don't have a 500k mortgage either.

So he wouldn't be content with a mere £425,000 inflationary gain in four years - he wants no mortgage, either. He's happy to owe landlords rent forever but the idea of a 25-year mortgage fills him with horror. People like that are simply hard wired to die poor.

westernpromise

chucknorris wrote: »

Guess how many of those posters came back to me and ate humble pie, yep, not one of them.

that's pretty common I think. I read a thread on HPC once in which the writer said that he'd advised his sister not to buy a place at full asking in 2012. She ignored him, bought, and has just sold for £40k better and is trading up to the next place. He should be on his knees apologising and asking her for advice, but all he could do was kvetch about how that shouldn't of happened, etc.

Out,_Vile_Jelly

westernpromise wrote: »

Say I stuck a cricket stump up my bottom, poured treacle over my head and attended fancy dress parties as a toffee apple.

That is much more inventive than just buying a plastic pirate outfit off the internet.