Base rate rise!

lozza23_uk · 11 Jan 2007 at 13:07

AJUK said:
Stay there and save like mad. Seriously, that is the best thing for you to do at your age given the current situation. Then pick up something cheap when the recession bites hardest.

yes but i have fully outgrown it.

a little independance would be nice. mind you with the new job i have...wonder if I could save up a whole 1 bed flats worth in 3 years.

and what would the price of the 140k 1 bed flat ATM be in 3 years time. 150, 155k???

waiting for a recession...

NEWS OF THE WORLD Headline 11th jan 2027.
a 44 year old batchelor today was found dead in his 7' x 11' room............

you get the jist.

VeNT · 11 Jan 2007 at 13:26

lozza23_uk said:
yes but i have fully outgrown it.

a little independance would be nice. mind you with the new job i have...wonder if I could save up a whole 1 bed flats worth in 3 years.

and what would the price of the 140k 1 bed flat ATM be in 3 years time. 150, 155k???

waiting for a recession...

NEWS OF THE WORLD Headline 11th jan 2027.
a 44 year old batchelor today was found dead in his 7' x 11' room............

you get the jist.

try finding anything for that little in cornwall
also its not condusive to a good social life living wth the perents!
tbh I expect theres lots of people in the same boat as you dude!

lozza23_uk · 11 Jan 2007 at 13:30

VeNT said:
try finding anything for that little in cornwall
also its not condusive to a good social life living wth the perents!
tbh I expect theres lots of people in the same boat as you dude!

surely a 1 bed flat in cornwall for 140k is possible.

infact i have just found a new development in st ives, 2 bed flat 140k.

and a 1 bed detahced bungalow in perranporth.

aardvark · 11 Jan 2007 at 13:32

awesome - i just made £149 by betting for a rise - haha!!!

not counting the extra interest on my savings

Muttley59 · 11 Jan 2007 at 13:39

Von Luck said:
Woohoo! More interest on savings!

Good news for me

can only hope it goes up to nearly 17% like it was in the 80s when i lost my house

Rosbif · 11 Jan 2007 at 13:41

Obligatory 'FFS THE COUNTRY IS GOIN' DAN THE PAN I WANNA EMIGRATE :mad:

' post.

oldbag · 11 Jan 2007 at 13:49

They should have done with it and raise them to 10%. See what happens to house prices then.

Maz · 11 Jan 2007 at 13:50

luckily my new fixed rate comes into force 28th feb

Virdi · 11 Jan 2007 at 13:50

nutcase_1uk said:
I'm about to exchange any day on my flat (FTB). SO glad I've got 5 year fixed rate because the base rate is now higher than my mortgage rate

I bet you are chuffed

Virdi · 11 Jan 2007 at 13:51

Garp said:
This is good news, kinda, the BoE is trying to stop the over inflation rises in house prices. By making it harder for people to afford houses in this way it should see the speed of increase in prices slow down. They're trying very hard to avoid bursting the bubble, but also stop the housing market getting so overpriced that anyone new to the market doesn't stand a chance

I 100% agree!

Rotty · 11 Jan 2007 at 13:51

Triad2000 said:
They should have done with it and raise them to 10%. See what happens to house prices then.

as said house prices are not in their remit and to a point high house prices could help control inflation as this removes disposable income

Posty · 11 Jan 2007 at 13:54

lozza23_uk said:
yes but i have fully outgrown it.

a little independance would be nice. mind you with the new job i have...wonder if I could save up a whole 1 bed flats worth in 3 years.

and what would the price of the 140k 1 bed flat ATM be in 3 years time. 150, 155k???

waiting for a recession...

NEWS OF THE WORLD Headline 11th jan 2027.
a 44 year old batchelor today was found dead in his 7' x 11' room............

you get the jist.

you will be waiting a long time if you want a recession

oldbag · 11 Jan 2007 at 13:58

Rotty said:
as said house prices are not in their remit and to a point high house prices could help control inflation as this removes disposable income

I was joking.

Cheekykid · 11 Jan 2007 at 14:01

With interest rates up money get hard to get hold of thus inflation falls.
With low interest rates inflation goes up as money lose it's value.

My question is: What is wrong with people having a lot of money and being able to buy houses etc? Why do we need to prevent that by dropping the exchangeable value of money?

lozza23_uk · 11 Jan 2007 at 14:02

Posty said:
you will be waiting a long time if you want a recession

hence the 20 year joke i vaguely attempted to make.

Cheekykid · 11 Jan 2007 at 14:05

I bought my house £196,000(cash

) in a decent area in west London. 6 years on and now it's worth £350,000 :eek:

. While I like it, I don't like that poor people have no chance of getting a home nowadays. Getting a mortgage is putting a loop around your neck. In a way it is not a "solution" either.

Samtheman1k · 11 Jan 2007 at 14:25

Garp said:
It will make repayments higher if you're on variable rate mortgages. What it should do is drop the house prices or reduce the rate of climb; people will only be able to get a lower level mortgage for the same payments as they're making now, thus will only be able to afford slightly cheaper houses.

Yes, but what you seem to be missing is that houses are still increasing albiet at a lower rate, but payment have also increased, thus making it equally as difficult for a FTB to afford a house. Result = no change for FTB, more tax for GVT.

Rotty · 11 Jan 2007 at 14:28

Samtheman1k said:
Yes, but what you seem to be missing is that houses are still increasing albiet at a lower rate, but payment have also increased, thus making it equally as difficult for a FTB to afford a house. Result = no change for FTB, more tax for GVT.

more tax ??? :confused:

Beansprout · 11 Jan 2007 at 14:28

Yay, more interest on my savings :cool:

Being a student in this situation rocks! Keep spending!

Samtheman1k · 11 Jan 2007 at 14:28

Rotty said:
more tax ???

Tax perhaps isn't the right word, I mean more money for the GVT!