Increased mortgage approvals, not necessarily new sales

Mail: Britons using homes 'like bank accounts': Boom in remortgaging as homeowners free up cash to help with day-to-day living costs

Homeowners are increasingly using their properties like a bank account by remortgaging to free up cash and make life easier. The typical remortgage loan topped £170,000 for the first time in July – and applications were up by more than a third year on year.

Posted by hpwatcher @ 10:54 AM 7 Comments

Sunday, Aug 30, 2015

The UK Housing Market and Out of Control Immigration

Market Oracle: UK Immigration Crisis Hits New Record, Trending Towards Becoming a Catastrophe

Nothing illustrates the consequences of continuing out of control immigration more than its impact on the UK housing market, where Conservative election promises to build 200,000 homes per year will prove totally worthless in wake of the immigration Tsunami against which housing building cannot even keep pace with existing demand let alone deal with new demand, especially when one considers that the UK population is already growing naturally by about 300,000 per year which means that even if the promised 200,000 homes were built, then it will not be enough to keep pace with population increasing by 600,000 per year, let alone that far fewer homes will probably be built at the rate of approx 140,000 per year. 1.25 million properties may be required to just to stand still.

Posted by libertas @ 05:21 AM 14 Comments

Saturday, Aug 29, 2015

Notes on a Micro Bubble

Guardian: Towns the UK property boom forgot: 'We sold at a £410,000 loss'

Textbook bubble story: "this was autumn 2007, and this was Northern Ireland. For a brief moment in time a province that was a byword for violence transformed itself into the world’s most sizzling property market. Builders who were knocking out small estates of semis initially priced at £120,000 were selling them for £200,000 on completion six months later. Investors from the Celtic Tiger south were driving north and snapping up anything they could lay their hands on. Banks were falling over themselves to lend."

Posted by quiet guy @ 09:54 AM 2 Comments

Enfield now has the second fastest house prices in the uk

Land registry Aug stats: I told you so

At 13.9% it is now second fastest growing, up from third last month, just pinched to the top spot by Hillingdon at 14.8%

Posted by libertas @ 12:58 AM 21 Comments

Friday, Aug 28, 2015

Drop in transactions is apparently good news for buyers

BBC News: Property sales fall by 15% as market cools, says Land Registry

It would be interesting to see this broken down into BTL, cash buyers, (ideally foreign buyers) etc. In the aftermath of the crash, they said a lack of transactions was bad news for buyers, which made sense. There was not much stock (no forced sellers) and that held prices up. Now, a lack of transactions is supposedly good news, but surely that could just as easily be that people aren't moving (i.e. selling). Anyway, it's from the LR, so old news but it's interesting to hear them say the market is cooling.

Posted by reticent @ 11:02 AM 5 Comments

Wednesday, Aug 26, 2015

"Savvy" homeowners lock in fixed rates before rates fail to rise

This Is Money: Homeowners rush to remortgage amid fears of a rate rise as home loan approvals jump to 17-month high

So, Carney's amusement arcade in the home owner carnival is rolling them up to commit to expensive fixed rate mortgages, making them feel "savvy" whilst the banksters get off rotten rich. Sealing in necessarily expensive fixed term mortgages. Meanwhile, in the real world, deflation is setting in with oil below $40, China cratering and price indexes along with interest rates set to turn negative. Hell would freeze over before BOE raises rates until inflation gets above 1.5%. We have a long way to go.

Posted by libertas @ 10:56 PM 12 Comments

Just like Tokyo 1989

The Wall Street Journal: Emerging Market Turbulence to Hit Luxury London Property

They said it would go up forever and would never end. Right? Oil states - oil crash - even Saudi having to issue bonds to cover budget short-fall Russia - sanctions & oil crash - oligarchs no longer in evidence around London China - corruption crack-down (has been going for a while) OECD - tax-haven crack-down UK - offshore-owned properties now taxed with beneficial owners identified In general - dawning realisation that public officials on public-sector salaries around the world can't also have hundreds of millions of clean money And now the final shoe to drop: China - stock market collapse; but if you can't sell your stocks, you have to sell something else to cover your margin call. Like that luxury London property you bought in the last year or two.

Posted by sneaker @ 04:34 PM 15 Comments

Monday, Aug 24, 2015

We're doomed!

Reuters: Great fall of China sinks world stocks, dollar tumbles

I smell poo in the air!

Posted by brickormortis @ 12:04 PM 24 Comments

BTTL is sooooo topas

Introducer Today: Buy to Letters selling up to escape tax clampdown

Taxes up. What more needs to be said?

Posted by killer bunny @ 09:28 AM 7 Comments

Sunday, Aug 23, 2015

Never again!

Reuters: Stocks post worst week in years on China fears

History is replete with examples of "never again!" Right now we seem to be almost circa 2007 again. One big institutional failure and a few misplaced bets and there is real trouble. I'll do Mr Carneys job for him now. "rates ain't rising this year, folks!"

Posted by brickormortis @ 04:57 AM 6 Comments

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