To wonder how we managed our mortgage when interest rates were 13.6%

[BlueBloodedBlue]

We bought our flat in 1990 with a mortgage rate of 13.6%

I know house prices were much lower but so were wages.

I'm obviously not minimising the current nightmare situation so many people are facing, I just don't really understand the economics so would be grateful if anyone is able to explain in simple terms please?

Our high street is estate agents, building societies, and vape and phone shops. No wonder it’s deserted.

@boxybox

Yeah, I don't get the downing on Netflix subscription really. There was always a similar outlet for peoples entertainment.

I agree tanning salons, hairdressers etc. existed back in the day. I know everyone, since WW2 at least, has spent some of their income on treats when funds allowed.

The point is things like manicures, takeaways from McDonalds etc. were viewed as 'treats' as opposed to being part of a generic weekly routine ... a 'lifestyle' choice if you will .... and, as such, are areas where people should not feel they are being 'deprived' of a normal life if they reduce/cease these activities.

It's people who don't currently have these (what I consider) treats in their weekly routine for whom I feel empathy. Where do they cut back if there is no (what I consider) friviolous spending?

Anyway, dinner time beckons .... 😊

PS Never got the hang of toning tables personally - seemed like a lot of effort in terms of tensing and breathing IIRC!! 😄

@Notonthestairs

Thanks for that.

I think it sort of supports my point that the prolific presence of 'treat-type' outlets means there is enough demand to sustain them. How that 'support' is funded, of course, is a different matter.

Oh, what I'd give for even one of the nail bars to disappear to be replaced by a fishmonger!!

That's me speaking as a selfish, entitled Boomer, obvs!😛

Just coming back to the MIRAS issue, I wonder if the modern equivalent of that is the help to buy scheme. I dont even know if that is still going but as others have said, its essentially just helping people who can already pay for it and the tax payer doesnt get the interest on the loan either I think?

And another point someone raised that demand has been high because not enough housing has been built, I think its more accurate to say that not enough affordable housing has been built, there isnt enough social housing for demand, which means people are forced into private solutions, the private market rents became completely unregulated, much bigger and with more competition. This means that the stability and affordability (along with no high deposits or guarantors) needed by tenants is absent.

We need a massive social housing building programme.

"There you have it: a Boomer rant."

One I enjoyed! I'm Gen X apparently.

Thats what you think, Ive noticed everyone except those under 30 are virtually boomers these days!!!

Talk about aging overnight!!!