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House Price Crash Forum

The Inside Man

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About The Inside Man

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  1. They don't have a licence so they cannot lend, but they can guarantee. Are they able to assess the risk? No. Do they have systems to support this? No. Do they have any experience in this area? No. Have they been advised by the banks on this? You bet. Shouldn't a council be focused on delivering key services to people in the area, not underwriting financial risk? Is that what we would expect to be a good function of a council? One question is, does this represent a good use of Council Tax payers' money? Another question is, does this exist in their charter as a Council - i.e. does this re
  2. I am really surprised how the focus of the credit easing by the central banks has been interpreted as a good thing, with the markets shooting up and the press doing their best to create an illusion of "yay, we're all saved". I suppose they are all playing their part. However, if you look closely at what has been done, where the money has gone, and what the central bankers have been saying there is a clear clue as to why this has been done. The Euro is now toast and the overwhelming expectation of all central banks is that it is game over for the single currency. The credit provided to the ba
  3. Oh I see, sorry, I didn't get from your earlier posts that you are a troll. Never mind, was nice exchanging messages with you for a while. I'd better get back to running my business and helping my clients now. Cheers.
  4. Agreed. Half of our business is trying to help clients build this capability in house. Quite often they don't have it. The other half is doing it with them... we aren't an IT firm so we sit alongside the client and deal with the IT firms. Might also be worth looking at why projects fail. I'm biased, but most often is is because the requirements were so badly written that the estimate was poorly formed, and the contract was written so tightly that it leaves both sides with nowhere to go. We see that ALL the time. Very rarely is it becuase a technical solution doesn't work (since most things c
  5. Problem is, the private sector generates money and contributes to GDP. Public sector soaks it up and spends it. You might not agree with the state of the world, and how things are run, but the profit motive does tend to keep people in jobs that they pay taxes on so the public sector can be funded. I guess posting on here that I work for a big-4 fim as akin to saying I'm a banker. Again, you might not like the description but it's a statement of fact rather than opinion or boast. I'll keep my head down...
  6. +1 And here too (North Cheshire). What I can't understand is that properties coming on the market here are getting more and more expensive, with prices that would make people in the Surrey commuter belt feel like they were being mugged. There is no good reason that prices here should be comparable with the home counties or Greater London, yet they now are. The end result is that most of what is on the market has been stuck there for a long time, and won't sell at anything like that price, and what is coming to the market is WAY overpriced and will do the same. The market is stagnant, and
  7. Sorry, that's twaddle. The office of government commerce (OGC) agreed rates with the IT vendors for the provision of different grades of staff, including architects. This comes under a contractual framework called Catalyst. Catalyst rates for a typical architect are around 750 pounds a day. The fully loaded cost to the consultancies for this person is about 500 a day, either contract or permanent, so the margins are not as massive as people think. When you then take into account the risk that the businesses are taking, and the costs of bids/proposals/management overheads, government contracts
  8. Check your contract... in particular for clauses that might allow them to vary the monthly lease charge (which is usually only done in cases of personal lease purchase, where a payment is based on a variable interest rate is used related to an interbank or finance house rate... these aren't the norm in company cars). You entered into a contract for this car, at a quoted rate. Unless they have written the ability to change this into the contract then simply write back and refuse to accept the changes, pointing out that they are in breach of contract if they try to enforce the change upon you.
  9. Looking at the locations announced (Edinburgh, Chester, Halifax)... yes, it's HBOS IT, probably the BoS Corporate IT team and the Halifax Retail IT teams. It was inevitable once Lloyds made the decision to migrate customers over to the Lloyds IT platforms, which was done in early 2009. Since then they have been needed to design and implement the migration, but now.... I am still amazed that people are surprised by this. It was a part of the deal, Lloyds have to make the acquistion work for their shareholders, and nobody announces in excess of 50,000 redundancies in one go unless you don't car
  10. HMRC systems (NIRS, NPS) were constructed under the contracts with Accenture and Capgemini. PricewaterhouseCoopers doesn't do that kind of work anymore (after selling it's IT arm to IBM in 2002). And £800 a day was the low end of the scale, although government work is done under the Catalyst framework these days, so the rates are much lower and more comparable with contractor rates. Agree totally with the last point though.
  11. I sense some of the same where we are. I think the prices were just over-inflated through to 2007, and then when it "crashed" we ended up with a segmented market. At the mid-top end those that believed that their house "was worth it" have stuck to their crazy valuations. At the low-mid end there just has not been much movement as there have been no FTBs/mortgates/etc... As a result the market has ground to a halt. We see a lot of new property (each day!) coming onto the market, but it's still at prices that they hope they could get at the top of the market or beyond. We've been watching a cl
  12. You are definitely not alone. We live in the north part of Cheshire, and although we have a nice house now we are "stuck" and can't trade up to the sort of house that we had our sights set on as our next and "final move" when we bought this one. House prices are now totally out of step with where we are, and I think overpriced by about 30% even by current standards. We are constantly having debates with estate agents and sellers that think we are a suburb of London! My wife and I have been looking for over a year (even though we know it's not the right time to buy... it's just a head v hear
  13. I stand corrected! Hadn't realised we'd gone over the 2% mark in a month, partly becuase I was tracking the wrong index (one of the VI ones!) T.I.M.
  14. Lots I agree with in there. I think 3-3.5x salary as a norm is a sensible and reasonable long-term average (and goal), and as usual with a correction we could overshoot. I think on the salary side you have to take "household" salaries into account, as the increase in two-salary households has driven up the average (to over 30k or thereabouts). That might be less so in future, but it's the norm for many (especially those mortgaging themselves up). But yes, I'm aiming for about 100k as an average at the moment and I can see falls down towards that, maybe even if we overshoot. I am naturall
  15. I was about to register my disagreement with Shylock, but I think you've hit the nail on the head. It's relative. You can't equate equity and other liquid assets to houses, they are highly illiquid markets and behave differently (i.e. more slowly). Back to houses... look at the "practice crash" we just had. 1-ish% falls each month. Yes, it equates to 15%-ish over a year, but we won't get 5% per month as some here would like. I can't ever see falls of more than 2% per month happening, even in a panic situation, as there is not enough motivation in the market for all sellers to need to sell a
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