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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
goats
Yes and Caerphilly centre too, yet they voted leave without a clue who paid for it as seen on sky news at the time….
I spent 8 years driving all over Europe. Every few miles there were signs saying the development was supported with finance from the ERDF. So Blaenau Gwent, Merthyr et al were not the only beneficiaries of European money. However, the money was not European money; it was partly ours. The system worked like this: The Government contributed into the ERDF each year but received far less back from the EU for ERDF projects. Decisions on allocations were made by the EU in consultation with Member States.
All I know is that the roads and rail links in Europe are far better than those in the UK. It seemed to me that we were getting short changed and when I went to one of the rail tunnel openings (in Benicassim on the main rail link between Valencia and Barcelona) the Mayor welcomed those of us from the UK and jokingly thanked us for our generous contribution..
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Re: Interest rates up 0.5%!
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Originally Posted by
North Cardiff Blue
Doucas was saying Brexit was the governments fault, I explained no it's the voters which is correct.
Who are these Torries that you keep mentioning? Are they involved anywhere:shrug:
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
A Quiet Monkfish
I've just checked on Rightmove the sale price [March 2022] of my 1st house. I bought it in 1976 for £18,000. It sold for £183,000. Pretty much average for those around it, too. That's a 10 fold increase. The average wage in 1976 was £3,750. The average salary in the UK in 2022 is £31,500. That equats to 8.4 times increase. Now imagine a mortgage today with 10-11% interest rates, because that's what we were paying - bank rate was close to 9%.
You can convince yourself that the world's against you - and listening to the doomongers doesn't help, but believe me, it's far, far, easier to buy a house now than it ever was..
But £18,000 wasn't the average house price in 1976, it was about £11,500. So by your own figures that's 4x the average wage.
You say the average wage is £31,500 which is probably about right (although median wage would be better) but the average house price in the UK is now £290,000 which is about 9-10x that figure. Most mortgage providers will only loan up to 4x your salary now, are you starting to see the gigantic problem yet?
We have a generation of older people who despite no matter how many facts you're shown you will refuse to see how bad things are at the moment. Which is why things keep getting worse because you've got your heads in the sand and keep voting for this.
This shouldn't even need to be a discussion, it's like asking if the sky is blue.
And before I hear the 'you're just jealous' I am a homeowner.
Sources:
https://www.housepricecrash.co.uk/in...nal-inflation/
https://www.theguardian.com/business...starts-to-cool
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Lither_1927
Well, we in Britain have one of the highest standards of living in the world. That's *all* not the few. Britain is well off due to capitalism is it not?
Isn't it all due to 'mass migration'? More economically active, tax paying citizens. Lovely!
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Re: Interest rates up 0.5%!
We have been using quantitave easing and spending for a long time , it's created false demand . So thats going to have to stop or inflation becomes a runaway train . Even more so given the energy situation .
This government has failed to protect this country from a shitstorm and now its here its too late .
Truss talking about cutting tax to stimulate the economy is bollocks , she's a bullshitter just wanting the top job and she knows the blue rinse brigade and all the saps will elect her if she talks about their money .
It's 18 months at least of digging deep and as usual it's those at the bottom and middle who will get it .
It makes me laugh that the Tories play the game of financial management 🤣
This lot are the last people you want to be stuck in a toilet with .
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
But £18,000 wasn't the average house price in 1976, it was about £11,500. So by your own figures that's 4x the average wage.
You say the average wage is £31,500 which is probably about right (although median wage would be better) but the average house price in the UK is now £290,000 which is about 9-10x that figure. Most mortgage providers will only loan up to 4x your salary now, are you starting to see the gigantic problem yet?
We have a generation of older people who despite no matter how many facts you're shown you will refuse to see how bad things are at the moment. Which is why things keep getting worse because you've got your heads in the sand and keep voting for this.
This shouldn't even need to be a discussion, it's like asking if the sky is blue.
And before I hear the 'you're just jealous' I am a homeowner.
Sources:
https://www.housepricecrash.co.uk/in...nal-inflation/
https://www.theguardian.com/business...starts-to-cool
Good for you. A 0.5% hike isn't going to hurt you - we were getting hikes of 2 and 3%.
The 2 sites you linked, well. The Guardian is the portent of doom and despair, and the other one has been predicting the crash of house prices for 20 odd years. We ain't all going to burn, starve, freeze. Just enjoy life, and stop reading all the depressing sh*t..
