Deep Singh

Petem95 is at it again. Scouring the internet for any tit bit that might back his theory. Be honest, how long have you been saying that house prices will crash? 5 years? More? If people had followed that advice then (like that handed out by your guru Dr Bubb) they would be even more screwed now.

The answer is simple. You work hard and live with your parents until about 28, that gives you at least 7 ish years of earning money. You save every penny you earn and don't drive a car that does 20mpg and has group20 insurance. You don't **** up £100k every weekend on clubbing etc.

Then you use all the money you have saved and are given some by your parents (who release equity from their house) and buy your house. Your parents do this on the basis that when they are old and infirm you will do something to help them in return.

If all this sounds like too much hassle and an unacceptable lifestyle balance then tough luck! Carry on renting and help pay the pension funds of buy to let landlords.

Thankfully I didn't have to do the above as I bought in at age 21, when prices were more reasonable.

Btw Jay, this comment is not directed at you but a general statement

GrahamG

good statement.

I pissed a lot of money up the wall on cars. now i have a nice little 306 diesel and i'm saving as much as i can. Want about 10-15k deposit. i was thinking i have wasted about 30k on cars... probably more!!

rossyboy

iTrader: (8)

They are good points, but there cant be many who want to spend 8 years of their youth doing nothing but saving money!

davegtt

You can have nights out etc but hes right, dont drive a stupidly expensive car to run, stop smoking (its filthy anyway) cut back on going in the local every other night to twice a week or something. The money you save will be amazing.

Petem95

Deep, I suspect you are probably one of those people who want prices to remain high primarily because you love bragging about how much you "made" on your properties with the price rises, and possibly like to MEW to get some money out for that new X5 as well!

Interesting that you doubt a recent article by the head economist of Morgan Stanley UK, perhaps you know something he doesnt?

I would only buy property at the moment if I felt it was an investment. Seeing as my job involves working all over the country, renting is fine for me. IMO when I come to buy in a couple of year prices will have taken a turn, but if not I'll simply relocate abroad with my deposit.

Do you really think current prices are sustainable Deep? And for what reasons?

stilover

Deep doesn't really care. He can buy a property on his credit card, don't you know?

He says he works abroad. He likes us to assume he earns lots of money (a Wheelbarrow full) he says. He also wants us to believe that all this money is Tax free too.

he's never said what he does, which country he's in, or anything. Wonder why?

Sounds like a typical Mr. Big Bollox to me too

Deep Singh

What a prize A **** jockey

When have I said I work abroad? I work in London.

When have I said I earn tax free money? Gordon takes 40%

As for my under cover life ie which country, what job etc. What are you talking about? Plenty of people here know exactly what I do. Ask me and I'll tell you.

Now I know that in Darlington you have the fattest and least educated people in the country but do try and keep up

As for being Mr Big Bollox, ask your girlfriend

Deep Singh

Pete,

Lets have a serious discussion as you seem a man of some intellect.

Its not fair that as soon as someone has bullish sentiments on property you label them as being a bragger. I don't brag and I don't mew. I defo don't drive a new X5, I drive a 5 year old car because I know where my priorities lie( I have a 1 month old baby)

I agree current prices seem crazy, but they only seem crazy in comparison to historical prices. Things change, the world moves on and new precedents are set. I would not 'invest' in property at this moment in time( ie btl) but I would not put off a 'home' purchase as they are two very different things.

I hope we can continue this conversation on a sensible level without you assuming I am one of the stereotypes you talk of

j4ckos mate

im glad i got my house when i did it was 43k and worth 150ish now. we saved up and exteneded and did decking and all that stufff but didnt really put it on the mortgate so its only 45k

stilover

You've mentioned working abroad Tax free on another thread a few months ago. The one where you bragged you could buy a property on your credit Cards.

If you can't even remember your own liars, stop telling them.

kingofturds

iTrader: (1)

When I rented my first property in 2003 I was paying £400pcm including council tax, which I thought was perfectly reasonable for a 2 bedroomed house.
That same house is now £580 a month excluding council tax There is no way id be able to afford that place today,throw in your increased energy prices and you are looking at nearly £800 a month

Tripple'O G

Deep singh.....

I recon you're a trader.....not on spot as you don't seem that agressive but with your "bullish" terms.....I'd say maybe something easy like forwards or Loans and depos.....

Either that or an underpaid economist

lozgti

Everyone chunters about 'you have all moaned about a crash for 3,4,5 years now'

I would have thought a reasonable period between people thinking 'the rise is going to go on for ever' to 'holy smoke,no it's not and we owe a fortune' resulting in panic/crash would be about 10 years.

So,not far off now.

40% eh.I'd laugh my socks off if it was

Deep Singh

Ok, show me the thread where I have said I work abroad +/- tax free and I'll eat my hat. It doesn't exist, which makes most of your previous post complete nonsense and that just about sums you up.

You like to jump up and down and shout the odds about people trying to be 'Mr Big Bollox' but thats probably just your frustration at being almost 30 and still having your dad tell you what to do everyday Did daddy tell you off at work today?

Deep Singh

No mate, nothing like it. I just spend alot of time on investment type websites. Unfortunately I never do anything constructive with the info!

turboman786

If I remember correctly Deep is a Dr.....

Deep Singh

Stilover is the one in five...


Task Forces Set Up To Fight Growing Problem Of Obesity (from The Northern Echo)

stilover

Oh dear, how sad

First the name calling, now insults How mature.

OK firstly. You did say all those thing regarding working abroad, and it all being Tax free etc, etc. I would go back months and find the thread, but fortunately for you, I've got a life, and can't be @rsed doing a search just to prove you wrong.
Secondly, I not almost 30, I'm sadly on the other side of that

Thirdly, Yes your right I do work for my Dad. What's wrong with that? Just cos your dad swept the streets for a living, and my Dad made something for himself, don't be so jealous. I'd rather have my old man as my Boss, rather than just work for someone else. Just a number. After all, one day the company will be mine, can you say that where you work?

