Own up. Do you regret it

Jay1b

Dee123 wrote:

Pension funds and the FTB's who will have been lurking and saving for the previous 18 months, waiting to see what happens.

I'm entitled to my opinion.

I think your right about this, I think Gordon Brown needs shooting over it as well...

For this reason I'm thinking about buying in January, do you think this would leave sufficient time? Or do you think it maybe worth looking in December? Obviously I want to leave it as long as possible, as i do think that without this idiotic scheme house prices would be on their way down (not alot 5-10%).

John_M_Business

eurows wrote:

Is there anybody here who wishes they had not bought last year in the peak or now thinks they are in negative equity.

Or have you got an IO mortgage and wish you hadn't.

Or have you bought last year and now look at your repayments at the cost of holidays and a life and wish you hadn't.

Truthful answers only please

Y'see it's this kind of thing that sparks off the debate...

First para - fair question...
Second para - also fair...
Third para - get real! If you're not paying off a mortgage then you are RENTING ... so you are STILL PAYING MONEY ... therefore the 'holiday and life' point is totally ridiculous.

Jake54

>>>>>Is there anybody here who wishes they had not bought last year in the peak or now thinks they are in negative equity.<<<<<

There is no negative equity
All that has happened is house pricese have slowed
They are still going up only but only slighty and even if they drop it won't be by alot
and if it was alot it will eventualy rise again
Remember the last crash, people said that house prices would never rise that way again, and they did


>>>>Or have you bought last year and now look at your repayments at the cost of holidays and a life and wish you hadn't.<<<<<<<<

One persons buys a house pays £500 per month. House value increases even if it's slighty
Another rent's and pays £500 a month to someone else

Your more likly to get kicked out of your rented house.
With the mortgage, so what if the rates go up a bit. you put the brakes on you cut down on the amount of fag's and booze you buy.
you put off for a couple of months that item you were going to get from Ikea.
The fuel goes up, so you don't travel to the shops so often or go on a drive
Thing's arn't as bad or going to get as bad as everyone makes out.
Doom&gloom merchants!!
We would have lost the world war II, if we had you lot running the country
It's the same lot who came up with the slogan inthe 70's when people were fearing the Russians
"BETTER RED THAN DEAD"

Dee123_2

Jay1b wrote:

I think your right about this, I think Gordon Brown needs shooting over it as well...

For this reason I'm thinking about buying in January, do you think this would leave sufficient time? Or do you think it maybe worth looking in December? Obviously I want to leave it as long as possible, as i do think that without this idiotic scheme house prices would be on their way down (not alot 5-10%).

Jay1b

The period is Xmas is traditionally quiet so not much property about. The new tax relief laws come in in April so there will be more buyers about after then. That's also when people tend to put more properties on the market anyway. Start looking as early as possible, find your preferred area, street etc. It's all in the name of research. The key is to find something you want when it's available and you can afford it, of course!

Please allow for regional variation and the fact that this is just my opinion!

PS Yes the pension scheme is stupid and another prop-up by Mr Brown and cronies. I'm more concerned about the scheme for mass creation of shoe-box sized identi-flats that you only buy half of.

Anyway, good luck and have fun

Dee

meanmachine_2

Dee123 wrote:

Jay1b

The period is Xmas is traditionally quiet so not much property about. The new tax relief laws come in in April so there will be more buyers about after then. That's also when people tend to put more properties on the market anyway. Start looking as early as possible, find your preferred area, street etc. It's all in the name of research. The key is to find something you want when it's available and you can afford it, of course!

Please allow for regional variation and the fact that this is just my opinion!

PS Yes the pension scheme is stupid and another prop-up by Mr Brown and cronies. I'm more concerned about the scheme for mass creation of shoe-box sized identi-flats that you only buy half of.

Anyway, good luck and have fun

Dee

Entitled to your opinion, but I don't think you understand the new pension law. You can only put half of your pension into property. And who would do that when it's a depreciating asset? Meanwhile the stock market continues to rise at approx 10%.

Property in England and Wales has fallen for 14months in a row, accoridng to Hometrack.

There's an argument for saying yes, buy a house to LIVE in, but anyone who seriously thinks property is appropriate for pensions is barmy.

Do you know anyone with more than 300K in their pension plan? Because that's the MINIMUM you'll need to take advantage of it.

I'm afraid this is yet another example of EAs using every trick in the book to try to tell FTBers "hurry hurry hurry!"

It gets very old very quickly.

Jay1b

I knew about the stupid pension thing anyway, just thought i would add it

I thought there was less activity at xmas time, i didnt know the number of properties actually on the market also decreases at xmas.

Dee123_2

Meanmachine, I knew you'd be along, what took you so long???

meanmachine wrote:

Entitled to your opinion, but I don't think you understand the new pension law. You can only put half of your pension into property. And who would do that when it's a depreciating asset? Meanwhile the stock market continues to rise at approx 10%..

Property has never been a depreciating asset, not long term. Lots of FTB's increasingly cant afford to buy so add opportunistic rental income to that.

meanmachine wrote:

There's an argument for saying yes, buy a house to LIVE in, but anyone who seriously thinks property is appropriate for pensions is barmy..

Definitely agree with the first part, as for the second time will tell.

meanmachine wrote:

I'm afraid this is yet another example of EAs using every trick in the book to try to tell FTBers "hurry hurry hurry!".

Don't know any estate agents anymore.

Bestthingsinlifearefree

In most places in the UK house prices are holding firm and year on year are up so nobody would be in negative equity and many would have enjoyed gains in the value of their homes.


Average house price Eng and Wales https://www.landregistry.co.uk (ie what prices actually sold for).

Q1 2004 WAS £166,404
Q1 2005 WAS £183,486
Q2 2005 IS £184,924

There are many missed the boaters / first time buyers who want or need house prices to fall but all the evidence suggests they are going to stay the same / edge up slowly with inflation.

Most people say that buying their house was the best thing financially they ever did and certainly better than renting and paying off your landlords mortgage !!!!

Sput2001

Bestthingsinlifearefree wrote:

Most people say that buying their house was the best thing financially they ever did and certainly better than renting and paying off your landlords mortgage !!!!

I first took out a mortgage in 1996, kept up my payments and overpaid as and when I could. I have just sold my house (yes, there is still an active market out there) and will be living mortgage free probably by the end of November.

Do I regret it? It's a no-brainer, really...

meanmachine_2

If I'd bought in 1996, I certainly wouldn't be regretting it.

But is that the issue?

Anyone who bought before 2003/4 is probably protected from even a crash in prices.

But as I say, I know a couple of people who really stretched themselves to buy in 2004. If they knew that they might be in neg eq, they'd probably top themselves, so it's a subject we don't explore.

And yes, if you bought in summer 2004, at market peak, you've certainly lost money.

In 25 years' time will they still be in the red? No. But isn't the issue one of timing?