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
jon1959
Isn't it all due to 'mass migration'? More economically active, tax paying citizens. Lovely!
The NHS is crying out for nurses and doctors from Europe and elsewhere .
But some people don't like it and thank god we are back in control of our border and immigration .
They are not racist though ....
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
SLUDGE FACTORY
We have been using quantitave easing and spending for a long time , it's created false demand . So thats going to have to stop or inflation becomes a runaway train . Even more so given the energy situation .
This government has failed to protect this country from a shitstorm and now its here its too late .
Truss talking about cutting tax to stimulate the economy is bollocks , she's a bullshitter just wanting the top job and she knows the blue rinse brigade and all the saps will elect her if she talks about their money .
It's 18 months at least of digging deep and as usual it's those at the bottom and middle who will get it .
It makes me laugh that the Tories play the game of financial management
This lot are the last people you want to be stuck in a toilet with .
Blimey, that's pretty good. Nothing I'd disagree with except the toilet bit..
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Re: Interest rates up 0.5%!
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Originally Posted by
A Quiet Monkfish
Good for you. A 0.5% hike isn't going to hurt you - we were getting hikes of 2 and 3%.
The 2 sites you linked, well. The Guardian is the portent of doom and despair, and the other one has been predicting the crash of house prices for 20 odd years. We ain't all going to burn, starve, freeze. Just enjoy life, and stop reading all the depressing sh*t..
So are you saying the sources are wrong? Were house prices on average in 1976 not £11,500? Are house prices on average today not £290,000?
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
So are you saying the sources are wrong? Were house prices on average in 1976 not £11,500? Are house prices on average today not £290,000?
"average". It's a false way of calculating. The enormous cost of housing in London and other 'hot spots' has skewed those figures. You have to take like for like. A 3 bed semi in, say Danescourt now, and in 1976. This isn't the example I referred to previously, but I reckon there's been no more than a ten fold increase. Take a house in London area and they've probably gone up 20 fold. There are large areas of housing in the Valleys that probably haven't gone up more than 5 fold.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
jon1959
Isn't it all due to 'mass migration'? More economically active, tax paying citizens. Lovely!
No jon, Japan has very low immigration and has a higher standard of living than us. We've always had a relatively high stadard of living, even before mass immigration. It's down to capitalism. Anyway, higher immigration means the "lower trust" a society reports. So if you want to live in a low trust society with low social cohesion you crack on. Sounds like hell to me.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
SLUDGE FACTORY
The NHS is crying out for nurses and doctors from Europe and elsewhere .
But some people don't like it and thank god we are back in control of our border and immigration .
They are not racist though ....
Aren't you glad that poorer European Dr's and Nurses are staying home and helping their own nation? or do you think "**** em our needs come first, we need Dr's"
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Lither_1927
No jon, Japan has very low immigration and has a higher standard of living than us. We've always had a relatively high stadard of living, even before mass immigration. It's down to capitalism. Anyway, higher immigration means the "lower trust" a society reports. So if you want to live in a low trust society with low social cohesion you crack on. Sounds like hell to me.
A strong degree of the free market. That's what generates wealth.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
Salary to house price is a stupid measure? This is the dumbest sentence I've read on all of CCMB ever. You clearly don't have a clue and I can't be arsed anymore.
Some people are like a 1970's telly you must keep smacking them before they see the picture!
And you said you’re not a liar :hehe: you’re a clueless liar, read your own posts they are all dumb!
You've taken one sentence out of context I went on to say interest rates are another factor in house affordability in 1988 when I bought my first house interest rates were 9.8% and went up to 15.4%, by 1990, house prices went down a lot by the way, so us oldies had what’s called negative equity, things were tough, much harder than my parents had it, but I wasn’t on a Cardiff city club message board or equivalent crying about it.
Last year the rate I had on one property was 0.29% or 0.19% over the base rate (an old Woolwich now Barclays discounted rate from 2006).
So on a £100K mortgage in 1990 the interest payment alone was £15,400 per year, last year it was £290 per year.
Now I know house prices were less in 1990 but that’s to demonstrate to you how interest rates are the main factor in property ownership affordability.
Many people who are older than you have told you this many times on this thread alone, but you refuse to believe people who have actual life experience and are not getting their information from socialist websites.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
SLUDGE FACTORY
The NHS is crying out for nurses and doctors from Europe and elsewhere .
