Rental Prices are Ridiculous at the moment, in our area there has been a massive increase two fold. about 5 years ago rentals were reasonable at £950pcm for a 3 bed now they are £1300 up from £1200 last year. The problem is you cannot save for a deposit because you need at least a minimum of £30k, the issue comes that most properties are around £300k and unless you're on a 40k wage at a minimum you just cannot afford it. On top of this with people wages not increasing with Fuel Prices, Energy Crisis and just general cost of living there is no way to save and even if you could it would take you 10-20 years. Our landlord is selling up so i am having to save but accepting that we will be paying higher rental.
Energy Prices (Strictly NO referrals!)
- Thread starter DXP55
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Rental Prices are Ridiculous at the moment, in our area there has been a massive increase two fold. about 5 years ago rentals were reasonable at £950pcm for a 3 bed now they are £1300 up from £1200 last year. The problem is you cannot save for a deposit because you need at least a minimum of £30k, the issue comes that most properties are around £300k and unless you're on a 40k wage at a minimum you just cannot afford it. On top of this with people wages not increasing with Fuel Prices, Energy Crisis and just general cost of living there is no way to save and even if you could it would take you 10-20 years. Our landlord is selling up so i am having to save but accepting that we will be paying higher rental.
Soldato
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I can switch now, the terms of the deal mean I couldn't do it earlier.
Soldato
You can lock in a remortgage for a period of time, often 3 or 6 months just like a new mortgage (in effect it is a new mortgage), I think thats what he was alluding to
So you could have found a new mortgage, applied and accepted a couple of months ago and pressed "go" the day your old mortgage allowed
Yeah this
Soldato
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That's what I'm doing!
My mortgage is up at the end of September.
I've got a chunk of cash that I want to pay the mortgage down, and can't do that until September because of early repayment charge limits, which complicates things a little.
They expect the base rate to rise being about 3% by year end, so lock in as soon as possible.
Well if you look at the world happiness index for 2022 UK was 17th and Greece was 58th.
World Happiness Index 2024
What are the happiest countries in the world? The Happiness Report is an It looks at the state of global happiness in 156 countries. It is an annual survey carried out by the United Nations that measures how the happiness of citizens has evolved in those countries.
countryeconomy.com
Associate
Shows how wrong these things can get it…. Not everyone happy here, but I can tell you, a lot better than the Uk, across the general population.They expect the base rate to rise being about 3% by year end, so lock in as soon as possible.
Well if you look at the world happiness index for 2022 UK was 17th and Greece was 58th.
World Happiness Index 2024
What are the happiest countries in the world? The Happiness Report is an It looks at the state of global happiness in 156 countries. It is an annual survey carried out by the United Nations that measures how the happiness of citizens has evolved in those countries.
US 16th happiest suggests this is a load of tosh…
in your opinion.
Shows how people go on anecdotes rather than reality. You're happier in Greece, fine. But don't then try and apply that at population level.
Associate
What metrics and values have been used to assess happiness? A survey is only as good as the metrics used and questions asked and population sampled. I can tell you, what makes someone in south east Asia happy is completely different to say the Uk, and I have lived a decade in both
Because you are the arch pessimist. Honestly it must be tough thinking the world is about to end.
Soldato
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Good point. People's expectations differ wildly for all sorts of reasons.
If you had offered my dad, at 16, the opportunity to have central heating, a TV and strawberries year round, he would have thought he was in heaven.
Why don't you read about it. https://worldhappiness.report/
It's actually helped a lot.
I do so much more now because I think things are going to be ****.
Booked exciting holidays.
Fixed energy due to thinking prices were going to rocket. Many people advised against it. They are.
Fixed mortgage. Despite so many saying to wait to be erc free "it won't get that bad that quickly"
Things are really bad. Not many people left who do not think next few years are going to be grim.
Soldato
Could make the whole hous emarket a buyers market?
When you add all of the above you mentioned, that could sway it to people buying houses instead of those selling.
I think it will be a buyers market come start of 2023.
Think will be a lot of factors coming in to play.
Biggest losers will be those who bought in the pandemic on 2 year fixes with small deposits (common) now coming to the end.
They could well end up Negative quity. So dumped onto 6pc+ SVR.
Do not envy that position.
You won't have many people wanting to upgrade thier house. Because that comes at bigger cost all round usually.
So may have lack of volume
Most people who own will probably be able to ride out the bill increases on energy and food this year with the free money.
But all time these costs will be taking money out spent supporting other businesses and jobs.
So your local pub is suffering on all 3 fronts.
Food inflation
Energy inflation
Loss of customers.
There will be many job losses. Just depends how deep it goes.
Feels bleak.
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Associate
I am not going to read the whole thing, but a quick glance indicates it is highly 1st world biased. To quote, assessment of emotional trends in social media, a comparison of death rates, trust in governments. Measurable and relevant in 1st world countries, of significantly lower value in other societies. It appears to be the usual approach of the ‘west’. What matters to us must therefore also matter to other peoples.
Soldato
It’s definitely going to be pretty grim for a good proportion of the population. I wouldn’t say that there are not many left though, I’d say many many people are of that train of thought but unfortunately due to commitments cannot really do anything about it to pre-empt the foreseeable roggering and are taking each day as it comes without allowing it to bother them and enjoying themselves in other ways. This reinventing will leave those with an open mind in a better place and the grim out look will just become part of the every day and something that just, is.
I was told I was mad locking in at 10 years at 2.14% on the mortgage just a couple of months back though, just look at it now! I’d be lucky to find a 2 year plan near that.
The major blows from mortgage costs to energy and fuels can’t really be avoided now, only padded out with the likes of paying a mortgage down with extra funds where you can to take some sting from the interest and to looking at solar, ground and air source heat pumps etc. We have to spend to get out of it and the spend isn’t going in to the high street and the economy in the more traditional areas which is only going to exasperate the issues.
It’ll get worse, we will get used to it and then as it gets better it’ll be like a weight lifted and who ever is in power will claim it’s never been better even though it most probably has.
I mean I feel the roggering and I’ve done pretty well at protecting myself and the home in the short term and to an extent the long term so god knows how others in a less favourable position are going to manage.