UK Economy

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Archery1969
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Location: Newport

jamesedwards wrote:
Thu Aug 24, 2023 2:42 pm
sionascaig wrote:
Thu Aug 24, 2023 9:52 am
Archery1969 wrote:
Wed Aug 23, 2023 7:35 pm
A UN judge says the UK is likely to owe more than £18tn in reparations for its historic role in transatlantic slavery.

Who thinks we should pay that back ?

I bet none of the political parties do.
I really don't see how those living now can be held account for something that was done by their ancestors - how far back do you go...?

However if your great great grandfather made vast sums of money from owning slaves, was an active participant in stopping legislation to end the slave trade and had his own personal branding iron for use on his slaves then I think you may be on a sticky wicket as the Prince of Wales found during a recent trip to the Caribbean.
Will the UK be suing Italy for the slaving of Britons by the Romans?
That’s a very good point.
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Naffman
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Nationwide report prices are down 5.3% YOY and declining at sharpest rate since the GFC, who could have ever seen this?

And with inflation up 6.8% YOY in July, house prices are already down over 12% in real terms.
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Naffman
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IMG_5843.png
4k+ people a day going from 2% to 7% rates
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greenmark
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Naffman wrote:
Sat Sep 02, 2023 9:07 am
IMG_5843.png

4k+ people a day going from 2% to 7% rates
It's a bit tragic for these people. There must be so many that have stretched their finances to the limit to afford low interest mortgages and now are in a world of pain.
Talk about learning the hard way!!
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Naffman
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greenmark wrote:
Sat Sep 02, 2023 11:56 am
Naffman wrote:
Sat Sep 02, 2023 9:07 am
IMG_5843.png

4k+ people a day going from 2% to 7% rates
It's a bit tragic for these people. There must be so many that have stretched their finances to the limit to afford low interest mortgages and now are in a world of pain.
Talk about learning the hard way!!
A 2% mortgage borrowing 225k with 25k deposit (£250k house) had monthly payments of £950, on 7% it’s almost £650 more every month, where are these people going to find that :?
greenmark
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Joined: Mon Jan 29, 2018 2:15 pm

Naffman wrote:
Sat Sep 02, 2023 11:59 am
greenmark wrote:
Sat Sep 02, 2023 11:56 am
Naffman wrote:
Sat Sep 02, 2023 9:07 am
IMG_5843.png

4k+ people a day going from 2% to 7% rates
It's a bit tragic for these people. There must be so many that have stretched their finances to the limit to afford low interest mortgages and now are in a world of pain.
Talk about learning the hard way!!
A 2% mortgage borrowing 225k with 25k deposit (£250k house) had monthly payments of £950, on 7% it’s almost £650 more every month, where are these people going to find that :?
It's awful, it's true. As inflation recedes interest will come down, but it all depends on the level of flexibility that mortgage providers choose to deploy in the interim.
There should be some leeway, it isn't entirely fair to say these people shouldn't have stretched themselves so far. I bet a lot of current mortgagees have no previous experience of high interest rates, they sure do now. I feel for them, I really do.
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jamesedwards
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Interest rates aren't currently high, it's just that we have come through an exceptional period of very low rate. Interest rate today of 5.25% is still well below the average of the last 50 years.

Social media a few years ago was full of people moaning about how banks wouldn't let them get a mortgage even though the payments would be the same as their rent. Hopefully now they understand why.
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greenmark
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jamesedwards wrote:
Sat Sep 02, 2023 12:33 pm
Interest rates aren't currently high, it's just that we have come through an exceptional period of very low rate. Interest rate today of 5.25% is still well below the average of the last 50 years.

Social media a few years ago was full of people moaning about how banks wouldn't let them get a mortgage even though the payments would be the same as their rent. Hopefully now they understand why.
Yes agreed. Only comparatively high.
My generation lived through double digit inflaton and interest rates, but we can't just cast these people aside there needs to be some recognition of their predicament and possibly going forward, strengthen how much we allow people to commit to their mortgage.
But the problem there is the vested interests want to remove any obstacles to people buying homes and taking on mortgages.
The spec builders, banks, buiding societies have a vested interest in allowing as many people as possible to pass whatever financial stress tests are out there.
Then when the s**t hits the fan it's a bloody mess. Capitalism ain't perfect eh?
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Naffman
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If you’re in your mid 30s all you’ve ever known is super low interest rates, the BOE should’ve raised much earlier.

Then Covid exploded things out of control.
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Naffman
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Halifax report prices down 1.9% MoM (-0.1% projected) the risk of negative equity is getting bigger, and with almost a million people coming off super low interest rates before the end of the year…
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Naffman
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RICS Balance just come in at -68, we're nearing 2008 levels now.
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