Energy Prices (Strictly NO referrals!)

Even the most optimistic person would surely have to admit that things are looking pretty grim. A couple of friends of mine are already struggling and come Oct they're going to get a real shock.
 
Andrew Moore said:
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.
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Similar position.
Toyed with the idea of a 10.only reason I didn't? Exit fees, joint mortgage (relationships break down).


But yes I feel the food pinch.
I noticed the cheese I buy is has gone from 2 for £3 to 2 for £3.50 to 2 for £4 in a matter of 2 months.
I notice the tortilla wraps have gone from £1 to £1.50 in same time.

These are big rises.

I've dropped all I can brand wise. But still same item Prices are pushing the food bill up.


We aren't a poor household. But you can see the price rises. And we are currently fuel and mortgage protected.
And work from home full time (both of us)

Many many people (including renters) are not protected from any. Can't imagine the stress that creates.


Personally I've put in a hell of a lot Of effort last 6 month working out best plan for next 5 years. And I'm pleased that I've done best I can I think. But not everyone is able to pay off thier mortgage ERC. Or. Is even financially savvy to be able to work it out. :(
 
dave1983 said:
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.
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Its not an issue. You just can't afford it and that's that.
 
Simon0001 said:
Its not an issue. You just can't afford it and that's that.
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No it is an Issue and a massive problem, most people's living wage is no-where near 40k per annum which means that houses are way overpriced. Also an additional point to this is that Rental prices are way more than an average mortgage monthly payment. back about 10 years average 3 bedroom properties were in the region of £180k - £220k therefore having a deposit of around £20k was not impossible to achieve if you had either savings or if family could help. However having to save a deposit of nearly 100k is an issue and the reality is i have accepted we will never be able to own a property.

Whoever says it's not an issue is either trolling or living under a rock.

Renters cannot save no where near to any meaningful deposit, especially with a small family. IF renters can afford the extortionate prices of a rental payment then surely we could afford a mortgage so this has nothing to do with with people not being able to afford it.
 
Minusorange said:
www.reuters.com

Norway oil and gas workers to strike on Tuesday, cutting output

Norwegian offshore workers will likely go on strike on Tuesday in a stoppage that will cut oil and gas output as the negotiating parties have not made progress, the union and the lobby representing oil companies said on Monday.
www.reuters.com www.reuters.com

Just what the industry needs right now
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Strikes are going to get more frequent as time goes on.

I'm not sure the EU can ride out this gas ban from Russia. And it's not even winter yet.
I don't really know how much ordinary Russians are hurting from it.
 
Doesn't sound particularly efficient nor probably able to be widely used but sand battery seems to have jumped from theory to real world.
Looks like its another potential situationally dependant tech though

www.bbc.co.uk

Climate change: 'Sand battery' could solve green energy's big problem

A storage device made from sand may overcome the biggest issue in the transition to renewable energy.
www.bbc.co.uk
 
Mercenary Keyboard Warrior said:
Doesn't sound particularly efficient nor probably able to be widely used but sand battery seems to have jumped from theory to real world.
Looks like its another potential situationally dependant tech though

www.bbc.co.uk

Climate change: 'Sand battery' could solve green energy's big problem

A storage device made from sand may overcome the biggest issue in the transition to renewable energy.
www.bbc.co.uk
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Does it really matter if it isnt efficient if the supply is something like wind and solar and you’re able to use spare capacity to keep it topped up. I think its a great idea.
 
200sols said:
www.bloomberg.com

UK Households Can Withstand Rates of Up To 5%, BOE Says

UK mortgage borrowers will avoid debt distress unless interest rates rise to 5% or higher, according to the Bank of England.
www.bloomberg.com www.bloomberg.com
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If this is true, then why are we bothering handing out £150 council tax rebates or £400 energy support payments? 5% bank rate will equal 7% mortgages which for a lot of people will be thousands more a year. If we can withstand that, why do we need help now?
 
danlightbulb said:
If this is true, then why are we bothering handing out £150 council tax rebates or £400 energy support payments? 5% bank rate will equal 7% mortgages which for a lot of people will be thousands more a year. If we can withstand that, why do we need help now?
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It's a technicality argument. When you take a mortgage they would 'stress test' your affordability up to about 7% iirc. It's nonesense tick box stuff. Like yeah, you could technically afford it, if you forego everything else you want to do in life.
 
The resignation letter from Sunak doesn't sound very promising. The toxicity around Boris is the main factor but also seems to be fundamental disagreement in how to support the economy.

Sunak says "our country is facing immense challenges".
"I publicly believe the public are ready to hear that truth. Our people know that if something is too good to be true then it's not true. They need to know that whilst there is a path to a better future, it is not an easy one.
"In preparation for our proposed joint speech on the economy next week, it has become clear to me that our approaches are fundamentally too different."
"I am sad to be leaving government but I have reluctantly come to the conclusion that we cannot continue like this", he adds.
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Local news is reporting a notable rise in break ins and robberies on pubs and other eateries and the reason and what they're after is... cooking oil. Whether used or fresh to sell on as biodiesel/biofuel. Think I've just about heard it all now.
 
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