"oh you're far better off buying"
- Thread starter paolo
- Start date
Andy the Don
Wise men say only fools..
TopCat said:How are all you house buyers feeling now? Comfortable?
Yeah, when we brought our place in 2002 I thought "how much fucking hell we're mad the housing market must crash if this place is costing us this much.."
Well, what do I know.. The value of the nearly property has doubled as our area of London has become a "desirable" area to live in for young families.
All comes down to supply & demand, a house in our area is sold in 4 weeks. Just down the road a property developer has done up a house, very cheaply done it up may I add & he is asking for an area record breaking amount & it has sold..
TopCat
Putin fanboy
Andy the Don said:Yeah, when we brought our place in 2002 I thought "how much fucking hell we're mad the housing market must crash if this place is costing us this much.."
Well, what do I know.. The value of the nearly property has doubled as our area of London has become a "desirable" area to live in for young families.
All comes down to supply & demand, a house in our area is sold in 4 weeks. Just down the road a property developer has done up a house, very cheaply done it up may I add & he is asking for an area record breaking amount & it has sold..
My best advice, flog the house and move into a hotel.
TopCat said:I have to stop spunking my money, get the rest out from building societies that may go under and then wait for the low point. It will take four years for the true horror and lowest prices to be achieved.
I might be corrected here, but I thought building societies were more conservative about lending mortgages than banks.
PacificOcean
Unhinged User
And what about us who haven't bought to make money but just so me and the OH have somewhere to settle down and grow old together with our child subsitute (the dog) and that is ours and we can do up how we like?
I am glad you lot feel smug that I might lose my home at any minute.
I am glad you lot feel smug that I might lose my home at any minute.
Did you stretch yourself financially to get your current mortgage? How much of an interest rate increase have you planned for?PacificOcean said:And what about us who haven't bought to make money but just so me and the OH have somewhere to settle down and grow old together with our child subsitute (the dog) and that is ours and we can do up how we like?
I am glad you lot feel smug that I might lose my home at any minute.
PacificOcean
Unhinged User
Xanadu said:
We have a 3 bed house in Zone 6 for what we were paying renting a two bed flat in Zone 2.
That doesn't really answer either of my questions
ChrisFilter
Like a boss.
Didn't really answer the question PO.
As for a big crash, never gonna happen. I'm afraid the anti-capitalist / doom and gloom merchants amongst us will be left disappointed.
The market will stabalise over the coming months, but as long as there's a shortfall of 'desirable' property then prices will remain stable. This isn't going to change.
I don't own a place, but depedent on the markets we might look to buy next year. Wouldn't buy now, will see how things pan out, but a crash isn't going to happen.
One thing's for sure, I'll be ensuring we can afford high interest rate rises.
As for a big crash, never gonna happen. I'm afraid the anti-capitalist / doom and gloom merchants amongst us will be left disappointed.
The market will stabalise over the coming months, but as long as there's a shortfall of 'desirable' property then prices will remain stable. This isn't going to change.
I don't own a place, but depedent on the markets we might look to buy next year. Wouldn't buy now, will see how things pan out, but a crash isn't going to happen.
One thing's for sure, I'll be ensuring we can afford high interest rate rises.
Some other stuff about the stability of markets (stock markets, this time)
We will not have any more crashes in our time."
- John Maynard Keynes in 1927
"I cannot help but raise a dissenting voice to statements that we are living in a fool's paradise, and that prosperity in this country must necessarily diminish and recede in the near future."
- E. H. H. Simmons, President, New York Stock Exchange, January 12, 1928
"There will be no interruption of our permanent prosperity."
- Myron E. Forbes, President, Pierce Arrow Motor Car Co., January 12, 1928
"No Congress of the United States ever assembled, on surveying the state of the Union, has met with a more pleasing prospect than that which appears at the present time. In the domestic field there is tranquility and contentment...and the highest record of years of prosperity. In the foreign field there is peace, the goodwill which comes from mutual understanding."
- Calvin Coolidge December 4, 1928
"There may be a recession in stock prices, but not anything in the nature of a crash."
- Irving Fisher, leading U.S. economist , New York Times, Sept. 5, 1929
"Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher within a few months."
- Irving Fisher, Ph.D. in economics, Oct. 17, 1929
"This crash is not going to have much effect on business."
- Arthur Reynolds, Chairman of Continental Illinois Bank of Chicago, October 24, 1929
"There will be no repetition of the break of yesterday... I have no fear of another comparable decline."
