Genie Posted June 30, 2023 Share Posted June 30, 2023 4 minutes ago, Demitri_C said: Sorry am i reading that right your saying 72% of the population in the UK dont have mortgages? That cant be right surely if thats what your suggesting I’ve seen that stat before too, only in the region of 30% of houses have mortgages on them. Then a percentage of them have fixed rates so are not impacted by interest rate rises currently. Pretty much everyone is hit by inflation and cost of living though. Link to comment Share on other sites More sharing options...
Genie Posted June 30, 2023 Share Posted June 30, 2023 11 minutes ago, ender4 said: Only 28% of houses have a mortgage on them, 72% are mortgage-free. So roughly only quarter to a third of people are affected negatively by rising mortgage rates. And for old people who have paid off their houses and have significant savings, they are now earning very good interest on those savings plus inflation linked pensions. Interest is still well below inflation so buying power of savings is eroded. Then the cost of living on top. Not having a mortgage, or one fixed at a low rate is better news but doesn’t make you immune to how expensive it is to survive at the moment. Link to comment Share on other sites More sharing options...
ender4 Posted June 30, 2023 Share Posted June 30, 2023 Just now, Genie said: Interest is still well below inflation so buying power of savings is eroded. Then the cost of living on top. Not having a mortgage, or one fixed at a low rate is better news but doesn’t make you immune to how expensive it is to survive at the moment. True. But if you have no mortgage and no childcare costs and a decent index linked pension, then chances are you'll still be spending on holidays and going out like you were 12-24 months ago. Take my parents for example - retired, house paid off, kids moved out, 2 modest private pensions plus 2 state pensions coming in, no major costs. They are currently on a 1 month organised tour of South America. No way i could afford to do that! 1 Link to comment Share on other sites More sharing options...
Genie Posted June 30, 2023 Share Posted June 30, 2023 1 minute ago, ender4 said: True. But if you have no mortgage and no childcare costs and a decent index linked pension, then chances are you'll still be spending on holidays and going out like you were 12-24 months ago. Take my parents for example - retired, house paid off, kids moved out, 2 modest private pensions plus 2 state pensions coming in, no major costs. They are currently on a 1 month organised tour of South America. No way i could afford to do that! 100% agree, it’s just that the travel companies are reporting higher than usual demand this year which is the interesting bit. There’s the people like your parents but then also others who seem to be prioritising a holiday and cutting costs elsewhere (or racking up debt). Link to comment Share on other sites More sharing options...
The Fun Factory Posted June 30, 2023 Share Posted June 30, 2023 17 minutes ago, sidcow said: Nationwide Building Society state on the BBC that mortgage applications are holding up. Huge demand for holidays. I'll whisper it quietly. Is there too much excess spending going on? You have to whisper it quietly mate as it is the only thing that keeps the UK economy moving along. The credit boom may be coming to an end. Link to comment Share on other sites More sharing options...
Demitri_C Posted June 30, 2023 Share Posted June 30, 2023 46 minutes ago, ender4 said: That is correct. You have to remember most of the housing stock is owned by retired people now with mortgages paid off during their working life, and a lot of younger people are still renting so not paying mortgages. Links to prove the 28% mortgage figure: https://www.thisismoney.co.uk/money/mortgageshome/article-11922413/More-people-England-homes-outright-mortgage-rent-figures-reveal.html https://www.ons.gov.uk/peoplepopulationandcommunity/housing/articles/researchoutputssubnationaldwellingstockbytenureestimatesengland2012to2015/2020#:~:text=Of those 24.7 million dwellings,a mortgage or a loan https://www.uswitch.com/mortgages/mortgage-statistics/ Thanks thats **** incredible i didnt think that. But alot of these people are either rich or old and had their properties when they were significantly less than what a property costs now so easier to pay off. Can almost gurantee that in last 10 years or maybe 15 that number ia significantly less Link to comment Share on other sites More sharing options...
tinker Posted June 30, 2023 VT Supporter Share Posted June 30, 2023 9 hours ago, Demitri_C said: Thanks thats **** incredible i didnt think that. But alot of these people are either rich or old and had their properties when they were significantly less than what a property costs now so easier to pay off. Can almost gurantee that in last 10 years or maybe 15 that number ia significantly less Houses were always expensive when related to pay, my house was 55k in 1998, I was on 13k a year, now its worth 280k and im on 50k. 1 Link to comment Share on other sites More sharing options...
Genie Posted June 30, 2023 Share Posted June 30, 2023 5 minutes ago, tinker said: Houses were always expensive when related to pay, my house was 55k in 1998, I was on 13k a year, now its worth 280k and im on 50k. Your house was 4.2x your salary in 1998 versus 5.6x now. Link to comment Share on other sites More sharing options...
