When will interest rates rise?

StevieJ

Graham_Devon wrote: »

All I can say is, these are the statistics. Its not me making things look hard, or trying to spin something. The statistics are what they are and they are showing those statistics for several reasons. Yes, some people will say FTB's want it all. Yes, some people wil suggest they could buy a mainsonette at 23. BUT. For most, according to the statistics, regardless of whether we don't get it, it simply doesn't work.

I have a mate who moved to Cornwall to be near his lady, he is a pretty skilled guy, he said that the house prices doubled and the wages halved. I has sympathy for people in your neck of the woods but it is not the same everywhere, I assume your stats are a countrywide average.

Graham_Devon

StevieJ wrote: »

I have a mate who moved to Cornwall to be near his lady, he is a pretty skilled guy, he said that the house prices doubled and the wages halved. I has sympathy for people in your neck of the woods but it is not the same everywhere, I assume your stats are a countrywide average.

I don't complain too much about the local house prices. Live in a lovely area. It's to be expected that there will be a price to pay for that.

What I do get annoyed with, is property programmes like relocation relocation. There was one where the holiday home owner was gazumping a FTB couple. The FTB couple had had their offer accepted. However, didn't stop kirsty and phil, or the estate agents letting them view the property and ultimately stand there and say "how do you feel about gazumping....some don't like it, but it's just business as the end of the day".

Second property owner, at the end of the day, won after two higher offers. Took the house from the FTB's...who may or may not have paid out fee's on starting to proceed.

Kirsty, phil, over the moon. Estate agents "absolutely brilliant". FTB couple, completely forgotten about.

Ends up, it was merely a holiday home to be used 3 months of the year. Phil went on about rental yields, but the couple didn't want people in their home and would let their sons use it etc when they wanted to.

That's what annoys me. We need to live. We cannot compete with these type of people. And absolutely nothing is done to try and discourage it. Its seen not as taking homes from people working and living in the local area....keeping the economy going....but as a success. The same people then moan that the area is going downhill and shops are shutting. They actually want these people to work for a loss, live in an area they can't buy in, so that they can enjoy their properties and the shops / local area when THEY decide to use their homes. They complain about local services, GPs, hospitals shutting, libraries shutting. Yet they are the very people causing these places to close down, as they desert them for 9 months of the year an dput nothing into the economy, apart from allowing holiday home management companies to start taking over prime location main street windows with their offices.

DervProf

Graham_Devon wrote: »

That's what annoys me. We need to live. We cannot compete with these type of people. And absolutely nothing is done to try and discourage it. Its seen not as taking homes from people working and living in the local area....keeping the economy going....but as a success.

Well, Hamish has been quite sypathetic recently. He wants the banks to lend more to FTBs, to allow them to be able to buy. Somehow, I don't think even a 100% LTV mortgage will allow a FTBer to outbid a potential holiday home owner.

It's a "free" market (so they say), "free" for the wealthy to treat residential property as a play thing or an investment. The way Cornwall has been "bought" by people from outside the area is not a good thing, IMO.

abaxas

Remember that the base rate has nothing to do with the population. It has all to do with attempting to recapitalise the banks.

IRs will rise either due to proven inflation or when/if the banks recover.

Graham_Devon

Yer, Devon has its own problems, at least in some of the towns. Mostly the infrastructure cannot cope with the influx. Always been that way, but recently the council has been tapping into this as a resource. Typical example is parking charges. Stopping you parking anywhere in towns for over 3 hours, including car parks, UNLESS you buy a pass.

Now, in the morning there are plenty of places to park. BUT, they restrict the hours. So every worker is then forced to pay out for passes. Hotels do the same for their guests. Trouble is, their guests use the passes, dump their car in the spaces and then leave them there for a week. Simply means workers can't park, residents can't use local services etc. Holiday makers are fine, they can saunter off on boats and buses as they please. Workers and residents have to end up paying over £300 for a 6 month season, JUST to park.

They keep making things harder and harder, which the council can take more and more revenue from. So I can see why they do it. Bu tthey are charging residents and workers the same charges, allowing no leeway. I've seen many other areas where residents have simple passes. It's getting difficult to work now. Cost me a weeks wages this year after tax to pay for the pass to allow me to park to go to work. Seems silly really. I wouldn't pay for the pass if I didn't need to work there. Theres uproar.....so they have just anounced they are putting prices up to try and discourage holidaymakers from parking and using the out of town park and ride.

Charges up for all of us....again. Thats the solution. These bentley, ranger rover, loaded owners are gonna think twice now!! It's just a shambles. The solution is always charge the workers and residents more. It never discourages the holiday makers. They only have to pay for a weeks pass....not 6 months.

Think my rnting has gone slightly off topic!

HAMISH_MCTAVISH

DervProf wrote: »

Well, Hamish has been quite sypathetic recently. He wants the banks to lend more to FTBs, to allow them to be able to buy. Somehow, I don't think even a 100% LTV mortgage will allow a FTBer to outbid a potential holiday home owner.

And I don't think most FTB-s are competing with holiday home owners for the same property types, even if there are isolated incidents where it happens.

But the solution to this one is simple. Build more houses, and put restrictive covenants on them that they can only be used for full time accomodation, ideally for locals.

It's a "free" market (so they say), "free" for the wealthy to treat residential property as a play thing or an investment. The way Cornwall has been "bought" by people from outside the area is not a good thing, IMO.

Let the wealthy have their toys. AND build some more toys for the locals that the wealthy can't buy.

Then everyones happy.

HAMISH_MCTAVISH

Graham_Devon wrote: »

It's getting difficult to work now. Cost me a weeks wages this year after tax to pay for the pass to allow me to park to go to work. Seems silly really!

On a serious note, have you ever considered a motorbike?

Cheaper to run by far, and most councils won't write parking tickets for them as they've no place to securely display a pass....;)

Graham_Devon

HAMISH_MCTAVISH wrote: »

On a serious note, have you ever considered a motorbike?

Cheaper to run by far, and most councils won't write parking tickets for them as they've no place to securely display a pass....;)

I'd kill myself.

And they wrap the parking tickets around the handle bars

The passes have to be displayed with a special locking...dunno what to call it. Hanging thing from the wheels.

They got that covered!. Anyway, been here before. I need to carry stuff around with me.

chucknorris

Graham_Devon wrote: »

I'd kill myself.

And they wrap the parking tickets around the handle bars

The passes have to be displayed with a special locking...dunno what to call it. Hanging thing from the wheels.

They got that covered!. Anyway, been here before. I need to carry stuff around with me.

What about buying a folding bike, parking the car a few miles away (somewhere free) and cycling in the last part of the journey?

I've just started cycling from Dorking to Leatherhead (first couple of stops) then taking my folding bike onto the train and at Waterloo cycling to work rather than getting the tube. It's actually fitness/weight loss driven rather than financial but it does save me about £7.50 a day, but more importantly gives me 17 miles of cycling and only adds about 15 mins to my journey each way.

System

What about moving out of such a crap place? If what you say is true I'd be out of there long ago.