'House prices are still on the rise, but house purchases are down as more people act cautiously.' - mikedailly
As we approach Christmas – a challenging time for most household budgets – I do wonder if we’ve been stoking-up and deferring a wide range of systemic housing, financial and economic problems?
I don’t believe the BoE’s monetary policy is having any tangible impact on inflation. The bank’s primary job of getting UK inflation down to 2% is pie in the sky stuff. In reality, the BoE is enabling lenders and creditors to extract billions more from household budgets in its unnecessary and regressive interest rate rises.
The rest, as we know, has been driven by external factors including the price of oil and gas, and the impact of the Russian invasion of Ukraine. What goes up must come down and I suspect a rise in mortgage defaults and repossession actions next year. It’s understood the Scottish government are looking at Scottish Labour’s proposals to revamp the much-needed Homeowner’s Support Fund as an essential safety net in society. We need a new workable Fund as soon as possible and certainly by the middle of next year.
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