But some people don't like it and thank god we are back in control of our border and immigration .
They are not racist though ....
How much money do the NHS need ?
UK’s post Brexit EU “divorce bill” reaches €50 billion, confirms Treasury... up from €40-45bn...The NHS burns that in three months.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
North Cardiff Blue
Some people are like a 1970's telly you must keep smacking them before they see the picture!
And you said you’re not a liar :hehe: you’re a clueless liar, read your own posts they are all dumb!
You've taken one sentence out of context I went on to say interest rates are another factor in house affordability in 1988 when I bought my first house interest rates were 9.8% and went up to 15.4%, by 1990, house prices went down a lot by the way, so us oldies had what’s called negative equity, things were tough, much harder than my parents had it, but I wasn’t on a Cardiff city club message board or equivalent crying about it.
Last year the rate I had on one property was 0.29% or 0.19% over the base rate (an old Woolwich now Barclays discounted rate from 2006).
So on a £100K mortgage in 1990 the interest payment alone was £15,400 per year, last year it was £290 per year.
Now I know house prices were less in 1990 but that’s to demonstrate to you how interest rates are the main factor in property ownership affordability.
Many people who are older than you have told you this many times on this thread alone, but you refuse to believe people who have actual life experience and are not getting their information from socialist websites.
You are in utter denial, wealth amongst young people has plummeted as has property ownership.
You literally own multiple properties and you're telling us how hard it was.
You're the typical boomer, no clue unless the daily mail has told you some buzzwords to say today. Your demographic is the reason there are so so many problems in the UK and you will go down as the most selfish pig ignorant generation in history.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
North Cardiff Blue
Some people are like a 1970's telly you must keep smacking them before they see the picture!
And you said you’re not a liar :hehe: you’re a clueless liar, read your own posts they are all dumb!
You've taken one sentence out of context I went on to say interest rates are another factor in house affordability in 1988 when I bought my first house interest rates were 9.8% and went up to 15.4%, by 1990, house prices went down a lot by the way, so us oldies had what’s called negative equity, things were tough, much harder than my parents had it, but I wasn’t on a Cardiff city club message board or equivalent crying about it.
Last year the rate I had on one property was 0.29% or 0.19% over the base rate (an old Woolwich now Barclays discounted rate from 2006).
So on a £100K mortgage in 1990 the interest payment alone was £15,400 per year, last year it was £290 per year.
Now I know house prices were less in 1990 but that’s to demonstrate to you how interest rates are the main factor in property ownership affordability.
Many people who are older than you have told you this many times on this thread alone, but you refuse to believe people who have actual life experience and are not getting their information from socialist websites.
Forgot to add on, you say £100,000.. you bought your your first property for £18,000 in 1976!! £8000 above average prices then and are telling us how so so hard it was.
You can't admit basic facts, you're a typical tory brexiter, I can't be arsed with you now. Bye.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
You are in utter denial, wealth amongst young people has plummeted as has property ownership.
You literally own multiple properties and you're telling us how hard it was.
You're the typical boomer, no clue unless the daily mail has told you some buzzwords to say today. Your demographic is the reason there are so so many problems in the UK and you will go down as the most selfish pig ignorant generation in history.
A good night's kip seems to have worked it's magic, I see..
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
You're the typical boomer, no clue unless the daily mail has told you some buzzwords to say today. Your demographic is the reason there are so so many problems in the UK and you will go down as the most selfish pig ignorant generation in history.
:hehe::hehe::hehe:
have you thought about taking up a hobby you enjoy ? get out of the house, maybe some fresh air, it might help
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
You are in utter denial, wealth amongst young people has plummeted as has property ownership.
You literally own multiple properties and you're telling us how hard it was.
You're the typical boomer, no clue unless the daily mail has told you some buzzwords to say today. Your demographic is the reason there are so so many problems in the UK and you will go down as the most selfish pig ignorant generation in history.
:hehe: So I proved the affordability based on interest rates, makes a significant difference, various people have explained why your generation aren't all on the housing market, because some of you prioritise travelling, and leisure over hard graft sacrificing and saving. Yes it’s not easy, but it never was, just work hard and you’ll get there eventually.
I’m no Boomer, born later than 64, so does that mean I’ve had it tough then?
As my old boss told me many years ago, don't moan just get on with it, because half the people you moan to don't care, and the other half are glad you’re having a tough time :thumbup:
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
blue matt
:hehe::hehe::hehe:
have you thought about taking up a hobby you enjoy ? get out of the house, maybe some fresh air, it might help
He's a wet wipe and things the World owes him a living!
