House prices

MobileSaver

Crashy_Time wrote: »

I have heard people saying that the misery of negative equity is one of the worst most trapped feelings you can have,

Crashy, this is one of the many mistakes that you and the HPC crowd continually make; you obsess on the negative extremes of home ownership and disregard the reality that most people experience.

Negative equity has historically only ever affected a minority of home owners and even then it only becomes an actual problem if you need to sell in the very short term, most people just wait a few years for prices to recover and the whole issue goes away. With 100% mortgages having all but disappeared over the last 8 years the risk of negative equity these days is dramatically less and all your desperate scaremongering won't change that one iota.

The sad truth is that you and your HPC friends must have realised by now that you made the worst financial decision of your lives when you could have bought but chose not to, yet you continue to try and convince others that buying "now" is a dreadful idea... despite the fact that you've been saying don't buy "now" for almost ten years! Seriously, you just need to man up, accept you got it wrong and move on; you'll be a much better person for it (and probably financially better off too!)

Out,_Vile_Jelly

House prices go up, house prices go down.

I bought a house to live in. A very average house in an unexciting area at a rate I can afford. Repeat x many tens of thousands for the rest of the country.

Real life is dull, not like the shrill hysterics on niche websites.

Herzlos

Out,_Vile_Jelly wrote: »

House prices go up, house prices go down.

The thing is, even if house prices go down, it's still (usually) cheaper* and more stable than renting. Plus you don't need to get permission to make any changes.

*In terms of monthly outgoings, as well as not having to pay to move every couple of years.

chucknorris

This one surprised me:

http://www.rightmove.co.uk/property-for-sale/property-69628274.html

It is in the block where I have 2 flats, and recently sold one. This looks quite cheap to me, so I think prices have dipped a bit more than I thought. One of the flats that I have in this block that I said above was worth about £435k has the same layout as this, but it is a maisonette (own front door) and it has a garden, but it needs modernising. So I think that it would be worth about £15k to £20k more than this one. So it looks like my flat is worth about 4% less than I thought.

westernpromise

@ chuck

Which presumably means the yield is correspondingly better and that selling it to put the equity into cash looks less attractive?

Gorgeous_George

Comparing renting to buying usually forgets a number of factors.

When I moved home last year I paid £10k in Stamp Duty. Money I could have spent renting. Along with Estate Agent and solicitor fees.

I cannot phone my landlord to get things fixed in my home. I have to pay.

If I wish to move, I need to find a buyer and a new home and then try to get the buying and selling to complete on the same day.

There are people who prefer to buy (such as me) and there are others who prefer to rent. There are some who cannot afford to buy or who choose not to because they perceive prices are too high, so hope for a correction.

I haven't got much wrong over the years regarding houses and interest rates. You pays your money and takes your choice.

Maybe another 5 year absence from MSE beckons for me.

Good luck all.

GG

chucknorris

westernpromise wrote: »

@ chuck

Which presumably means the yield is correspondingly better and that selling it to put the equity into cash looks less attractive?

That particular flat will probably be the next one that I sell, I'll probably want to sell it for about £440k to £450k, but I'm happy to hang onto it until the market reaches that price. The rental income exceeds the alternatives, so it isn't a hardship to retain it in the meantime.

chucknorris

ilovehouses wrote: »

You ought to run this past Crashy Time first - you know he worries about you.

It does say offers over £400k, so it may go for a bit more, but I'll certainly be interested to see what happens.

Crashy_Time

Out,_Vile_Jelly wrote: »

House prices go up, house prices go down.

I bought a house to live in. A very average house in an unexciting area at a rate I can afford. Repeat x many tens of thousands for the rest of the country.

Real life is dull, not like the shrill hysterics on niche websites.

Lets see how calm the indebted masses are when rates start rising

Crashy_Time

ilovehouses wrote: »

You ought to run this past Crashy Time first - you know he worries about you.

Obviously Norris knows how to time the market, he saw Brexit and Trump coming a mile off after all, this sort of stuff will plummet in a proper correction, but I`m sure Chuck can exit nice and cleanly with a fat profit When were you aiming to sell up again Chuck, last week, next week, next decade, sometime? I can never keep up!