Interest rates
#1
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Well they are due to go up again how much more can we take,the goverment wont be happy till they have reposesd every ones home,do you think they will come down again.they cant keep on going up can they
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mate they need to go up to lower the prices of houses im afraid to say
the entire country is too much money to buy a place these days and so they need to do something to control it
the banks are the problem here imo as they was offereing 5 and 6 times they yearly wages to buy a property with no deposit,,,,,, the poor sods who have done that are about to get rapped
the entire country is too much money to buy a place these days and so they need to do something to control it
the banks are the problem here imo as they was offereing 5 and 6 times they yearly wages to buy a property with no deposit,,,,,, the poor sods who have done that are about to get rapped
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Originally Posted by Chip-3Door
The government dont control interest rates any more mate, the bank of england does!
Thankfully!
Thankfully!
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I personally think they will peak at 5.75 / 6 % then start to come down again after a while. It takes about a year for any change to take effect, and i think they've put them up more than perhaps they wanted to in order to send a strong message but also because they can bring them down again just as easily. I think if they stay at 6% then inflation will drop back down below their target of 2% in the medium term, so they will drop rates back down to strike a fine balance.
I think main problem is interest rate is too blunt a tool to control housing. A change has implications nationwide but house prices rise at different rates depending on area you live. My personal feeling is interest rates will come back down after a 6% peak but housing will continue to rise, but we will see more modest increases in value over the next few years.
but who really knows...
I think main problem is interest rate is too blunt a tool to control housing. A change has implications nationwide but house prices rise at different rates depending on area you live. My personal feeling is interest rates will come back down after a 6% peak but housing will continue to rise, but we will see more modest increases in value over the next few years.
but who really knows...
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The Monetary Policy Comittee at the Bank of England controls the Interest rate and is independant of the government, yet the treasury can step in under extreme economical circumstances and alter the rate to suit its needs.
The target for inflation is actually 2% with a limit of 1% either side. As others have said, the government is allowing the MPC to keen rising the interest rates until it actually has an effect on the market.
Possible the only other way to control the spiralling housing market would be to flood it with thousands on affordable housing, which i believe is going to be their next setp. Quite a few housing developers are being given land for free if they build eco-friendly houses in a few major cities and sell them for around £60,000.
Thanks
The target for inflation is actually 2% with a limit of 1% either side. As others have said, the government is allowing the MPC to keen rising the interest rates until it actually has an effect on the market.
Possible the only other way to control the spiralling housing market would be to flood it with thousands on affordable housing, which i believe is going to be their next setp. Quite a few housing developers are being given land for free if they build eco-friendly houses in a few major cities and sell them for around £60,000.
Thanks
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We've got a long way to go yet, weren't they 14% 10 or 15years ago
Inflation has already softened which has tempered the rate rise. I agree, and hope, it tops out at 6%.
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Inflation has already softened which has tempered the rate rise. I agree, and hope, it tops out at 6%.
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#9
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if inflation was linked to house prices, it owuld be in trouble right now but it's linked to bread and newspapaers and beans and stuff like that
i couldn't really afford to live in my house if the instrest rates went above about 5.5% which is why, when the starter rate finishes in december on my mortgage, i'll be hoping about to look for another company
the problem doesn't just lie with home owners either, people forget about credit cards and stuff which also get a good deal of money from your pocket, if you ain't got you don't get, simple, but then you hear about all these fools that get to the limit of their cards and keep on spending, why?
i've got a perfectly good telly, why hsould i have spent a grand on getting another one? because i'ev got the money in my back pocket
if i was skint and there was no food in the house, the telly wouldn't be feeding my kid would it
britain has a spend spend spend culture with everyone not worrying baout when they have to pay it back, when that gets to critical levels, you'll see the shops shutting down ebcause people can't afford to spend any more money that they don't have and everyone being grumpy fuckers because they've got no money to spend, the rollon effect is that you can't survive on the money you are earning and go and look for a better paid job which means wages have to go up and then the poor finance ammanger will say "we can't afford it, we are going bust" and then it gets evern worse
look at it from the perspective of teh whole country and you get some sort of idea about how the governor of the bank of england hs to look at everytime he raises intrest rates
everyone wants to live the bling lifestyle on dole money and it just ain't gonna happen
i couldn't really afford to live in my house if the instrest rates went above about 5.5% which is why, when the starter rate finishes in december on my mortgage, i'll be hoping about to look for another company
the problem doesn't just lie with home owners either, people forget about credit cards and stuff which also get a good deal of money from your pocket, if you ain't got you don't get, simple, but then you hear about all these fools that get to the limit of their cards and keep on spending, why?
