Mortgage Rate Rises

Jono8 said:
Well, not really. It all rolls into one.

As house prices are so silly and now 10x the average salary, bigger mortgages need to be taken out for even the most humblest/average of homes. This means insterest rate rises hit massively more hard than they would before, and realistically, the BoE if already at the maximum of whet they can do without causing massive problems.
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It depends. If we are looking at a portion of someone’s income and trying to understand the impact of interest rates it is unlikely the average house will have an average income like was presented.
 
danlightbulb said:
This isn't a case of random bombs though that can't be controlled.
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We make a big song and dance about our bombs being super accurate ;)


danlightbulb said:
The policy makers could change things, to target the inflation control more proportionally across the whole population. It is willful ignorance that they aren't doing that, rather than not being able to.
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Ignoring the irony of you complaining about others over wilful ignorance, then I'd say not really. It's easy to just say "target this and that" but identifying targets, coming up with ways of targetting those so you a) don't have unintended consequences or b) do it in a way that is easily avoided by a change in behaviour is a lot harder in the real world.

It's one of the reasons why Covid support wasn't targetted but pretty universal (though I managed to be one of the ones who slipped through the cracks, oh well, that's life) which you complain about, because it would have cost more than it saved by trying to stratify the help, would have led to more deserving edge cases falling the wrong side of the line and would have taken longer to implement, when the action needed taking now.
 
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TheOracle said:
Just checked Zoopla, seems my house has increased £30k in the last month lol

are these website for real?
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They are sketchy but an ok indication.

I live in a small row of 4 identical houses. I probably paid slightly over for mine. (I just offered asking after viewing since we wanted it and didnt want to lose out for the sake of maybe £10k)
Zoopla thinks the house 2 down that is for sale is worth 10% less than mine.

Sales in the immediate area will affect the valuation.
 
Actually, this is not too out of it for my area. The house that was sold in Nov 2020, next door to mine went for £257,000, so gaining £20k in last 3 years is not unrealistic.

The average sold price for a property in your area in the last 12 months is £267,092.
Different property types in Hereford have different average sold prices over the last 12 months:

Detached £396,281

Semi-detached £280,213

Terraced £219,833

Flats £152,378
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CapitalOne said:
Zoopla
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Obviously I'm an idiot.
I can't find this breakdown.


I still don't believe zoopla has our house right.
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I mean it's possible. But I think it's being generous
 
This is ours. I used the XX0 0 part of our postcode as a decent "area"

Detached £303,533
Semi-detached £237,146
Terraced £214,045
Flats £109,000

Yes. It's a cheap area! :D
 
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413x said:
This is ours. I used the XX0 0 part of our postcode as a decent "area"

Detached £303,533
Semi-detached £237,146
Terraced £214,045
Flats £109,000

Yes. It's a cheap area! :D
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That's pretty much the same as around my area.... There are areas a few miles away that.are quite a bit lower though.
 
Blimey.... made a killing on chez SPG it seems,

Still not going anyway but a care home or a coffin, so its kinda pointless and the kids can bugger off if they think they are getting something :)
 
Richie said:
That's pretty much the same as around my area.... There are areas a few miles away that.are quite a bit lower though.
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This is the one of cheapest areas near Cardiff.

But I was set on a detached house with a garden after renting a grotty flat. As I drive everywhere it's not an issue. As our immediate area (surrounding 4 or 5 streets) are nice with nice people. Less than half a mile however... I wouldn't live there!
 
Richie said:
Am I? It's what you're essentially advocating for - a touch of Marxism.

Perhaps I'm an idiot for assuming you knew that?
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I shouldn't have reacted and called you an idiot. But your dismissive nature of the problem has riled me.

How is it any different to targeting tax or benefits at the groups that need it? Why shouldn't the pain be spread more across the different wealth levels that exist? We're not talking taking assets for the state, just making sure that everyone pays their fair share of the economic pain, rather than the burden being skewed towards mortgage holders only.

If this is 'a touch of Marxism' then fair enough.
 
The pricing of houses and all that goes with it is daft in many ways. Zoopla is total finger wavy pricing as there's so much data involved. Mortgage companies seem fairly similar now too. We were fortunate enough to remortgage 6 months ago for 5 years. At that point we'd been in the property for 2 years and without providing any extra info they decided our house was worth about 25% more than we had paid for it 2 years previously for the basis of the new loan. When we bought it it had only gone up 60% over 18 years since new in 2002.
 
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