Does anybody think that there might be a boom in new builds for the next few years?
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When you bought your first house, what was the interest rate? It’s approximately twenty times less now and when money becomes cheap to borrow, that causes inflation. I’m sure if it was 0.5% in 1984 when we bought our first house instead of around 11%, it wouldn’t have been £32,500.
https://www.ngiresidential.co.uk/rise-and-fall-historical-interest-rates-in-the-uk-1979-2019/
I'm not surprised, renting is paying someone else's mortgage,
This story is interesting regarding the old fair rent scheme. Maybe it shouldn't have been abolished but it would have gone hand in hand with not selling off council houses etc etc
https://www.google.com/amp/s/amp.th.../jun/01/fair-rent-tenants-sitting-comfortably
The housing system was potentially much fairer in the past
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When I had my mortgage the rate varied, started at about 12% then up to 14 and eventually about 4% when I paid it off, my endowment policies were worth sweet FA, just overpaid each month and finished it early. If it had been as low as it is now, I would have been laughing
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C
Captain Nemesis
Dont spout that ludicrous old b******s again.
I e been there and done it recently so know the hardships.
It's not bull,
Virtually all 20 something round our way have brand new cars expensive clothes etc and the like then complain they can't get on the housing ladder.
A girl I work with is 25 and her and her boyfriend are saving up for a first house , she said if it weren't for covid they wouldn't have been able to save because they would be out all the time and having nice holidays etc and said they would have just rented.
There is some that just aren't able to and they would be the same people in the old days the fair rent scheme was around to protect. Some people get kicked out at the age of 16 and have to grow up quickly and don't have the luxury of living with parents.
There are some whom are single and don't earn enough on there own to purchase a property.
But these are not the majority.
If people really couldn't afford to get on the housing ladder the market would be stagnant. And evidently that's not the case.
Bank of mum and dad.
It's apparently roughly one in three at the moment, although it seems to have dipped last year. https://www.thetimes.co.uk/article/bank-of-mum-and-dad-closes-its-doors-qdv6dqqzb
K
kettlejim
Hi ReganAndCarter - I was wondering if there might be a boom just because we've got a shortage of houses and the government might decide to use it to kick start the economy
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