Good time to buy in Cambridge?

buggy_boy

Crashy_Time wrote: »

Why bother policing threads that talk about prices falling if it worked out so well for you?

To stop people believing doom Sayers like you and make bad decisions.

Crashy_Time

buggy_boy wrote: »

To stop people believing doom Sayers like you and make bad decisions.

:rotfl: Most people can tell that you have big mortgage debt and BTL`s, just admit that you don`t want a price correction, you will feel better for it

buggy_boy

Crashy_Time wrote: »

:rotfl: Most people can tell that you have big mortgage debt and BTL`s, just admit that you don`t want a price correction, you will feel better for it

Ive already told you before I have <15% of the property values as mortgages, I would call that a low amount and it will be paid off in 3 yrs.... I could pay it off now with other cash investments... I would love a price correction, I am looking to buy another property so a price correction would be great, I could buy 2 instead of one. I can see a correction but it I cant see it being much, just like in 2008 when prices corrected, a crash was stopped because of pent up demand... Unless we get high unemployment but we have historic low unemployment.

MiserlyMartin

buggy_boy wrote: »

Ive already told you before I have <15% of the property values as mortgages, I would call that a low amount and it will be paid off in 3 yrs.... I could pay it off now with other cash investments... I would love a price correction, I am looking to buy another property so a price correction would be great, I could buy 2 instead of one. I can see a correction but it I cant see it being much, just like in 2008 when prices corrected, a crash was stopped because of pent up demand... Unless we get high unemployment but we have historic low unemployment.

Wrong. It was stopped in 2009 by zero interest rate policies, funding for lending, QE, help to buy and other foolish government policies. Next time around, who knows if they would be successful in stopping a crash.. Yes a crash is coming but not for a while yet the economy is doing too well, despite the odd bit of bad news. Yes and btw I like mr crash, also predicted Brexit and Trump. Two good things in my view.

Madmel

Crashy_Time wrote: »

Throw in what 20 - 30 thousand students who could pass the bucket round at their families country mansion to help prop it all up :rotfl:

I find this remark rather rude. My DD is studying there and we most definitely don't have a country mansion. Of the 4 kids who went from her school, only 1 is not in receipt of a bursary as they come from lower-income families.

Leaving aside Crashy's predictions, s/he is massively over-estimating the student accommodation situation on Cambridge. The vast majority live in college accommodation for the duration of their course. Apart from the obvious cachet of a degree from there, that was a definite plus for Cambridge over Imperial for us as all DD's accommodation money would go back into the system, rather than to a private landlord.

I have only visited the city 5 times, so cannot possibly comment on places to live. However, there is a lot of house-building going on there. I doubt the builders would be building at the pace they are if they did not feel they could sell most of them. I place more credence on Dafty Duck's observations of the employment situation over the last 30 years. Cambridge has a well-deserved reputation for scientific excellence and it is a growth area given the government's obsession with STEM subjects. Whatever happens in terms of the economy, Brexit, whatever, we will still need engineers, scientists and problem-solvers and Cambridge appears well-placed to deal with this.

Crashy_Time

buggy_boy wrote: »

Ive already told you before I have <15% of the property values as mortgages, I would call that a low amount and it will be paid off in 3 yrs.... I could pay it off now with other cash investments... I would love a price correction, I am looking to buy another property so a price correction would be great, I could buy 2 instead of one. I can see a correction but it I cant see it being much, just like in 2008 when prices corrected, a crash was stopped because of pent up demand... Unless we get high unemployment but we have historic low unemployment.

So why are sales volumes collapsing now, is demand exhausted?

Crashy_Time

Madmel wrote: »

Crashy_Time wrote: »

Throw in what 20 - 30 thousand students who could pass the bucket round at their families country mansion to help prop it all up :rotfl:

I find this remark rather rude. My DD is studying there and we most definitely don't have a country mansion. Of the 4 kids who went from her school, only 1 is not in receipt of a bursary as they come from lower-income families.

Leaving aside Crashy's predictions, s/he is massively over-estimating the student accommodation situation on Cambridge. The vast majority live in college accommodation for the duration of their course. Apart from the obvious cachet of a degree from there, that was a definite plus for Cambridge over Imperial for us as all DD's accommodation money would go back into the system, rather than to a private landlord.

