Interest Rate Cut coming

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cornish mackem said:
As opposed to the 17% in the 90s?

That’s a lovely little house that. I could live in that and be very comfy. Bit of a commute though

I bet all the people who got in a financial mess in the early 90s and in the later part of 2000s wished the banks had felt the same about loans like our parents “suffered”
Some people’s ideas of affordability is beyond reasonable
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I bet they do, I had a massive pile of junk mail hoyed through my door every day begging me to borrow money off every bank, building society and loan company out ther during this time. our parents didn’t have that shite to contend with. They got paid in real cash and when it was gone that was it, they had no option but to be sensible.
 


Mackem00 said:
Can get a canny starter home in Sunderland for similar prices tbf.
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Yeah - not much help for those that live 250 miles away:)

Would have to go deep into Welsh valleys to get anything similar down here, then any savings wold be negated on commute
 
I'm Spartacus said:
I bet they do, I had a massive pile of junk mail hoyed through my door every day begging me to borrow money off every bank, building society and loan company out ther during this time. our parents didn’t have that shite to contend with. They got paid in real cash and when it was gone that was it, they had no option but to be sensible.
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One credit card I had in the early 2000s never had much more than £200 on it. Whenever I paid it off completely (most months), I would get a phone call within 3 days both upping my credit limit buy really pushing me to go out and buy expensive things. "Have you ever wanted ......, you could go out any buy that right now". Holiday was always one suggestion "You could spend this much and pay if off over 5 years". I cancelled that card in the end.
 
I'm Spartacus said:
Life was completely f***ing different then man. The reason the older generation had shit cars and tiny starter homes is because it’s all the banks allowed you to have. You can’t really judge modern kids because you faced nowhere near the same level of pressure from advertising and the temptations of easy credit.
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It's not just that. It's expensive and stressful buying and selling houses. I wouldn't touch a 1 bed tbh. Better renting (wouldn't be for me but many stay with parents) for another couple of years and saving for a 2 bed that you'll get more time out of. In my opinion of course.
 
Old Prestonian said:
Whatever happened to Sadly Broke?
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It rode out the storm of the 80/90's

1 or 2 bed flats starting at £180k now, 2 bed terrace £210k+, 3 bed semi £270k+

Tons of building going on - Filton Airfield is one big housing estate now and prices only going up
 
Edinburgh Black Cat said:
It's not just that. It's expensive and stressful buying and selling houses. I wouldn't touch a 1 bed tbh. Better renting (wouldn't be for me but many stay with parents) for another couple of years and saving for a 2 bed that you'll get more time out of. In my opinion of course.
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I would never say renting is better than buying small but a few people I knew took years to get shot of their little starter homes causing them shit. A few did canny out of them as well like but personally I’m going to advise my 2 to get something future proof. Of course they have the advantage of having a diy genius as a fatha so they can buy shitholes in decent areas and I’ll do them up for them ;)
 
Fletch said:
Think a lot of younger people just expect nice things (car/house) on a plate and are happy to rack up large debts , not realising that in few years time if interest rates were to suddenly rise they would be in the shit

when we were younger regarding homes you would try work way up housing ladder , nowadays young couples want a new build 4 bed house as their first home and a nice car , crazy, its all on tic
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said this for years. House prices simply aren’t too expensive for first time buyers.It’s expectations that are too high !
 
Beery said:
It rode out the storm of the 80/90's

1 or 2 bed flats starting at £180k now, 2 bed terrace £210k+, 3 bed semi £270k+

Tons of building going on - Filton Airfield is one big housing estate now and prices only going up
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I spent a good chunk of last year working on that scheme actually. It's a big one.
 
im not roland rat said:
said this for years. House prices simply aren’t too expensive for first time buyers.It’s expectations that are too high !
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You should hear my daughter and sil talking about buying. Dumb and dumber.
they don’t know how much mortgage they can get but they are viewing houses they like. Told them to see a mortgage advisor but no, some relation of his has told them they will get 250k one no bother.
 
When you think that renting at £500 pcm is dead money, a mortgage of £500pcm may allow borrowing which would get a similar property which you will eventually own then the decision is simple. I was certainly pleased I bought 40 years ago and have something to show for it. It wasn't without its worries when mortgage rates varied between 4 and 14%, where going without holidays and a social life was the norm for a good part of it. Now the council tax is bigger than my mortgage ever used to be although not in disposable income terms as saving a 10% deposit was an 18 month no holiday or social life gone right there.
 
Exile in Ayr said:
When you think that renting at £500 pcm is dead money, a mortgage of £500pcm may allow borrowing which would get a similar property which you will eventually own then the decision is simple. I was certainly pleased I bought 40 years ago and have something to show for it. It wasn't without its worries when mortgage rates varied between 4 and 14%, where going without holidays and a social life was the norm for a good part of it. Now the council tax is bigger than my mortgage ever used to be although not in disposable income terms as saving a 10% deposit was an 18 month no holiday or social life gone right there.
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problem is pulling together a deposit for most. The young’uns cant save up whilst Grey Goose is £10 a shot in town
 
Beery said:
It rode out the storm of the 80/90's

1 or 2 bed flats starting at £180k now, 2 bed terrace £210k+, 3 bed semi £270k+

Tons of building going on - Filton Airfield is one big housing estate now and prices only going up
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I just remember it being the hotbed of negative equity in the UK during the 90s.
 
Old Prestonian said:
I just remember it being the hotbed of negative equity in the UK during the 90s.
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It was really bad - had people I know split up with partners and have to stay together. One lad had t rent out all his bedrooms and sleep on couch to cover mortgage
James said:
I spent a good chunk of last year working on that scheme actually. It's a big one.
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The Brabazon? Just waiting to hear about the house prices on that - expect it will be expensive to pay for the facilities they are putting in
 
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Beery said:
It was really bad - had people I know split up with partners and have to stay together. One lad had t rent out all his bedrooms and sleep on couch to cover mortgage

The Brabazon? Just waiting to hear about the house prices on that - expect it will be expensive to pay for the facilities they are putting in
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Aye. Didn't do much on the arena but spent a long time undertaking transport studies for the residential masterplan.
 
James said:
Aye. Didn't do much on the arena but spent a long time undertaking transport studies for the residential masterplan.
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From the outside it looks impressive - but gridlock is a big concern around here. They have just kicked off to 2 "improvements" (Rabbit roundabout and Gypsy Patch) which has brought the area to a standstill in the mornings
 
I'm Spartacus said:
Is it fuck man, it’s the availability of credit that’s caused this. Back in our day the bank manager would have laughed in your face if we went in asking for the cash for a new car as a spotty teenager. now they’re throwing it at kids.
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Simple availabilty of credit does not account for the decision to take said credit. The motive to buy or lease a £30k list price Merc or Audi must come from somewhere.
For anybody to do anything they will need opportunity and motive.
 
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