Mervyn King - The right to be angry
Discussion
NoelWatson said:
Fittster said:
Well first on the list poor pensioners, stuck on fixed incomes/savings with no way to protect themselves from higher tax and inflation that's going to be needed to reduce them debt.
No, they have ridden the unprecedented property bubble and got off at or near the top. Next....Infact some are in a worse position, the property has gone up in value meaning high council tax, on a property they possibly purchased for 1/10th of its current nominal value.
anonymous said:
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Oh, to me old in tonkerville. Unfortunately for many old age doesn't bring so many comforts"The number of pensioners living in poverty in the UK fell by nearly a third in the 10 years to 2007/08, official figures showed today, but there were still an estimated 2 million living below the breadline"
Inflation, cuts in spending and more returns on savings is likely to hit them hard.
maybe they should have borrowed more, bought lots of buy-to-let flats?
Engineer1 said:
Did they my parent's still live in the same house they bought 30years ago, so the property value may have gone up but it is theoretical is they don't sell. I know others of similar ages who bought their family home 20-30 years ago and are still there.
Infact some are in a worse position, the property has gone up in value meaning high council tax, on a property they possibly purchased for 1/10th of its current nominal value.
The point being they have gained wealth, that more than balances out the loss if income from 0.5% savings. Don't understand the council tax bit - unless the property in question has gone up more than the average.Infact some are in a worse position, the property has gone up in value meaning high council tax, on a property they possibly purchased for 1/10th of its current nominal value.
NoelWatson said:
No, they have ridden the unprecedented property bubble and got off at or near the top. Next....
But this is, for many pensioners, a double edged sword. Upgrade to bigger posher homes over the past 30/40 years and now live in perhaps fairly extravagant homes. Alls fine but the kids leave and got their own problems now, hubby usually dies first and takes his own pension (or half of it)to the grave. Mrs is left with the house that she now cannot sell and cannot afford to run or maintain. Some of the clever ones did perhaps 'cash in' at the right moment
but for others its not quite as rosy.crankedup said:
Mrs is left with the house that she now cannot sell and cannot afford to run or maintain. Some of the clever ones did perhaps 'cash in' at the right moment but for others its not quite as rosy.
Downsize to a retirement home and pass on the house to someone who can afford to run it? but for others its not quite as rosy.As i keep reminding my dad ..
Engineer1 said:
Or got their fingers burnt in various investments that are now worth less than the initial investment, are getting so little interest they are living on the capital not the interest.
Quite - like the so called Endowment Policies that would pay off a mortgage and leave the punter a fat nest egg - yeah right. How many of these duff policies were flogged I wonder.fido said:
Downsize to a retirement home and pass on the house to someone who can afford to run it?
As i keep reminding my dad ..
Who the hell would wish to see Mum in a retirement home, and giving the property to a Son/daughter is fine if its only Son or only Daughter. To split the capital you have to sell - ang on this is where we came in! But I guess Son/ Daughter could subsidise Mum/Dad's property until fate takes control.As i keep reminding my dad ..
crankedup said:
Who the hell would wish to see Mum in a retirement home, and giving the property to a Son/daughter is fine if its only Son or only Daughter.
There are some nice'ish retirement homes about .. my dad took a look at Whitely Village a few weeks ago* .. let's face it there's no point in owning a 3/4 bedroom house if you're having trouble getting up the stairs and need someone to empty your pi55bag out every morning. Sell it and move to a nice 1/2 bed flat with other oldies. * - he's not at that stage yet but thinking about the future.anonymous said:
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Oh hang on squire that Policy we sold you with the worthless warranty, sorry old bean things we said haven't quite worked out, never mind pour more of your money into our Company to make up the shortfall which we lumbered you with, false promises an all. We won't mention that our Company did just tickety boo out of you. Can't be the Companies fault for mis-selling bad products can it! How did you ascertain that most properties purchased with an Endowment Mortgage payback vehicle were low cost properties or properties purchased abroad?
NoelWatson said:
The refurbed Octagon ones or the originals?
The original ones i presume. I didn't know that Octagon had refurbed or built new ones - are these actually in the village because that's where he went round [at 15 mph or whatever they drive round at!] Holy thread diversion!anonymous said:
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Not at all, most of those people (coal miners)had homes close to the work place and apparently many still live in those homes. The remaining areas of mass employment within heavy industries were badly affected when Thatcher closed them down - Steelworks, shipbuilding, Car Industries, and others such as clothing manufacture, shoe manufacture almost any manufacturing process you can think about really. Not all down to Thatcher, of course not, but surely all past Governments have a lot to answer for in bad policies taken for short term gains and re-election wishes.fido said:
There are some nice'ish retirement homes about .. my dad took a look at Whitely Village a few weeks ago* .. let's face it there's no point in owning a 3/4 bedroom house if you're having trouble getting up the stairs and need someone to empty your pi55bag out every morning. Sell it and move to a nice 1/2 bed flat with other oldies. * - he's not at that stage yet but thinking about the future.
I agree it is an option, however sad it is. Its life.fido said:
The original ones i presume. I didn't know that Octagon had refurbed or built new ones - are these actually in the village because that's where he went round [at 15 mph or whatever they drive round at!] Holy thread diversion!
http://www.octagon.co.uk/homes/surrey/walton-on-thames/coach-house-mews/coach-house-mews-1-2/Not sure where in the village they are
NoelWatson said:
Why not?
Cos the market is currently flooded with properties which cannot be sold unless they are priced so far below current value (whatever that is) that its a bargain for somebody. Of course if the new home could be purchased for a 'bargain' price all would be well.Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff