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Jason

Households On 'money Knife-edge'

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http://news.bbc.co.uk/1/hi/business/4850160.stm

Two million households are living on a financial knife-edge, susceptible to an economic downturn, a Financial Services Authority (FSA) survey has suggested.
A further half million households are already having difficulty paying bills and meeting debts, the report found.

Don't worry, i'm sure the BBC will have a report out this week saying how rising house prices are a good thing, with some EA saying FTBs should buy at any cost.

Edited by Jason

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http://news.bbc.co.uk/1/hi/business/4850160.stm

Two million households are living on a financial knife-edge, susceptible to an economic downturn, a Financial Services Authority (FSA) survey has suggested.
A further half million households are already having difficulty paying bills and meeting debts, the report found.

Don't worry, i'm sure the BBC will have a report out this week saying how rising house prices are a good thing, with some EA saying FTBs should buy at any cost.

And the amazing thing is that we are at the tail of a 10 year economic boom. You ain't seen nothin' yet. :(

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I keep telling people my age (mid 20's) that we have never really experienced an economic downturn, and that when one comes our way it'll be messy.

No one seems bothered. Still buying houses over the odds, still buying cars on finance, still putting shopping on the old trusty credit card.....

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"Today's 18-40 year olds are faced with greater challenges than were faced by their parents...the cost of not having the necessary skills to make sound financial decisions is becoming increasingly significant.

Of course all young people are too lazy compared to our elder and better generation. We are expecting our first house to be akin to one of Saddam's palaces and we don't see why we should save, work or make sacrifices for it. If we all skipped a holiday then we'd all be able to afford the £130k it costs for a 1 bed flat in a $hithole. I feel so ashamed.

Edited by SCUMBAG

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Guest horace

[

Two million households are living on a financial knife-edge, susceptible to an economic downturn, a Financial Services Authority (FSA) survey has suggested.
A further half million households are already having difficulty paying bills and meeting debts, the report found.
With a population of 60 millon (?) 2.5 millon households (do they mean people?) doesn`t seem that large.
h

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WOW. That represents nearly 10% of the total number of households in the UK!! :o

If These house holds staart to default over the next few years that is a lot of properies hitting the market in a relatively short period.

There in lies the HPC.

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There are 24.5 million households in the UK.

There are about 60 million people.

Of which 28.8 million are considered the workforce. i.e. 18-65 and able bodied.

This suggests just 4.3 million dual income households.

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This has just been mentioned in our office, and the attitude now is "save, work hard and don't get into too much debt". Yesterday, it was "buy a house at any cost".

This is just the start of the downturn...

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WOW. That represents nearly 10% of the total number of households in the UK!! :o

If These house holds staart to default over the next few years that is a lot of properies hitting the market in a relatively short period.

There in lies the HPC.

Cue in IVA's, and we may not see so many being repossessed as one may expect though.

Debt free direct still doing nicely, I'm just a bit scared to stick any more money in, as I never have luck like this for long :)

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This has just been mentioned in our office, and the attitude now is "save, work hard and don't get into too much debt". Yesterday, it was "buy a house at any cost".

This is just the start of the downturn...

GB won't like that :lol:

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There are 24.5 million households in the UK.

There are about 60 million people.

Of which 28.8 million are considered the workforce. i.e. 18-65 and able bodied.

This suggests just 4.3 million dual income households.

I am Disabled (and so are many of my friends) and I have held down a professional technical job for over 17 years. I would be greatful if you would drop the sterotypical references.

Edited by FTBagain

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The Debt Counsellors believe it is imperative that UK residents clear their debts to safeguard against a financial crisis in the event of an economic downturn

Not only are there millions of people with serious debts, with property prices so high there are also many people who have overstretched themselves with their mortgage and are barely managing. Any kind of economic downturn is going to see them struggling with debts too."

Link

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http://news.bbc.co.uk/1/hi/business/4850160.stm

Two million households are living on a financial knife-edge, susceptible to an economic downturn, a Financial Services Authority (FSA) survey has suggested.
A further half million households are already having difficulty paying bills and meeting debts, the report found.

Don't worry, i'm sure the BBC will have a report out this week saying how rising house prices are a good thing, with some EA saying FTBs should buy at any cost.

And was it ever any different ?

You are all making out this is the 'end as we know it' - I suspect its getting better, with less people struggling.

I remember the times when 1 in 10 were unemployed, then add on those that were struggling, you probably had nearer 50% of the population struggling.

I think one of you chaps with a lot of time on your hands should do some research to see just how bad it is compared to the past 30 years. I have a hunch, that things are pretty good now compared to the past.

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I remember the times when 1 in 10 were unemployed, then add on those that were struggling, you probably had nearer 50% of the population struggling.

