Is buying a house a good idea?

Crashy_Time wrote: »

No, I have been saying for TEN years that property is a bubble created by cheap credit, and that situation will change at some point, and that the closer you are to that inflection point with a big property debt, the worse the economic consequences will be for you. Nobody was interested in property prices 20 years ago (except maybe a multiple I.D "poster" who may or may not be on this thread, but was definitely trolling, sorry contributing to, property discussions on the internet 20 years ago (is there a medal for that kind of dedication? Maybe they give you a free Liar Loan?:rotfl:)

I really don't know why I'm indulging you...

There was a crash 10 years ago. So you started predicting what - another crash? That it would never rise again and keep on crashing? So when it started rising again in (in some areas) around 2013, you did what - denied it saying there would be another crash? What about the next four years in some areas where prices nearly doubled? Still denying?

I think 99% people on this board will say there will of course be another crash in the future. Despite what you think, most of us homeowners don't want prices to stay high. I want my nephew and nieces to be able to afford to buy - something which is looking doubtful right now. My mortgage is relatively tiny so I don't care what prices do.

Okay, so if you have a big mortgage and there's a crash - then what? It's only a problem if you sell. And, even then, I've done okay out of two recessions and sold even when losing or breaking even. Some of the mortgage had been paid off, and I bought houses which I would have otherwise never have afforded which then went on to make substantial gains when the market did eventually pick up.

Of course people were still interested in property prices 20 years ago. I didn't even have a computer at home 20 years ago. MSE and HPC didn't form until 2003.

The 'big property debt' decreases over time. I remember laughing at what I thought was a big mortgage even say 5 years earlier at times. Most salaries increase, plus the debt gets smaller.

One serious question. When will you put your hands up and say 'I was wrong'. Go on, give us a year when you'll admit you were wrong. Or are you seriously going to say in say 8 years' time 'OMG I told you so, been saying it for years' and expect everyone to say 'Crashy, you've been right all along, we should have listened'. As a couple of people on here often cleverly quote, even a broken clock is right twice a day.

Sorry OP, I really don't like these thread derailments, but today I felt like biting.

Crashy_Time wrote: »

The amount of energy that has been thrown at this thread in just the last 24 hours saying that buying is a great idea is enough to put most people off buying I would have thought :rotfl:I really think that most people have woken up to the fact that when interest rates rise it is game over TBH.

Nope I think the fact you think its some sort of game sums it up really, people buy houses generally to live in...

Come on your have been saying for 10yrs that housing is a bubble, how much have you spent in rent in the last 10yrs and how much have you missed out on house price increases? Ad those two together and thats gunna be some hefty price, we will not see those sort of price crash, do you need a 100% price crash yet... Thats why in the long term rather than trying to "play the game", you are better off buying as its the less risky thing to do.

i bought 18 months back, but prices are so high you really are buying at the top luckily i got good deal and did it up myself. This forum are a bit deluded and do not consider the dangers of borrowing x5/6 salary, higher rates due and lack of savings for cushion before buying