Why won't the agent take no for an answer?

Albala

AdrianC wrote: »

Average household size in the UK has remained static - 2.4 people - for the last decade or so. The number of households has increased by about the same number - 7% - as the number of people.

https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/families/bulletins/familiesandhouseholds/2016#average-household-size-remains-stable-over-the-decade-to-2016

Interesting. I know a lot more people than I used to do who are one-parent families, or individuals who have split with partners and are choosing to live alone even if they have a new partner. Just shows anecdote is not data.

Crashy_Time

lisyloo wrote: »

No it isn’t.
If you pay a mortgage for 25 years it’s a mathematical certainty that its better than paying rent 60 years.
There are other things to factor in like insurance maintenance for sure but it’s nowhere near.

If you think it’s wrong then you need to put up a case as to why 25 years mortgage is NOT better than 60 years rent.
Random articles about the market in Sydney wont do it (that’s your usual trick).

Calling you an exposed liar doesn’t change any facts but it does expose you for what you are to newbies.

Are you still living with mum and dad or on your own in an HMO?

Wonder how many people in Sydney/Melbourne thought borrowing loads of money for a house was a "mathematical certainty" and the "only way to save for retirement"? There are many variables to consider such as when you buy, when you may need to sell, interest rates and possible future interest rates, how many times you may have to move, and if your rental costs are low or not (I know people who live rent/mortgage free because their accommodation comes with a job for example) It is not as black and white as you like to paint it, and a diversified LIQUID portfolio is a necessary addition to holding mortgage debt to live somewhere. The problem for many though is that sky high credit bubble prices suck up all their spare cash and more for a deposit, leaving them high and dry if/when prices crash and rates rise. As I said this ain`t the 90`s any more.

AdrianC

Last time I looked, Sydney and Melbourne weren't in the UK - I assume you don't mean the small town in Derbyshire?

parking_question_chap

spadoosh wrote: »

Id say the agent was wasting peoples times.

It sounds like the OP has made it clear they want at least £240k. With the OP likely not being particularly proficient in selling properties hence using an agent surely the onus is on the estate agent to decide on marketing the property based on their perceptions of achieving the OPs requirements with their expert knowledge of the area?

An estate agent having a property on their books for ever and a day doesnt look good and wastes their time. Assuming £210k fair market price, and the seller isnt dropping below £240k I would stop marketing the property after a couple of months. No point taking calls and arranging bookings where the seller isnt interested in negotiating a reasonable price.

Crashy_Time

AdrianC wrote: »

Last time I looked, Sydney and Melbourne weren't in the UK - I assume you don't mean the small town in Derbyshire?

It is an example of what happens when a bubble pops, a popped bubble example for the UK is Aberdeen, and another UK bubble due a very large pop is London. It was a global credit bubble and it produced a global property bubble.

Simby

[

I]Wonder how many people in Sydney/Melbourne thought borrowing loads of money for a house was a "mathematical certainty" and the "only way to save for retirement"? There are many variables to consider such as when you buy, when you may need to sell, interest rates and possible future interest rates, how many times you may have to move, and if your rental costs are low or not (I know people who live rent/mortgage free because their accommodation comes with a job for example) It is not as black and white as you like to paint it, and a diversified LIQUID portfolio is a necessary addition to holding mortgage debt to live somewhere. The problem for many though is that sky high credit bubble prices suck up all their spare cash and more for a deposit, leaving them high and dry if/when prices crash and rates rise. As I said this ain`t the 90`s any more.

Sydney andMelbourne prices are still significantly higher then they were 6 years ago, Having a house is a long term investment and yes it does have cycles, and I agree with the sentiment after 25 years you have a home for life and no rent .

It is much easier to live on a pension in later life if you have no rent costs.

Housing markets crashing does not leave one high and dry if you don’t need to sell , yes a minority for reasons have to sell in crashes but generally the number of listings drops in a crash as people wait for recovery.

I agree that you also need a diversified portfolio for me however owning a house outright was number one priority .Now I own a house I am putting 23 percent of pre tax salary into my pensions ( while I have a mortgage I put 15 percent pre tax into my pension), I am also now building my funds outside my pension with a monthly deposit to a fund in addition to having 6 months cash.

For me it now does not matter if the house is worth 50 percent of what I paid for it if the market crashes as it’s my home and my security, no landlord or bank can make me homeless.

