Re: Interest rates up 0.5%!
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Originally Posted by
A Quiet Monkfish
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
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%.
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
Re: Interest rates up 0.5%!
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Originally Posted by
TWGL1
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.
Re: Interest rates up 0.5%!
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Originally Posted by
North Cardiff Blue
I'm with you on that. The problem is that the Tories spend half their time telling us how good the economy is and half their time blaming the opposition for how shit it is. Just a bit of honesty would be nice.
Re: Interest rates up 0.5%!
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Originally Posted by
Eric Cartman
................................. and half their time blaming the opposition for how shit it is.
I'm not aware of that. Any examples?
Re: Interest rates up 0.5%!
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Originally Posted by
North Cardiff Blue
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!
Mental post. So when I prove things are shit you say 'stop moaning' while people like you repeatedly vote for right wing governments that cause this shitness.
And back to this jealousy thing, I'm doing alright, many my age aren't, many younger are struggling and the trends aren't getting better.
I said this last week, I was accused of being jealous at first, then I said I was doing alright and I got called a champagne socialist, so tell me how much wealth should I have before I can complain that things are shit?
Re: Interest rates up 0.5%!
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Originally Posted by
Doucas
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
How the heck do you know ? You can buy a new 2 bed just outside Cardiff for £250k A 90% mortgage will cost you £1100. You can get mortgages from practically everywhere - the Govt. will even chip in. I had to do odd jobs, save for 3 years with one of only 3 or 4 places you could get a mortgage - then once I'd saved up with them I had an 'interview' . No furniture/carpets, no white good. I had F. all. In those days you just went out and got on with it. Not a penny from my folks, and I didn't expect it either..
Re: Interest rates up 0.5%!
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Originally Posted by
Doucas
I'm 33 now, since I've been an adult I've never known a good economy. Is this really the best we can do? The tories are economically illiterate, you're a fool if you believe otherwise.
Why do you peddle this rubbish ? Labour were in power from 1997 to 2010 and wrecked the economy. Blame them. Its taken the last 12 years to try to recover from what they did and now we have had a pandemic to deal with and Ukraine war as well. Employment and tax revenues are at record highs anyway.
Re: Interest rates up 0.5%!
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Originally Posted by
dml1954
Why do you peddle this rubbish ? Labour were in power from 1997 to 2010 and wrecked the economy. Blame them. Its taken the last 12 years to try to recover from what they did and now we have had a pandemic to deal with and Ukraine war as well. Employment and tax revenues are at record highs anyway.
The economy was wrecked by a worldwide crash in 2008. The Conservative opposition of that time backed the measures Labour took to stop a run on banks - if Labour did wreck the economy, they did it with the backing of the main opposition parties.
Re: Interest rates up 0.5%!
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Originally Posted by
Eric the Half a Bee
Don't be silly, mun. We're still paying for the fact Labour screwed the world economy in 2008.
Well in a famous speech, master of the universe chancellor Gordon Brown assured the City Of London that he had ended "boom and bust" which encouraged everyone to borrow and gamble. He also spent like crazy during the good years. And sold off loads of gold reserves at the bottom of the market. So yeah, Labour must take some of the blame.
Re: Interest rates up 0.5%!
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Originally Posted by
the other bob wilson
The economy was wrecked by a worldwide crash in 2008. The Conservative opposition of that time backed the measures Labour took to stop a run on banks - if Labour did wreck the economy, they did it with the backing of the main opposition parties.
Gordon Brown sold off all our gold reserves for a start, against everyone's advice and cost the country billions. You try to wriggle your way out of the mess Labour made of the economy by blaming it on a worldwide crash (which was at least partly caused by the actions of a labour government anyway) whilst at the same time blaming the Tories for the recent problems with the economy which have been caused by Covid and a war in Ukraine. Make your mind up. Labour backed most of the measures related to Covid and the war but notably voted against the will of the British people all the time during Brexit.
Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Eric Cartman
I'm with you on that. The problem is that the Tories spend half their time telling us how good the economy is and half their time blaming the opposition for how shit it is. Just a bit of honesty would be nice.
The economy is not great and the volatility is terrible, there has been five years of Brexit, Covid and the Ukraine War and it has had a nasty affect on all of the economies of the World, but especially us with Brexit in addition to the rest of the problems.
Re: Interest rates up 0.5%!
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Originally Posted by
the other bob wilson
The economy was wrecked by a worldwide crash in 2008. The Conservative opposition of that time backed the measures Labour took to stop a run on banks - if Labour did wreck the economy, they did it with the backing of the main opposition parties.
British Banks were told by Gordon Brown that he had ended boom n bust. They acted accordingly, borrowed and gambled with abandon then had to be bailed out when the bust came. By none other than ......Gordon "an end to boom n bust" Brown.....at HUGE cost to the taxpayer.
Re: Interest rates up 0.5%!
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Originally Posted by
TWGL1
My parents bought our council house in the mid seventies - from what I remember it was as part of a council scheme.
Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
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
Mass immigration has caused house prices to sky rocket and price millenials out of the market.
Re: Interest rates up 0.5%!
Quote:
Originally Posted by
Doucas
Mental post. So when I prove things are shit you say 'stop moaning' while people like you repeatedly vote for right wing governments that cause this shitness.
And back to this jealousy thing, I'm doing alright, many my age aren't, many younger are struggling and the trends aren't getting better.
I said this last week, I was accused of being jealous at first, then I said I was doing alright and I got called a champagne socialist, so tell me how much wealth should I have before I can complain that things are shit?
How well are you doing, got your own house in a resonable area?
If so you are a champagne socialist and they are the worst kind!
Re: Interest rates up 0.5%!
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Originally Posted by
Lither_1927
Mass immigration has caused house prices to sky rocket and price millenials out of the market.
Light the blue touch paper and
:popcorn:
Re: Interest rates up 0.5%!
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Originally Posted by
dml1954
Gordon Brown sold off all our gold reserves for a start, against everyone's advice and cost the country billions. You try to wriggle your way out of the mess Labour made of the economy by blaming it on a worldwide crash (which was at least partly caused by the actions of a labour government anyway) whilst at the same time blaming the Tories for the recent problems with the economy which have been caused by Covid and a war in Ukraine. Make your mind up. Labour backed most of the measures related to Covid and the war but notably voted against the will of the British people all the time during Brexit.
You’re the one applying one set of rules for Labour and another for the Conservatives - blaming Labour for the worldwide crash in 2008 is ludicrous. All I’ve said about the current crisis is that we seem to suffering more than many comparable countries to us. None of what you say addresses my point that the Conservatives and Lib Dems backed the measures taken by Labour fourteen years ago.
Re: Interest rates up 0.5%!
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Originally Posted by
North Cardiff Blue
Light the blue touch paper and
:popcorn:
Ignore him.
