"it's different this time" favourite bull quotes

hgllgh

dannyboycey wrote: »

Poking fun at others misfortune = not a good idea.

Lets have a bit of decorum.

I'm not poking fun at anyones misfortune ... I am poking fun at bulls who convinced themselves and others that the house price increases of the past few yeas were perfectly acceptable when in reality they were utterly despicable and will now lead to a whole load of misfortune. :money:

hgllgh

Sammz wrote: »

I agree. I bought for £55k in Nov 2005. Got to £125k last month. Don't expect it to go higher but it certainly won't drop below £55k.

55K!!!??? you bought a property in the UK for 55K in 2005. Do you know something we don't?

Nov 2005 I would have been looking at around the 250K mark just for a 1 bed and it's stayed at that price till now.

Sammz

dannyboycey wrote: »

You're probably right but I wouldn't discount the possibility totally. It could get close...75K...80K.

That's not close. That'll still be more than £25k what I'm owe on it.

hgllgh

pickles110564 wrote: »

You and Squatnow are the foolish ones always wanting to laugh/highlight others mis fortunes.
I believe that what abaxas has said " You Reap What You Sow. " when you lot keeping gloating in others misery something will happen to you but I bet you wont come back to share it so others can have a laugh on you.

As with dannyboycey, you have totally misunderstood my original post.

Read it back again and tell me exactly whose misfortunes I am highlighting/laughing at?

The misfortunates are the generation of people locked out of an overheated housing market created by bulls in banks and financial companies, government, foreign investment, the property market (ofcourse) etc etc....

Austin_Allegro

Innocenti wrote: »

I know I am a newbie to all this but does it really matter how much house prices drop if you are buying for a home? My offer on a house has just been accepted and I dont care if the value drops £30,000 after I buy it as I want to live in it for years, I want it as a home for my children, not to sell in a couple of years and make a profit.

We have rented in years and I hate the uncertanty and not feeling secure as your home is not yours and you could have your agreement cancelled at any time.

I just want to buy a house to live in and call my own. Why is that so bad??

Nothing wrong with it, assuming you aren't mortgaged to the hilt so can withstand rises in interest rates and rises in prices generally.

I'd also be pretty annoyed if I sank my life savings into a deposit for a house, only to see prices drop and realise I could have stayed renting, bought a cheaper place and kept some of my savings.

If neither of the above apply to you, you've not much to worry about, but remember that no house is ever really 'your own', even if you have paid off all the mortgage it is still, technically, the posession of the Crown who can have it off you at any time (compulsory purchase etc).

Sammz

hgllgh wrote: »

55K!!!??? you bought a property in the UK for 55K in 2005. Do you know something we don't?

Nov 2005 I would have been looking at around the 250K mark just for a 1 bed and it's stayed at that price till now.

I'm in Aberdeen. It's a small one bed flat in an alright (not posh but not too dodgy) area. One the same is offers over £99k just now but has been on the market for a couple of weeks. The last few months they've been sold within days (e.g. offers over £88k going for £125k).

Innocenti

Austin_Allegro wrote: »

Nothing wrong with it, assuming you aren't mortgaged to the hilt so can withstand rises in interest rates and rises in prices generally.

I'd also be pretty annoyed if I sank my life savings into a deposit for a house, only to see prices drop and realise I could have stayed renting, bought a cheaper place and kept some of my savings.

If neither of the above apply to you, you've not much to worry about, but remember that no house is ever really 'your own', even if you have paid off all the mortgage it is still, technically, the posession of the Crown who can have it off you at any time (compulsory purchase etc).

We have thought long and hard and gone through our finances so many times to make sure we can afford it and afford any rises in mortgage rates (going for a 2 year fixed rate at the moment)

I will just be happy to get on the property ladder :j

carolt

Innocenti wrote: »

I know I am a newbie to all this but does it really matter how much house prices drop if you are buying for a home? My offer on a house has just been accepted and I dont care if the value drops £30,000 after I buy it as I want to live in it for years, I want it as a home for my children, not to sell in a couple of years and make a profit.

We have rented in years and I hate the uncertanty and not feeling secure as your home is not yours and you could have your agreement cancelled at any time.

I just want to buy a house to live in and call my own. Why is that so bad??

It's not bad at all.

This thread is having a laugh at the expense of people who endlessly talked the market up, even when there were clear signs that prices could/can not be sustained.

There's nothing wrong at all in buying a house as a home to live in - it's what nearly all bears would like to do, too, I'm sure - but this may not be the best time to do it, financially speaking. That's not to say it couldn't be the right time in lifestyle terms.

Just do be wary of getting yourself into difficulties financially - in a rising market, taking out high income multiple mortgages, or with low deposits, didn't really matter, as you'd be building up a cushion of equity to protect yourself against negative equity just by existing - even if you had an interest-only mortgage. But in a falling market, as we are starting to see, you could be at risk of negative equity or even repossession, meaning you'd owe thousands and be stuck. So do make sure you can afford the mortgage, even if rates go up/other !!!! happens.

Provided you've found somewhere you want to stay for a a while AND you can afford, (and provided you won't be kicking yourself if next door is up for say 50 grand less than you paid for it in a year or two's time), then buying a house is a perfectly sensible, rational thing to do.

hgllgh

pickles110564 wrote: »

Yeah but good job they will still be in profit, prices may never reach the dizzy heights that they have just been but in the long run when wages catch up prices will start rising again.

dream on pickles. The problem is wages aren't catching up, if anything they are stagnant or going down due to the state of the economy/credit crunch etc.

Innocenti

carolt wrote: »

It's not bad at all.

This thread is having a laugh at the expense of people who endlessly talked the market up, even when there were clear signs that prices could/can not be sustained.

There's nothing wrong at all in buying a house as a home to live in - it's what nearly all bears would like to do, too, I'm sure - but this may not be the best time to do it, financially speaking. That's not to say it couldn't be the right time in lifestyle terms.

Just do be wary of getting yourself into difficulties financially - in a rising market, taking out high income multiple mortgages, or with low deposits, didn't really matter, as you'd be building up a cushion of equity to protect yourself against negative equity just by existing - even if you had an interest-only mortgage. But in a falling market, as we are starting to see, you could be at risk of negative equity or even repossession, meaning you'd owe thousands and be stuck. So do make sure you can afford the mortgage, even if rates go up/other !!!! happens.

Provided you've found somewhere you want to stay for a a while AND you can afford, (and provided you won't be kicking yourself if next door is up for say 50 grand less than you paid for it in a year or two's time), then buying a house is a perfectly sensible, rational thing to do.

We have been very sensible. We have gone for a mortgage which is £11,000 under the maximum they offered us just to make sure we could afford to pay everything! The other thing is that I am 35 and the older I get the harder it is to get a 25 year mortgage. We have also got a nice £15000 deposit and if we are not careful we will end up spending it. :rotfl:

Buying now is the right thing for us and we love the house we are buying and we can see ourselves living there for years. Our only other debt is £5000 on a credit card which we are paying off so I do think we are making the correct decision. We want a nice home to raise our children in and at the moment, this is the right time for us to buy. :T