Interest rates cut to 0.25% from 0.5% discussion

Kit1

Dird wrote: »

Wages haven't gone up 10x. Many only just above £1k/month

Most houses don't cost £500,000 either.

Nick_C

When I bought my first home in 1983, I was able to buy it for 3 times salary. If I was still doing the same job, and wanted to buy the same home, it would now be 6 times salary.

We are the lucky generation.

gadgetmind

Kim_13 wrote: »

Wasn't Brexit supposed to put interest rates up, not down?

No, it's inflation that Brexit will force upwards.

badger09

beecher2 wrote: »

I am sick of having to continually work out where to put my money, and having deals come to an end after a year.

Talk of another rate cut later in the year

Eco_Miser wrote: »

So are we all, but that has been the way to get the best rates for as long as I can remember - which is a very long time.

There is an alternative, dump it all into NS&I at 1% and forget about trying for better deals.

verntern wrote: »

Yes, agreed beecher2. You are sick about where to move your money and I am an old man and very weary of continually shifting my savings to get a few extra pounds. For me, time to try Premium Bonds with savings accounts becoming stagnant.

Many who post on this forum are in the same boat, myself included.

However, I would rather be sick & weary worrying about where to put my savings to earn a few extra £££s, than many others who are sick & weary worrying about how to pay bills, or whether they will still have a job next month:cool:.

Kit1

Nick_C wrote: »

When I bought my first home in 1983, I was able to buy it for 3 times salary. If I was still doing the same job, and wanted to buy the same home, it would now be 6 times salary.

We are the lucky generation.

Wish we had been old enough then :-). We bought ours in 1989 and it was 3x OH's salary and 2x mine and it was only a little house because that was all we could afford, then the rate got higher and higher but wages stayed the same. We have only just paid off our mortgage because yes you guessed the endowment was useless so we had to pay more and were hoping to now be able to save for that rainy day - guess l better get the brolly out again.

Aberdeenangarse

Nick_C wrote: »

When I bought my first home in 1983, I was able to buy it for 3 times salary. If I was still doing the same job, and wanted to buy the same home, it would now be 6 times salary.

We are the lucky generation.

I'm the same, except mine would now be 12 times salary! :eek:

gadgetmind

bristolleedsfan wrote: »

[FONT=&quot]We were told that in the event of brexit interest rates would rise sharply

[FONT=&quot]By who?

[FONT=&quot]I think you'll find this site hasn't been updated[FONT=&quot] so perhaps you can find this pre[FONT=&quot]diction on there. [/FONT][/FONT]

[FONT=&quot]http://www.strongerin.co.uk/[/FONT]
[/FONT][/FONT]

Now we have a cut in interest rates and it is the fault of people who voted for something which the bank of England said would lead to rate rises?
[/FONT]

Predictions of rate rises were being pushed back long before the referendum.

http://www.telegraph.co.uk/personal-banking/savings/latest-interest-rates-predictions-first-rise-in-august-2019/

And then the day after the vote, interest rate cuts were predicted.

http://www.bbc.co.uk/news/business-36621554

http://www.moneywise.co.uk/news/2016-06-24/cut-interest-rates-predicted-post-brexit

tommysaver

Nick_C wrote: »

When I bought my first home in 1983, I was able to buy it for 3 times salary. If I was still doing the same job, and wanted to buy the same home, it would now be 6 times salary.

We are the lucky generation.

I don't even live too near to London, well outside the M25.

For me, it's looking like 10 times salary and even then it won't be a 'proper' house or anything. Like a flat..

And I'm on more than most of my friends, too.

verntern

badger09 wrote: »

Many who post on this forum are in the same boat, myself included.

However, I would rather be sick & weary worrying about where to put my savings to earn a few extra £££s, than many others who are sick & weary worrying about how to pay bills, or whether they will still have a job next month:cool:.

Admirable Badger. Over the years I have gone through redundancy and worries about how to support my family. Be careful you don't fall off your pedestal.

reeac

Nick_C wrote: »

When I bought my first home in 1983, I was able to buy it for 3 times salary. If I was still doing the same job, and wanted to buy the same home, it would now be 6 times salary.

We are the lucky generation.

OK, let's go back in time a long way. My wife's grandfather was a stoker in the local factory in Suffolk back around 1900. The factory offered him a plot of land, he took out a mortgage and had a 3 brm. house built for his family ....9 children... and constructed a grass tennis court for them all. Of course they didn't have TV, a telephone, a car or any of the present day necessities to fritter away the cash on but it shows what could be done in those days .... certainly not possible now.