i've got a perfectly good telly, why hsould i have spent a grand on getting another one? because i'ev got the money in my back pocket
if i was skint and there was no food in the house, the telly wouldn't be feeding my kid would it
britain has a spend spend spend culture with everyone not worrying baout when they have to pay it back, when that gets to critical levels, you'll see the shops shutting down ebcause people can't afford to spend any more money that they don't have and everyone being grumpy fuckers because they've got no money to spend, the rollon effect is that you can't survive on the money you are earning and go and look for a better paid job which means wages have to go up and then the poor finance ammanger will say "we can't afford it, we are going bust" and then it gets evern worse
look at it from the perspective of teh whole country and you get some sort of idea about how the governor of the bank of england hs to look at everytime he raises intrest rates
everyone wants to live the bling lifestyle on dole money and it just ain't gonna happen
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Originally Posted by scottp
Possible the only other way to control the spiralling housing market would be to flood it with thousands on affordable housing, which i believe is going to be their next setp. Quite a few housing developers are being given land for free if they build eco-friendly houses in a few major cities and sell them for around £60,000.
Thanks
Thanks
house prices should be capped for the area they are in, that way you won't get people asking silly money for them, who the fuck is going to spend £80mill on a penthouse just beause it over looks the houses of parliment?
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Sorry , but its our fault for paying over the odds for houses ,
People just went out and paid whatever people were asking , and in some cases offered more ,, so the effect was that prices just kept going up and up until this happens ,,now most people live in a new cardboard box style house and cant afford to pay the mortgage
I went to look at a hew home 3 months agao ,,my ideal house ,
Big old farm house , loads of land and 2 massive buildings ,,but i just refused to pay what they wanted as it simply wasnt worth it ( to me ) but i know some bloody fool will pay it , and this is why we are now in the situation
I will stay in my humble little mortgage free home until the prices drop ,,AND THEY WILL ,, like it or not
Paul
People just went out and paid whatever people were asking , and in some cases offered more ,, so the effect was that prices just kept going up and up until this happens ,,now most people live in a new cardboard box style house and cant afford to pay the mortgage
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I went to look at a hew home 3 months agao ,,my ideal house ,
Big old farm house , loads of land and 2 massive buildings ,,but i just refused to pay what they wanted as it simply wasnt worth it ( to me ) but i know some bloody fool will pay it , and this is why we are now in the situation
I will stay in my humble little mortgage free home until the prices drop ,,AND THEY WILL ,, like it or not
Paul
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I nope interest rates hit double figures and the housing market crashes and poeple hand the keys to their homes back to the banks with a big grin.
The UK is the most stupid country in the world. You would think after one housing market crash they would stop it from happening again. But no up the prices go and the stupid banks lending more and more money (mortgage, loans, credit cards) to people. The government should have had restrictions in place as well to stop it happening.
The UK is the most stupid country in the world. You would think after one housing market crash they would stop it from happening again. But no up the prices go and the stupid banks lending more and more money (mortgage, loans, credit cards) to people. The government should have had restrictions in place as well to stop it happening.
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Originally Posted by dojj
if you were to offer me a house in london for £60k i'd buy it cash money, and then see the price skyrocket in a few months and flog it on again
house prices should be capped for the area they are in, that way you won't get people asking silly money for them, who the fuck is going to spend £80mill on a penthouse just beause it over looks the houses of parliment?
house prices should be capped for the area they are in, that way you won't get people asking silly money for them, who the fuck is going to spend £80mill on a penthouse just beause it over looks the houses of parliment?
People will pay lots of money for the novelty of having a better house then their friends.
Originally Posted by Dannn
I nope interest rates hit double figures and the housing market crashes and poeple hand the keys to their homes back to the banks with a big grin.
