To think that our homes and our children's future's are next?

[WorrieaboutFIL]

Just watched an economist explain that the last 10 years have seen a massive upwards transfer of wealth means that even more assets will be stripped from working and middle class people (basically anyone who needs a mortgage is in the firing line) because house values will stay high but so will rates. I feel we are sleep walking into serfdom and a new feudalism is emerging. Horrifying.

House prices are predicted to fall but 20% by early next year.

It will hit lots of people very hard and there will be repossessions.

But it will allow others to own their own home, maybe for the first time ever.

Yes the gap between wealthy and poor is growing and the middle class will disappear or shrink hugely very quickly.

Two big builders here are going under P45 for all staff. One builds for housing associations across three counties. We know an electrician friend owed 245k. New build is dead in the water here. Landlords selling up because of the new rules in Wales. Mortgage offers collapsing. We're housing the homeless in England in hotels. It's a mess in Wales.

Is it better in England and Scotland??

Historically the ruling class in the UK have done just enough to prevent revolution. I imagine that will continue. We are hitting a crunch point where significant numbers of people are struggling with basics and change is needed. I expect minimal efforts to stop a slide into poverty for next couple of years and then a Labour government who will start to high tax and improve public services.

Global efforts to address tax havens are needed.

You might not be able to afford it. Interest rates, gas prices, inflation etc. I always thought that people who have paid off mortgages are OK and secure in life, but I am starting to think not anymore 🤐Horrible.

The future of mass housing in this country is going to be trailer parks, if we don't get a grip of the thieves in government

Gary, according to his own videos, which I broadly believe

• studied economics at LSE (not sure why you think banking)
• after which in a few short years as trader, he made enough millions to retire by making different and better economic predictions than most of the world's economists were making
• then he get a second economics degree from Oxford University, where he became extremely angry at the incompetence of his professors, and most other economists
• has spent the last couple of years publishing his economic views on Youtube and is frequently interviewed on national radio and TV. I first heard of him on a BBC radio program that introduced him as an economist.

What does someone have to do for you to agree they are an Economist?

This may or may not happen. If it does, mortgage interest rates will be higher by then and the banks and building societies will have tightened up further on mortgages. What is likely to happen then is buy to letters, companies and rich foreign investors buy more property in cash leading to fewer properties being available for people to buy as homes. I hope I'm wrong.

This is simply not true. There are a wide range of occupations in the UK that are widely accessible which pay well.

In Kent (not London) - self employed electricians charge £250 a day, gas engineers £350 to £400 a day, skilled kitchen fitters £250 a day, decent builders £200 a day. Not wild amounts of money but pick the right apprenticeship and go self employed and £80k a year is accessible. I know electricians who are being offered £1000 to work 8 hours on Christmas day! I worked as an sme accountant in the past and did tax returns for self employed locksmiths, pest removers (rat catchers), and ear wax removal nurses who were earning over £100k.

What exactly do you mean by the great reset?

Depends on your political outlook.

I agree there's a great reset, in the sense of hollowing out of wealth among the population and concentration of said wealth into the hands of a small global elite.

Other people may define it differently

Rat catcher might not be for me, but ear wax remover and make over 100k? I chose the wrong profession.

Most of those occupations are traditionally male. Very few working class occupations largely filled women pay this well. Hell many middle class need - a - degree occupations usually taken by women do not pay this much

I'd say these jobs are fortunate to be less easy to automate. It will only be a matter of time I'm sure. But yes good for people in those trades at the moment.

See I don't agree to me it's attitudes that have changed. My nana arrived here as an immigrant worked 12 hour days 6 days a week to get a foot on the ladder, she now has a investment and property portfolio. We both work full time sometimes opposite shifts to cover childcare and run a side line. At work we've recently had someone leave as they don't want to work full time now they have a little one. Others have come back on 16 hours as they must be home for XYZ.

DS still sees a lot of us we have at least two holidays a year and a weekend away a month. He gets to all his activities and we make sure we are home on a Sunday for family time. I recently asked him if he wanted more time at home and he asked to start another hobby 🤦🏻‍♀️🤣

We were saving for his house deposit however today he is off away for a halloween weekend with his grandparents, we are going to look at 2-3bedroom semis we can buy and rent out with the intention the rent will pay the mortgage. We will then sell it to him for a small amount when he is older as a foot on the ladder.

When I look at our group of school friends we are all happily married and in professional occupations. The one person who learnt a trade actually earns the most. We all had a very normal up bringing. Yes we have big mortgages (hence our decision to pay for DS a house and likely use an outstanding state school) but we still manage at least one holiday a year (usually more), nice cars and a good quality of life by working for it.

What to me is changing is just how hard you have to work especially when younger to get a good foundation. Work from home will also hopefully help with house prices as people stop crowding in the south east.

@SuspiciousHedgehog why do jobs have to be male tho, woman were rare in my industry until maybe 20 years ago. Now all the senior management are female and most of the staff

Someone was saying recently that we already don’t earn a lot of things because they’re made to break after a couple of years. So essentially we are renting them.

Good point, and also terrible for the planet

What evidence is there that some great elite is hollowing out wealth from the population when so many of us are home owners, so many of us have some kind of pension and there is a modest amount of money for an almost decent welfare state? Many of us have more than our parents ever did, some others will inherit, although house prices are going through a very challenging time.
Or do you think the pandemic was a crazy ruse to control world economies and vaccination a tool to control the population? That kind of great reset?
Conspiracy theories aside, the world is indeed a crazy place, sensible action is needed to protect the weak and protect the environment. Right now we have more to fear from the people who demand 5 long haul holidays a year and avoid taxes and seek their political votes, than imaginary secret sects.

@Whizzi24
I’m Discovereads…the above is my Halloween name…for the MN Halloween name change contest. Not clear on whether I should change it back just yet? Anyway

Is it a global issue? House prices are much cheaper in many other countries.

They are also more expensive in many other countries. But what matters isnt the asking price for this issue, the issue is the income to house price ratio. The U.K. is about average. New Zealand is the worst.

see www.statista.com/statistics/237529/price-to-income-ratio-of-housing-worldwide/

”The house-price-to-income ratio in the Netherlads was equal to 146.8 percent in the first quarter of 2022, making it one of the countries worldwide, where house prices have risen the most in comparison to income in recent years. The ratio measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. Index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. Overall, house prices grew faster than incomes in most of the countries.

Spotlight on the Netherlands

House prices varied widely across different provinces in the Netherlands, with Utrecht, North Holland, and South Holland being the most expensive provinces for a home purchase. In Utrecht, the average house price was double the price of a comparable property in the most affordable province, Drenthe.

How much have prices risen in the Netherlands?
Though residential property prices in the Netherlands have been on an upward trend since 2014, in August 2021, the annual house price appreciation reached the staggering 17.8 percent.”

I didn’t research him, I went by the video the OP posted in which he tells his life story which was (in brief) he went to LSE to study finance and banking, then he became a trader for a bank in which he made millions not by “economic predictions” but by stock and investment trading which is what traders do. He then says he quit working in 2008 and and is a campaigner against inequality.

Unaware of the degree from Oxford. He did laugh at Kwasi’s “Economic History” degree as not being an economics degree in the video.

Unaware of his other stuff. No mention was made of him having any professional experience as an economist.

So it’s rather like having studied some law modules at university, but then never actually ever working as a solicitor or passing the bar to be a barrister?

Thank fuck for you. I was reading the first few posts with my eyebrows way above my forehead.