Interest rates up 0.25% for the 11th Month in a row

[jon1959]

We haven't had austerity for 13 years. The last few years have seen massive increases in public spending.

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.

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!

[TWGL1]

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

[SLUDGE FACTORY]

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.

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!

Them Tories didn't spend money on the economy and the people because they were being nice

There would have been revolution if they hadn't

[life on mars]

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 .

[goats]

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.

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

[SLUDGE FACTORY]

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

The problem is a lack of housing stock

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 ?

[Vindec]

. 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

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.

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.

[goats]

The problem is a lack of housing stock

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 ?

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 done

[goats]

The problem is a lack of housing stock

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 ?

I thought Labour started that selling of the houses? Like they did everything else that was nailed down? Gold reserves etc….
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……

[A Quiet Monkfish]

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

Tenants ? You mean 'contract holders' ! You're right though, on all counts. I'm in the same position as you.

[JamesWales]

Housing is the biggest single issue in the country in my opinion, and no political party are honest about it.

[SLUDGE FACTORY]

I thought Labour started that selling of the houses? Like they did everything else that was nailed down? Gold reserves etc….
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……

Council tenants have always have a right to buy , in various guises

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

[jon1959]

Council tenants have always have a right to buy , in various guises

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.

Mass Right To Buy sales from 1980.

https://en.wikipedia.org/wiki/Right_to_Buy

[A Quiet Monkfish]

Council tenants have always have a right to buy , in various guises

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

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] corridor