I have only visited the city 5 times, so cannot possibly comment on places to live. However, there is a lot of house-building going on there. I doubt the builders would be building at the pace they are if they did not feel they could sell most of them. I place more credence on Dafty Duck's observations of the employment situation over the last 30 years. Cambridge has a well-deserved reputation for scientific excellence and it is a growth area given the government's obsession with STEM subjects. Whatever happens in terms of the economy, Brexit, whatever, we will still need engineers, scientists and problem-solvers and Cambridge appears well-placed to deal with this.

The remark was a joke....when you are dealing with a poster called Dafty Duck you know Warren Buffet isn`t logging into the account

buggy_boy

Crashy_Time wrote: »

So why are sales volumes collapsing now, is demand exhausted?

Sales volumes have been low for years, people are just not moving, that is probably down to lots of factors, the cost of moving etc, people are tending to extend rather than move. Sales volumes as we have seen are not a good indicator to house prices... If there were a higher than normal houses for sale on the market then it would be more likely to have an effect on house prices but that is not the case...

Awww no comment about your amazing prediction skills about me being massively in debt... You got that pretty wildly wrong, just like your decision years ago not to buy as a crash was imminent... Guess your powers of prediction are not so great...

buggy_boy

MiserlyMartin wrote: »

Wrong. It was stopped in 2009 by zero interest rate policies, funding for lending, QE, help to buy and other foolish government policies. Next time around, who knows if they would be successful in stopping a crash.. Yes a crash is coming but not for a while yet the economy is doing too well, despite the odd bit of bad news. Yes and btw I like mr crash, also predicted Brexit and Trump. Two good things in my view.

Kudos for a much better and more intelligent response than Crashy...

Interest rates were not zero in the UK, as rates reduced the mortgage rates did not follow in the same vein, before the crash mortgages could be got at BoE -1%, its more like BoE +2% now so it has not had as big of an effect on mortgage rates, also remember the rate drops took time to really have an effect as a lot of people were on fixed rate mortgages so although I admit reducing rates and HTB probably had a knock on effect as it created cheap lending which helped that pent up demand buy properties but there was still that demand.

Saying a crash is coming is like saying its going to be sunny, at some point it will be sunny, at some point there will of course be a crash, I totally agree with you that we would need to see a down turn in the economy, who knows when or how that will happen, it could be next week, it could be 20yrs time, but for as long as I can remember that was always a possibility, Is it more a risk to buy and there be a crash or not buy and end up paying out a fortune in rent like Crashy.

I predicted Trump and I predicted Brexit but they are 50/50 guesses, if everyone guessed 25% of people would be right, for the last 4yrs+ he has bee saying a crash is imminent, it still has not come along... Dont get me wrong if you go to housepricecrash its very easy to get caught up and think what they say is sensible... I would never say a crash is not going to happen and everyone should be careful currently to make sure they can afford their debt but look at all the evidence and then make up your mind you will probably come to the conclusion like you a crash will likely happen at some point, history tells us that, is it likely imminently, not unless something unexpected happens but that could happen at any point...

Why does Crashy hijack so many threads trying to turn them into about house prices? Thats the main problem I have with Crashy.

PasturesNew

It depends where you need to be.

St Ives might "look cheap", but it can be a right pain in the butt to get anywhere into town or the northern Science Park - even 30 years ago this was pretty gridlocked every morning and a long haul....

You want to be closest you can be to a railway line and as south as you can to get that "London sooner" transport solution. For those moving from the South East that should be an affordable find. The poorer people do the northern fringes, pushed out bit by bit over the last 50 years. However, these days, for somebody with "aspirational thoughts" £400-425k won't go as far as you'd like, but looking at the 100+ houses at £400-450k in the city itself there's a lot of great choices.

I remember in about 1979 a friend of mine renting a 2-up-2-down with the front door right onto the pavement - the landlord offered it to them to buy it from him for about £8k .... it'd be about £350k now ...although back then it had no heating and a tin bath hanging from a hook on the wall, so it'll be a little improved from that by now It really was a damp hovel, as were most older small properties. They're all smart and insulated now, with heating and bathrooms and double glazing.

Work required aside.... when they were offered that house at £8k I was just getting my very first full-time job at £3k/year, so it shows how much things have moved on. How many 18 year olds in their first full-time job would be able to buy such a house now for £350k by borrowing less than 3x their salary?

My old neighbour's council house has just sold for £400k ... and I'd not live there as for that much I don't want to live anywhere that's "a bit rough and shabby".

Looking at £400-450k if I had that much there are a few I'd choose to view... mostly closest to town and not on council estates.