Why are some people on here being so nasty?

neverdespairgirl

LillyJ wrote: »

So Miss Clever Clogs, when are you going to bite the bullet and buy a house? Probably you will spend your whole life obsessed with house prices, never buy, even if prices drop 40-50%,

I know this wasn't written to me, but I'm answering anyway (-:

I don't care about the bottom of the market - I'm not an expert, but even if I were, judging that is more a matter of luck than anything else, I reckon.

We are happy renting now, but don't intend to do so life-long. When prices have fallen to a more realistic level, we'll buy then.

brit1234

LillyJ wrote: »

Sure, but no one can deny that if you bought, say 10 years ago, you would be well on your way to owning your home outright, and you wouldn't care less about house price crashes, as they are unlikely (in almost everyone's books) to drop to 1998 prices.
So you have a secure home, you haven't had to rent for the last 10 years, you have significant equity....need I go on?

So Miss Clever Clogs, when are you going to bite the bullet and buy a house? Probably you will spend your whole life obsessed with house prices, never buy, even if prices drop 40-50%,(claiming they are "unaffordable, this isn't the bottom etc") then in a few years when houses start to climb again you sill start "ooo I am not buying now, can't you see, house price rises are unsustainable, we are heading for another crash in 15 years, can't you see that? blah blah blah you are all greedy blah blah"

Then before you know it you will be old and will have wasted your life waiting for something that you never take advantage of. And you will mean time laugh at anyone who dare want to own their own home, for whatever reason.

If you genuinely wanted to rent for life, then I have no issues with that (my Grandparents rent from the council and they are 86 and 87) but the fact is you aspire to own a house, but you can't help but think there is always another few grand to save......

You are as bad as those who only buy to make money, you will only buy to save money. Who cares about a home when you are in your 70s, at least you will have that few grand in bank.....

Its all about timing, preparation and resources. Some of us are ready to take advantage of the situation in the coming 18 months. Renting a couple years rather than buying a vastly overvalued property makes sense to me.

viddy

LillyJ wrote: »

Sure, but no one can deny that if you bought, say 10 years ago, you would be well on your way to owning your home outright, and you wouldn't care less about house price crashes, as they are unlikely (in almost everyone's books) to drop to 1998 prices.
So you have a secure home, you haven't had to rent for the last 10 years, you have significant equity....need I go on?

So Miss Clever Clogs, when are you going to bite the bullet and buy a house? Probably you will spend your whole life obsessed with house prices, never buy, even if prices drop 40-50%,(claiming they are "unaffordable, this isn't the bottom etc") then in a few years when houses start to climb again you sill start "ooo I am not buying now, can't you see, house price rises are unsustainable, we are heading for another crash in 15 years, can't you see that? blah blah blah you are all greedy blah blah"

Then before you know it you will be old and will have wasted your life waiting for something that you never take advantage of. And you will mean time laugh at anyone who dare want to own their own home, for whatever reason.

If you genuinely wanted to rent for life, then I have no issues with that (my Grandparents rent from the council and they are 86 and 87) but the fact is you aspire to own a house, but you can't help but think there is always another few grand to save......

You are as bad as those who only buy to make money, you will only buy to save money. Who cares about a home when you are in your 70s, at least you will have that few grand in bank.....

well said lilly, i've bought a house 9 months ago and soon after the house prices started to fall. Fortunately I can still afford to pay the mortgage and afford a decent living. I would have liked the house prices to be less but they were not. But right now there are not many houses on sale and I cant find a similar house in my area for any less. I dont think I made a bad decision as you said if I were to wait for a substantial fall in house prices or wait for a realistic house price I may have to wait a long time paying rent, living in a tiny house in a bad area to save money. I am glad I bought the house as I am living in a good location and a good house and I have the satisfaction of living in my own house.

borntobefree

Dithering_Dad wrote: »

Four years is a long time to put your life on hold.

And financially it probably would not have been worth it anyway. Increasing interest rates have wiped out most of the gains to be made from falling property market values as we have discussed here before.

£200,000 @4.5% costs £333,348

A drop of 25% but an increase in rates of 3%

£150,000 @ 7.5% costs £332,544...

However, it's good for FTBs as they can now get on the ladder.

LillyJ

neverdespairgirl wrote: »

I know this wasn't written to me, but I'm answering anyway (-:

I don't care about the bottom of the market - I'm not an expert, but even if I were, judging that is more a matter of luck than anything else, I reckon.

We are happy renting now, but don't intend to do so life-long. When prices have fallen to a more realistic level, we'll buy then.

Yes, but you don't go around calling people stupid for buying a house 2 years ago do you? You are also in central London (which makes a huge difference when you compare it to up here) and you have a nice rental at a reasonable rate where you feel secure.

You are also not obsessed with house prices and don't claim to know it all and claim to have forseen it since 1862.

Unlike some people round here.

magicdogsbrain

brit1234 wrote: »

Sorry but the signs were out there to see early on, you can't have double digit property growth year on year. It was very obvious we had a property bubble and lots of us have waited by the side lines for it to finish.

