More of the Law of Unexpected Consequences. Apparently, over 400,000 over 50s have ‘left the workforce’ since Covid, leaving shortages which, again apparently, have pushed up wages and fuelled inflation. Although around a third have ‘retired’ through ill-health, many of the rest, again apparently as most of this is ‘survey’ guess-work, had a taste of not doing much on furlough and made it a permanent thing. Inflation = higher interest rates, the fixed rates which 70% + are on are coming to an end and it could be going-back-to-work crunch-time for many. Apparently. How easy that may be is another question as equivalent jobs into which they can conveniently step back may not be conveniently waiting for them; and those into which they can step back might not be to their taste. Or, of course, they may not have mortgages…
What’s going to happen to house prices?
OK, hands up, I’ve consistently said house prices can’t go up, certainly at this rate, forever. And I’ve been consistently wrong. So far. I’ve spoken to two clients this week, one buying, one selling, who’ve had to pay or been paid over the asking price.