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
Forgot to add on, you say £100,000.. you bought your your first property for £18,000 in 1976!! £8000 above average prices then and are telling us how so so hard it was.
You can't admit basic facts, you're a typical tory brexiter, I can't be arsed with you now. Bye.
Wake up where above did it say I bought my first house for £18,000 in 1976?
I voted remain, so don't make assumptions?
I bought my first house in 1988 for £34K tarted it up and sold for £42.5k six months later
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
North Cardiff Blue
He's a wet wipe and things the World owes him a living!
thinks :hehe: typo
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
A Quiet Monkfish
A good night's kip seems to have worked it's magic, I see..
Quite a few of my old man’s mates involved with property lost everything in the crash late 80’s and interest rates going up early 90’s, it wasn’t all plain sailing like it’s been the last 10 years. Loads of those boomers as you say are helping out their kids big time anyway, aswell as being told to save all their lives, for what? No interest on their “savings” when they get to retire? No point in having 350k in the bank earning you nothing when you could buy a house rent it out and earn £2k a month from it, no doubt plenty of boomers did this.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
goats
Quite a few of my old man’s mates involved with property lost everything in the crash late 80’s and interest rates going up early 90’s, it wasn’t all plain sailing like it’s been the last 10 years. Loads of those boomers as you say are helping out their kids big time anyway, aswell as being told to save all their lives, for what? No interest on their “savings” when they get to retire? No point in having 350k in the bank earning you nothing when you could buy a house rent it out and earn £2k a month from it, no doubt plenty of boomers did this.
£350k in savings? Who the hell has saved this? If they have they’ve probably never even bought a loaf of bread in their life.
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Re: Interest rates up 0.5%!
I can recall facing crazy interest rates treble these...
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Dave Blue
£350k in savings? Who the hell has saved this? If they have they’ve probably never even bought a loaf of bread in their life.
It happens, when we downsized my mums house for a bungalow, the guy in the bungalow rang me the night before it was going to go through. He said we going to have to postpone a few days as he had to find a new safe place to put the 250k he had in cash hidden in the bungalow we were buying…..I couldn’t believe it. Said he didn’t trust the banks. Bit of a one off he was but I know a few who took a lump out of their pension, topped it up with savings and bought a house to rent out….
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Re: Interest rates up 0.5%!
The biggest problem in this country has been the rise of buy-to-let. There are a lot of things that caused it's sudden rise in popularity - a safe place to put those big pension pay-outs, a better return than anything at the banks, consistently low lending rates, and a lot of people looking for somewhere to live. As a result, there is a dire shortage of reasonably priced places for sale, and this only serves to push the prices up.
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Re: Interest rates up 0.5%!
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Originally Posted by
tforturton
The biggest problem in this country has been the rise of buy-to-let. There are a lot of things that caused it's sudden rise in popularity - a safe place to put those big pension pay-outs, a better return than anything at the banks, consistently low lending rates, and a lot of people looking for somewhere to live. As a result, there is a dire shortage of reasonably priced places for sale, and this only serves to push the prices up.
The reason why it came about was Thatcher encouraged people to flash the cash and many needed no second push
And the sale of council houses .....indefensible......led to a lot of people needing somewhere to live
The knock on effect of that selfish society is still around now
And of course the need for more housing has increased the attractiveness of renting out properties now .......people are desperate
Whilst there are some good landlords out there and some people prefer to rent at various points in their lives most are in it .....for the huge pots of cash they can make . And if any of them say otherwise they are lying . Entering into buying houses to rent out is a very good way of getting wealthy, mostly at the expense of other people .
It's appalling that some landlords have made a packet out of buying , selling and renting out former council houses .
It's a rotten , selfish society . Started by that silly bitch and never really turned around . Free market bollocks .
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
goats
It happens, when we downsized my mums house for a bungalow, the guy in the bungalow rang me the night before it was going to go through. He said we going to have to postpone a few days as he had to find a new safe place to put the 250k he had in cash hidden in the bungalow we were buying…..I couldn’t believe it. Said he didn’t trust the banks. Bit of a one off he was but I know a few who took a lump out of their pension, topped it up with savings and bought a house to rent out….
It's no surprise , when there is big money to be made that there are a lot of dodgy people involved who don't care about the people who rent off them .
