A Good Time For First-time Buyers?

teabelly

The doom mongers are keeping buyers away and making things stagnate. Buying a house shouldn't be about what the media are saying or what you think the market is doing at all. You HPCers moan because everyone is treating property as an investment then tell them to not buy as prices will fall! Just as much of a contradiction as me saying the doom mongers are making things worse I think.

In 6 months time I am quite happy to eat my hat if I am wrong. Are you willing to do the same?

cats!

My opinion? I would advise any FTB to hold-fire. Rent and save up.

You only have to look at ex-pat websites to see how vendors are struggling to sell before they emigrate - some have been on the market for months.

To those who say "renting is dead money" - well, so's the interest on a mortgage if you pay a fortune for an over-inflated asset!

meanmachine_2

teabelly wrote: »

The HPC people have been shouting crash for the last 5 years. Things were going the same way at the end of 2004/beginning of 2005 and look what happened. Mega price inflation after that. Credit tightened at the end of 2004 and...

...and I'm sorry but you don't have a clue what you're talking about.

Writing long responses doesn't make you any more convincing you know.

There was NO credit tightening in 2004. If you can give me ONE, just ONE example I'll be amazed.

Sadly, what happened from 2004-6 was the Northern Rock effect.

N Rock is dead now.

It's over.

And trust me. I'm talking as a potential FTBer who is actually out there looking at property.

I'm treated like I'm the only buyer in the market, with the prices of properties I've viewed dropping by 10K every WEEK. Seriously.

Step away from the computer, get out into the real world and educate yourself.

carolt

teabelly wrote: »

In 6 months time I am quite happy to eat my hat if I am wrong. Are you willing to do the same?

Yes.

Happy to.

Like the others, I don't believe verbosity excuses the need for correct facts.

There are too many errors in your extremely long post for me to have the time to correct them one by one.

All I can say is, we've tried to help and advise you, but you will not accept what is staring us all in the face.

Just don't expect sympathy....

macaque_2

Whats this rubbish about stand offs and Mexican stand offs?

There is no stand off, nothing zilch. People don't have the money to buy houses at these prices. For a few heady years, people used smoke and mirrors to borrow more than they could pay back but that is finished.

The party is over. The bubble has burst. East Europeans are starting to leave the UK, city jobs are dissapearing in their thousands, banks won't lend at current prices, buyers are coming to their senses and BTLs are stuck with leveraged assets which are declining in value.

This does not mean the end of civilisation but it does mean that a lot of people will have to reaquaint themselves with such things as living within their means and doing an honest day's work for an honest day's pay.