Mortgage Rate Rises

[Scam]

(snip)

The demand for UK houses isnt going away. All that will happen, and one person hit the nail on the head earlier is the rich/poor divide will grow even further.

Yep exactly. Our housing crisis has absolutely nothing to do with demand in the 'honest' sense of people wanting a home to live in. It's a false market (demand) generated by landlords and investors. Until that is rectified nothing will change.

and this country is still massively over populated.

Except it's just not though. That's a falsehood spread by the Brexit brigade and aforementioned BTLers so that they can avoid being blamed for the housing crisis.

Britain overcrowded? Rubbish – we’ve got loads of land | Kevin McKenna

A satellite inventory of UK land use finds that, while Britons pack into the cities, the wild and open spaces are grossly underused

www.theguardian.com

Why we must finally abandon the myth that Britain is overcrowded

If this country feels overcrowded the blame lies with failed housing policy, not with migrants or children yet to be born.

www.newstatesman.com

 

[413x]

Yep exactly. Our housing crisis has absolutely nothing to do with demand in the 'honest' sense of people wanting a home to live in. It's a false market (demand) generated by landlords and investors. Until that is rectified nothing will change.

Except it's just not though. That's a falsehood spread by the Brexit brigade and aforementioned BTLers so that they can avoid being blamed for the housing crisis.

Britain overcrowded? Rubbish – we’ve got loads of land | Kevin McKenna

A satellite inventory of UK land use finds that, while Britons pack into the cities, the wild and open spaces are grossly underused

www.theguardian.com

Why we must finally abandon the myth that Britain is overcrowded

If this country feels overcrowded the blame lies with failed housing policy, not with migrants or children yet to be born.

www.newstatesman.com

It is over populated. Depends on how you define it. But for me it absolutely is. I think I need to have a serious look at getting out of the UK when come to move out of this house

 

[Richie]

So a 3 year fix would be the best option to renew when the rates have dropped again?

Well, no. Currently BoE rates are 1.75% and that chart shows it likely to be higher than this after 3 years.

BoE rates are not the same as mortgage rates.

Of course, if you happen to renew around the 1st ¼ of 2023 then that's a different story

 

[200sols]

Yep exactly. Our housing crisis has absolutely nothing to do with demand in the 'honest' sense of people wanting a home to live in. It's a false market (demand) generated by landlords and investors. Until that is rectified nothing will change.

Except it's just not though. That's a falsehood spread by the Brexit brigade and aforementioned BTLers so that they can avoid being blamed for the housing crisis.

Britain overcrowded? Rubbish – we’ve got loads of land | Kevin McKenna

A satellite inventory of UK land use finds that, while Britons pack into the cities, the wild and open spaces are grossly underused

www.theguardian.com

Why we must finally abandon the myth that Britain is overcrowded

If this country feels overcrowded the blame lies with failed housing policy, not with migrants or children yet to be born.

www.newstatesman.com

These reports are absolute rubbish tbh. Most of what isn't built on is not suitable or is farmland. So you want us to concrete over more fields and be more reliant on food imports?

 

[413x]

Well, no. Currently BoE rates are 1.75% and that chart shows it likely to be higher than this after 3 years.

BoE rates are not the same as mortgage rates.

Of course, if you happen to renew around the 1st ¼ of 2023 then that's a different story

That was exactly when I was due to renew! March 2023

 

[Richie]

That was exactly when I was due to renew! March 2023

I feel your pain. I managed to renew a few days ago (3.41% on 5 years coming off a 1.57%). In hindsight I should have swallowed the ERC at the start of the year and got lower rate.

I'm just glad I don't have to renew in 2023.

 

[413x]

I feel your pain. I managed to renew a few days ago (3.41% on 5 years coming off a 1.57%). In hindsight I should have swallowed the ERC at the start of the year and got lower rate.

I'm just glad I don't have to renew in 2023.

