Are prices shooting up where you are?

[Focusanddetermination]

Just that really. I'm in a small Midlands town, have a high amount of activity and prices shooting up in the past few weeks even.

I thought people would be more hesitant with a looming recession, but it's almost the opposite.

@Smallgoon I managed a 45k job for about 10 months, but had impostor syndrome and a total breakdown. Much happier now with a 10k paycut.

@BeijingBikini

Some people are entirely driven by the idea of wealth, and others aren't. I often find that the latter have a better quality of life

Thanks guys. I'm not a property market expert specifically, but I (honestly!) do work in a very mathematical area of financial modelling where we project the possible future performance of lots of assets, including property.

Part of what we have to do is to review our models to see how they compare against reality - so we've looked at the models we had pre covid and whether the range of possible outcomes we had captured what actually happened (albeit as more extreme scenarios). We're constantly innovating and improving as part of that, but it also means that you tend to be quite realistic about the predictive powers of both people and models. They're often wrong in some way!

Anyone who says they "know" what is going to happen is caught up in their own hubris. None of us know - there are too many moving parts. We can make reasonable analysis, project a range of possible outcomes, decide which scenario we think is most likely. But we cannot see in to the future.

You have to make the choices which best reflect your own risks, your own attitude to risk, and your own wants/needs. Sometimes that means a choice which may not be theoretically financially optimal.
Personally I have a different attitude towards my own family home vs other asset categories as I don't really view them as interchangeable. I have two children and pets, and therefore living in rented isn't something I'd seriously consider in our current circumstances. So I'm not going to get out of residential property to buy . I'm driven by wealth to the extent that it's required to create a comfortable, secure life for my family rather than for wealth in itself and (having grown up in an utter shithole) a happy, safe, pleasant home is a big part of what I value.

@StatisticallyChallenged "Anyone who says they "know" what is going to happen is caught up in their own hubris. None of us know - there are too many moving parts. We can make reasonable analysis, project a range of possible outcomes, decide which scenario we think is most likely. But we cannot see in to the future."

Exactly. Well, after hubris comes Nemesis.

Pride cometh before the fall and all that. In this case - that fall came in the form of @Smallgoon's detective work!

@Smallgoon

Who is doing your flooring? Independent local tradesperson?

Have you decided what type you're getting for your flooring?

I stumbled upon these rather lovely tiles. The stamp duty holiday meant I could justify the extra cost too. It's an investment - quality flooring is part of the feel-good factor and is part of the equity imo. www.in-opera.co.uk

@Smallgoon

Ahhh the troll *@plainsailing01 has returned, or shall I call you @thequantofmontecarlo* because you are the same person, right?

I did wonder if you were.. I'd noticed how similarly you post, how you both target the same people (those that don't believe there is a drastic crash coming), and how both use the same put-downs etc... A quick google search, and voila!

www.mumsnet.com/Talk/_chat/3901085-What-do-people-think-about-Glassdoor

I guess the mask dropped in the above thread right...? Did you get your logins muddled up...?

Quick! Time for a sneaky name-change to disguise the fact that you have multiple user names to troll!

Sad really, I thought only 12 years olds did this sort of thing, guess I was wrong.

So which is it? A £1m boat, or FTB waiting for a crash? Keen to know which alter ego is real and which is invented...

@marysuzairn @TheGuruishere So now you know!

@Smallgoon

I found it rather bizarre, that thequantofmontecarlo, was so persistent and forceful.

Once the insults started, I was shocked, that sombody of this professed calibre, would behave in this manner. Whoever they are, they do have have some valid points, the problem with economics, is human behaviour (governments & banks), its extremely hard to anticipate.

They also really didn't need to insult and try to humiliate me, hence me really going in on them, comparing mortgages vs rent payments.

I agree with people here, most likely a HPC forum member, I do keep keep an eye of that forum also. As they tend, to be a good source of information for both negtive and postive levers in the housing market. Although most just want everbody to lose their homes, so they can buy them cheaply 😥. So you have to filter out what is rational.

All I hope, is whatever happens, we prosper as a nation following Covid19, Brexit and our futures are even more brighter.

Good work 😀.

@ChocoTrio I've got a local tradesman doing my flooring. He came highly recommended.

I purchased my flooring a while ago. This is what I went for - www.luxuryflooringandfurnishings.co.uk/bibury-natural-distressed-oak-220-x-15-4mm.html

It's being glued down.

@Smallgoon Oh that is lovely! Are you getting that laid everywhere? What about the kitchen? Really good look!