Davkaus Posted June 30, 2023 Share Posted June 30, 2023 In 1998 the average house price was 69k and the average gross earnings was 17414. So the average house is about 4 times the average income. In 2022 (the most recent year I can find like for like numbers for) the average house price is 286k and the average gross earnings was 33280. So the average house is about 8.5 times the average income 1 Link to comment Share on other sites More sharing options...
tinker Posted June 30, 2023 VT Supporter Share Posted June 30, 2023 1 minute ago, Genie said: Your house was 4.2x your salary in 1998 versus 5.6x now. House prices have risen more than wages but its not a huge amount and tbh I can see a 20% adjustment in prices in the next 2 years, which should balance things out. The mortgage relief for btl has taken the edge of the market at the lower end, we're on the edge of a cliff for property price. The fact that older people have DB pensions is partly down to work places having strong unions back when they was employed. Years and years of anti union media and tory governments has took workers rights away and destroyed pensions. Germany and France still have DB pensions and strong redundancy rights and strong unions. If you want better terms then you have to fight for them like our grandparents did. 1 Link to comment Share on other sites More sharing options...
Xela Posted June 30, 2023 Share Posted June 30, 2023 19 minutes ago, Davkaus said: In 1998 the average house price was 69k and the average gross earnings was 17414. So the average house is about 4 times the average income. In 2022 (the most recent year I can find like for like numbers for) the average house price is 286k and the average gross earnings was 33280. So the average house is about 8.5 times the average income Madness how companies have taken the piss with wages over the years. Link to comment Share on other sites More sharing options...
Genie Posted June 30, 2023 Share Posted June 30, 2023 6 minutes ago, Xela said: Madness how companies have taken the piss with wages over the years. It’s alright, the Tories want to create a high wage economy* *as long as it’s not then paying the high wages *as long as they wait a bit because of the inflation issue Link to comment Share on other sites More sharing options...
Chindie Posted June 30, 2023 VT Supporter Share Posted June 30, 2023 27 minutes ago, Xela said: Madness how companies have taken the piss with wages over the years. I realised this week I'm paid less than the average wage. Which explains why when I spoke to a recruiter recently they actually laughed in disbelief when I told them my current salary. Link to comment Share on other sites More sharing options...
Genie Posted June 30, 2023 Share Posted June 30, 2023 2 minutes ago, Chindie said: I realised this week I'm paid less than the average wage. Which explains why when I spoke to a recruiter recently they actually laughed in disbelief when I told them my current salary. Get out mate, they treat you like shit. 1 Link to comment Share on other sites More sharing options...
Chindie Posted June 30, 2023 VT Supporter Share Posted June 30, 2023 38 minutes ago, Genie said: Get out mate, they treat you like shit. I'm trying. 2 Link to comment Share on other sites More sharing options...
Demitri_C Posted July 1, 2023 Share Posted July 1, 2023 17 hours ago, tinker said: Houses were always expensive when related to pay, my house was 55k in 1998, I was on 13k a year, now its worth 280k and im on 50k. Would rathwe have that than be on 35k with a house thats over 500k as most in my area 1 Link to comment Share on other sites More sharing options...
Genie Posted July 2, 2023 Share Posted July 2, 2023 Good old British Gas doing half price electricity between 11am and 4pm every Sunday during the summer. Now this is officially washing, drying and vacuuming time Link to comment Share on other sites More sharing options...
Brumstopdogs Posted July 2, 2023 Share Posted July 2, 2023 27 minutes ago, Genie said: Good old British Gas doing half price electricity between 11am and 4pm every Sunday during the summer. Now this is officially washing, drying and vacuuming time https://www.moneysavingexpert.com/news/2023/06/british-gas-energy-usage-/#:~:text=The scheme will run from,on their activities and usage. Quote The scheme will run from this Sunday (25 June) to 24 September 2023. British Gas says a typical household could save up to £29.25 over the course of the summer, depending on their activities and usage. Should pay for one of your doner and chips etc slap up meals! Link to comment Share on other sites More sharing options...
Genie Posted July 2, 2023 Share Posted July 2, 2023 Just now, Brumstopdogs said: https://www.moneysavingexpert.com/news/2023/06/british-gas-energy-usage-/#:~:text=The scheme will run from,on their activities and usage. Should pay for one of your doner and chips etc slap up meals! I’m not gonna give them the satisfaction of ripping me off a second time. 1 Link to comment Share on other sites More sharing options...
Brumstopdogs Posted July 2, 2023 Share Posted July 2, 2023 6 minutes ago, Genie said: I’m not gonna give them the satisfaction of ripping me off a second time. Yeah I know what you mean - some of these places are so expensive now. On the British Gas half price electricity thing I believe you have to sign up to one of their initiatives called PeakSave where it sounds like the worst that can happen is you should get to hear about future discounts or potentially get a small portion of your bill discounted even if you don't actually change your existing routines. Link to comment Share on other sites More sharing options...
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