Mortgage Rate Rises

Doobedoo · 3 Nov 2022 at 11:47

robfosters said:
Labouring, farm work, picking fruit, fast food workers, Amazon drivers, Uber eats drivers. Unskilled stuff Basically

Low paid during a cost living crisis that is crippling low paid people.

neocon · 3 Nov 2022 at 11:53

Doobedoo said:
Low paid during a cost living crisis that is crippling low paid people.

It's really a failure of education if British people go to school for 12 years and end up doing those jobs.

Doobedoo · 3 Nov 2022 at 11:55

neocon said:
It's really a failure of education if British people go to school for 12 years and end up doing those jobs.

we need uneducated as a barometer to how superior our education has been though.

Troop · 3 Nov 2022 at 12:02

@3% so 75 point

413x · 3 Nov 2022 at 12:03

House builder shares have recovered a bit from morning. Is it a 0.75 rise? Not 0.5 surely

Troop · 3 Nov 2022 at 12:04

413x said:
House builder shares have recovered a bit from morning. Is it a 0.75 rise? Not 0.5 surely

yes. 0.75% rise

delta0 · 3 Nov 2022 at 12:04

0.75%

Raymond Lin · 3 Nov 2022 at 12:05

I am glad I have no credit card debt and locked down my mortgage...just need to keep my head down and ride this out.

413x · 3 Nov 2022 at 12:05

Troop said:
yes. 0.75% rise

This happened before I saw it reported. So knew it wasn't 1.0 rise.

Can guarantee that would have tanked with a 1.0 rise

Troop · 3 Nov 2022 at 12:10

Still think it should have been 1% to get closer to the US rate.

Uther · 3 Nov 2022 at 12:10

That's nice...

'The Bank of England issued a worrying warning as it released its interest rate decision today.

It said the UK could be on course for its longest recession since reliable records began a century ago.

The economy could fall into eight consecutive quarters of negative growth if current market expectations prove correct. It would be the longest period of uninterrupted decline that the nation has experienced for around a century.

However, it would be a milder recession than in previous times.

The previous longest recession, in 2008, lasted for 18 months - or five consecutive quarters.'

413x · 3 Nov 2022 at 12:13

Uther said:
That's nice...

'The Bank of England issued a worrying warning as it released its interest rate decision today.

It said the UK could be on course for its longest recession since reliable records began a century ago.

The economy could fall into eight consecutive quarters of negative growth if current market expectations prove correct. It would be the longest period of uninterrupted decline that the nation has experienced for around a century.

However, it would be a milder recession than in previous times.

The previous longest recession, in 2008, lasted for 18 months - or five consecutive quarters.'

A fair assessment I think.
A slow decline after the shock we are going through.

Semple · 3 Nov 2022 at 12:14

Doobedoo said:
What jobs will they be taking? Assuming low paid, low skilled?

We have high rental prices as it is, they will be competing with those already renting or looking to rent.

So where are these houses that are affordable and available for them to rent?

This is definitely a point on immigration that needs answering.

I would say it's safe to say we do have a shortage of workers in this country, so having more workers in is typically a good thing for the economy. However if a lot of these immigrants are unskilled then they're going to pick up low paid unskilled work, and struggle to secure a home to rent, and food for their family.

Semple · 3 Nov 2022 at 12:15

Uther said:
That's nice...

'The Bank of England issued a worrying warning as it released its interest rate decision today.

It said the UK could be on course for its longest recession since reliable records began a century ago.

The economy could fall into eight consecutive quarters of negative growth if current market expectations prove correct. It would be the longest period of uninterrupted decline that the nation has experienced for around a century.

However, it would be a milder recession than in previous times.

The previous longest recession, in 2008, lasted for 18 months - or five consecutive quarters.'

They did say we'd be in for a bit of a rough ride.

delta0 · 3 Nov 2022 at 12:20

Uther said:
That's nice...

'The Bank of England issued a worrying warning as it released its interest rate decision today.

It said the UK could be on course for its longest recession since reliable records began a century ago.

The economy could fall into eight consecutive quarters of negative growth if current market expectations prove correct. It would be the longest period of uninterrupted decline that the nation has experienced for around a century.

However, it would be a milder recession than in previous times.

The previous longest recession, in 2008, lasted for 18 months - or five consecutive quarters.'

That’s good to know. Could see a very short bear run on the markets than expected then.

200sols · 3 Nov 2022 at 12:21

With respect the BoEs recent forecasts have been shockingly misplaced or just plain wrong so I would take their predictions with more than a pinch of salt.

CaptainRAVE · 3 Nov 2022 at 12:21

Glad I only have a small mortgage and no debt. Good luck to those who have been borrowing for years.

aardvark · 3 Nov 2022 at 12:29

200sols said:
With respect the BoEs recent forecasts have been shockingly misplaced or just plain wrong so I would take their predictions with more than a pinch of salt.

i don't remember ever seeing a BOE forecast that was correct - and i'm old.

Martini1991 · 3 Nov 2022 at 12:47

413x said:
House builder shares have recovered a bit from morning. Is it a 0.75 rise? Not 0.5 surely

Not particularly sure how people are going to be affording new builds really lol

robfosters · 3 Nov 2022 at 12:47

I tried to follow the press conference. Am I mistaken or did he say he expects interest rates to max out next year at around 5%