Sunday, Mar 23, 2008
Great article for the Easter Sunday hope it's not in the Property Supplement
Sunday Times: How to survive the big credit crunch
Sitting on the fence sort of article with the interesting bits right at the end with interesting snippets on Gordon Browns latest recruits as advisers, plus Jenna and Bradley from Romfords Mortgage.
Posted by enuii @ 12:08 AM (415 views) Add Comment
4 Comments
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1. quiet guy said...
This article contains a lot of interesting material. I'd just like to highlight one particular part for now:
"For many individuals in Britain, the credit crisis is causing more immediate concerns. Our housing market has been driven for more than a decade by the flood of cheap credit. Now that tap has been turned off, homeowners are feeling it."
What's going on here? For years we have been assured that the house price boom was driven by immigrants, people living alone, planning restrictions and so on. Is the Times turning into a property bear?
2. Matt_the_hat said...
Jenna Kelly, 23, manages a cosmetics counter and Bradley Johnson, 26, works as a floor layer. The couple are buying their first property, a two-bedroom maisonette in Romford, Essex, for £175,000.
Have we not learnt anything!!!!!
Jenna earns ~12k @6 pound/hr
Bradley earns ~18k @9 pound/hr
3.5 x Bradley's salary = 63k
3 x joint = 90k
These are the affordability ratios used for decades and for good reason, where did the other 76k come from, and how can they afford it? No sub-prime my a#$e!!
3. bystander said...
"Two of the new arrivals in Gordon Brown’s bunker have experience of working in the City. Stephen Carter, his new head of strategy, was previously chief executive of Brunswick, the financial public relations firm, while Jennifer Moses, who joined last week as a senior policy adviser, used to work as a Goldman Sachs banker.
Her family has personally suffered at the hands of the credit crunch. Her husband Ron Beller is believed to have lost half his personal £40m fortune as a result of the collapse of Peloton Partners, his hedge fund."
......impartial, unemotional advice, my #rse. The buffoon is even hiring vested interests to advise. The sooner GB is removed the better for everyone involved. Ron Beller is obviously hoping that his new found influence over policy will soon see his small fortune of 20MILLION POUND return to its original state. Hedge funds and the financial services have caused this and now they have all the cards.
4. Fed Up said...
'DESPITE the gloom, not everybody is giving up – even on the housing market. Jenna Kelly, 23, manages a cosmetics counter and Bradley Johnson, 26, works as a floor layer. The couple are buying their first property, a two-bedroom maisonette in Romford, Essex, for £175,000.'
Sad, even £75K is too much for a maisonette anywhere.