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Was reading about mortgages and found that only 15% of properties in London have a mortgage. Posted on the car thread
https://www.lfgss.com/conversations/140329/?offset=72675#comment16724011
Post 72681
Like yourself the stats seem pretty muddled. Can't see riots in the streets of London if correct.
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Those people are also happy with higher interest rates as they are often cash rich and benefit from higher savings rates
midlife
greentricky
@h2o
A surprising (to me) large number of people own their homes outright
https://www.ons.gov.uk/peoplepopulationandcommunity/housing/articles/researchoutputssubnationaldwellingstockbytenureestimatesengland2012to2015/2020
I haven’t found a demographic breakdown of ownership, but the areas that the ONS cites as having the largest share of outright ownership skew older - so a lot of these people are, if not retired already, and rapidly approaching it.
They’re not going to be rioting in the streets, and they’re also much more insulated from price inflation than younger people with a mortgage or living in a rental (although not entirely insulated, and anything that threatens their pensions is a major issue for them).