A long way to go but now stage one own a house outright is complete. Stage 2 is build finds inside and outside a pension so I will be secure when I retire in 21 years. Bit my top priority was to own a house outright to give me the security of somewhere to live,

As to sky high prices sucking up people’s income , if you prioritise owning a house in my view it’s worth it... I lived very frugally for 5 years to get my first deposit, but it was worth in and as I was then in Sydney that deposit was 127000 . But by saving 50 percent of our salary we did it. ( and yes rents were high 40 percent of salary with the other 10 percent to live on.). no takeaways coffees , restaurants holidays. Cinemas etc.. basically we had walks and healthy food from scratch and it was worth it.. as we got a house to call home and security against homelessness.

We continue the same mentality here and are saving a good percent of salary.

Crashy_Time

Simby wrote: »

[


Sydney andMelbourne prices are still significantly higher then they were 6 years ago, Having a house is a long term investment and yes it does have cycles, and I agree with the sentiment after 25 years you have a home for life and no rent .

It is much easier to live on a pension in later life if you have no rent costs.

Housing markets crashing does not leave one high and dry if you don’t need to sell , yes a minority for reasons have to sell in crashes but generally the number of listings drops in a crash as people wait for recovery.

I agree that you also need a diversified portfolio for me however owning a house outright was number one priority .Now I own a house I am putting 23 percent of pre tax salary into my pensions ( while I have a mortgage I put 15 percent pre tax into my pension), I am also now building my funds outside my pension with a monthly deposit to a fund in addition to having 6 months cash.

For me it now does not matter if the house is worth 50 percent of what I paid for it if the market crashes as it’s my home and my security, no landlord or bank can make me homeless.

A long way to go but now stage one own a house outright is complete. Stage 2 is build finds inside and outside a pension so I will be secure when I retire in 21 years. Bit my top priority was to own a house outright to give me the security of somewhere to live,

As to sky high prices sucking up people’s income , if you prioritise owning a house in my view it’s worth it... I lived very frugally for 5 years to get my first deposit, but it was worth in and as I was then in Sydney that deposit was 127000 . But by saving 50 percent of our salary we did it. ( and yes rents were high 40 percent of salary with the other 10 percent to live on.). no takeaways coffees , restaurants holidays. Cinemas etc.. basically we had walks and healthy food from scratch and it was worth it.. as we got a house to call home and security against homelessness.

We continue the same mentality here and are saving a good percent of salary.

Say you bought six months ago though, following the advice of a forum poster or mortgaged up relative? A diversified savings/investment plan is also "security against homelessness" and having a mortgage does not always automatically provide such security. To say otherwise is just scare-mongering IMO.

Simby

No you are right having a mortgage does not provide security against homelessness but paying off a mortgage and owning your home does , and I agree having strong pension savings and another savings vehicle plus 6 months wages in savings are also important. But I personally never felt secure until I had cleared my mortgage and it was mine.

House prices go in cycles but after 25 years but if you buy you will own a house to live in as opposed to renting for 25 years and not owning a home after the same time and continuing to have to pay rent into retirement, each to their own but I know which I prefer.

Yes if you bought in Sydney 6 months ago you would be facing a paper loss now if you sold but it’s only a real loss if you have to sell before prices recover and you bought at the peak or after, actually the peak was July 2017 with declining prices since then but in about 18 months it will stabilize and then grow gradually in a cycle . It’s only a small minority will have to sell in this time and as normally happens in a downturn listings drop as sellers wait for the market to recover.

But I still firmly believe that having your own home over time gives a better outcome then renting. Look at it this way I buy a house today prices rise a little then fall a little then rise some more then fall again after 25 years maybe the house is worth the same as it was when I bought it who knows.. but I own it. Unlike the person who chose not to buy but after those 25 years has spent exactly what I have but do not own their home and have to continue spending income on rent.

zippygeorgeandben

The trouble is, I'm paying a mortgage.
It's just not my own.

Simby

The trouble is, I'm paying a mortgage.
It's just not my own.

I get what you mean ... we used to joke that bank had kindly let us live in their house for another month ... as they owned more of the house then we did in the early days..

One thing that helped me was having an offset mortgage and paying some extra each month even if it was only £10 , Over time I could see the mortgage come down .. whatever happened each month I made sure to pay something additional. Meant I felt I was progressing.

It’s not easy but over time it feels good to chip away at that balance.. just think how you will feel when it’s all yours