At an individual level, recessions are fairly binary, either you’ve lost your job or you haven’t (bit more complex with self employed). As a salaried employee, all the recessions in my lifetime are things I’ve just read about – they haven’t personally affected me at all (so far), as I got paid the same every month throughout them all….
Perhaps, but even then - some people will have 6 months expenses in a savings account and get a redundancy payout. Probably ride it out quite easily, maybe skip this year's holiday. But those at the bottom of the ladder won't be so well placed to weather the storm.
I suppose the nature of many recessions - GDP drops by a % or two - perhaps mean that by default, it's only the one or two percent most precarious people will really be in danger. For the rest of the country, it's just a speed bump.
House prices near us have dropped and in some cases houses just aren't selling.
A friend in Macclesfield has had only 3 viewings and no offers. Also a lady I know has moved to a bungalow and can't sell her house (now left empty), these properties are both in desirable areas. There are very few properties up for sale in our area, which is unusual for Spring.
Regarding recessions, they really do affect self employed people. In my lifetime I've been through 2 recessions. In the first I had to get a second job as my new mortgage almost doubled and my earnings halved. During 2008 the work just stopped dead and any work on the books got cancelled, my brother kindly lent me some money. Once the media mention the word 'recession', my 'sole trader' business suffers.
Skipton, North Yorks here. Up until a month ago I'd have said very static with few houses selling and price drops here and there. Last few weeks though there have been a few decent sized houses go up near us for what seem like high prices and all have sold within weeks, if not days. No idea what's changed?
Just for interest I have an email alert for property local to me (just up the road from @chestrockwell in Settle). It seems to me that a substantial proportion of notifications are price reductions, but that's possibly because the starting prices are bonkers.
The division between homeowners and renters is an absolute chasm across society. People my age and upwards - and the politicians we have elected - have completely screwed the country.