The UK is the most stupid country in the world. You would think after one housing market crash they would stop it from happening again. But no up the prices go and the stupid banks lending more and more money (mortgage, loans, credit cards) to people. The government should have had restrictions in place as well to stop it happening.
The UK is the most stupid country in the world. You would think after one housing market crash they would stop it from happening again. But no up the prices go and the stupid banks lending more and more money (mortgage, loans, credit cards) to people. The government should have had restrictions in place as well to stop it happening.
The UK seems to be one of the only countries in the world where people want to own their own home. Take France for example, most people in France rent and are happy to do so for the rest of their lives, not worrying about purchasing a house and paying back double in interest!
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The long and short of it is interest rates have gone up because consumer spending is sky rocketing and inflation needs to be reeled back in. Interest rates is the way it is done.
I suspect they will rise again, and this year, but I think (and hope) they will peak soon and even out.
I suspect they will rise again, and this year, but I think (and hope) they will peak soon and even out.
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The general public are as much to blame as anyone, if all the idiots that have to "keep up with the jones'" didnt go rushing out and putting £5k's worth of home cinema setup on the CC then we wouldnt be in this mess.
If you cant afford it dont buy it!!
If you cant afford it dont buy it!!
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Originally Posted by Matt J
The general public are as much to blame as anyone, if all the idiots that have to "keep up with the jones'" didnt go rushing out and putting £5k's worth of home cinema setup on the CC then we wouldnt be in this mess.
If you cant afford it dont buy it!!![Cry](https://passionford.com/forum/images/smilies/icon_cry.gif)
If you cant afford it dont buy it!!
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WE NEED TO STOP FUCKING BUY TO LET FFS
This fucking idea dreamt up by some gom has totally shafted the housing
market simple as.
As these people have brought up all the affordable housing to rent out
and make money on.
Because of this the house prices have shot up because of the lack of them and the ones that do get brought either buy privete buy to let people
or letting agencies.
Until someone steps in and says enough is enough now im sorry this is gonna keep on happening.
I cant wait till the whole thing goes pop and all these people are left with egg on there face as they wont be able to keep up with there mortgages,
giving younger people a chance to get on the ladder.
Sorry if this upsets a few people but im fucking pissed off with this whole thing, as im shafted trying to buy somewhere.
Im not even gonna entertain the half buy half rent thing that is on offer, why the fuck should i have to get a mortgage for the 1st part to still have someone own the rest
Sorry for the rant but im raging about the whole thing at the moment.
Cheers
Matt
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This fucking idea dreamt up by some gom has totally shafted the housing
market simple as.
As these people have brought up all the affordable housing to rent out
and make money on.
Because of this the house prices have shot up because of the lack of them and the ones that do get brought either buy privete buy to let people
or letting agencies.
Until someone steps in and says enough is enough now im sorry this is gonna keep on happening.
![Wall](https://passionford.com/forum/images/smilies/wall.gif)
I cant wait till the whole thing goes pop and all these people are left with egg on there face as they wont be able to keep up with there mortgages,
giving younger people a chance to get on the ladder.
Sorry if this upsets a few people but im fucking pissed off with this whole thing, as im shafted trying to buy somewhere.
Im not even gonna entertain the half buy half rent thing that is on offer, why the fuck should i have to get a mortgage for the 1st part to still have someone own the rest
![Wall](https://passionford.com/forum/images/smilies/wall.gif)
Sorry for the rant but im raging about the whole thing at the moment.
![Sad](https://passionford.com/forum/images/smilies/icon_sad.gif)
Cheers
Matt
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Originally Posted by matt p
WE NEED TO STOP FUCKING BUY TO LET FFS
This fucking idea dreamt up by some gom has totally shafted the housing
market simple as.
As these people have brought up all the affordable housing to rent out
and make money on.
Because of this the house prices have shot up because of the lack of them and the ones that do get brought either buy privete buy to let people
or letting agencies.
Until someone steps in and says enough is enough now im sorry this is gonna keep on happening.
I cant wait till the whole thing goes pop and all these people are left with egg on there face as they wont be able to keep up with there mortgages,
giving younger people a chance to get on the ladder.
Sorry if this upsets a few people but im fucking pissed off with this whole thing, as im shafted trying to buy somewhere.
