| Interest rates going up again 12:24 - Jun 22 with 4763 views | Joesus_Of_Narbereth |
To combat inflation apparently. Because the previous recent thirteen attempts were incredibly successful.
It’s got a bit of the Blackadder battlefield tactics about it now. Doing the same thing we’ve done 13 times before is the last thing inflation would expect us to do this time.
How much do these idiots get paid for making these asinine decisions? |  |
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| Interest rates going up again on 20:11 - Jun 23 with 970 views | Gwyn737 |
| Interest rates going up again on 19:53 - Jun 23 by raynor94 |
Exactly Max, people have got used to near enough 0% interest rates, taking out big mortgages on fixed rate terms, and now the reality is setting in. |
In 1983 the average house cost round about three times the average annual wage.
The average house is now about 11 times the average wage. This is why younger people are disproportionately affected in all this. It’s also why I always bite when those of us who bought property some time a go tell youngsters they just have to give up Netflix, their mobile phone and avocado on toast and they’ll be fine. That just won’t do it.
Having said that I agree that interest rates have been historically low and an adjustment more to the norm has happened. It’s just happened very quickly. |  | | |
| Interest rates going up again on 20:34 - Jun 23 with 953 views | Togg |
| Interest rates going up again on 20:11 - Jun 23 by Gwyn737 |
In 1983 the average house cost round about three times the average annual wage.
The average house is now about 11 times the average wage. This is why younger people are disproportionately affected in all this. It’s also why I always bite when those of us who bought property some time a go tell youngsters they just have to give up Netflix, their mobile phone and avocado on toast and they’ll be fine. That just won’t do it.
Having said that I agree that interest rates have been historically low and an adjustment more to the norm has happened. It’s just happened very quickly. |
I do feel sorry for younger people getting on the property ladder now. However in South Wales you can still find affordable property if you go out of your chosen area.You may not want to but if gets you in the ladder it's a positive start.
Our first property in the late 80's was not in our chosen area of Swansea. My old man said to me..just buy move in even if you can't afford any furniture. We had 12 amazing years there and we had some wonderful neighbours. We then eventually moved to North Gower. Having a property has allowed me to remortgage for house improvements and start a business. Property will eventually go one way in price. It's the best purchase and most important you will ever make. It's never been easy for any working generation. | | | |
| Interest rates going up again on 20:36 - Jun 23 with 946 views | Dr_Winston |
| Interest rates going up again on 20:11 - Jun 23 by Gwyn737 |
In 1983 the average house cost round about three times the average annual wage.
The average house is now about 11 times the average wage. This is why younger people are disproportionately affected in all this. It’s also why I always bite when those of us who bought property some time a go tell youngsters they just have to give up Netflix, their mobile phone and avocado on toast and they’ll be fine. That just won’t do it.
Having said that I agree that interest rates have been historically low and an adjustment more to the norm has happened. It’s just happened very quickly. |
Lot of truth in that.
House prices have escalated wildly. Partly because of historically low interest rates which as you say, now seem to be correcting themselves a bit. Partly because new build rates have slowed, partly down to the increase in people living alone, and partly because the population has increased by nearly 4m in the last ten years.
I will say that the house price increase isn't perhaps as pronounced in some places as others though. It's perfectly possible for a first time buyer in Swansea to find somewhere for less than £100k. I'm in the process of selling an ex-rental to a first time buyer for a price in that range myself. I feel sorry for anyone in London trying to rent, let alone get their foot on the ladder though. |  |
| Pain or damage don't end the world. Or despair, or f*cking beatings. The world ends when you're dead. Until then, you got more punishment in store. Stand it like a man... and give some back. |
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| Interest rates going up again on 20:41 - Jun 23 with 943 views | SullutaCreturned |
| Interest rates going up again on 20:34 - Jun 23 by Togg |
I do feel sorry for younger people getting on the property ladder now. However in South Wales you can still find affordable property if you go out of your chosen area.You may not want to but if gets you in the ladder it's a positive start.
Our first property in the late 80's was not in our chosen area of Swansea. My old man said to me..just buy move in even if you can't afford any furniture. We had 12 amazing years there and we had some wonderful neighbours. We then eventually moved to North Gower. Having a property has allowed me to remortgage for house improvements and start a business. Property will eventually go one way in price. It's the best purchase and most important you will ever make. It's never been easy for any working generation. |
Sorry, didn't mean to down arrow you. I agree with all of it.