And as for me being Fat? Going to the Gym 2 to 3 times a week, I'd hardly call myself Fat. Don't assume everyone is the same as you. .

Won't be responding to anymore posts from you on this thread. You've dragged it down enough.

Petem95

Deep, Im reassured to hear you dont drive an X5

IMO house prices will almost certainly take a significant fall in the near future.

I dont think many would disagree that housing is massively over-priced right now, however its got to the stage where people dont care how overpriced it is if it still returns 10%/year on your investment.

As a result a we've seen a huge amount of property bought for investment purposes, pushing prices still higher. Other than investors we have people buying houses for 'homes' and these people are having to borrow massive sums to buy a property - many on interest-only mortgages. On top of this there are the flurry of amateur BTL investors - many of whom have overstretches themselves, and overestimated rental incomes.

Just like stock markets, housing markets have always followed a cycle where prices increase, then fall, and I see no reason why this cycle is any different.

Its become so difficult for the average person to buy now that we are seeing many overstretching themselves, and its no surprise to see ever-increasing numbers of homes being repossessed. Its likely we will soon reach a point where annual prices rises fall to below those that can be achieved through other investments, and when this happens investors will take their money out of property and move into other areas where higher yields can be achieved.

Once the slump begins not only will many others rush to the exit, but banks will obviously tighten their mortgage lending policies, as of course lending 300k out on a 100% mortgage, then having the house fall in value in 200k means theyve lost 100k if they have to repossess.

The tighter lending will drive prices down further, as prices will have to fall to a level where people can actually obtain the money to pay for the house, and it becomes like a vicious cycle.

Im sure like myself you play the stock market Deep? Have you noticed what shares have been taking a hammering recently? Property related ones. Some big players pulling out in a big way now, and its having an effect. IMO the same will happen with the property market itself, but of course it takes longer to see the effects.

Anyway without wanting to write an essay, I'd be interested to hear your opinons on that Deep, and if you really feel the market is sustainable at the current prices I'd be interested to know how you think the prices can be supported.

stilover

Well Said Pete.

You're reputation might have just increased.

Deep Singh

Hold on a minute, you're having a go at me for throwing insults after you have a dig at me first? Aren't you also the person who said 'I hate pakis'

You can't find the thread where I said I work abroad tax free not because you can't be bothered BUT BECAUSE I NEVER SAID IT. It doesn't exist. It doesn't matter how many times you repeat your lies it won't make them true.

Now go away grow up, you add very little to any debate

scoob_babe

I think that Deep Singh may be being mistaken for Suresh - he's in the Neherlands?

Deep Singh

Pete alot of what you say is true, I'd be an idiot to say its utter lies,but here briefly is how we differ on our interpretation of the facts:

1) Investment has not had that major an impact on (residential) prices. Isn't it true that btl only makes up approx 10% of all lending? 10% is not insignificant but not great either.

Even if prices stagnate/dropped a little you would not see btlers all running for the exit. Why would they? As long as the rent is coming in, whats the problem? Don't underestimate btlers, the good ones are resilient, they also know there are 'cycles' and will hang on to their property for dear life waiting for things 'to pick up again'.


2) Cycles. Difficult one. As you know (better than me I'm sure) that stock market cycles follow a circa ? 3 year cycle. Housing does not. Also the stock market has traded for longer than the 'modern' housing market so it is very difficult to try and predict the latter. Haven't the Japanese house prices been flat for 10-15 years? Why can't the UK house prices therefore remain high for 10-15 years? I'm not saying continue to rise but stay at currentish levels.
You are assuming this 'cycle' will last approx the same as last time. What if its going to be a 25 year cycle? Your wait and watch policy could then turn out to be a problem

3) Reposessions. I agree they are at 'record' levels, but thats because they remained at record lows for years. The actual total number is still only a 'handful'. Nowhere near the numbers during the last slump. There will always be people who this happens to for a wide variety of reasons.

Like you I don't want to write an essay. The only thing that will cause house prices to really fall ie more than 10-15% is mass unemployment. If that happens then you and I will be unemployed aswell, the banks won't lend us money and so we will not be able to pick up cheap property. This is the doomsday scenario, which I agree can happen, but you can't run your life based on the fact that everything is about to fall to pieces.

Cheers
Deep

Daveo

The Government should have stepped in about 4 years ago, just as things were getting ridiculous. They should have upped the interest rate, and slowed down the market. People would have made a couple of quid on their property, but things would have been kept realistic. An average house price of 190k just f*cks is up for everyone.

Dave

Dracoro

Daveo - the government do not have the power to set interest rates.

Deep Singh

Yes, Suresh does work/live in the Netherlands where I believe tax is much lower. Maybe Suresh and Deep sound quite similar.....if you're a fecking retard

hades

Mass unemployment is pretty much guaranteed to equal recession. Standard economic policy dictates that when there's a recession, interest rates should be reduced to try and turn the economy round. So this like most things would tend to settle out.

Saying that, house price rises are a bit overdue "settling out", all things being equal. Which suggests that perhaps all things aren't equal, with more people than ever before inheriting houses, more divorces etc. And be aware that a lot of foreign housing markets (particularly previously unfashionable areas of Europe) seem to be increasing a lot more rapidly than the UK. Finally, supply and demand would only dictate that a crash is imminent if there were a lot of empty houses about, and I don't think there are (at least, in most areas)

Not saying they won't crash a bit, there is some argument that they may be over-valued at the moment. However, don't expect that they'll halve overnight, or necessarily ever.