Comments by "jjeffery worboys" (@jjefferyworboys8138) on "Economics Help" channel.

  1. A home is the only form of investment you can live in, which differentiates it from every other type of investment. If you don't buy, you rent and rents are increasing and will continue to do so. Never view a home as a short term investment, over time it's a great one.
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  2. Top tip, marry someone older who already has substantial assets. It's what my ex wife did and she now has a nice paid for house.
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  3.  @chrisl.9750  Agreed, it's a question of priorities. From a personal perspective keeping a roof my head is my top priority, nice holidays, the latest I phone and a new car I can live without.
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  4. Well done, I did the same. It's simply a question of priorities a lesson others will find painful to learn.
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  5. Depends entirely on your personal situation. If you have a lot of debt that this will enable you to pay off then sell. Otherwise ask yourself what you will do with the money. How can you make it work for you ? Interest rates are low relative to inflation, so your money will be worth less over time. If you are not good with money in a few years it will all be gone and you will have nothing to show for it. Get some impartial professional advice, not your mates !
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  6. Recession isn't bad, why the obsession on ever increasing growth ? How much stuff do you need !
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  7. and still you can't afford to buy ? Lower price, larger deposit, much higher borrowing costs, even more unaffordable.
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  8. Agreed, it's basic economics.
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  9.  @74mgm  The UK market is totally different.
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  10. Make the effort, because if you don't have a basic understanding of economics and finance you will find life very hard.
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  11. I agree and thats based on my 40years + expirence.
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  12. My prediction based on 40+ years experience is that whilst base rate will increase further, mortgage rates will probably remain at their current level for sometime.
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  13. Supply and demand, there is an acute shortage of housing in the UK. You have 2 choices, rent or buy !
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  14. Let me guess you don't own a property and a big fall is the only way you ever will ? Harsh but probably true.
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  15. When you have only ever experienced artificially low interests it's a big shock when they return to historic norms.
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  16. Money is still historically cheap, however the shortage of housing stock is now at its most acute.
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  17. More fool you, if you fail to prepare for your retirement. With over 40 years to do so, you only have yourself to blame if you don't.
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  18. Have skills that are in demand and work for yourself. No charge for this advice.
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  19. Sit tight and consider renting a room, you can get up to £625pm tax free. It may not be ideal but if it keeps a roof over your head and makes life a little easier its worth considering.
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  20. The current situation effects the young most, older people with smaller borrowing can ride out the storm. Those that own their homes outright and there are many, only have inflation to deal with.
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  21.  @aktolman  Is that all, that's a tiny bonus pot in banking. In 2022 HSBC's was £3.5 billion.
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  22. If house prices were to drop massively, no more houses would be built and everyone in the building trade and all those who work in industries and businesses that supply the building trade would be out of a job. Hundreds of thousands of people would become unemployed which would be seriously damaging for the economy.
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  23.  @kth6736  Interesting but unrealistic comment. Younger people will however have to make difficult choices though according to what priority they give to home ownership such as home or having children, home or expensive cars and holidays.
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  24. The BOE could have easily already done so, but that would have been incredibly damaging to the economy.
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  25. The problem with Trussonomics was that tax cuts were being funded by increased borrowing. Too much debt undermines confidence.
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  26. Good luck with that !
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  27. Not having a forecast is even worse.
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  28. Just as well I have a 2 acre garden.
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  29. Those without savings have nothing in reserve and will become desperate sellers for those with savings to take advantage of.
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  30. As interest rates fall and the cost of borrowing becomes more affordable house prices will increase. House price inflation will considerably exceed goods and services inflation. Bottom line is people need to live somewhere.
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  31. If you believe you are worth more, find another job that values your skills or become self employed. Sitting back and feeling sorry for yourself is what losers do.
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  32.  @grolfe3210  Your 6 month timescale is unrealistic, its years not months.
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  33. On line savings accounts are so better than High Street Banks with their huge overheads. Banks are a business with shareholders, not a charity.
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  34. The only persons finances I'm interested is my own.
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  35. Correct which in tirne means that the housing shortage only worsens and the law of supply demand applies.
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  36. A student of economics, something few that comment here fail to grasp.
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  37.  @Bobby-op6ip  i wonder what percentage of the population owned their own home a 1000 years ago ?
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  38. They didn't in the UK, it's a very different market, particularly in the South East. The house I brought in 1996 and sold in 2012, tripled in value. Other properties I have owned since have all done very well, although as its my home first and an investment second, it's no longer my primarily concern.
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  39. The UK has an acute shortage of house, this will not change in the foreseeable future. Developers will build less as their profits decline and many will just sit on the land. Those that have no need to move, will sit tight, fewer properties will come to market further exacerbating the shortage. Whilst I agree that there will be a modest price correction reflecting higher borrowing costs, interest rates have not peaked yet and core inflation is proving to be very stubborn. Rates are therefore unlikely to fall significantly for several years, so you must decide how long you want stay living with your parents.
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  40. So, not anytime soon.
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  41. If you want a decent lifestyle being a carer is a very bad career choice. Choose a well paid career, there are plenty of them.
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  42.  @Kenone1988 I recently brought a house that needed work, primarily because of it's location and 2 acre garden. Cost was a secondary consideration.
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  43. As an ex banker I find your comment laughable.
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  44. It's always a combination of Fiscal ( Government) and Monetary (B of E) policy.
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  45. If you are sensible you would also have a decent employers and or private pension or invested wisely so you can like me have a comfortable and enjoyable retirement at an age than suits you. I retired at 50, because thats how I planned it.The state pension is then just one of several sources of income.
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  46. Given the acute shortage of housing in the UK which will not improve anytime soon, house prices will remain high.
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  47. Correct, with an acute shortage of houses and just two options, rent or buy, its not difficult to understand why.
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  48. Correct, developers will also cut back or stop building and the shortage will be exacerbated.
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