My sister and bro in law did the same thing and lived in 2 rooms for the better part of 2 years whil they did their first house up.
Our current home still needs quite a bit of work, all decorative, nothing structural or near major. WE have a plan to enable our son when he's 21, we will have paid the mortgage by then and I'll be 63 so we're going to try and get into what Tai tarian call a "scheme" others call it sheltered accomodation. Then we sign the house over. The rest is up to him.
I think times are going to get harder, it's as if our governments are trying to force people into renting so all the housing stock can be owned by their rich friends. | | | |
| Interest rates going up again on 20:42 - Jun 23 with 941 views | Togg |
| Interest rates going up again on 20:36 - Jun 23 by Dr_Winston |
Lot of truth in that.
House prices have escalated wildly. Partly because of historically low interest rates which as you say, now seem to be correcting themselves a bit. Partly because new build rates have slowed, partly down to the increase in people living alone, and partly because the population has increased by nearly 4m in the last ten years.
I will say that the house price increase isn't perhaps as pronounced in some places as others though. It's perfectly possible for a first time buyer in Swansea to find somewhere for less than £100k. I'm in the process of selling an ex-rental to a first time buyer for a price in that range myself. I feel sorry for anyone in London trying to rent, let alone get their foot on the ladder though. |
Absolutely. Go up the A465 and you can find some bargains. Yes you might have to travel for work but people have commuted over an hour and half away into London for years. | | | |
| Interest rates going up again on 21:26 - Jun 23 with 915 views | majorraglan |
| Interest rates going up again on 20:42 - Jun 23 by Togg |
Absolutely. Go up the A465 and you can find some bargains. Yes you might have to travel for work but people have commuted over an hour and half away into London for years. |
That’s a fair point but with wages being lower here when the price of fuel prices goes up it has a big big impact on someone’s disposable income. | | | |
| Interest rates going up again on 21:42 - Jun 23 with 902 views | Dr_Winston |
| Interest rates going up again on 21:26 - Jun 23 by majorraglan |
That’s a fair point but with wages being lower here when the price of fuel prices goes up it has a big big impact on someone’s disposable income. |
It's always going to be a trade off.
A mortgage of £85000 (assuming a 15% deposit) on an interest rate of 6% would mean repayments of about £550 a month. That's cheaper than renting these days. If you're saving £100-£150 a month on housing costs then you're still better off despite the extra fuel. | |
| Pain or damage don't end the world. Or despair, or f*cking beatings. The world ends when you're dead. Until then, you got more punishment in store. Stand it like a man... and give some back. |
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| Interest rates going up again on 21:44 - Jun 23 with 902 views | onehunglow |
| Interest rates going up again on 20:11 - Jun 23 by Gwyn737 |
In 1983 the average house cost round about three times the average annual wage.
The average house is now about 11 times the average wage. This is why younger people are disproportionately affected in all this. It’s also why I always bite when those of us who bought property some time a go tell youngsters they just have to give up Netflix, their mobile phone and avocado on toast and they’ll be fine. That just won’t do it.
Having said that I agree that interest rates have been historically low and an adjustment more to the norm has happened. It’s just happened very quickly. |
When we bought this house, we took out a low cost endowment mortgage.
Rate was 17%
We had no assistance whatsoever
Jobs were going fast .
Times very tough then | |
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| Interest rates going up again on 22:23 - Jun 23 with 875 views | raynor94 |
| Interest rates going up again on 21:44 - Jun 23 by onehunglow |
When we bought this house, we took out a low cost endowment mortgage.
Rate was 17%
We had no assistance whatsoever
Jobs were going fast .
Times very tough then |
Good post, late 80s early 90s were tough times, no government help then |  |
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| Interest rates going up again on 22:37 - Jun 23 with 861 views | Gwyn737 |
| Interest rates going up again on 22:23 - Jun 23 by raynor94 |
Good post, late 80s early 90s were tough times, no government help then |
I’ve no doubt it was hard Rayns, but I just can’t see how getting on the housing ladder then was more difficult than now.
I’ll put it another way. Average house price in 1983 was £27,000. If house prices has tracked inflation in todays money that would equate to about £87,000.
Average house price now in the uk is around £286,000.
It’s out of reach for many no matter what sacrifices they make. | | | |
| Interest rates going up again on 22:45 - Jun 23 with 843 views | max936 |
| Interest rates going up again on 20:11 - Jun 23 by Gwyn737 |
In 1983 the average house cost round about three times the average annual wage.