I think one of you chaps with a lot of time on your hands should do some research to see just how bad it is compared to the past 30 years. I have a hunch, that things are pretty good now compared to the past.

how about me ? im 37. i remember the 80s downturn and although no one could afford new cream ikea goodies, they all lived in suitable spaces and life wasnt really THAT bad.

as for todays youth. they may have mc'pay in their pockets, but its simply tokens for texts. nothing substantial can be purchased with an honest wage. the future in reality is very, very bleak.

the only reason you boast is that you bought pre-boom..and thats all.

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This has just been mentioned in our office, and the attitude now is "save, work hard and don't get into too much debt". Yesterday, it was "buy a house at any cost".

This is just the start of the downturn...

It seems to me that for most people in the UK buying a house at any cost is akin to saving. Most people agree that property is expensive but that it is still essential to "own" whatever the cost.

Is it possible to call the top of an irrational market?

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I am Disabled (and so are many of my friends) and I have held down a professional technical job for over 17 years. I would be greatful if you would drop the sterotypical references.

Yea sorry your right.

I didn't mean any offence I meant people who were considered unable to work because of... incapacity?

Apologies for my confusion over politically correct terminology

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The following thread on Visordown, a bikers forum, is very interesting for a cross section of peoples (bikers) experience and attitudes to debt. Seems that a lot of people wouldn't last long if they lost their incomes.

http://www.visordown.com/forums/showthread...t=256185&page=4

classic quote:

No debts me just some car finance and got the gix on finance last October.

I'm fancying selling the house and stashing half the equity and using the other half to pay the bike etc off and as back up while I do some travelling say for 12 months. Orrrrr shall I extend the mortgage on a buy to let and rent it out....just worried if it's vacant for any amount of time tho I'd be fooked...dunno

mortgage+car loan+ bike loan = no debt!!!! :blink::o

Edited by Sisyphus

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how about me ? im 37. i remember the 80s downturn and although no one could afford new cream ikea goodies, they all lived in suitable spaces and life wasnt really THAT bad.

as for todays youth. they may have mc'pay in their pockets, but its simply tokens for texts. nothing substantial can be purchased with an honest wage. the future in reality is very, very bleak.

the only reason you boast is that you bought pre-boom..and thats all.

R U saying that its worse now than the 80's ? - I remember lots of people squatting cos they couldn't afford anywhere to live. Before that, I remember soup kitchens during the first miners strike, I remember the 3 day week. I remember houses with no double glazing, no central heating, I remember having to collect logs because there was no coal. I remember having to grow our own veg and having our own hens to have eggs and meat. Convenience food, what the hell was that - fish and chips was the only takeaway.

If people are that stupid that they think they just have to waste their money on texts, and the latest fashion accessories then I have no sympathy. If people had to live like they did 40+ years ago, then there would be a revolution. People are spoilt brats today.

Houses are affordable, but they are not for the wasteful and they are not for those that don't save. It was drilled into me, that you had to work hard and save hard, I did so from as early as I can remember. The first new bike I got was when I was 25, up until then I had to have a 2nd one.

It seems, people have no other concept than how to waste money.

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Of which 28.8 million are considered the workforce. i.e. 18-65 and able bodied.

Of which I hear around 14mill are employed directly or indirectly by the government. Any idea on the actual number?

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The following thread on Visordown, a bikers forum, is very interesting for a cross section of peoples (bikers) experience and attitudes to debt. Seems that a lot of people wouldn't last long if they lost their incomes.

http://www.visordown.com/forums/showthread...t=256185&page=4

classic quote:

mortgage+car loan+ bike loan = no debt!!!! :blink::o

Yeah, did you see my reply, I'm Chimp BTW. She then went on to say she didn't consider car/bike finance as debt because it is pretty much the norm nowadays! Sheesh!

She also started another thread about whether or not she should rent out her house, "release some equity" and fund a round the world trip. Some of the replies to that are hilarious!

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Yeah, did you see my reply, I'm Chimp BTW. She then went on to say she didn't consider car/bike finance as debt because it is pretty much the norm nowadays! Sheesh!

She also started another thread about whether or not she should rent out her house, "release some equity" and fund a round the world trip. Some of the replies to that are hilarious!

I thought your comments seemed well rounded (for a greasy biker) :D

I only lurk on Visordown as I reckon I'd take too much stick for for being a Vespa rider on perpetual CBTs.

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Of which I hear around 14mill are employed directly or indirectly by the government. Any idea on the actual number?

According to the ONS

"From 1991 to 1998, public sector employment fell every year, with an overall reduction of 816,000 over that period. From 1998 public sector employment rose every year to stand at 5,826,000 in September 2005. This was 663,000 higher than in June 1998, but still below the levels of 1991 and 1992."

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I only lurk on Visordown as I reckon I'd take too much stick for for being a Vespa rider on perpetual CBTs.

You could have a point. You don't have to tell them though! If you ever do graduate to a 'proper' :rolleyes:;) bike, it's a great site for meeting people for ride-outs.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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