Its time for people to realise they are to blame for their situation, common sense rather than emotion or greed should of made their decision.

I thought exactly the same thing in 1999 after renting for a year. Houses had risen at a ridiculously high level over the last year. If I remember correctly, a 40K house in 1997 - 1998 was around 60K in 1999.

I thought – any minute there will be a crash – it can’t possibly keep on rising – who can afford to buy at these levels?

Anyway – I finally admitted I was wrong and bought at the end of 2000 for 115K. So my caution cost me 55K!

Those who had similar thoughts over the last couple of years and didn’t buy were just lucky in my opinion.

Congratulations to all those in that position.

borntobefree

magicdogsbrain wrote: »

I thought exactly the same thing in 1999 after renting for a year. Houses had risen at a ridiculously high level over the last year. If I remember correctly, a 40K house in 1997 - 1998 was around 60K in 1999.

I thought – any minute there will be a crash – it can’t possibly keep on rising – who can afford to buy at these levels?

Anyway – I finally admitted I was wrong and bought at the end of 2000 for 115K. So my caution cost me 55K!

Those who had similar thoughts over the last couple of years and didn’t buy were just lucky in my opinion.

Congratulations to all those in that position.

Indeed, there were plenty of people who sold up at all points from 2000 onwards (I knew a few of them) thinking the market was going to crash and it didn't - then they were priced out of the market.

clobber_2

borntobefree wrote: »

And financially it probably would not have been worth it anyway. Increasing interest rates have wiped out most of the gains to be made from falling property market values as we have discussed here before.

£200,000 @4.5% costs £333,348

A drop of 25% but an increase in rates of 3%

£150,000 @ 7.5% costs £332,544...

However, it's good for FTBs as they can now get on the ladder.

I'm not convinced by your reasoning there, BTBF. Interest rates aren't fixed for the term of the mortgage, so two properties bought five years apart are going to be at similar interest rates for 20 years*. It's only the interest difference for the first five years that matters.

The point is a good one though, as Alfie says "Seems like if they ain't got you one way, they got you another".

*Assuming both bought on a 25 year term.

Turnbull2000

LillyJ wrote: »

Sure, but no one can deny that if you bought, say 10 years ago, you would be well on your way to owning your home outright, and you wouldn't care less about house price crashes, as they are unlikely (in almost everyone's books) to drop to 1998 prices.
So you have a secure home, you haven't had to rent for the last 10 years, you have significant equity....need I go on?

So Miss Clever Clogs, when are you going to bite the bullet and buy a house? Probably you will spend your whole life obsessed with house prices, never buy, even if prices drop 40-50%,(claiming they are "unaffordable, this isn't the bottom etc") then in a few years when houses start to climb again you sill start "ooo I am not buying now, can't you see, house price rises are unsustainable, we are heading for another crash in 15 years, can't you see that? blah blah blah you are all greedy blah blah"

Then before you know it you will be old and will have wasted your life waiting for something that you never take advantage of. And you will mean time laugh at anyone who dare want to own their own home, for whatever reason.

If you genuinely wanted to rent for life, then I have no issues with that (my Grandparents rent from the council and they are 86 and 87) but the fact is you aspire to own a house, but you can't help but think there is always another few grand to save......

Ahh, I see. So it's no longer about buying three years ago and missing out, it's now about buying 10 years ago and missing out. Age doesn't even come into it. Daily Express-like logic at it's finest!

Pretty hypocritical to call another poster obsessed when you yourself frequent the forum. I gather you've already bought yes, with a long-term view to simply sitting out the peaks and troughs. Correct me if I'm wrong here, but if this is true, why the need to post in this forum? Brit1234 clearly has an interest in the market cycle as he's yet to buy, whereas you don't.

Just how many people do you think sat out the 90's boom and crash, only to think they'll hold on while longer and find themselves still stuck renting in 2008? "Oh sh*t, that's two booms I've missed out on. Third-time lucky eh!". That's a ridiculous argument.

People are realising they don't have to "think" there's a few grand to save, they know there's a few grand to save. Well, tens of thousands actually. So with a much smaller mortgage, how will they be wasting their life exactly? They'll likely have more opportunities to live it up more than anything. Greater disposable income etc. Or does not having a hefty mortgage = no life?

LillyJ wrote: »

You are as bad as those who only buy to make money, you will only buy to save money. Who cares about a home when you are in your 70s, at least you will have that few grand in bank.....

You for bloody real? :rotfl:

magicdogsbrain

When I rented in 1999 my house was worth about 60K and the rent was £750. Now it’s worth 200K and rents are about £850. 1999 it was £12.50 pm per 1K, now its £4.25 pm per 1K!

I would guesstimate that this will at the very least meet somewhere in the middle. Say house prices come down 30%, ratio of 8.38 ppm/Kvalue – my 3 bed semi will be worth £140K with a rent of £1173. Therefore rents could increase by 38% in the next couple of years.