My floorer said that they make people aware that wood doesn't do too well in kitchen areas. So, initially I was going to have LVT everywhere on the ground floor - also because of the height variations between LVT and other types of flooring (LVT is very thin at 4mm ash).

So, now I'm going for engineered oak wood flooring on ground floor, except kitchen/dining/utility area where I'm getting tiles. Tiles will need to have plywood underneath to compensate for the height difference with the wood.

I agree with people here, most likely a HPC forum member, I do keep keep an eye of that forum also. As they tend, to be a good source of information for both negtive and postive levers in the housing market. Although most just want everbody to lose their homes, so they can buy them cheaply 😥.

Pathetic.

Quant, and his/her HPC cronies, have all probably created 5-10 user accounts between them on MN, with the sole aim of trying to scaremonger people into not purchasing. Their whole modus operandi is to pop up in threads, wailing "DO NOT PURCHASE, YOU'RE MAKING A MISTAKE", hoping this triggers the market to slow down, meaning lower prices, so that the bargain they're hoping for, falls into their lap. If anybody challenges their viewpoint, they are quickly labelled 'thick'.

When I first came across this Quant character, some months ago, they were claiming house prices in London would be slashed by 50%... !! I've noticed more recently that they switched their stance to a 15-20% reduction, presumably realising how moronic it would be for anybody to claim a £1m London home would be worth £500k in 6 months.

@ChocoTrio Thank you

I do prefer the more rustic, distressed look. The flooring will be laid in hallway, living room and kitchen (I don't have a separate kitchen, just one open plan living space).

Hard wood isn't ideal in kitchens, you do need to be careful about moisture etc. Key is to ensure it's being fitted by a professional, and that the boards have been given time to acclimatise, both before and after being laid.

I've already sought advice on how best to keep engineered wood clean, given you can't really use lots of water/soap. The advice was to use a not too damp mop, and to wipe down with a microfibre cloth.

There will be a rug and a couple of strategically placed runners to ensure the floor is protected!

I do hear that LVT is all the rage these days as it really does give the same effect and feel as hard wood, without the maintenance. I do regret maybe not spending as much time to research this area before making my purchase - my purchase was made before lockdown. But I'm sure I'll be happy with the results.

I actually came across the In Opera site when I was researching tiles and worktops for my kitchen. I personally love Terrazzo, whether it dates or not I can't say. Have you decided on what you want?

@Smallgoon

Yeah it's the Terrazzo tiles I'm going for. Atm I'm waiting for them to get back to me about their stock availability. They have a supplier that I'm going through that specialise in the Terrazzo - but still with In-Opera.

My kitchen units are light grey, so I wanted a little bit more colour in the tiles.

www.in-opera.co.uk/agglotech-colours/y8orjpl0knt7ur0lkiclc1mk1fjxf8

or

www.in-opera.co.uk/agglotech-colours/oz8q7i1uflze7k3lthwmwxzd0do8ia

Which did you like?

Yeah - LVT is the craze. But it's quite thin and that worries me - maybe irrationally. I want something durable that also stands out a bit as being 'different'.

@Smallgoon "Quant, and his/her HPC cronies, have all probably created 5-10 user accounts between them on MN, with the sole aim of trying to scaremonger people into not purchasing. Their whole modus operandi is to pop up in threads, wailing "DO NOT PURCHASE, YOU'RE MAKING A MISTAKE", hoping this triggers the market to slow down, meaning lower prices, so that the bargain they're hoping for, falls into their lap. If anybody challenges their viewpoint, they are quickly labelled 'thick'."

It's that being labelled "thick" which is most uncomfortable because it's just so belittling.

Also, so what if I'm "thick"? Maybe I am "thick" but also happy - ignorance is bliss and all...

TBH I'd rather be thick than be so rude and obsessed with money. No-one can be happy in themselves if they spend their time trolling forums in alternate identities.

@TheGuruishere your opinion made a lot of sense to me, the Tories voter base is those who have a lot invested in property. I don't think we can underestimate the measures they could take to prop up house prices.

Great work, Smallgoon

I had not heard of HPC before today, I thought that MN was bad enough with the predictions of doom but there is an entire site dedicated to it?! We all have different ways of spending our time, I suppose

Rushing in on an inflated market isn't a very good idea. It's how people get into negative equity.

@Viviennemary

But also, buying the wrong home isn't a very good idea either. Renting when you're in a position to buy is not a very good idea too. Lots of variables to balance.

