Is buying a house a good idea?

Out,_Vile_Jelly

Buying a spacious, well proportioned house with decent garden and parking, near well rated schools and transport links is nearly always a sound idea. Wait longer for this and bypass the tiny leasehold starter flat stage.

Crashy_Time

https://uk.reuters.com/article/uk-britain-economy-lending/uk-mortgage-approvals-fall-to-second-lowest-level-since-2015-idUKKBN1HX10U


Wonder what approvals will look like when rates rise?

Crashy_Time

buggy_boy wrote: »

Crashy_Time wrote: »

Actually one of the reasons house prices have done so well in the down turn is property has been seen as a safer place for your money. The same is true of gold.

Rates used to be at around 5-6% we didnt have a crash then, in fact when rates were at the highest 13%+ there was not a crash, your logic is fanciful, its a hpc mentality of everything revolving around house prices and low rates tantamount to fraud.

Your link is just another link from the ilk of hpc, you can go back for 10 years and they have bleated the same thing.

House prices may rise, house prices may fall, don't congratulate yourself on your house price going up but don't try to be too clever and predict the market or you will get burnt (Thats you Crashy).

At the end of the day you made a decision years ago not to buy, you were saying the same thing then as you are now, in hindsight though do you think you would have been better off buying years ago?

Property is an illiquid investment that you won`t be able to shift in a downturn, nothing like gold :rotfl:

_CC_

Well, this person has clearly done well from buying despite lots of Crashy's friends saying it was a bad idea at the time: http://www.housepricecrash.co.uk/forum/index.php?/topic/131688-bought/

No doubt now is different

buggy_boy

Crashy_Time wrote: »

buggy_boy wrote: »

Property is an illiquid investment that you won`t be able to shift in a downturn, nothing like gold :rotfl:

Property to most though is not about investment, people put money into their property, extend it etc... Its a roof over your head. You cant live in a gold bar... Gold like diamonds are actually relatively useless.

jimbog

Crashy_Time wrote: »

. The time to buy might have been 1996

Why for heavens sake did you choose to sell then? :eek:

51mm5

Crashy's posting style shows he may have become actually become mentally unwell over time by a genuine belief houses are about to imminently crash but it never actually happens. I think if it does happen in his lifetime I don't think he'll actually believe it.

getmore4less

westernpromise wrote: »

Crashy sold to rent 22 years ago,

If that is what happened then that was a major error of judgement if they have not got back in yet.

However you look at the data 1995 was the perfect time window to enter the ownership market it was the turning point after 7 year decline in real(inflation adjusted) prices.

The next best windows were 2009 & 2012-2013 but still they were at double the values of 1995 adjusted for inflation.

80% of that time interest rates were lower with 40% being less than a 1/3 of the rates around 1995

You can risk the timing of that first entry into ownership as you may not need to be settled but once on the road to rent free you only get out if circumstances force it on you.

Getting out at the bottom after a 7 year decline must have seen some serious circumstances to force that.

ScorpiondeRooftrouser

Crashy_Time wrote: »

Property is an illiquid investment that you won`t be able to shift in a downturn, nothing like gold :rotfl:

People keep saying that you sold to rent 20 years ago.

If this is the case, it was clearly a catastrophically bad decision. No doubt you would agree that anyone doing something so stupid would have to have a rare lack of self-awareness to then try and tell other people how to act.

That being the case, why don't you take the chance to deny the persistent claims that you sold out approximately 20 years ago and have been awaiting a crash ever since as prices have climbed by 200% +?

If you choose not to deny it I am afraid I will have to take that as confirmation that you did make this appallingly foolish decision.

Just so you know, I wish house prices had fallen and I would love it if they do. It wouldn't do me much harm, and would make this country a far better place. However, wanting something to happen and saying it will happen are not the same thing at all.

getmore4less

Crashy_Time wrote: »

Property is an illiquid investment that you won`t be able to shift in a downturn, nothing like gold :rotfl:

If it is true you sold in 1995(ish) you managed to sell 7 years into a down turn.