Everyone Thinks I Am Insane.

[Chriso]

Just let out a 'GET IN' at my dest as the IR news was announced. Most people around me are like 'whats going in', I say, IR rates have gone up. I then get the usual barrage of 'your an idiot', IR rises are bad for everyone.

Sure they are

Any other instances of immediate doom and gloom around your office? Im having a mini Fiesta on mine

[Jason]

I got criticised for saying oil will continue to go up.

[OzzMosiz]

I then get the usual barrage of 'your an idiot', IR rises are bad for everyone.

You should tell your work colleagues that interest rate rises are not bad for SAVERS!!!!!

[DTMark]

Does nobody there have savings then

[Fancypants]

Just let out a 'GET IN' at my dest as the IR news was announced. Most people around me are like 'whats going in', I say, IR rates have gone up. I then get the usual barrage of 'your an idiot', IR rises are bad for everyone.

Sure they are

Any other instances of immediate doom and gloom around your office? Im having a mini Fiesta on mine

I haven't said anything, but my views are well known. I'm attracting a lot of glares as a result!

The vindication feels nice of course, but I find it difficult to take pleasure in their obvious discomfort, even if they have mocked me in the past.

5% and more here we come!

[TwentyOneEleven]

There's a nice little core group of us at work who are extremely happy about the rise today ... but also a couple of very worried looking individuals who are in the process of moving/buying houses!

[I Told You So]

Everyone tryed to pass it off as insignificant but all have looked very twitchy ever since.

One woman in the process of buying has already voiced concerns as is thinking whether to pull out or not, will be a lot of broken chains over the coming weeks.

[Badger]

I gaved a little cheer and punched the air, to the confused looks and 'why is that good' from some.

[Dr Doom]

I popped open the champagne and offered it up to all the fellow renters in the office.

Then I strutted around and mocked all the people with mortgages.

Not really.

I think our office manager might be fuxored though.

Struggling financially anyway and has a mortgage which is only fixed until September.

Oh dear.

Edited August 3, 2006 by Dr Doom

[Objective Developer]

I work in development, and tried my best to pass this on the bosses (along with the potential problems in might bring for our projects). They don't see the problem. Cretins.

Then again, when the 180 new build flats they're planning in Harlow sit empty for a year they might remember my little cautionary comment.

Learning from the past seems to be impossible for most.

OD

Edited August 3, 2006 by Objective Developer

[Fudge]

Before I went out to lunch the office was talking about how much house prices had gone up in the last year, 6% said he with hands on back of head in that I know best way, looking in my direction.

Came back into the office after lunch and deathly quiet. ahh interest rates went up then I thought!

[MarkG]

I haven't said anything, but my views are well known. I'm attracting a lot of glares as a result!

I wouldn't say anything unless you want to be the first out the door when the recession starts .

[Fancypants]

I wouldn't say anything unless you want to be the first out the door when the recession starts .

thankfully I work for an organisation that should do fairly well in a recession - or at least not be adversely affected. In fact, widespread economic woe would probably be good for my career prospects - I am certainly attempting to position myself as such.

[Phaedrus]

If people are that worried by a 0.25% rise then things must be really tight.

What's the betting the full rise is not passed onto savers?

[squeek]

What's the betting the full rise is not passed onto savers?

Interests rates on my savings went up a few weeks ago, although the new rate doesn't apply to new customers (the rate advertised on the website).

I might be a first time buyer in the future and am saving for a deposit, so welcome this rise. However, I think a few of you take the view of 'us' versus 'them' a bit too seriously judging from some of the comments you make. ie how can you go round the office and make comments to people who have one mortgage for their home that they bought in say 97 and not remortgaged. They will always have a smaller mortgage than you, and have paid a lot less for the house than it will be worth in the future.

On the other hand if they gloat about their BTL properties or second houses they've bought in the past couple of years then fair enough.

