Frustration of a market on a knife edge!

jyonda

mrstinchcombe wrote: »

Self respect plays no part, to say living with your parents means you have no self respect is absurd.

No it's not. It's actually spot on if you're 25 and earning a wage.

I do agree that I am sponging a little,

......ahhh so that doesn't affect your self respect then?

but my parents are happy to have me staying there

That's not what you said back in post #3

and now seems an awful time to buy.

Yeah, so rent like everyones been telling you...

Im sorry your parents kicked you out at 16

George said he moved out at 16, maybe his Mum didn't decide for him.

but you do seem to have done ok out of it, I guess this must have been at a time where it was easier to buy.

It's never been easy to buy. It got stupidly easy to borrow money which is why we are where we are now.

I know you wanted some sympathy but you really don't deserve any. If you hadn't been brainwashed into thinking that every 25 year old should own their own house or flat then maybe you wouldn't feel sorry for yourself.

neas

Come to think of it... Im starting to feel sorry for you OP . You haven't had neccessary life experience to manage owning a house.

MrSafeGaz

mr.broderick wrote: »

I really dont agree with this the lending criteria was 10 x stricter !!!!!!!!!!!!!!!!!!!!!!!!!

And so it should be! Ok, in terms of what you can borrow it is 'easier' to buy a house but those people borrowing 4 or 5 times their annual income are putting themselves into a considerable amount of debt.

To save up enough deposit to buy a house at a responsible multiple of your income, say 3 times your annual income, is quite a task these days and correct me if I am wrong but borrowing 3 times your income 10 years ago was not that difficult?

Walter_J

bristol_pilot wrote: »

I was in the same situation as you in 1989 and I made the wrong choice - bought a 1 bedroom flat. It was actually quite a nice one, but it halved in value in 18 months and it then took 12 years to get back what I paid for it.

Exactly the points I was going to make.

The housing market is starting a crash just like it did in 1989.

Buy a place now and it will likely be 12 years before it is worth the same amount again. You will have paid mortgage interest for twelve years and have absolutely nothing to show for it! Your money will be just as dead as if you had rented for twelve years.

Do not buy a flat! They are nothing but trouble. They will lose value more than houses in the crash, and they always have problems surrounding management companies. Rent a flat or go into a house share until you are coupled up, bide your time, save hard, and look to be buying in around five years time when prices have stopped falling. Most importantly, keep your credit record clean. Mortgages will be hard to get with a less than perfect record.

MrSafeGaz

mr.broderick wrote: »

Judging by this you aren't mature enough to buy a house on your own. I don't know you but you strike me as someone who lives at home with his parents rent free. I doubt you would survive in the real world. Bit of a puffter one might say.

Maturity level isn't an issue. I lived alone at uni for 3 years and so I know how to be independant. I do live at home and I don't pay any rent under the proviso that I save for a house.

Saving up and holding off from buying/renting for 12 months or so in the current climate is a sound decision. If this is your definition of a 'puffter'(sp?) then yeah sure, I will be one of those.

Whats more likely is that you are frustrated with your inability to be able to construct a meaningful response and have to resort to a petty insult to try and make up for that.

mr.broderick

MrSafeGaz wrote: »

Maturity level isn't an issue. I lived alone at uni for 3 years and so I know how to be independant. I do live at home and I don't pay any rent under the proviso that I save for a house.

Saving up and holding off from buying/renting for 12 months or so in the current climate is a sound decision. If this is your definition of a 'puffter'(sp?) then yeah sure, I will be one of those.

Whats more likely is that you are frustrated with your inability to be able to construct a meaningful response and have to resort to a petty insult to try and make up for that.

I sussed you out very easily didn't i gaz? It's because there are thousands of you out there. Don't get your frustration confused with mine, i've got a house buddy. Petty insults are ok on here gaz, i've received my fair share.
You're weak gaz like i said never roughed it, want everything for newt.

neas

MrSafeGaz wrote: »

Whats more likely is that you are frustrated with your inability to be able to construct a meaningful response and have to resort to a petty insult to try and make up for that.

How about this for meaningful?

MrSafeGaz wrote: »

Maturity level isn't an issue. I lived alone at uni for 3 years and so I know how to be independant. I do live at home and I don't pay any rent under the proviso that I save for a house.
.

You lived alone at uni... Sounds like your a loner... hence why you never even considered a house share. This has adversely affected your 'knowledge' and experience of living in a 'bills' household... other than when you were a student... Sure living in halls of residence is hardly 'tough'.

Its funny cause we are of similar ages and I laughed when i read your thread. Im thankful I didnt live my parents because it allowed me to develop myself more socially by living and sharing with other people... (This is the important bit here).... You've never lived with other people other than mummy and daddy who have probablyu pandered to your every need.

• Do your own washing?
• Cook your own meals?
• Pay jointly for bills?
• Pay for maintenance of House?
• Have women around? (most likely not lol)

Most answer will be no :P. That means you are sponging and immature.

Gonzo

I was over 25.



I didn't want to live like a student again particularly. (Though I do like wine?)



Turned out a house share was quite cheap, so I managed to pay off a lot of debt whilst there, meaning I could buy a house in the fullness of time.

It was fun as well.


I got lucky with HPI subsequently, so am fairly cushioned against a crash (should it happen...) but there does seem to be the feeling nowadays that we should have more possessions and better houses than our parents who worked 30+ years to get there. We are a more affluent society nowadays, but people seem to have unrealistic expectations. I drove an old Skoda for 8 years. I could have got a better car on credit, but I quickly learned the lesson that if I couldn't save for it and buy it with cash, I couldn't afford it. I think the same generally applies to deposits for house prices. Some people a few years older than you got lucky and bought when they did, but you'll have to deal with it, it's done now.

Save your deposit (from home or a houseshare, whichever), buy a house that you like, plan to live there for a few years (so don't buy a one bed flat with no garden) and get on with enjoying your life!

T._x

Maybe it's because I'm in the similar position that the most sensible posts on this thread (to me) are coming from the OP and MrSafeGaz. I take a little offence to anyone who says I have no self-respect. We're lucky to have good folks. I don't contribute either but they really wouldn't have it any other way.

mrsinchcombe - I feel I missed the boat myself with shared ownership and don't consider an option any longer. If your parents are anything like mine though they wouldn't want to see you renting and effectively throwing money down the swanny.

MrSafeGaz

mr.broderick wrote: »

I sussed you out very easily didn't i gaz? It's because there are thousands of you out there. Don't get your frustration confused with mine, i've got a house buddy. Petty insults are ok on here gaz, i've received my fair share.
You're weak gaz like i said never roughed it, want everything for newt.

Wow, you sussed me out that quickly? Couldn't possibly have been because in my first post I stated I was in the same situation as the OP. I am not sure where you got the impression I was frustrated? I accept the current climate and I also understand what it takes to put yourself into a good position to buy a property. I don't want anything for nothing and have never even hinted that, that is the case. On the contrary I am putting in the effort now to build up a strong financial foundation because I understand the value of a house.

I take it you didn't live away at uni That truly is the definition of roughing it.

Again, if having the patience and will power to hold off on housing makes me weak. Then I will happily be weak.