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Ouch, it's going to get tough for youngsters and people stretched while buying their house, hopefully, that's the last and inflation starts to come down.
£250,000 borrowing on a variable/tracker rate will cost them approx £52pm more.
People coming out of a fixed deal from 2021, 2 years on the same size mortgage will see an average increase of approx £728pm for a new fixed deal.
The US went up the same yesterday.
I took on a fixed deal from February. I'm hoping to clear my mortgage when that fixed deal ends in a couple of years.Quote:
Originally Posted by North Cardiff Blue
It has saved me a load already. It's not just mortgages, we all know about energy, food etc but my water bill has increased by 12.8%. I've not had my Council Tax notification yet.
Rate rises are meant to curb inflation, but why bother as this does not impact the man on the street. We either pay more via inflation or we pay more via increased debt payments.Quote:
Originally Posted by North Cardiff Blue
its just a way of government debt being eroded in real terms.
Unless the intention is to crash the current financial system.Quote:
Originally Posted by HiVis
I got my water bill reduced to 320 quid but I couldn't get a water meter fitted which is what I wantedQuote:
Originally Posted by Michael Morris
Spoke to a very pleasant lady from cwmbran who was a single mum and lived near the boating lake
Your water bills are so high cos you make the ladies so wet SludgeQuote:
Originally Posted by SLUDGE FACTORY
Let's try and keep this in orderQuote:
Originally Posted by JamesWales
Just had mine £288 a month to empty my bins!!!Quote:
Originally Posted by Michael Morris
Seems a bit over the top this time, inflation was high due to the end of the pandemic, and shipping and energy costs, they were going to reduce from March/April on anyway, but I suppose it is better than raging inflation and it is Worldwide and rates are higher in the US.Quote:
Originally Posted by HiVis
there are always losers and winners in the game. but house and flat prices were getting out of hand and need a reset.
thinly veiled I live in Lisvane not GabalfaQuote:
Originally Posted by North Cardiff Blue
Might be good if it brings house prices down a bit? Not for me but for young people looking to get out of the now chaotic rental market in WalesQuote:
Originally Posted by North Cardiff Blue
Every 3 weeks soon probably the useless w@nkers they areQuote:
Originally Posted by North Cardiff Blue
Yes, but apart from schools, teachers and youth services, libraries, parks, open spaces and galleries, social care for the elderly, children and other vulnerable members of the community, support for the voluntary sector, planning and building control, street cleaning and other environmental issues, maintenance of roads and bridges, traffic management and road safety, parking services, election, registrars of births, deaths and marriages, cemeteries and mortuary services, consumer protection, economic development and regeneration, community development services, housing provision, strategy, advice and services for the homeless…..what have the council ever done for us?Quote:
Originally Posted by North Cardiff Blue
That's good for you, but I just get my bins emptied, ignore house values and add 2p to tax or something.Quote:
Originally Posted by fingers
It's good for you tooQuote:
Originally Posted by North Cardiff Blue
It's good for everyone
Local government provides excellent services and administration
It's the privatised energy companies and phones and the rest of them that you want to be pissed off about
Leisure centres but I have a feeling it’s a loaded questionQuote:
Originally Posted by fingers
Yes, none of the rest matters as you don't need it at this precise moment. What about the rest of the population? Typical short-sighted attitude.Quote:
Originally Posted by North Cardiff Blue
I don't know why I get a bit irritated by cretins on social media who moan about council tax rises of 3% when the cost of living etc has shot up by more than 3 times that. It affects councils as well, who have had funding consistently cut and in some areas, are barely providing much more than what they legally have to.Quote:
Originally Posted by SLUDGE FACTORY
On the whole they do a great jobQuote:
Originally Posted by Eric the Half a Bee
The absolute hilarity in tories on here moaning about council tax increases after voting for austerity for the past 13 years.
Government funding to councils has been cut significantly meaning if you want essential services like bins, streetlights or care for the vulnerable there is no option but for council tax to increase.
'The leopards won't eat MY face'
I think 'great' is slightly over-doing it.Quote:
Originally Posted by SLUDGE FACTORY
Since 2017 in real terms there are 1.2million fewer properties in the PRS in the UK. It's going to get even worse in Wales as up to a third of PRS properties are take off the market. Rents have gone up by 30% as a consequence and will probably double within 18 months in some places. Private landlords are leaving in droves - it's no longer worth the hassle/grief.Quote:
Originally Posted by goats
We haven't had austerity for 13 years. The last few years have seen massive increases in public spending.Quote:
Originally Posted by Doucas
When I moved into my place in 1987 I took out a mortgage at a fixed 10% :yikes:Quote:
Originally Posted by Michael Morris
Lucky for me, but not for others, mortgage rates over the following few years went up to a whopping 16% :yikes:
Of course, house prices and loan amounts were at a reasonable level back then,
I despair for younsters trying to buy a home these days.
It is true that public spending has increased in recent years. Partly Johnson's social liberalism and populism trumping (!) the fiscal conservatism of all Tory Chancellors and breaking with the Cameron/Osbourne/May orthodoxy. Mainly using the government cheque book to cushion the worst effects of Covid. To a lesser extent increasing NHS funding as the government's flagship budget - even if those increases never kept up with rising demand.Quote:
Originally Posted by JamesWales
But austerity is still alive and kicking (or dead and decaying) across large parts of the public sector where there has been no reversal of the Cameron/Osbourne cuts from 2010 onwards. For most public services there have been 13 uninterrupted years of cuts, more cuts, complete removal of services, privatisation, and widespread introduction of new charges for things that were previously publicly funded. Cuts to the bone; into the bone; and then amputation!
