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Debate House Prices
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On a personal level, has the recession effected you?
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1984ReturnsForReal wrote: »He is one of the people you can blame for this mess
What, the general populus?0 -
Stagnation in HP means that I can take my time looking for the right house to buy.
My house buying money is earning pathetic interest.
One of my jobs has a pay freeze.Do you know anyone who's bereaved? Point them to https://www.AtaLoss.org which does for bereavement support what MSE does for financial services, providing links to support organisations relevant to the circumstances of the loss & the local area. (Link permitted by forum team)
Tyre performance in the wet deteriorates rapidly below about 3mm tread - change yours when they get dangerous, not just when they are nearly illegal (1.6mm).
Oh, and wear your seatbelt. My kids are only alive because they were wearing theirs when somebody else was driving in wet weather with worn tyres.
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As I graduated from university, the recession began.
Kept my part time job which became full time, but finding it hard to find a new one in the field I actually want go into to put my degree to use, and the longer it takes, the harder it will be I think. (Computer programming).
Found my savings were pretty much pointless to have, because the interest rate went so low. My great idea of having a student loan and putting it into an ISA while I save a deposit for a house didn't go quite as well as I'd hoped!
All in all, it hasn't really felt like money has been tight to me. As a totally independant adult (ie, renting my own place, paying ALL own bills, etc), I have pretty much been in a recession/declining economy since day 1. So I am looking forward to a growing economy if it means living will be even easier 0 -
Well so far the lower interest rates are a bonus as my mortgage balance is stoozed (invested in savings accounts paying more interest than the mortgage payable rate). As rates fell I was able to make a big differential between the savings rate earned and the mortgage rate payable so a nice windfall of about 5k, and now with both mortgage and savings rates low there are tax advantages as the amount of interest I (my wife, non-taxpayer) earns on our savings is no longer enough to take her in to the lowest tax band so all the margin between what we earn on savings and what we pay on the mortgage is tax free.
However given a lot of the work the company I work for does is for the govt there is probably an odds on chance of redundancy in the next few months which will obviously offset any of the interest rate gains to date.
Not having made many major purchases on vatable items, the VAT rate changes had limited impact; although I am planning on spending over 100k on an extension so obviously 20% rate will impact. No indexing of child benefit and income tax bands will also obviously have a small impact.
I moved house in the past year when prices were about 10% down from the peak, the gap between selling and buying prices was about 75k so I guess all things being equal at peak the gap might have been 7.5k bigger but the market average is probably not applicable to individuals experience.I think....0 -
on a personal level -
mortgage was cheaper until i sold and bought. still cheaper than it was in 2007 though.
been able to buy at 25%-30% off peak prices
done well out of shares - don't think you could have done very badly!!
had a 15% pay cut in 2009 but still earning 12% more than 2007
new business is harder to get than in 2007
pension screwed in 2008 - back to normal now.
spend less, not on purpose but the "mood" for spending has changed.0 -
Oh lets see... worked a 4 day week for a year, then made redundant, did a menial clerical job for rubbish money for a while, got a new better job but still marginally less money than the 4 day week one. Oh, and paid off the mortgage, that would have happened anyway.0
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Sorry to go off topic here, but I just had to say - I love your username!KrytenIceCubeHead wrote: »Oh lets see... worked a 4 day week for a year, then made redundant, did a menial clerical job for rubbish money for a while, got a new better job but still marginally less money than the 4 day week one. Oh, and paid off the mortgage, that would have happened anyway.0 -
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my work brought in voluntary redundancy with a plan for compulsory if they didn't get enough takers, soI went part-time with one other person, to head off redundancy in my work group. So my income dropped and so I could no longer over pay on my mortgage0
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