An open letter to people who bought houses in the last two years
I’ve been living in rented accommodation for the last two years despite being able to afford a house/flat, because it was incredibly obvious that house prices were going to peak, interest rates rise, and the economy slow down.
The fact that you did buy a house means that either you felt financially secure enough that even if all the above happened, you’d still be able to pay the bills (I know some people who’ve gone down this route; good luck to them), or that you thought buying a house was a supercool one-way ticket to infinite money at the expense of, erm, someone else.
If you’re in the first group, good luck to you. If you’re in the second group, then I’ve got to admit that I don’t find your financial travails spectacularly moving.
Relatedly, please can clueless muppeteers stop whining that “ooh, inflation is actually really high”? The CPI and RPI, both of which are still below 5%, are weighted by people’s actual spending on the actual goods included, so the fact that chips cost 15% more than they did is not evidence in favour of your proposition. Here is the actual breakdown of price changes by category (PDF). Read, digest, then put up or shut up.
Also, read this. It is true.