American mortgage terms are usually 30 years , which cuts down on people moving and keeps house prices realistic , this is perhaps the way forward here in the UK.
Google :- The 30-year fixed rate mortgage owes its existence to government actions to remedy dislocations in the mortgage market. The process started during the Great Depression, when the federal government created the Home Owner's Loan Corporation (HOLC) to buy defaulted mortgages and reinstate them
Them Tories didn't spend money on the economy and the people because they were being niceQuote:
Originally Posted by jon1959
There would have been revolution if they hadn't
And still the pubs are full , two cars in the drive , subscription paid , all gladly spent before the taxes that keep the country going as that is what happens ..
In my humble view the BoE have let us all down since the recession , through Brexit and Pandemic ,their predictions are so way off , they panic the markets , they kept the interest way too low for too long after the recession , and quantitative easing , printing money you've not got is not a great solution .
I agree with some that the B of E are too powerful and make mistakes but don't get the same criticism that politicians get , its the same question being asked of banks in the USA /Europe , they have got stuff in the challenging times wrong , but hey they survive , no cull for them , they should be subject to voting ,more scrutiny, less independence , public should have a say in who runs the most important job in the land , we do cull PM's and MP's and rightly so .
I know, I’m one of them. Loads of oldies who have had rentals for 30/40 years have had enough, rent smart wales and the new tenancy agreements being the final nail. Then there’s the EPC issue which is by far the biggest load of government guff to date, attempting to get Victorian housing stock to a C in 2 years isn’t feasible. At least a million rentals don’t yet comply so be interesting to see how it unfold further. In a house I rent out in Treforest nr the Uni, rents have gone from £300 to £350 a month since September…..a room in a house in heath came available last sept and I had 60 people apply in one day. Nice work Drakeford :thumbup:Quote:
Originally Posted by A Quiet Monkfish
The problem is a lack of housing stockQuote:
Originally Posted by goats
If the Tories hadn't sold off millions of council homes then less people would be sharking around desperate for a place to live
The private rented sector was pushed by the conservatives to take up the slack
For many people it's great , young workers , students etc but the rents are too high and it must be regulated so landlords can make profit but tenants can have a fair deal
I am not sure that's really possible , maybe it has been ?
In fairness I don't think the current problems are a lot to do with Drakeford or the WG. The issue is a simple case of economics.Quote:
Originally Posted by goats
As a former landlord I have every sympathy for renters but landlords are also in a predicament due to higher interest rates. The point you raise about properties in Treforest and Heath is easily explained. If a landlord pays an amount for a house in Treforest he would have to pay much more for a house in Heath. Any higher rent in Heath is simply down to the higher amount a landlord has to borrow and thereby his costs in servicing his debt can only be recoverable through higher rent charges. I helped my last renter out by not increasing the rent and was rewarded with a smashed up property which was not recoverable as the tenant had moved back to his former home in South East Asia. That was it for me but I applaud those landlords who have stuck it out as the former profits are no longer achievable.
Life is very difficult at the moment for both house owners and renters. My son's mortgage for example is now close to his income having recently coming off a fixed 1% mortgage and the end of his government help to buy loan and I'm sure his experience is replicated elsewhere.
If they want rents to stop going up maybe they build more houses? They are in cardiff particularly to the west off llantrisant rd. if they keep adding more taxes like EPC, rent smart and the like rents are only going one way. You can’t set a limit on it really, maybe a general one ie Cathays/heath max whatever but that won’t be easy to implement. Also any more interfering will only increase the problem for tenants like they’ve just doneQuote:
Originally Posted by SLUDGE FACTORY
I thought Labour started that selling of the houses? Like they did everything else that was nailed down? Gold reserves etc….Quote:
Originally Posted by SLUDGE FACTORY
Let’s face it, the people wanted to buy them up so they could own so was a vote winner, as ever though no long term planning. Until this changes politics in the uk is pointless just lurching from shiiitshow to another clearing up the previous mess bla bla……:puke:
Tenants ? You mean 'contract holders' ! You're right though, on all counts. I'm in the same position as you.Quote:
Originally Posted by goats
Housing is the biggest single issue in the country in my opinion, and no political party are honest about it.
Council tenants have always have a right to buy , in various guisesQuote:
Originally Posted by goats
But in was Thatcher in 1983 that gave absolutely massive amounts of tax payers money to council tenants to almost give the fecking things away
It's was immoral and the effects on the housing market are still being felt today
Don't blame Labour
Small scale sales under Labour in the 60s and 70s - without the huge price discounts introduced by Thatcher in the Housing Act 1980.Quote:
Originally Posted by SLUDGE FACTORY
Mass Right To Buy sales from 1980.
https://en.wikipedia.org/wiki/Right_to_Buy
The discount for a house was 33% of the market value if they had lived there for 3 years. It was a decent incentive, but hardly giving them away. There are enough houses - but they're not affordable for many. My son [in England] was telling me yesterday that he was talking a regional manager of a major housebuilder. Since the end of help-to-buy [in England], sales have virtually stopped on new build. If you want to discover why UK house prices have risen so much in 30yrs, you have to go to central London in the 80's. Arabs, then Russians, then Chinese. Oh, and money laundering. It all stems from down 'west', and permeates along the M4 [and others] corridorQuote:
Originally Posted by SLUDGE FACTORY