[Fancypants]

However, I think a few of you take the view of 'us' versus 'them' a bit too seriously judging from some of the comments you make. ie how can you go round the office and make comments to people who have one mortgage for their home that they bought in say 97 and not remortgaged. They will always have a smaller mortgage than you, and have paid a lot less for the house than it will be worth in the future.

Frankly, I doubt that someone who bought in 97 and has not MEWd will give a rat's ass about a quarter % rise in interest rates.

Mind you, that is the thing about the housing market at the moment. There are few people with a genuinely neutral view on it - you're either in or your out - a neutral position is very difficult. I suppose my folks could arguably be... mortgage paid, not relying on value of house for retirement, would like to imagine child in similar position at same age...

[eric pebble]

I work in development, and tried my best to pass this on the bosses (along with the potential problems in might bring for our projects). They don't see the problem. Cretins.

Then again, when the 180 new build flats they're planning in Harlow sit empty for a year they might remember my little cautionary comment.

Learning from the past seems to be impossible for most.

OD

HAHA HAHAHHAHAHAHAHA!!!!!!!!!!!! LAUGH??!!! I nearly sh%t!!!

I travelled down to the West Country this morning. Stopped off at a little town on the Witls/Dorset/Somerset border called Mere. We often stop off there for a little breather - and we know it well. We have stopped off there 4-5 times in the last year/18 months.

WELL!!!!!! There are various little/medium size developments dotted all over this place - AND - all of them (as far as we can see) have now sat UNSOLD for nearly a YEAR [or more?]. There's one called 'Hunter's Gate' or somesuch -- and they have been asking for £385-400k for 4 bed so-called "detached" houses -- which are infact INCHES away from the nest one..... They're all like that - some 2, some 3 bed - some semis, some not....... And they're all actually built far betther than the norm - I mean they've put SOME effort -- but, .....BUT!!!! - like all these bleedin developmets - all the houses/flats are CRAMMED IN next to each other -- and prices at RIDICULOUS ABSURD STUPID prices...... so guess what?!! -- the whole lot as far as I can see have been sitting there for at least a year -- total non-interest..... The punters take one look at the prices and..... b*gger off!!

Further in the town -- there is one guy who's slappped up 3 TINY pathetic CR*P flats bang next to each other, behind his pub - which, after about 300 years - has shut down!!!! .... and the so-called "flats" look as they'd fall over in a moderate wind - so badly have they been built..... CLASSIC CLASSIC case here of --.....

SLAP'EM UP, FLOG'EM OFF [to some poor sucker] - AND.... YES ...... You've guessed it!!!............. TAKE THE MONEY AND RUN RU~N RU~N for your life .... before they all fall down!!!!

Guess what!!??? They've been sitting there for the last 5-6 months......... don't know the price - don't care either - because they're TOTAL SH*TE -- and, and, and!!!..... THEY'RE all sitting there UNSOLD!!! - all with their pathetic little EA signs -- looking so sad -- This developer is heading for the wall!!!! His pub's failed -- and his "development" is about to fail too.........HA HA HA HA AH AH AHA HA HA HA AH HA!!!!!!!!!!! Sorry [people - but these are the classic "take the money and run" tyoe new-builds -- and frankly - unless they slash their prices by AT LEAST half............they deserve it.

Edited August 3, 2006 by eric pebble

[Objective Developer]

HAHA HAHAHHAHAHAHAHA!!!!!!!!!!!! LAUGH??!!! I nearly sh%t!!!

I travelled down to the West Country this morning. Stopped off at a little town on the Witls/Dorset/Somerset border called Mere. We often stop off there for a little breather - and we know it well. We have stopped off there 4-5 times in the last year/18 months.