The average house is now about 11 times the average wage. This is why younger people are disproportionately affected in all this. It’s also why I always bite when those of us who bought property some time a go tell youngsters they just have to give up Netflix, their mobile phone and avocado on toast and they’ll be fine. That just won’t do it.
Having said that I agree that interest rates have been historically low and an adjustment more to the norm has happened. It’s just happened very quickly. |
My lad was paying £830 rent a month in Horsham when he was living there, lovely place, but cost of living there was expensive, he's been home now for 18months ish, he wants to buy a house, but prices are ridiculous and he's earning a decent wage, but its all relative. [Post edited 23 Jun 2023 22:46]
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| Interest rates going up again on 22:56 - Jun 23 with 833 views | Gwyn737 |
| Interest rates going up again on 22:45 - Jun 23 by max936 |
My lad was paying £830 rent a month in Horsham when he was living there, lovely place, but cost of living there was expensive, he's been home now for 18months ish, he wants to buy a house, but prices are ridiculous and he's earning a decent wage, but its all relative. [Post edited 23 Jun 2023 22:46]
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That seems pretty good for Horsham as it’s pretty posh!
Just has a quick look - average house price sale over the last year in Horsham was £458,000!!!! | | | |
| Interest rates going up again on 23:06 - Jun 23 with 829 views | builthjack |
Kids starting off today , in an ordinary job with ordinary pay, have no chance. |  |
| Swansea Indepenent Poster Of The Year 2021. Dr P / Mart66 / Roathie / Parlay / E20/ Duffle was 2nd, but he is deluded and thinks in his little twisted brain that he won. Poor sod. We let him win this year, as he has cried for a whole year. His 14 usernames, bless his cotton socks.
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| Interest rates going up again on 23:46 - Jun 23 with 819 views | max936 |
| Interest rates going up again on 22:56 - Jun 23 by Gwyn737 |
That seems pretty good for Horsham as it’s pretty posh!
Just has a quick look - average house price sale over the last year in Horsham was £458,000!!!! |
I looked in estate agents there and 500k would maybe get you a two up two down property, lads flat was a decent flat in Bishopric in fairness, is mate in Croydon was looking to move from is flat has his rent was going up by 250 quid absolute piss take, he found somewhere tidy and cheaper, but they told him he wasn't earning enough absolute bollox, he earn plenty then another rental place said that he earns to much  | |
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| Interest rates going up again on 07:59 - Jun 24 with 787 views | jojaca |
| Interest rates going up again on 23:06 - Jun 23 by builthjack |
Kids starting off today , in an ordinary job with ordinary pay, have no chance. |
Kids still have a chance, I've told my eldest to stay at home, build a deposit and try and buy a house when you reach enough money where you feel comfortable with mortgage payments and have six months of bills in reserve and while your saving hopefully there will be a correction/crash. |  |
| Even when you know, you never know? |
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| Interest rates going up again on 09:02 - Jun 24 with 771 views | Dr_Winston |
| Interest rates going up again on 07:59 - Jun 24 by jojaca |
Kids still have a chance, I've told my eldest to stay at home, build a deposit and try and buy a house when you reach enough money where you feel comfortable with mortgage payments and have six months of bills in reserve and while your saving hopefully there will be a correction/crash. |
I don't think we'll ever see a precipitous housing price crash. Demand still far outstrips supply and that's a basic law of economics. A correction of maybe 10-15% is possible I'd say.
Plus, and this is the sad part, if repossessions start rising there are plenty of cash rich institutions and individuals out there who won't have to worry about interest rates. | |
| Pain or damage don't end the world. Or despair, or f*cking beatings. The world ends when you're dead. Until then, you got more punishment in store. Stand it like a man... and give some back. |
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| Interest rates going up again on 10:10 - Jun 24 with 751 views | bennytheblue |
| Interest rates going up again on 22:02 - Jun 22 by max936 |
Been working a lot down West Wales and there's plenty of vacuuming up going on down there, people buying up properties up and renting out to build their pension funds up.
