You've never had it so good

Graham_Devon

I definately agree with what he said, if my own experience, and the experiences of those around me (at work and such like) is anything to go by.

Anyone who already owns a house that hasn't indebted themselves up to the eyeballs either by remortgaging or credit cards, will most likely be a lot better off now, month to month, than they were 4 years ago.

Those priced out are ultimately far worse off.

Majority however, will be better off, I should think, as most fixes will have come to, or be nearing an end now.

You only need to look at the mortgage as a percentage of income Hamish often posts to see people in the majority (at least homeowners) are massively better off. Think the average has fallen from around 60% of income to 30% of income going on the mortgage...that's big amounts of money saved.

The majority have never had it any better...and it can't feasably get any better either.

blueboy43

bendix wrote: »

They did leave us in a mess, but Labour are nothing to do with any recession that is going on and EVERYTHING to do with creating a society of welfare-dependancy.

When people can choose to not work and still have a lifestyle that their working grandparents and parents could never even beging to imagine, then you know we have never had it so good.

I must be mistaken in thinking the the Conservatives were in power for more than 70% of the time between 1950 and 2000.

HAMISH_MCTAVISH

Graham_Devon wrote: »

You only need to look at the mortgage as a percentage of income Hamish often posts to see people in the majority (at least homeowners) are massively better off. Think the average has fallen from around 60% of income to 30% of income going on the mortgage...that's big amounts of money saved.

The figure you are referring to is mortgage costs as a percentage of disposable income for new buyers, which peaked at 68% in 1990, was 45% in 2007, and just 31% in 2009, versus the long term average of 38%.

As most new buyers are not seeing the benefit of ultra low rates unlike those on old style trackers and SVR's, it's actually far better than those figures suggest for the overall population of mortgage holders.

The majority have never had it any better...

True.

and it can't feasably get any better either.

False.

It's getting better all the time. And as the economy continues to recover, and unemployment continues to fall, it will continue to get better.

wageslave

ILW wrote: »

Friend of mines £400k IO mortgage has dropped from around £2000pm to less than £600pm. He seems pretty happy with the situation.

I don't know anyone with a £400k mortgage and I doubt I would use them as a barometer of financial wellbeing if I did.

TBH I really resent the severely indebted crowing about their improved finances when a friend spent last night at my kitchen table with a pencil and an envelope trying to work out how her family is going to survive redundancy

But then she should just get her and her three kids on their bike or something

Jennifer_Jane

OK, it's really anecdotal, but when I was working (retired just over a year now), loads of people were being made redundant, and had been over a couple of years. They were, mostly, people who had worked in the Company for many years, and were leaving with vast redundancy packages, protected pensions and still young enough to do other work if they wanted to. At the other end of the scale a retired friend of mine is 62 and still getting as much temporary work as she can manage.

The truth about the public sector is that there appear to be huge inefficiencies, wastage and a lack of caring (and common sense) with spending. Contracts drawn up without get-out clauses, and such like. Practice that would not be allowed in a business-framework. Also, how many managers are losing their jobs? It worries me that the managers are cutting the jobs below them (ie middle management down to front-line), blaming the Government, instead of being efficient about it all.

In my humble opinion, of course...

And, of course, I feel for the ones being made redundant and who will be battling to cope.

aardvaak

He is totally right "most people with mortgages hav'nt had it so good". It's the poor people needing an income from their savings who are having a very tough time.