- Arthur W. Loasby (President of the Equitable Trust Company), quoted in NYT, Friday, October 25, 1929
"We feel that fundamentally Wall Street is sound, and that for people who can afford to pay for them outright, good stocks are cheap at these prices."
- Goodbody and Company market-letter quoted in The New York Times, Friday, October 25, 1929
etc etc.
We will not have any more crashes in our time."
- John Maynard Keynes in 1927
"I cannot help but raise a dissenting voice to statements that we are living in a fool's paradise, and that prosperity in this country must necessarily diminish and recede in the near future."
- E. H. H. Simmons, President, New York Stock Exchange, January 12, 1928
"There will be no interruption of our permanent prosperity."
- Myron E. Forbes, President, Pierce Arrow Motor Car Co., January 12, 1928
"No Congress of the United States ever assembled, on surveying the state of the Union, has met with a more pleasing prospect than that which appears at the present time. In the domestic field there is tranquility and contentment...and the highest record of years of prosperity. In the foreign field there is peace, the goodwill which comes from mutual understanding."
- Calvin Coolidge December 4, 1928
"There may be a recession in stock prices, but not anything in the nature of a crash."
- Irving Fisher, leading U.S. economist , New York Times, Sept. 5, 1929
"Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher within a few months."
- Irving Fisher, Ph.D. in economics, Oct. 17, 1929
"This crash is not going to have much effect on business."
- Arthur Reynolds, Chairman of Continental Illinois Bank of Chicago, October 24, 1929
"There will be no repetition of the break of yesterday... I have no fear of another comparable decline."
- Arthur W. Loasby (President of the Equitable Trust Company), quoted in NYT, Friday, October 25, 1929
"We feel that fundamentally Wall Street is sound, and that for people who can afford to pay for them outright, good stocks are cheap at these prices."
- Goodbody and Company market-letter quoted in The New York Times, Friday, October 25, 1929
etc etc.
ChrisFilter
Like a boss.
I would hardly cite those as relevant examples.
ChrisFilter said:
The point is that anyone who reckons on trends of growth continuing ad infinitum is rather misguided. Greater minds have been wrong-spectacularly-concerning other markets. Saying that a big crash will never happen is an extraordinary exercise in wishful thinking that defies the examples history has given us.
ChrisFilter
Like a boss.
I can't see a crash in the next 5 years.. as long as London's booming, then house prices will remain stable or rise.
ChrisFilter
Like a boss.
It's not exactly a tricky prediction. The only people predicting a crash are tabloid headline writers and a few people on here. It's a simple matter of supply and demand.
Interest rates would have to rise lethally to lead to a crash and I can't see this happening in the next 5 years.
Interest rates would have to rise lethally to lead to a crash and I can't see this happening in the next 5 years.
ChrisFilter said:
Well... There a lot of building projects that will increase apartment stock soon-ish... But until people stop disliking tower-blocks, its unlikely London house-prices will ever significantly dip any time soon...
Just look at London demographics for the next few years...
An economic downturn and increased interest rates (not entirely unlikely) will mean that many people simply may not be able to afford to buy property (or hold on to the property that they own). I think that it is a mistake to simply view the housing market in terms of high demand and lack of supply of housing stock.
ChrisFilter
Like a boss.
Poi E said:
I meant never in the next 5 years, apologies for poor English.
ChrisFilter
Like a boss.
Poi E said:
Well, nothing is ever that simple, but in this case it's not far off.
There's not going to be a mass exodus from London, and there's not going to be a sudden surplus of housing.
onemonkey
winmonkey
ring the bell..
i've just bought a place
don't really care what happens to the market.. i haven't got a mortgage so not bothered about interest rates and whilst i fully expect a correction in prices over the next two years, i can't face waiting that long to get somewhere permanent (maybe i am more one of thatcher's children than i'd like to admit because i don't like idea of long term renting ) besides just having found my dream place i won't be buying or selling any time in the next 10 years.
besides having the cash from selling my place just sitting in the bank would have been too dangerous for entirely different reasons.
i've just bought a place
don't really care what happens to the market.. i haven't got a mortgage so not bothered about interest rates and whilst i fully expect a correction in prices over the next two years, i can't face waiting that long to get somewhere permanent (maybe i am more one of thatcher's children than i'd like to admit because i don't like idea of long term renting ) besides just having found my dream place i won't be buying or selling any time in the next 10 years.
besides having the cash from selling my place just sitting in the bank would have been too dangerous for entirely different reasons.
ChrisFilter
Like a boss.
Nice.. whereabouts?
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