Interest rates up 0.5%!

[Doucas]

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 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.

[Doucas]

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 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.

[A Quiet Monkfish]

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..

[blue matt]

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.

have you thought about taking up a hobby you enjoy ? get out of the house, maybe some fresh air, it might help

[North Cardiff Blue]

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.

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

[North Cardiff Blue]

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!

[North Cardiff Blue]

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

[North Cardiff Blue]

He's a wet wipe and things the World owes him a living!

thinks typo

[goats]

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.

[Dave Blue]

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.

[life on mars]

I can recall facing crazy interest rates treble these...

[goats]

£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….

[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.

[SLUDGE FACTORY]

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 .

[SLUDGE FACTORY]

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 .

[A Quiet Monkfish]

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.

[SLUDGE FACTORY]

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 .

[Citizen's Nephew]

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!

[A Quiet Monkfish]

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.

[SLUDGE FACTORY]

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 .

[Citizen's Nephew]

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.

[HiVis]

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

[Citizen's Nephew]

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.