And nor did the government who encouraged it all .
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
tforturton
The biggest problem in this country has been the rise of buy-to-let. There are a lot of things that caused it's sudden rise in popularity - a safe place to put those big pension pay-outs, a better return than anything at the banks, consistently low lending rates, and a lot of people looking for somewhere to live. As a result, there is a dire shortage of reasonably priced places for sale, and this only serves to push the prices up.
What's the difference between rental privately and through the Council, ie Housing Associations ? People need to rent for lots of reasons.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
A Quiet Monkfish
What's the difference between rental privately and through the Council, ie Housing Associations ? People need to rent for lots of reasons.
Rented property used to be mostly council , with a small residential renting sector .
Thatcher sold off council houses and the area left was taken up by private landlords .....higher rents and less security for the tenant .
Of course there are decent landlords but people I know with no interest in the welfare of tenants and their housing situation own upwards of 30 properties .
Whilst some people may just want a 1 year let for a short term work contract many others rely on private landlords because there is no housing to rent from the state and very little is being built .
When the landlord for financial reasons decides to give the tenants notice they have to look elsewhere . It's very stressful , a lot of people in this country have a roof over their head but are forever looking over their shoulder , its no way to live and those who saw over this sort of housing policy should be ashamed of themselves .
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
SLUDGE FACTORY
Rented property used to be mostly council , with a small residential renting sector .
Thatcher sold off council houses and the area left was taken up by private landlords .....higher rents and less security for the tenant .
Of course there are decent landlords but people I know with no interest in the welfare of tenants and their housing situation own upwards of 30 properties .
Whilst some people may just want a 1 year let for a short term work contract many others rely on private landlords because there is no housing to rent from the state and very little is being built .
When the landlord for financial reasons decides to give the tenants notice they have to look elsewhere . It's very stressful , a lot of people in this country have a roof over their head but are forever looking over their shoulder , its no way to live and those who saw over this sort of housing policy should be ashamed of themselves .
Top post! Well said Sludge! :thumbup:
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
SLUDGE FACTORY
Rented property used to be mostly council , with a small residential renting sector .
Thatcher sold off council houses and the area left was taken up by private landlords .....higher rents and less security for the tenant .
Of course there are decent landlords but people I know with no interest in the welfare of tenants and their housing situation own upwards of 30 properties .
Whilst some people may just want a 1 year let for a short term work contract many others rely on private landlords because there is no housing to rent from the state and very little is being built .
When the landlord for financial reasons decides to give the tenants notice they have to look elsewhere . It's very stressful , a lot of people in this country have a roof over their head but are forever looking over their shoulder , its no way to live and those who saw over this sort of housing policy should be ashamed of themselves .
I know a few of the larger ones. They don't put in fire alarms/smoke detectors and are happy to take the hit with a fine. The max is £5k but it's now about £10k to fit out an HMO.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
A Quiet Monkfish
I know a few of the larger ones. They don't put in fire alarms/smoke detectors and are happy to take the hit with a fine. The max is £5k but it's now about £10k to fit out an HMO.
There is a place as you were indicating in your question for buy to let but the fact its now such a large part of providing housing for this country ......High rents , very poor security of occupation .....is bad news
There are some very socially minded landlords out there . Nothing wrong with using wealth to help others at the same time as developing a business .
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
SLUDGE FACTORY
There is a place as you were indicating in your question for buy to let but the fact its now such a large part of providing housing for this country ......High rents , very poor security of occupation .....is bad news
There are some very socially minded landlords out there . Nothing wrong with using wealth to help others at the same time as developing a business .
Agreed. There should be better protection for private tenants and more properties available for long-term rental contracts. Rolling 12 months is a nightmare for many, especially families.
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Citizen's Nephew
meanwhile.......Exxon Mobil made $18bn in profits in the past three months. Shell and Chevron each made nearly $12bn. Those are all record numbers.
They are wholesalers and not retailers per se.
No one complained when they made record losses in 2020.
They are also taxed at an effective rate of 65% on UK profits.
The taxpayer does well out of their profits, so do pension funds
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Re: Interest rates up 0.5%!
Quote:
Originally Posted by
DryCleaning
They are wholesalers and not retailers per se.
No one complained when they made record losses in 2020.
They are also taxed at an effective rate of 65% on UK profits.
The taxpayer does well out of their profits, so do pension funds
My heart bleeds. Seriously, I'm choked.