Interest rates up 0.5%!

[Doucas]

Re: Interest rates up 0.5%!

About 50% of the population of the UK are fools then. You also seemed to think anyone who doubted man-made climate change was a fool, the same with anyone who supported brexit. There's a theme running here..

You're so so close to getting it.

[Doucas]

Re: Interest rates up 0.5%!

That's a silly remark
Houses were cheaper but so were wages lower and then you could only borrow 2.5 x salary for a mortage, plus interest rates were a lot higher. Interest rates of 11% were not unusual.
As an example when I got married in 1972 I had the opportunity to buy a 4 bedroom house for just over £10,000.00 but although I was on a good wages I couldn't afford the repayments. That same house today is worth over £1/4 million.
So people then were using a much larger percentage of their disposable income to buy a house than you have ever experienced. But as you have never known any difference you expect it to last for ever. It doesn't sadly. We all wish it would.

It was far easier to buy a house in the 1970s than it is now, I don't know how this can be denied? I'm still waiting for someone to address the glaring white elephant in the room that boomers at the same age owned 7x more wealth than millenials at the same age. I don't know why people are ignoring this fact and just denying that financially selfish older generations have ****ed younger ones over big time.

source- https://www.marketwatch.com/story/th...ers-2019-12-04

[jon1959]

Re: Interest rates up 0.5%!

You forgot to put Trump on that list. Anyway I don't think Brexit has happened due to the amount of times I keep hearing ECHR on the news.

What has the ECHR got to do with Brexit?

[Pearcey3]

Re: Interest rates up 0.5%!

That's a silly remark
Houses were cheaper but so were wages lower and then you could only borrow 2.5 x salary for a mortage, plus interest rates were a lot higher. Interest rates of 11% were not unusual.
As an example when I got married in 1972 I had the opportunity to buy a 4 bedroom house for just over £10,000.00 but although I was on a good wages I couldn't afford the repayments. That same house today is worth over £1/4 million.
So people then were using a much larger percentage of their disposable income to buy a house than you have ever experienced. But as you have never known any difference you expect it to last for ever. It doesn't sadly. We all wish it would.

If that house was £10,000 in 1972-it would be worth £500,000 now. House price inflation has priced young people out of the market. As Doucas infers it was easier getting on the housing ladder 40 years ago than it is now. Thats allowing for much higher interests back then too. If you disagree how do you explain why so many more from our generation were on he housing ladder back then compared to millennials today.

[jon1959]

Re: Interest rates up 0.5%!

It was far easier to buy a house in the 1970s than it is now, I don't know how this can be denied? I'm still waiting for someone to address the glaring white elephant in the room that boomers at the same age owned 7x more wealth than millenials at the same age. I don't know why people are ignoring this fact and just denying that financially selfish older generations have ****ed younger ones over big time.

source- https://www.marketwatch.com/story/th...ers-2019-12-04

There is no argument that house/flat prices to salary ratios have grown steadily over the past 40 years. It has doubled for first time buyers. Private sector rents have also risen massively in real terms.

https://www.economicshelp.org/blog/5568/housing/uk-house-price-affordability/https://www.economicshelp.org/blog/5568/housing/uk-house-price-affordability/

[goats]

Re: Interest rates up 0.5%!

The rich get richer and the poor get poorer. Beautiful capitalism

Think they all made hefty losses through covid times but it’s madness to put all our bills up so much, we don’t even buy gas from the Russians ffs….I know the price is set regardless but it’s crazy

[North Cardiff Blue]

Re: Interest rates up 0.5%!

It was far easier to buy a house in the 1970s than it is now, I don't know how this can be denied? I'm still waiting for someone to address the glaring white elephant in the room that boomers at the same age owned 7x more wealth than millenials at the same age. I don't know why people are ignoring this fact and just denying that financially selfish older generations have ****ed younger ones over big time.

source- https://www.marketwatch.com/story/th...ers-2019-12-04

For a start thats America?

The facts look way out too!

Seriously you want to forget about this sort of jelousy, you can't help when you are born, but you can decide if you want to make the most out of your life, or constaly moan that life would have been better if this or that had happened.

Spend less time on here moaning about the torries and get on with your career, crying on here is not going to change anything!

[goats]

Re: Interest rates up 0.5%!

Love to way they apply interest to mortgages but not savings accounts? How is that possible? The banks are the lowest form of on the level are they not?

[North Cardiff Blue]

Re: Interest rates up 0.5%!

On a phone so correcting some of the typos!

For a start that’s America?

The facts look way out too!

Seriously you want to forget about this sort of jealousy, you can't help when you are born, but you can decide if you want to make the most out of your life, or constantly moan that life would have been better if this or that had happened.

Spend less time on here moaning about the Tories and get on with your career, crying on here is not going to change anything.

[North Cardiff Blue]

Re: Interest rates up 0.5%!

Love to way they apply interest to mortgages but not savings accounts? How is that possible? The banks are the lowest form of on the level are they not?

They can do what they like, but yes they always work it in their favour!

[blue matt]

Re: Interest rates up 0.5%!

In 1990 Interest rates were 15%. We were paying near 17% - plus an endowment[remember those], which was taking up over half our combined salaries - something like £1000 per month.

I was working for the council at the time, working the same van with a guy, he couldnt afford to sell his house ( negative equity ) and used to every Friday ( pay day ) borrow £50 from me, would pay it back over the week and then go again, I asked him where the extra money was coming from in bits and pieces, he said " selling stuff , maybe a few hours doing private work "

we have had it good for a long time, I feel almost spoilt by the low interest rates for some long

[bobh]

Re: Interest rates up 0.5%!

Great time for borrowing, not so good for saving.
When I took out a mortgage onto buy my house in 1987, I got an excellent deal (for then) of 10% fixed - for the term.
Rates went up to about 16%, but I was sitting pretty.
Then Black Wednesday happened, and I had to remortgage to get a rate of about 5%.

[TWGL1]

Re: Interest rates up 0.5%!

Didn’t most working class folk reside in well built council housing stock in the 70’s ?

I thought “right to buy” and the obsession with owning your own home was initiated under Margaret Thatcher ?

https://www.inkpendownie.co.uk/a-very-brief-overview-of-social-housing-in-the-70s.html

[North Cardiff Blue]

Re: Interest rates up 0.5%!

Didn’t most working class folk reside in well built council housing stock in the 70’s ?

I thought “right to buy” and the obsession with owning your own home was initiated under Margaret Thatcher ?

https://www.inkpendownie.co.uk/a-ver...n-the-70s.html

Right to buy is probably a reason for average house prices being seen as so low at that time, a lot of the sales were ex council houses at a discount, so there was plenty of supply with far less demand, which would have had a knock-on affect to private sales.

The main problem these days are amateur landlords buying up all the stock that would previously gone to first and second-time buyers, if we can offer an incentive for some of those to sell up we could reduce the problem.