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World Economics
7 replies
pwbbounce said on September 1, 2008 10:37:
With all the talk of the global depression and credit crunch, I’m interested to know how this is effecting all of you around the world.
Are you personal lives getting effected? How are house prices and indeed general cost of living in your area?
Will be interesting to hear from all parts of the Globe
Here in Guernsey the average house price has risen to an all time high - an average 2 bedroomed family house it will cost around £550,000 (around €680,000). To get onto the property ladder now is virtually impossible without some financial help from parents etc. Cost of living is spiralling as well, the cheapest loaf of bread you can buy is £1.65!
Looking forward to seeing some replies to this!
rox-kuryliw said on September 1, 2008 15:07:
Ill just say im still having to live at home as i cant afford to buy. I cant rent as i have a dog and people hate that ! Im not in debt thought lol.
Roxerally said on September 1, 2008 15:17:
Renting with a dog is easy... council accommodation no problems and private renting usually allow pets if you pay a little extra on the deposit! I’ve lived alone for eight years! Alfie (the dog) is now five! I never once ever considered moving back home, I adore having my own place and being able to do my own thing!
RobS said on September 3, 2008 12:46:
Up until recently it was never something that really bothered me. I’ve got a mortgage now and i’ll be paying it off for a long time to come.
In my area, country NSW Australia, a 3br house is around 200k to 300k+ depending on the area, which is quite reasonable, but prices have been increasing steadily over the past few years. Compared to somewhere in sydney, where i don’t think you can find anything under 500k. Mind you, the average wages also vary as well, so i guess it’s all relative.
One thing that i have noticed now is how food prices keep going up pretty steadily, and apparently higher than most other places in the world. I don’t think it’s something that i would have noticed if i wasn’t keeping a tight budget. And you keep a constant eye on the interest rates, every little reduction brings a sigh of relief.
The fact that now 30yr loans are now almost the norm, and talk of 50yr loans becoming available is quite scary.
I think it’s about time i got myself another job, or 2...
Roxerally said: ...people say renting is dead money...
That’s my take, mainly because that’s the way i’ve been brought up. Although i can see the benefits in renting.
rox-kuryliw said on September 3, 2008 13:32:
council accom BIg no for me Not nice round here. And Places were i looked to rent all animal no no’s :(
Roxerally said on September 3, 2008 21:11:
@ RobS – You are certainly right about the cost of food, I am having to keep to a tight budget for food living alone but have noticed the cost rise a lot over a couple of months. I could at one point spend £30 on food for a week now it’s more like £50 to £60. I’ve found myself sticking to basics and stir fry veggies have become the in thing for me!
I only rent because I don’t want commitment in buying, my parents owned there own home for 22 years then switched to renting because they needed a more suitable place to live and my dad didn’t want to commit to another mortgage...
Roxerally said on September 3, 2008 21:12:
@ rox-kuryliw – Yeah council accommodation is not much cop this way but I got lucky last year with a pretty decent place. I’d rather have council over a housing association with they way I was treated by the last company I rented from though – they where hell!
Roxerally said on September 1, 2008 12:33:
I couldn’t resist replying...
It doesn’t really affect me at all since I rent my house and would always prefer to rent over buying! I know people say renting is dead money but I would hate the idea of being tied up in a mortgage despite the fact I know my parents would shell out a deposit on a place if I wanted it! Renting suits me its flexible no costs for repairs as they are not my responsibility!
As for the rest of the credit crunch I only now buy what I can afford as I am trying to clear my credit card balance! Petrol was getting way to pricey and I sold the car some months back and am just using public transport again which equals more exercise in the long run!
I’ve not planned a holiday yet this year but that’s mainly because I can’t be bothered rather than money issues, am saving for an even bigger trip possibly next year!
The cost of an average two bedroom house here in my part of town is £93,000 compared to around £32,000 7 years ago and I wouldn’t even consider spending that kind of money for a two up two down house in a crap area like this! I’ve seen two bed houses in my area being sold for £100,000 which is just ridiculous there are better areas to buy in if you have that kind of money to spend!