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It comes and it goes. Not quite the 14% it got to in the late 80s.
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And I know a lot of people did and took advantage of the extra money they could borrow
That coupled with higher inflation across the board meaning people are really going to struggle. I do wonder what London is going through as no doubt with the downturn bonus’s and wages won’t keep pace.
It comes and it goes. Not quite the 14% it got to in the late 80s.
Avg house prices vs avg wages means that this is effectively the new 13% though.Originally Posted by Des Parrot
Problem is long term trends like 10yr gilts suggest this new rate is going to be baked in for some time to come
nothing more annoying than when they add "of course this will be welcome news for those with significant savings"
**** the people with savings, they'll be fine
I was looking on Rightmove yesterday at houses for sale in Cardiff (I'm a nosey git). So many of them have had their asking prices reduced by about 6-8% in the last month.
Those who used the government's help to buy scheme for new properties and whose 5 year fixes have come to an end are particularly affected.
It looks like a nightmare. Given that house prices have risen so much will increased equity offset the increase in interest for some?
Back to negative equity for some perhaps and a market correction. Mrs had money to invest in a rental - she's going to stick in ISA, savings accounts and some funds now instead at least for the next 5 years.
Anyone else remember 14% interest rates, George Soros making billions off the exchange rate, Strange how it all goes around in a big circle. Looks like we are going back to the late 90's
Greedy Air B&B wankers and landlords to blame for the state of the housing and rental market.
Yeah that's the other side to this. The low mortgage rates helped fuel house prices cos so many people as a result could afford "that extra £10k asking price" etc
There’s not much around either. Oldies who chucked cash into property are saying enough, selling up and chucking it back in the bank now they can get some interest on it with zero hassle. Therefore less rentable properties about = tenants scrambling for a room and prices going up. Only going to rise more too as more sell up. With prices of sales coming down it’s time for renters to buy surely, if they can?
Except you can’t pick up houses for 50k…..
Are fixed rate mortgages uncommon?
Labour coming in too
Imagine being a young big earner trying to work hard for your family and stretch to the max for a few years to set yourself up for life, frightening for them.
A lot of youngsters probably didn't think interest rates could go above 2%.
It's very local mind, some areas are holding out well, and some are affected more than others.
To a certain extent yes, Air B&B and student houses have made exceptional profits, but Air B&B are now getting stung on cleaning £140 a time in Tenby, and people whacking up the heating in the Winter and Drakefords additional triple council tax, I think you'll see a lot try to sell over the next few years.
So the real problem is that labour might be the next government ?Labour coming in too
Imagine being a young big earner trying to work hard for your family and stretch to the max for a few years to set yourself up for life, frightening for them.
Not the idiots who have got us in this mess in the first place ?
The ruination of the housing situation in this country was started by thatchers deregulation of council and private housing , encouraging private landlords to make MASSIVE PROFITS through buy to let and fostering the stupid desire of people who couldn't afford it to push the boat out and go in too deep
Feckin Tories
Let them learn….Labour coming in too
Imagine being a young big earner trying to work hard for your family and stretch to the max for a few years to set yourself up for life, frightening for them.study or work hard….then they will “re-distribute” your money to someone who didn’t!
Oh here we go again it's drakeford
Not Thatcher, Cameron , May , Boris , Truss and Mr Liar
It's all drakefords fault
Yep…I’m one, just sold up been running a let down there for 18 yrs before it was a cool thing to do it seems, it’s phucked now, as they say in dragons den, I’m f in out.
I use to nag my kids about not doing your bollox on a big mortgage and thankfully they listened.
After theyve ruined the market for local people getting on the ladder. My hearts bleeds for them.
The reality is getting a mortgage is daft for lots of people
If we sorted out the rented sector in this country landlords would get their dollar ......maybe not as much as before .....and tenants would be able to take long term rents and not worry about moving about
Of course it's a fine line but things could be worked out . What we have at the moment is big profits or shit profits , crap rental properties or really nice places , market rents ......which are not reasonable by definition.......or extortionate
Some kind of balance is needed
A lot of dodgy landlords have gone in the last few years with big fines and so much new legislation. Quite a few of my mates, partic those who are in trades, have got let’s they bought in their 20’s, took a punt, re mortgaged etc….all decent landlords, keep their places nice. I wouldn’t know which way they swing politically, I very much doubt they are all Tory’s….like many like to believe.
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