What will 6% mortgages do to the housing market?
This Is Why
Sky News
4.0 • 552 Ratings
🗓️ 20 June 2023
⏱️ 24 minutes
🧾️ Download transcript
Summary
More than 400,000 people will see their existing fixed deals end between July and September, meaning they could face significant rises to their monthly bills.
On the Sky News Daily, Niall Paterson hears from one homeowner whose mortgage is about to go up by £600-800 a month and asks our business correspondent Gurpreet Narwan, why rates have risen again now. Plus, Gráinne Gilmore, from property consultancy Cluttons, explains why rising rates could mean more houses on the market than people wanting to buy them.
Podcast producer: Emma-Rae Woodhouse
Interviews producer: Alex Edden
Editor: Adam Jay
Transcript
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| 0:00.0 | Uber drivers. Have you seen your pay go down while your fees to Uber go up? |
| 0:05.0 | All because of an algorithm that reduces your take-home pay, making you work more for less. |
| 0:10.0 | We believe Uber's dynamic pay and upfront pricing is unfair. |
| 0:14.0 | That's why Worker Info Exchange has launched the dynamic pay claim to seek compensation for drivers who have lost income. |
| 0:21.5 | If you've driven for Uber at any time since 2020, it's time to stand together. |
| 0:26.8 | Find out more at dynamic pay.org. |
| 0:30.1 | You know, when Helen used to get home from work, I'd ask, how are you? |
| 0:34.4 | Fine, she'd say. She clearly wasn't. |
| 0:42.3 | After 10 years in IT, she was on autopilot. Then she found this job, training up-and-coming tech wizas at the college, same skills but with new people, new challenges. |
| 0:49.8 | Now when she gets back, I get the full debrief. Can't get a word in. |
| 0:55.0 | Give your skills new life. |
| 0:56.6 | Train others. |
| 0:57.7 | Search jobs in further education. |
| 1:02.8 | I'm Neil Patterson. |
| 1:04.0 | Welcome to the Daily. |
| 1:05.3 | And look, it isn't exactly breaking news that for many, many people, it is incredibly difficult, if not impossible, |
| 1:12.6 | in fact, to get on the housing ladder. Now, even staying on that ladder, just got that much harder. |
| 1:19.4 | My husband and I bought our first home at the end of September 2021. We saved really hard |
| 1:25.9 | for a modest deposit. |
| 1:28.3 | It was a 5% deposit and we were paying through the nose for rent. |
| 1:32.3 | So we wanted to get on the property ladder at long last |
| 1:36.3 | and actually have an investment, an asset that was ours. |
... |
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