Im not even gonna entertain the half buy half rent thing that is on offer, why the fuck should i have to get a mortgage for the 1st part to still have someone own the rest
Sorry for the rant but im raging about the whole thing at the moment.
Cheers
Matt
![Wall](https://passionford.com/forum/images/smilies/wall.gif)
![Mad](https://passionford.com/forum/images/smilies/mad.gif)
![Wall](https://passionford.com/forum/images/smilies/wall.gif)
This fucking idea dreamt up by some gom has totally shafted the housing
market simple as.
As these people have brought up all the affordable housing to rent out
and make money on.
Because of this the house prices have shot up because of the lack of them and the ones that do get brought either buy privete buy to let people
or letting agencies.
Until someone steps in and says enough is enough now im sorry this is gonna keep on happening.
![Wall](https://passionford.com/forum/images/smilies/wall.gif)
I cant wait till the whole thing goes pop and all these people are left with egg on there face as they wont be able to keep up with there mortgages,
giving younger people a chance to get on the ladder.
Sorry if this upsets a few people but im fucking pissed off with this whole thing, as im shafted trying to buy somewhere.
Im not even gonna entertain the half buy half rent thing that is on offer, why the fuck should i have to get a mortgage for the 1st part to still have someone own the rest
![Wall](https://passionford.com/forum/images/smilies/wall.gif)
Sorry for the rant but im raging about the whole thing at the moment.
![Sad](https://passionford.com/forum/images/smilies/icon_sad.gif)
Cheers
Matt
#20
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Its the lenders that have fueled house price inflation.
When I started years ago the rules were strick.
1/ Had to have money in your chosen Building Society for at least a year & put down 10%
2/ The Max multiples were 3 times + 1/2 second wage it was not negotiable.
In my case that was 2k wage X 3 + 1/2 £400 ( before equal pay my missus earned £400 pa
) = £6300.
Sold my Sports car for £650 so had £7000 to spend nowt more.
Today my house is worth £450000+ last time I checked & I will cash in soon buying a nice 3 bed detached for £250000 & pocket the rest. This proves long term its been a bullet proof investment.
When I started years ago the rules were strick.
1/ Had to have money in your chosen Building Society for at least a year & put down 10%
2/ The Max multiples were 3 times + 1/2 second wage it was not negotiable.
In my case that was 2k wage X 3 + 1/2 £400 ( before equal pay my missus earned £400 pa
![Surprised](https://passionford.com/forum/images/smilies/bigcry.gif)
Sold my Sports car for £650 so had £7000 to spend nowt more.
Today my house is worth £450000+ last time I checked & I will cash in soon buying a nice 3 bed detached for £250000 & pocket the rest. This proves long term its been a bullet proof investment.
#21
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when i wanted to buy a house i didn't
now i've had to buy a house i still haven't got enough
even though i have got enough
if you see what i mean?
the prices have gone up so much (from £110k 10 years ago for the house i was looking at then to £500k for the house now) it's unreal
i haven't earnt that much in 10 years
but i was a stupid cunt (spent the money on the cossie rather than buying the house outright and went around being joe flash the cash) so i've got an excuse to be bitter
now i've had to buy a house i still haven't got enough
even though i have got enough
if you see what i mean?
the prices have gone up so much (from £110k 10 years ago for the house i was looking at then to £500k for the house now) it's unreal
i haven't earnt that much in 10 years
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#22
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Originally Posted by Chip-3Door
The government dont control interest rates any more mate, the bank of england does!
Thankfully!
Thankfully!
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To even get me start on housing market
Sucks, as said something should be brought in to cost people more buying second homes etc, or buy to let! SO first time home owners can try and get on the freaking ladder.
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Sucks, as said something should be brought in to cost people more buying second homes etc, or buy to let! SO first time home owners can try and get on the freaking ladder.
#24
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Originally Posted by dojj
Originally Posted by scottp
Possible the only other way to control the spiralling housing market would be to flood it with thousands on affordable housing, which i believe is going to be their next setp. Quite a few housing developers are being given land for free if they build eco-friendly houses in a few major cities and sell them for around £60,000.
Thanks
Thanks
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if you were to offer me a house in london for £60k i'd buy it cash moeny, and then see the price skyrocket in a few months and flog it on again
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