"many sellers had been deluding themselves"
Discussion
http://www.bbc.co.uk/news/business-15790738
Looks bleak for house prices. Many people are going to realise that they dont have enough of a deposit for moving up the ladder, and are effectivly in negative equity already, even if their house is currently 'worth' more than their mortgage debt.
I like the idea of a "Property Vortex" or "Property Maelstrom".
I hope that for the forseeable future, people will regard the purchasing of houses as something they are doing because they need somewhere to live and not -
a) as a step in an expected inexorable upward progression of acquiring bigger and bigger and more and more properties
b) "their pension"
I hope that for the forseeable future, people will regard the purchasing of houses as something they are doing because they need somewhere to live and not -
a) as a step in an expected inexorable upward progression of acquiring bigger and bigger and more and more properties
b) "their pension"
Eric Mc said:
I like the idea of a "Property Vortex" or "Property Maelstrom".
I hope that for the forseeable future, people will regard the purchasing of houses as something they are doing because they need somewhere to live and not -
a) as a step in an expected inexorable upward progression of acquiring bigger and bigger and more and more properties
b) "their pension"
well saidI hope that for the forseeable future, people will regard the purchasing of houses as something they are doing because they need somewhere to live and not -
a) as a step in an expected inexorable upward progression of acquiring bigger and bigger and more and more properties
b) "their pension"
the tiny percentage of buyers who need more space for the extra kids they've had is far outweighed by those buying for the reasons above
I mentioned before on here that one of my neighbours has just put their house on the market, it's identical to ours but they have it on the market for £60,000 more than we bought our house for 18 months ago. Our location is nice, but not exceptional and there are loads of similar houses in the area. They must be on another planet, or have an agent that is feeding them a load of rubbish about its value.
People need to realise that many contemporary builds are actually depreciating assets. The only part of the value which might, depending very much upon location, defy this is the land, but the fabric of the buildings are not made to a similar standard of permanance of older houses in many cases.
What's all this BS about people buying bigger than they need ?
If they can afford it, they can buy what they want. After the kids, are gone, or even if they don't have kids, they can bloody well live there if they want.
I like having space - as much as I can get, and my the recently built '4-bed' home has much inside space a decent 2.5-3 bed should. I've seen closets that are larger than the so-called 4th bedroom.
If they can afford it, they can buy what they want. After the kids, are gone, or even if they don't have kids, they can bloody well live there if they want.
I like having space - as much as I can get, and my the recently built '4-bed' home has much inside space a decent 2.5-3 bed should. I've seen closets that are larger than the so-called 4th bedroom.
Edited by sinizter on Monday 21st November 11:11
sinizter said:
What's all this BS about people buying bigger than they need ?
If they can afford it, they can buy what they want. After the kids, are gone, or even if they don't have kids, they can bloody well live there if they want.
I like having space - as much as I can get, and my the recently built '4-bed' home has much inside space a decent 2.5-3 bed has. I've seen closets that are larger than the so-called 4th bedroom.
Given situations like that, when I have the money I will buy a bigger house. Whether someone else 'needs' this house but can't afford it or not, it not my problem. My only problem at that point, will be whether I can afford to put down a deposit sufficient to be underwritten to buy that house, and whether I can continue to make sufficient payments, and finish my mortgage off in a timely manner.
My house may have lost a chunk off the price we paid for it, but I am not overly concerned because I am not in negative equity even with a much lower estimated sale price, and anywhere I move to would have lost even more.
Calm down - it's only a debate If they can afford it, they can buy what they want. After the kids, are gone, or even if they don't have kids, they can bloody well live there if they want.
I like having space - as much as I can get, and my the recently built '4-bed' home has much inside space a decent 2.5-3 bed has. I've seen closets that are larger than the so-called 4th bedroom.
Given situations like that, when I have the money I will buy a bigger house. Whether someone else 'needs' this house but can't afford it or not, it not my problem. My only problem at that point, will be whether I can afford to put down a deposit sufficient to be underwritten to buy that house, and whether I can continue to make sufficient payments, and finish my mortgage off in a timely manner.
My house may have lost a chunk off the price we paid for it, but I am not overly concerned because I am not in negative equity even with a much lower estimated sale price, and anywhere I move to would have lost even more.
People should be free to buy whatever type of property they like and as many properties as they like. I'm certainly not advocating any legislative restrictions on these freedoms.
What I would like to see is a change of atitude - which is a cultrural and social matter rather than a legal one. People need to change their life priorities a bit and stop mimicing and aping those they see on those excrutiating property TV programmes that encourage nonsensical aspirations.
Eric Mc said:
I like the idea of a "Property Vortex" or "Property Maelstrom".
I hope that for the forseeable future, people will regard the purchasing of houses as something they are doing because they need somewhere to live and not -
a) as a step in an expected inexorable upward progression of acquiring bigger and bigger and more and more properties
b) "their pension"
So the bedrock of 'junior Capitalism' is a dead duck. Well it might be for those unfortunate first time buyers who are currently unable to aspire to ownership as perhaps their parents have. So when Mum and Pop pass on their lovely big house in grounds of pocket handkerchief - rolling acres those lucky people will suddenly find they are relatively wealthy by not having to lash out cash on rent. So the value of property may drop but its all relative and economics play in with rents forever heading upward.I hope that for the forseeable future, people will regard the purchasing of houses as something they are doing because they need somewhere to live and not -
a) as a step in an expected inexorable upward progression of acquiring bigger and bigger and more and more properties
b) "their pension"
I do agree that in the medium term property is not the best investment for returns just yet, at least in U.K. Europe.
crankedup said:
So the bedrock of 'junior Capitalism' is a dead duck. Well it might be for those unfortunate first time buyers who are currently unable to aspire to ownership as perhaps their parents have. So when Mum and Pop pass on their lovely big house in grounds of pocket handkerchief - rolling acres those lucky people will suddenly find they are relatively wealthy by not having to lash out cash on rent. So the value of property may drop but its all relative and economics play in with rents forever heading upward.
I do agree that in the medium term property is not the best investment for returns just yet, at least in U.K. Europe.
They may suddenly find they have a large inheritance tax bill to pay more like.I do agree that in the medium term property is not the best investment for returns just yet, at least in U.K. Europe.
mikele pirelli said:
So I am living where I want ? And a young family is now living
in my old house. I don't see anything wrong in that ?
That is exactly what should be done. Live where you want and where it suits.in my old house. I don't see anything wrong in that ?
I was just making a point that I have no moral or any other obligations to live in a smaller house because of the number of people who might live in my home or not. Or to downsize in the future after kids have left home, or whatever else.
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