Yeah because I paid the erc anyway what I should have done was got mine start of the year with rock bottom rates. But having only ever seen low interest rates I guess I didn't think about it. It was only after rates started going up and I sat down, put numbers in, saw the damage and got it going.
I'm certainly not complaining. But the information was there.


I didn't even know you could hold a remortgage offer for 4-6 months!

No one ever has told me.
Our school system needs personal Finance as a core subject
Or some compulsory thing at 16

 

[KNiVES]

Our school system needs personal Finance as a core subject

And how many kids do you reckon will actually pay attention

 

[413x]

And how many kids do you reckon will actually pay attention

Its probably better at 18.but it's damn site more useful than reading Shakespeare.

 

[Mercenary Keyboard Warrior]

Yep what would be far better would be some simple night school classes based at colleges etc, no fees, just people that want to go for say 2 hours to really help themselves.

I mean a 3 week course every quarter should be enough, maybe even less frequent than that.

A little publicity should be enough to keep people aware of it.

Its the sort of thing I as an accountant would be willing to do infrequently, get across the basics on a number of subject matters for the good of the population.

 

[kona786]

Its probably better at 18.but it's damn site more useful than reading Shakespeare.

No you can't have everyone being savvy with finances. You need a certain level of cannon fodder.

 

[Scam]

It is over populated. Depends on how you define it. But for me it absolutely is.

Ok, so how are you defining it exactly? Because the New Statesman link I posted has a lot of figures there.

Also about 92% of our land mass is not built on.

Our school system needs personal Finance as a core subject

Yep. But (tinfoil hat time) then the banks and financial institutions wouldn't be able to make so much money out of everyone..

 

[BUDFORCE]

Yep what would be far better would be some simple night school classes based at colleges etc, no fees, just people that want to go for say 2 hours to really help themselves.

I mean a 3 week course every quarter should be enough, maybe even less frequent than that.

A little publicity should be enough to keep people aware of it.

Its the sort of thing I as an accountant would be willing to do infrequently, get across the basics on a number of subject matters for the good of the population.

Yea same, I worked mortgage and other finance related jobs for 15 odd years.

People don't have a clue.

 

[Mercenary Keyboard Warrior]

No you can't have everyone being savvy with finances. You need a certain level of cannon fodder.

Unfortunately/fortunately being good with numbers/finance is a competitive advantage.
I mean some are good with their hands, others with their heads etc

But we should give everyone at least a chance of getting it right
Arguably choice is restricted by legislation, since legislation is trying to take away the options that don't suit many people, and that they would end up on due to their "stupidity"

 

[413x]

Ok, so how are you defining it exactly? Because the New Statesman link I posted has a lot of figures there.

Also about 92% of our land mass is not built on.


Yep. But (tinfoil hat time) then the banks and financial institutions wouldn't be able to make so much money out of everyone..

The best type of judgement.

Personally and comparatively.

Coming back flying over Scandinavia and northern Europe, there's so luch more Space.
I hate there is so little biodiversity. So little wild space. If the world was like the UK, there wouldn't be enough food. There would be no climate left. The world Wouldn't exist.


So really, I say we are over populated as the world couldn't handle our population density.

 

[CapitalOne]

These reports are absolute rubbish tbh. Most of what isn't built on is not suitable or is farmland. So you want us to concrete over more fields and be more reliant on food imports?

If you "shut the doors now" where are all the new houses going to be built to address the existing shortage? I don't think your "most" description is true. You're welcome to your opinion but you can have high house prices and a shortage, build more homes, or kick out enough people (to where?) to ensure there is no longer a shortage. Don't let common sense get in the way of a good trope.

As for food imports, the government subsidise (encourage) farmers to set-aside and rewild. I hope you can hunt and enjoy rabbit!

 

[Mercenary Keyboard Warrior]

The best type of judgement.

Personally and comparatively.

