And every time you have to pay that, you will see Liz Truss face on every pound note.
And now the government are blaming too high wage growth....as if that can be having any effect yet.
Food inflation 20% versus wage inflation of just over 6%. And Jeremy Hunt is now saying that interest rates must rise in order to curb wages growth which is driving inflation.
There is no wage growth. There hasn’t been for ages. A bunch of reports came out recently. Wages are still (as an average) where they were a decade ago.
The UK is in a perfect storm. A localised global bubble that is going to explode more than pop.
Landlords are seeing rate increases and passing them on. People won’t be able to pay past a certain point.
My own mortgage would have gone from £1900 to £4400 without securing a new deal. Anyone over-leveraged (ie dickhead landlords) won’t be able to remortgage everything at rates that they can survive.
It’s going to be a destructive time for the UK. We need bankrupt landlords. But we also have multi millionaire outsiders willing to add a few hundred Properties to their portfolios and wear the cost for 5 years.
The market is fecked. By design.