In 2004 when I before I bought my home, I asked people should I buy now or wait until a crash. Everyone told me to wait.

I dont like doing what I am told, so I bought my home for £195,000. I got a survey done for my will and the report came in yesterday, the house is valued at £265,000. Thats an increase of £70,000 equity. Taking into account any future crash or correction, even if it was to happen today I would lose £70,000 thats not mine until I sell anyway, i would not lose any money on the purchase price.

My advice to FTB is you can wait and keep on waiting and the house prices are just going to keep rising. Others on here will disagree as I expect them too, thats their point of view. My view is based on the evidence around me.

Now that interest rates are on hold, expect prices to keep on climbing, are you being left behind on affordability.

I know for fact I cannot afford to get a mortgage for the house I live in, if I bought it at todays prices. Thats one decision I made that paid off.

you are an asshole

Of course, £70k worth of asshole.

All together now:

AAWWWWWOOOOOOOGGGGGAAAAAAAAAA

That has got to be one of the worst posts I have ever seen. Do you really think that is gonna make people with a brain go out and get mortgaged up to the max for 25 years or more??

Fool.

The decision has been taken from most of us at this point - though I agree that asset prices will continue to rise

Buying at this point would be financial suicide for many - the only people to benefit would be the bankers when we defaulted on our loans

IIRC that's how the fiat system works - everyone can't pay back the principal+interest (there isn't enough money in the system) - some of us HAVE to default to keep the system rolling

I am an asshole, but I am not a homeless asshole.

If they want a home. Yes !

I smell a troll - you just made my ignore list...

What makes him an asshole?

So there you have it. You've said yourself you wouldn't be able to afford it now. Lots of us haven't been able to afford a place for quite some time. What a pointless post.

Not buying at this point, they will look back in 2 years when prices will be even higher and affordability will be off the chart, and say "I wish I bought in 2007".

I couldnt afford to buy my house if I came today, not to even think of what it will be worth in 2 years time. I dont think prices will crash enough to make me regret my decision to buy in 2004.

The door is closing on affordable house if it is not already shut. Look at "Homeless", A bitter, angry sad little man, hoping the BNP will come to the rescue and save him from being pricedout.

the bears in this forum are getting more and more despondent and quite understandably.........This is the nature of bubbles in asset markets.......When no-one expects a correction (when the last bear turns bull) it will come!
Silly things start happening prior to a peak such as people who should know better telling priced-out FTBs to buy abroad to ''get on the ladder''............
Another thing is how when people (especially the VIs) compare the current situation with the past they conveniently ignore the effect of MIRAS......
CTT and CO will know the exact figures but in the 1970s the basic rate of income tax was 33% and in the 80s it was 25%..........Interest-only mortgages weren't really available then but MIRAS had the effect of making 1973s 15% IRs effectively 10%..........and the 15% of the late 80s only 11.25%....1981 similar........

Also you have to remember that the 15% IRs were only there for very short periods.....Most of the 70s and 80s i think Irs were about 9 or 10% which is almost as low as now after allowing for MIRAS

Yeah, right. No productive worker in the UK will ever be able to afford to buy a house at any point in the future.

Now I presume you're going to tell us who's going to buy houses that no-one can afford to buy and who's going to buy the houses when they come to sell. And what they're going to do when a generation of kids get fed up with being priced out of the market and decide to riot in the streets and burn them down.

Oh, no, I didn't think you would.

i would just like to add, this fellow has had 80 odd posts in which 90% have been insulting, ignorant or plain trolling bull.

check and see for yourselfs.


come on mods do your job

i can see a new avater coming your way nomoney


why call yourself nomoney anyway is this becuase your struggling to pay your mortgage?

Everyone is entitled to their opinion - no one really knows what's going to happen to house prices in the next 10 years. Maybe you will have to spend £1m in a few years time to buy a studio flat in a council tower block in Dagenham. Alternatively there may be a stock market crash or a dirty bomb in the City which brings on a deep recession and a fall in asset values.

Either way it doesn't help potential FTBs on average salaries now who need seven times salary mortgages just to buy a one bed flat in a crummy area.

You posted this 4 days ogo

Ole!

To keep the system going someone has to borrow money from a bank who magics it from nothing, this money, ultimatly, as it works its way through the system will pay any outstanding interest, if however there is an overall reduction in borrowing, either individual for housing or consumption or for capital investment then we will end up in the situation as you described, not enough money to make the system work, we are not in that situation yet. This is the boom and bust that is deliberatly built into the system, this is also why it doesnt matter which side of politics is in power, the outcome will always be the same, repeated every few years.

And you posted this 2 days ago

Ole!

Lol!!!

Someone delete this thread.

When I bought in 1975 the mortgage IR was 11% with tax relief of 33% this equated to 7.7%. The relief was capped, and over the years up to its demise, it pretty much withered on the vine, since the cap was not raised in line with HP inflation.

Of course, since starting tax rates were 33%, one could argue that take home pay was less than today, when the starting tax rate is 10%.

The best indication of relative affordability I've seen is on this graph, which allows for MIRAS.

http://www.wenty.co.uk/reference/zak312.html

This is really pointless - it does not make the blindest bit of difference whether prices multiply by 10 in the next 2 years, that is not going to suddenly make people able to purchase today! If they cannot afford it, they cannot afford it. Simple. What happens in the future cannot change the past.

No you are a debt ridden asshole. Who probably will never have kids because buying a house at an over inflated house means cannot
afford them to feed any offspring.

yeah, you have a nice warm place to shelter from the rain

up your estate agent boss's hairy sphincter

but seriously, yes, you are right. You ARE an asshole.

are you trying to say houses were as expensive then as now?

what are we all doing then?
we must be spunking our money on ipods.

I think time is clouding your judgement, just becuase its nice and easy for you now, but the ftb ffigures speak for themselves.

no, as long as fiat expands constantly no one has to default.
on top of that, that statement also relies on the banks/bankers hording their money, when in fact it is likely they will spend it on something

It's true: I bought another three hundred ipods just yesterday. I'm going to buy a Ferrari on Monday, I think.

Jeez, this is becoming a troll fest - I can't read most of your posts - on ignore...

Let me get this right - you are advising first time buyers to buy a home at prices you yourself have admitted you can no longer afford?

Bluddy marvellous piece of advice that is.

Mind you, you've already admitted to what you are so why am I bothering to type.

his avater has changed right on target:)

welcome to the troll sub forum

The fat lady hasn't sung yet.

So the catagories are now bearish, very bearish, extremely bearish, neither, bullish and troll

Very few of us post from cardboard boxes I would imagine, so "homeless" we aren't (there's only one homeless anyway ).

'

http://en.wikipedia.org/wiki/Internet_troll



http://en.wikipedia.org/wiki/Schadenfreude



http://en.wikipedia.org/wiki/********

Strange that you'd pay for a valuation for a will given that with a 200K house it hardly merits the effort that's where you lost my interest TBH.
However, for the sake of discussion an estimated value of 265K (lets say 250K sale price) gives you perhaps 45K clear profit once imput costs and exit costs are accounted for. Roughly the 20% increase over 2.5 years most commentators have suggested is correct. A fall of roughly 15% in values would put you back to where you started. Your point is...?
Incidentally your I.O. mortgage would have gone up nearly 500 quid in the same period

Why dont you buy another? Earn yourself another easy 20 odd grand a year? Easy money.

so what happeneds when peopel decide not to work anymore.

So I post this subject this morning and someone probably a moderator has decided that I am a troll and an asshole.

Why ?

Because I bother to voice an opinion on what I believe !

What you are all failing to realise is this, people out there are paying attention to this site, if people cannot give their own opinion then it is censurship and what is the point of this website.

Do you only want people to post subjects that agree with your interpretation of the facts or else they get trolled ?

I must say I expected better.

Have I bought a house at an over inflated price ? Yes
Am I debt ridden ? No more than anyone else
Will I have kids and can I afford them ? Yes as much as anyone else

Your point of this post being what, i am just like you or are can you not afford a home to start with, let along kids.

I am fully aware of the definition. My point is that the fine line between giving an opnion and being a troll often depends on whether said person is a bull ot bear.

WHY?

It sometime helps if you read through their posts from when they first joined.

http://www.housepricecrash.co.uk/forum/ind...p;hl=&st=75

Like a give a toss

You think I am a estate agent !
No I wouldnt even know where to start the bull.

If an arsehole is me, then theres probably around 30 million arseholes in the country, I can live with that.

nomoney may be guilty of posting a bad topic (and not have given it much thought) but he is not a troll

this is definitely a bit of over-zealousness on the mods part

big brother and all that

edit: www - now there's a troll

http://www.housepricecrash.co.uk/forum/ind...mp;#entry530109

I know I shouldn't feed it but:

How do you know you wouldn't lose money in a crash?

If you couldn't afford your house at today's prices, you probably can't afford to trade up.

How much dead money in interest have you paid in those 3 years?




True.




I'm all for a variety of views, in fact I welcome it, as do others. I think the 'troll' accusation comes from the fact that you started off seemingly quite bearish, like a lot of posters who join HPC pretending to be confused lil' FTBs. After a couple of weeks or so, you 'see the light' and realise that HPI will continue to infinity - and try to convince the rest of us that this is the case. Which is trolling. You are probably an estate agent or a BTL.

Yawn.

No you are a debt ridden asshole. Who probably will never have kids because buying a house at an over inflated house means cannot
afford them to feed any offspring.

Why does buying ahouse = no family? I have bought recently, am expecting a child and am on average wage, I will be just fine you arrogant ******

I think he means you'll be f**ked in a years time not at the moment. At the moment most house owners feel quite smug and content. Just like a friend of mine who owned £60k's worth of Marconi shares in 2003.

Ftbyers Buy Now - Dont Wait Any Longer.

I take it (from your breathless advice above) that you're willing to give me the money to do this. About £50,000 should do for a decent deposit.

Thanks in adavance.

BoD