A house is only ever worth what someone is willing to pay for it. If they pay an inflated price for the home that they want, then that is their choice. Respect free will.

Quant was really irritating me on this thread. They made some good points but were smug, rude and condescending so it tickled me when they were unmasked..... good work!

I can't believe that anyone who really had a high flying job would mess around on internet forums under multiple identifies. They must be a very unhappy person, sad really. Most people meanwhile who are looking to buy now are looking to buy somewhere to call home, to live in and to be happy in. The property market is not the stock market.... there's a huge emotional aspect. We're looking to buy at the moment. Could that end up being the wrong decision financially? Maybe. But we're planning on buying a long term home where we can afford the mortgage payments and to just get on with our lives and be happy....... something the quant clearly isn't.

@ChocoTrio

I actually prefer the second link! The first link is lovely but if the kitchen is grey, I'd probably not opt for grey tiles.

You have no idea how much research I carried out on Terrazzo - I was considering getting a Terrazzo worktop (!) - there's a supplier not far from where I live in London, and they have the most stunning stone. See below:

www.diespeker.co.uk/product/te081/

It's an acquired taste sure, but I love it nonetheless. In the end, I decided against it, simply because I'm not in my forever home, and I thought it would be better to play it safe with a white statuario quartz.

Another supplier I found was Mosaic Factory who have some very unique tiles.

*conscious that this thread has derailed somewhat... .

@TheGuruishere your opinion made a lot of sense to me, the Tories voter base is those who have a lot invested in property. I don't think we can underestimate the measures they could take to prop up house prices.

@BeijingBikini

Yup. Not to mention the developers who really benefited from HTB. I wonder how much of that ex-CEO of Persimmon's bonus payment of £75m could be attributed to HTB...

Don't think for a second that the Tories won't have tricks up their sleeves to ensure the property market is protected.

Back on thread!

Whether it's that forever dream home and not an investment, I'm sure that no one would buy now if they truly believed it would fall by 20% in a year or so.
There has been some valid points raised on this thread. Interestingly no one has suggested house prices will rise by 20% in the next year, so your decision is binary, whether house prices have plateaued or whether they will fall??????

@Pepperwand

Quant was really irritating me on this thread. They made some good points but were smug, rude and condescending so it tickled me when they were unmasked..... good work!

I can't believe that anyone who really had a high flying job would mess around on internet forums under multiple identifies. They must be a very unhappy person, sad really. Most people meanwhile who are looking to buy now are looking to buy somewhere to call home, to live in and to be happy in. The property market is not the stock market.... there's a huge emotional aspect. We're looking to buy at the moment. Could that end up being the wrong decision financially? Maybe. But we're planning on buying a long term home where we can afford the mortgage payments and to just get on with our lives and be happy....... something the quant clearly isn't.

Couldn't have said it better. This absolutely.

@Pepperwand totally agree, we are in same situation.

@Smallgoon honestly I wouldn't be surprised if they cracked out "government funded deposits for first time buyers", or 200% 100 year mortgages like in Japan.

@Smallgoon Thanks - I'll check that out. p.s. yes, sorry got somewhat digressed talking about flooring, albeit lush flooring! Your wood flooring looks great!

Regarding the quanto/plainsailing/newbie thing - I've actually been having a little chuckle here and there throughout the day. Obviously doesn't make much sense when I explain to anyone else in rl - it's like one of those "you had to be there" hilarious kind of things. It's just so unexpected - and randomly weird!

Like, really, are they actually going to change the housing market with a few posts on a MN forum?! That's the big House Price Crash masterminded plan?! Really?!

And just the way it got caught out - so funny because it's ironic, as well as unexpected. Quanto was basically calling other people on here "thick" or "dumbs" - and then it's like Smallgoon turns around like "erm... actually, no we're not thick. Time to uncover your mask."

Wow @Smallgoon. That was a big outing! Horrible posts from plainsailing.
I hadn't heard of the HPC website but have just googled and there is a thread mentioning MN! I can't believe anyone would be stupid enough to think they could cause a house price crash by posting warnings on here.

Good luck to all the new property purchasers and to those who are waiting to see how the market pans out.

Wow OP here I stepped away and returned, have just caught up on the quanto/whatever posts and omg. Didn't know that HPC was a thing thank you for this new insight..

Have talked to the EA and decided to go for the house I like, just waiting to hear whether vendor accepts my offer. In my favour, I am a FTB and no chain, and I know they want to move quickly. 20%+ deposit. I'm expecting to stay put for a decade.