FTB's - don't buy now!

mr.broderick

brit1234 wrote: »

Mr Broderick you really seem bitter. Most of us who welcome the house price crash just want to get on the ladder. Even if we do get on the ladder we don't won't house price inflation over standard inflation as it we cost us more to move up the ladder.

Try to get this through your head.

Its only investors who want house price inflation and they should be to blame for the economic downturn that is coming, them and their greed.:mad:

Don't get my fun on here get confused with your bitterness..I have a house...

JonnyBravo

mr.broderick wrote: »

Don't get my fun on here get confused with your bitterness..I have a house...

:rotfl:

yeah but, no but, yeah but

brit1234

mr.broderick wrote: »

Don't get my fun on here get confused with your bitterness..I have a house...

So will I, its called saving a large deposit over 5 years and picking up a property at auction from a distressed investor.

50% falls I reckon. :j:beer:

CB1979_2

yeah yeah blah de blah.

again i ask for someone to answer me (about 18months i've asked and still not 1 satisfactory response ):

all you that are so desperate "predicting" a crash (for what is now half a decade, guess what i "predict" i'll die, i won't tell you when, but it's a prediction all the same ).

You're all so desperate for a crash, to jump on the "ladder" - why?
houses aren't good investments, you all seem to agree renting isn't dead money, it doesn't matter about owning a HOME, etc etc.

why should it bother you if house prices continue to rise by 1000% per year? you don't want to buy cos of all the reasons above, so why the big deal?

for the record I'm not a HPI cheerleader, it just makes me smile reading the complete and utter desperation to slag off BTL/2nd home owners/recent buyers, yet still wanting to jump on in as soon as you can

it's like telling a juggler to put down their flaming skittles cos it's dangerous, for you then to go and pick them up yourself.

i just want some of you to admit, that "predicting" an historical cycle is a magic recipe, you're not economic whizzkids, fine if you bought before the prices rose and sold today and the market bombs next week, but come on 5 years to predict somethng, that has then nearon doubled in that period, it doesn't make sense.

i'm sure in a couple of months, you'll get plenty on here, asking for help admitting they overstretched themselves, let's at least give them some hope they can return here asking for advice rather than getting ridiculed to suicide.

for the record all you suffering financial hardship, it's only money go bankrupt if need be, get the debts wiped clean and start again clean slate and within a few years will be credit worthy again.

i'd rather have a bankruptcy to my name and on the road to recovery than trying to fight big black dots against my name for every company that i couldn't pay for a couple of years then going bankrupt and having to start again anyway.

it's not morally right, but you need to do what's best for YOU in YOUR situation, (i've seen it first hand with my stupid older sister, swimming against the tide for a few years borrowing from family, until it still remains too much and eventually having to go bankrupt, if she had done it from the start, she'd be 2-3 years into recovery by now rather than 1 month!)

good luck all, hope it all works out for everyone whatever they want/need

tomstickland

You're all so desperate for a crash, to jump on the "ladder" - why?

Because houses would have fallen back to what are regarded as reasonable prices. People will be able to buy and have a life rather than spending a high percentage of their income on housing. (Not me BTW, I bought 2 years ago, modest property, low mortgage rate).

Regarding bankruptcy, saying "it's only money" misses the point that it's some else's money. OK, just think about yourself. Can you lend me £5000? I'm not going to bother paying it back. I'm sure you'll understand - I need it for me.

HammersFan

brit1234 wrote: »

So will I, its called saving a large deposit over 5 years and picking up a property at auction from a distressed investor.

50% falls I reckon. :j:beer:

Do you not think that there might be a few other people at that auction (you know, the one with all those 50% reductions) with a few quid in their pocket, ready to outbid you? Some of the money the other bidders are holding they might have even got from property investing or by withdrawing equity from the house that has gone up a lot in value.