Coming back flying over Scandinavia and northern Europe, there's so luch more Space.
I hate there is so little biodiversity. So little wild space. If the world was like the UK, there wouldn't be enough food. There would be no climate left. The world Wouldn't exist.


So really, I say we are over populated as the world couldn't handle our population density.

Part of the issue is our expectations.
People had a lot of space, didnt live in flats etc so thats the expectation (bar in cities etc)

Where we build is down to cost, we want nice easy flat areas as cheap to build.
Probably 90% of the UK could be built upon, but it would require more then digging a couple of feet down and filling that with concrete to form foundations.

We could significantly increase our population density on built land as well. We don't like the thought of that, it would be fairly radical. Compulsory purchase of large very low density areas and rebuild to higher density.

We could also easily provide all our food needs (accepting choice would suffer), but right now its still cheaper to be super inefficient in the land usage for that with the angle of cheap food.
Adding a load of fertiliser to poor soil (lots of UK soil quality is now poor), boosts production and is cheap, I mean lets use some fossil fuels to make that fertiliser etc

I am convinced you will see more and more factory farming as time progresses. Its way more efficient, its far more controllable (no need for pesticides when its in a controlled area), but right now its expensive since we treat land as basically free and as I said happy to use "cheap" fossil fuels to make the fertiliser.

We are making slow progress. Eg near me is a massive greenhouse complex which is heated by the heat from the next door sewage plant. This expands the range and window of crops available to grow.

 

[413x]

Part of the issue is our expectations.
People had a lot of space, didnt live in flats etc so thats the expectation (bar in cities etc)

Where we build is down to cost, we want nice easy flat areas as cheap to build.
Probably 90% of the UK could be built upon, but it would require more then digging a couple of feet down and filling that with concrete to form foundations.

We could significantly increase our population density on built land as well. We don't like the thought of that, it would be fairly radical. Compulsory purchase of large very low density areas and rebuild to higher density.

We could also easily provide all our food needs (accepting choice would suffer), but right now its still cheaper to be super inefficient in the land usage for that with the angle of cheap food.
Adding a load of fertiliser to poor soil (lots of UK soil quality is now poor), boosts production and is cheap, I mean lets use some fossil fuels to make that fertiliser etc

I am convinced you will see more and more factory farming as time progresses. Its way more efficient, its far more controllable (no need for pesticides when its in a controlled area), but right now its expensive since we treat land as basically free and as I said happy to use "cheap" fossil fuels to make the fertiliser.

We are making slow progress. Eg near me is a massive greenhouse complex which is heated by the heat from the next door sewage plant. This expands the range and window of crops available to grow.

Yeah for me (at a personal level) it's going to get worse. And I feel I have to leave. Because even moving somewhere remote, may not be remote for long.

Farming is inefficient. If vast swathes of land weren't needed for fields and sheep we could take more population and increase biodiversity.


But I feel that's beyond my lifetime.

Traditional meat farming will likely fall away. Its expensive, bad use of land and carbon intensive. People gawk at that idea. But in time I think just cost alone will force people to cut down.

 

[BUDFORCE]

If you "shut the doors now" where are all the new houses going to be built to address the existing shortage?, build more homes, or kick out enough people (to where?) to ensure there is no longer a shortage.

So trying not to get in the middle, as a side point, basically what I'm saying is building more homes, or "kicking people out" isn't going to solve anything anyway.

You could build 5 million new houses and kick 5 million people out of the country overnight, there would still be a shortage the next day.

 

[CapitalOne]

So trying not to get in the middle, as a side point, basically what I'm saying is building more homes, or "kicking people out" isn't going to solve anything anyway.

You could build 5 million new houses and kick 5 million people out of the country overnight, there would still be a shortage the next day.

I don't have the exact numbers, and I'm advocating build more btw as the best option, but surely it would help?

The main point I was getting at is, the UK has plenty of space - people should just acknowledge they don't want it built on rather than say there is nowhere to build it is downright misleading (but unsurprising at the current time!)