If there's a demand people will do it. |
No there isn’t, plenty of holiday lets selling up but they are mainly owned by English who have had enough of welsh government meddling. The market down there is dead, the locals cannot afford to buy 3/400 grand houses so who is going to buy them? |  | | |
| Interest rates going up again on 11:07 - Jun 24 with 727 views | Togg |
| Interest rates going up again on 10:10 - Jun 24 by bennytheblue |
No there isn’t, plenty of holiday lets selling up but they are mainly owned by English who have had enough of welsh government meddling. The market down there is dead, the locals cannot afford to buy 3/400 grand houses so who is going to buy them? |
This is the crazy thing. You discourage people buying holiday homes but this won't make the price affordable to local people. It also takes away business from the area. The only way forward is building affordable housing. | | | |
| Interest rates going up again on 11:11 - Jun 24 with 722 views | felixstowe_jack |
| Interest rates going up again on 10:10 - Jun 24 by bennytheblue |
No there isn’t, plenty of holiday lets selling up but they are mainly owned by English who have had enough of welsh government meddling. The market down there is dead, the locals cannot afford to buy 3/400 grand houses so who is going to buy them? |
Yes sad to see holiday business close because of the Senedd's tax raid on holiday business. Will only mean less tourists, less money being spent in local businesses and will lead to job losses. Tourism is both Wales biggest industry and biggest employer. | |
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| Interest rates going up again on 12:30 - Jun 24 with 698 views | BillyChong |
| Interest rates going up again on 11:11 - Jun 24 by felixstowe_jack |
Yes sad to see holiday business close because of the Senedd's tax raid on holiday business. Will only mean less tourists, less money being spent in local businesses and will lead to job losses. Tourism is both Wales biggest industry and biggest employer. |
Tourism isn’t the biggest employer in wales | | | |
| Interest rates going up again on 13:14 - Jun 24 with 680 views | Johnw102 |
Feel so sorry for the younger generation, my son and his partner with two children can't get a mortgage of £600 per month on their joint wages, but for the last 4 years same Building society have been charging them £825 pm in a rented property, seems so unfair to me. We have added to their savings for a deposit (might as well have the money now as later) but still can't buy anything down here in West Wales. Few years ago we lived next door to a house that was a holiday home and the absentee owner boasted that by renting out for 10 weeks a year that paid his mortgage and Council tax for the year!! Rant over going for a pint!!  |  |
| Never knew getting old would happen so quick! |
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| Interest rates going up again on 13:50 - Jun 24 with 672 views | SullutaCreturned |
| Interest rates going up again on 13:14 - Jun 24 by Johnw102 |
Feel so sorry for the younger generation, my son and his partner with two children can't get a mortgage of £600 per month on their joint wages, but for the last 4 years same Building society have been charging them £825 pm in a rented property, seems so unfair to me. We have added to their savings for a deposit (might as well have the money now as later) but still can't buy anything down here in West Wales. Few years ago we lived next door to a house that was a holiday home and the absentee owner boasted that by renting out for 10 weeks a year that paid his mortgage and Council tax for the year!! Rant over going for a pint!! |
This is the really obscene thing, there are plenty of people who have been paying rent at a much higher price than the mortgage would be but who can't get a mortgage because the bank says they can't afford it.
Rip off Britain in full flow. | | | |
| Interest rates going up again on 17:12 - Jun 24 with 633 views | controversial_jack |
| Interest rates going up again on 13:50 - Jun 24 by SullutaCreturned |
This is the really obscene thing, there are plenty of people who have been paying rent at a much higher price than the mortgage would be but who can't get a mortgage because the bank says they can't afford it.
Rip off Britain in full flow. |
That’s capitalism for you | | | |
| Interest rates going up again on 22:26 - Jun 24 with 588 views | Gwyn737 |
| Interest rates going up again on 11:11 - Jun 24 by felixstowe_jack |
Yes sad to see holiday business close because of the Senedd's tax raid on holiday business. Will only mean less tourists, less money being spent in local businesses and will lead to job losses. Tourism is both Wales biggest industry and biggest employer. |
Has this happened then? | | | |
| Interest rates going up again on 00:01 - Jun 25 with 576 views | gadgetuk |
| Interest rates going up again on 22:44 - Jun 22 by raynor94 |
I can't believe your last paragraph, the triple lock is to expensive, it's been peanuts for years, it's only because inflation has risen its come to people's notice.
This year I had a whopping £50 a month increase on my pension.
Interest rates were low for years people taking out big mortgages, and now interst rates are getting back to more historical rates, people are feeling the pinch.
And I can remember interest rates being in double figures in the late 80s |
Yeah, I've heard this argument many times about 15% interest rates - its baloney.
When you had those interest rates, mortgages were a fraction of peoples outgoings. Now 50% of peoples salary goes on a mortgage, so a 2-3% uplift is a killer. | | | |
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