There is loads of pent up demand (for house buying) out there as people like yourself and carolt demonstrate with your increasingly angry / bitter posts on here. As a result I don't think you will get quite the bargain you are looking for. One of the reasons that we have had such strong growth over the last 10 years could be that property was probably undervalued before, and there was pent up demand in the market.

shoppaholic_returns

if everyone listened to these doom mongerers, now and in the past NONE of us would have bought our own house!! people who have to sell at this point in time may loose out, not those of us who purchased a home with the intent to actually live in it for a good few years. if my husband and i had paid attention to the aforementioned IDiots, we would still not have bought now 10 yrs down the line and would be hundreds of thosands of pounds out of pocket, NO-ONE EVER HEARD OF A WEALTHY PERSON WHO DIDNT STICK THEIR NECK OUT!! Some times you get it chopped off, but if youre in it for the LONG TERM, I cant see too much of a problem,yes bag yourself a good deal theyre there to be had, but why has everyone got to OBSESS about the short term?? I always thought property was a long term investment and I certainly havent done to badly out of it!!

MrSafeGaz

I think unless you really have to buying a house as a FTB now would be a mistake. No one can deny that the market for houses is looking a little rocky at the moment so it is well worth sitting it out to see what comes from it. I am looking to buy my first house and do not believe there will be a huge crash but I also don't believe that house prices will rise by any significant margin for a fair amount of time. My plans for buying a house are based on this assumption because if house prices don't rise by much then saving a deposit in the meantime is guaranteed to put you in a stronger position.

So although I agree with the OP in principal, I think its a little overly dramatic and may give those that are naive the wrong impression. What I would say though is that I don't think it can do any harm at all for FTB's to hold off for a while in the current climate to survey the situation. I don't think many can disagree with that.

CB1979_2

tomstickland wrote: »

Regarding bankruptcy, saying "it's only money" misses the point that it's some else's money. OK, just think about yourself. Can you lend me £5000? I'm not going to bother paying it back. I'm sure you'll understand - I need it for me.

completely agree, but the system is in place now so use it is my opinion, if you were facing proper financial hardship every month missing payments not being able to pay a mortgage, etc etc.

i'm not saying these people went out and intentionally borrowed to never pay back which your example is stating, but if you were a good mate of mine, then yes i would lend you £5k (i in fact got my mate a £10k loan out in my name for him, as he messed up his credit file when at uni trying to support his mum & sister as well as himself, as i've known him for 15 years thought it was worth the "risk" to me to do it for him, i charge him nothing he pays what it costs - he was looking at paying back about £8k in interest over 5 years, my loan he pays back £1.5k that's all)

would you rather fight against it for a couple of years still not being able to get out the hole THEN forced to go bankrupt or would you rather just get it out the way?

my sister has proper screwed her and her family (me included) over, by borrowing from us "for a couple of months", "need food for the kids", etc etc. if hse had faced reality when it all hit the fan 2-3 years ago, she wouldn't have continued to rack up debts with late/missed payments, arrears, etc etc.

true these people shouldn't have got themselves in the position, but the reference to "it's only money", i was referring to there's a lot more serious things that can happen in life than not have a few numbers on a piece of paper/screen with a bank's logo on it.

anyway back to the HPC topic

JonnyBravo

MrSafeGaz wrote: »

I think unless you really have to buying a house as a FTB now would be a mistake. No one can deny that the market for houses is looking a little rocky at the moment so it is well worth sitting it out to see what comes from it. I am looking to buy my first house and do not believe there will be a huge crash but I also don't believe that house prices will rise by any significant margin for a fair amount of time. My plans for buying a house are based on this assumption because if house prices don't rise by much then saving a deposit in the meantime is guaranteed to put you in a stronger position.

So although I agree with the OP in principal, I think its a little overly dramatic and may give those that are naive the wrong impression. What I would say though is that I don't think it can do any harm at all for FTB's to hold off for a while in the current climate to survey the situation. I don't think many can disagree with that.

Whoa there fella..... reasoned thinking??? Qualified, sensible but not blanket advice???

This won't do.... this won't do at all.


Nail 'im up.... nail 'im up I say....




just in case you were in doubt