WELL!!!!!! There are various little/medium size developments dotted all over this place - AND - all of them (as far as we can see) have now sat UNSOLD for nearly a YEAR [or more?]. There's one called 'Hunter's Gate' or somesuch -- and they have been asking for £385-400k for 4 bed so-called "detached" houses -- which are infact INCHES away from the nest one..... They're all like that - some 2, some 3 bed - some semis, some not....... And they're all actually built far betther than the norm - I mean they've put SOME effort -- but, .....BUT!!!! - like all these bleedin developmets - all the houses/flats are CRAMMED IN next to each other -- and prices at RIDICULOUS ABSURD STUPID prices...... so guess what?!! -- the whole lot as far as I can see have been sitting there for at least a year -- total non-interest..... The punters take one look at the prices and..... b*gger off!!

Further in the town -- there is one guy who's slappped up 3 TINY pathetic CR*P flats bang next to each other, behind his pub - which, after about 300 years - has shut down!!!! .... and the so-called "flats" look as they'd fall over in a moderate wind - so badly have they been built..... CLASSIC CLASSIC case here of --.....

SLAP'EM UP, FLOG'EM OFF [to some poor sucker] - AND.... YES ...... You've guessed it!!!............. TAKE THE MONEY AND RUN RU~N RU~N for your life .... before they all fall down!!!!

Guess what!!??? They've been sitting there for the last 5-6 months......... don't know the price - don't care either - because they're TOTAL SH*TE -- and, and, and!!!..... THEY'RE all sitting there UNSOLD!!! - all with their pathetic little EA signs -- looking so sad -- This developer is heading for the wall!!!! His pub's failed -- and his "development" is about to fail too.........HA HA HA HA AH AH AHA HA HA HA AH HA!!!!!!!!!!! Sorry [people - but these are the classic "take the money and run" tyoe new-builds -- and frankly - unless they slash their prices by AT LEAST half............they deserve it.

You goddam gibbering fool! Calm down or I’ll put the cold water on you!

You’re right though, the market is awash with rubbish that even the desperate don’t want to live in. The company I’m with is no better; I wish I was hanging around to see their faces when they haven’t been able to move a flat or house on for 4 or five months, and the bills are pilling up from the contractor etc. Negative cash flow anyone? Funny thing is, the banks continue to lend developers the money to build these flats, even thought they are difficult to sell.

Silly buggers just don’t know when to behave do they? When I left uni, with c.£18k of student debt, the first thing the bank did was try and lend me £10k! Madness!

OD

[Impartial]

.25% is only abot £20 a month on 150000 mortgage we need more rises.

my office isn't too phased by this and are hoping we don't see too many more but with inflation rising in every corner of the globe - including china. i can see more hikes a coming.

when reports of month on month drops in prices start coming out that's when you can really gloat and rub their noses in it. I wait in anticipation for this.

[shermanator]

I wouldn't say anything unless you want to be the first out the door when the recession starts .

I thought about winding up my local branch of Foxtons but they all looked so miserable it would've been like kicking a 3 legged puppy.

Still, I can't wait for the recession to really bite

[iangilb]

Still, I can't wait for the recession to really bite

Why? Are you a debt collector?

[MediaTrash]

.25% is only abot £20 a month on 150000 mortgage we need more rises.

my office isn't too phased by this and are hoping we don't see too many more but with inflation rising in every corner of the globe - including china. i can see more hikes a coming.

when reports of month on month drops in prices start coming out that's when you can really gloat and rub their noses in it. I wait in anticipation for this.

to appreciate the full effect, consider all the recent buyers who have totally stretched themselves with an absolute maximum interest-only mortgage. Then imagine they suddenly find out their mortgage payments go up by over 5.5%... on top of rising fuel bills, on top of rising petrol

[Impartial]

to appreciate the full effect, consider all the recent buyers who have totally stretched themselves with an absolute maximum interest-only mortgage. Then imagine they suddenly find out their mortgage payments go up by over 5.5%... on top of rising fuel bills, on top of rising petrol

errrrr 5.5%??

[?...!]

errrrr 5.5%??

Yea thats 0.25% / 4.5% = 5.555555555%

So yea, loan repayments are 5.555555% higher.

[Impartial]

Yea thats 0.25% / 4.5% = 5.555555555%

So yea, loan repayments are 5.555555% higher.

right i see.