Reply to: DOOM: House prices

[TheDude]

Then you find a job somewhere you can afford to buy.

Again, people thinking they are better than they actually are. Just because they grew up/now live in say London doesn't mean they have to be there all the time. They can't afford London houses means they're not cut out for London. Move to Manchester/Newcastle/Liverpool...there are plenty places where houses are more affordable.

That is a very short sighted view.

You may live in an executive new build or whatever your definition of somewhere 'nice' is but for society to function nurses, teachers, police and emergency workers also need to be able to afford to live there as well.

[PCTNN]

Or didn't you realise that depending on what part of the country you are living in the amount you are stating can't buy a one bedroom flat?

Then you find a job somewhere you can afford to buy.

Again, people thinking they are better than they actually are. Just because they grew up/now live in say London doesn't mean they have to be there all the time. They can't afford London houses means they're not cut out for London. Move to Manchester/Newcastle/Liverpool...there are plenty places where houses are more affordable.

[SueEllen]

We can, but there's a risk that their tory mates may not ...

Their Labour mates will ignore that one.

[jamesbrown]

We can, but there's a risk that their tory mates may not ...

Even Lib Dems ignore the Lib Dems.

[Protagoras]

I think we can all safely ignore the Lib Dems.

We can, but there's a risk that their tory mates may not ...

[jamesbrown]

Here we go...

Suggestions to help those those who borrowed too much ...
https://www.theguardian.com/politics...ortgage-grants

"Can't let those house prices fall".

I think we can all safely ignore the Lib Dems.

[Protagoras]

Here we go...

Suggestions to help those those who borrowed too much ...
https://www.theguardian.com/politics...ortgage-grants

"Can't let those house prices fall".

[_V_]

They will probably pay of anyone's mortgage, as long as it's over £1m, they need to protect their voter base. I mean, those with the biggest mortgages will be hit hardest...

[AtW]

"Sunak told the Times he understood the concerns of families now facing crippling rises in their monthly mortgage bills, after the Bank of England increased base interest rates by 0.75 percentage points to 3% – their highest level in 15 years.

“I absolutely recognise the anxiety that people have about mortgages. It’s one of the biggest bills people have,” he said. “So what I want to say to people is that I’m going to do absolutely everything I can to grip this problem, to limit the rise in those mortgage rates.

“I think inflation is the number one enemy, as Margaret Thatcher rightly said. Inflation has the biggest impact on those with the lowest incomes. I want to get a grip of inflation.”

The Bank of England was forced to put up interest rates to curb rising prices and warned on Thursday that the country was facing its longest recession in a century.

With an estimated £50bn black hole in the public finances, Sunak said it was important that the government was honest with voters about the “trade-offs” the country faced in the chancellor Jeremy Hunt’s forthcoming autumn statement."

https://www.theguardian.com/business...-do-everything

So obviously Govt only care about property bubble

[vetran]

Most people who still have mortgages can't remember that....

I'm not that bloody old!

[Protagoras]

Most people who still have mortgages can't remember that....

Indeed, and their parents won't have mentioned it, and they've never read a history book ...

[SueEllen]

Yes, actually! As someone old enough to remember double-digit interest rates, it always seemed likely to me that interest rates under 2% could triple - or more!

Most people who still have mortgages can't remember that....

[SueEllen]

The government? Does the government tell you that you need to buy a house that is at the very top end of your affordability limit?

If a bank tells you that you can get a 500k mortgage and off you go buying a 550k house just because NOW you can afford it, then it's on you, your stupidity and lack of risk awareness.

If you can afford 550k it means you can get somewhere to live within 50 miles of where you work.

If you can only afford £250k then you are fecked unless you have parents or other elderly relations house you and your family can fit into.

Or didn't you realise that depending on what part of the country you are living in the amount you are stating can't buy a one bedroom flat?

[Protagoras]

You don't reasonably expect them to triple in a short space of time, at the same as energy triples and everything else shoots up too.

Yes, actually! As someone old enough to remember double-digit interest rates, it always seemed likely to me that interest rates under 2% could triple - or more!

[d000hg]

I am out of touch with the process of getting a mortgage, but I would have thought that when taking a mortgage at a stupidly low interest rate, people would have considered the scenario that rates could triple. Or did some people actually believe that there was a new world of forever low interest rates?

You don't reasonably expect them to triple in a short space of time, at the same as energy triples and everything else shoots up too.