The Colour
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Posts posted by The Colour
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I have a 20 year old Toyota Corona, electric windows air con etc. It cost me $1000 NZ about 450 quid and it goes like a dream so please tell me why I would want to give away thousands in for a new car?!
I read a new story recently of a Corona driver walking away from a crash which resulted in a 150m plunge off a cliff. Can't remember where.
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Surely we want to get the housing market moving again as rapidly as possible!
But in a downward direction. You can't have a crash if no-one if buying.
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Also - new thing - putting 'sold' on Rightmove but not putting a 'sold' sign outside house.
Why would they want to do that? It may put potential buyers off.
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I wonder how they assess the rental income of a property to ensure that it is 125% of the mortgage payment? This is the only flaw in Abbey's plan to slowly close out the BTL mortgage book as far as I can see
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I think this makes good sense. Bloody northerners can stop whinging about southerners and become one!
Oh and we could annexe the north of england and export all the chavs there. Wait.., most of them are already there.
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But who's gonna buy it from me so that I can buy some over-priced dump from one of his chain? Does he actually still have buyers? If so, are they bananas?
I think Pond is correct.
The tactic on this is to market you a property they already have on their books, and hope to hell that once yours is also on the books, you will take a reduced offer on it, hey presto they get double commissions!
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Don't believe the hype !!!!!!!!
I don't think public sector are paid too much. The problem is that under labour the public sector has ballooned about 30% of it's size previous to this.
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I think that offering to show people your snake, property or otherwise, is sexual harassment
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EA: So chancellor, will you make your stamp duty position clear?
Darling: No
EA: Wanna buy a house? I got a lovely 3 bed in elephant and castle.
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Is that where it all changed do you think? I was out of the country from 1990 up until late last year. So all the Nulab stuff was just things I read about online. Being back now, I can see that things are very different, but 1990 was a long time ago, so it's hard to know exactly what it is that has changed (if that makes sense).
1992 was a time of almost hysterical optimism about the UK prospects. A new government, with a hip and trendy leader who spoke to us about RESPECT, and bestowed on us the fabulous illusion that the UK no longer needed to MAKE things in order to prosper in the global economy. When Labour won the election, if I recall, there was PARTYING in the the streets! The incremental let-downs which followed chipped slowly away at out optimism, converting it into tired cynicism, but our great leader was propped up by his iron-man chancellor, who by his own admission, had never been that good at maths. Britain has seriously been living in a dream for the past 17 years.
Ironically, the labour party's catchphrase in 1992 was: It's time to get Britain working again!
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In other news, pope catholic, bears seen deficating in tree filled areas.
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Newsletter
"The general consensus appears to be: things will get worse before they get better. The big question for landlords is—how much worse can it get?"
"In the meantime, it’s batten down the hatches and all hands to the pumps, just in case."
Enjoy
I must say I quite like those guys over at landlord zone. They maybe VIs but they do not spin.
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Very interesting. I quite like his approach of sitting outside a house for several hours to get a feel for the area and to see what the traffic is like.
Shouldn't try that in too many areas of London if you don't want a stabbin.
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What happens is that in the boom you get this euphoria and if it goes on too long everyone thinks it will go on for ever. Everyone forgets the risk
Including my own ex-staff, and the thousands they managed to con into buying in the past 24 months.
Nice one mate.
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Why pay more?
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In addition to 3 and 4 The Cliff in Seaton Carew, the Darwins owned 12 terrace properties across the north east of England, each worth between £20,000 and £30,000
What the heck were they? Dolls houses? I thought we had rampant HPI??? I could buy one with me credit card!!
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My world is officially richer today, having just learned that the term "cat turding" is valid and legitimate for everyday use.
Edit: Damn you RB!!
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Nice to see they have allowed a fair and balanced range of comments to be published:
At last, someone who doesn't blindly just believe the hype - I've been trying to convince people for months that things aren't as bad as they're being made out. Remembering the early 90s - things were way worse than they are now, it's just after such a long period of unrestrained positivity, even a slight drop shocks people and makes them feel bad - unfortunately, this can have a self fulfilling prophecy effect - we expect it get bad so it will. Come on everyone - cheer up - at least the weather's getting warmer!RG, London, UK
Who are you trying to con. like i keep saying statistics being manipulated again. LIES i say its all LIES
Nova, Telford
Good article and the media should propagate these sort of sentiments instead of promoting doom and gloom. I have to say it's hard to believe that so far none have spotted the trends!
Guru, Halifax, UK
At last some common sense. There is far too much scaremongering in the media which only serve to compound the problems further.
Janice Cartwright, Oxford, England
At last - media people NOT talking us into recession. Ever since the Northern Rock debacle and the "Credit Crunch" media "experts" have been commenting on the forthcoming recession. All it takes is a couple of SENSIBLE analysts to interpret the figures to dispel the nonsense of recession. More should do the same!!
Bob Allen, Ipswich
How on earth can it be a good thing that house prices are actually up year on year? The reason we are in all this trouble is because of house price rises and greedy people cashing in on it to the detriment of ordinary people who just want to get a plain old family home for the long term.
Alex, Bristol, UK
It is like a breath of fresh air to hear some one being positive for a change! I totally agree with this story too! There is far too much doom and gloom out there about this crunch, and not enough people looking for the brighter side of things! I haven't really noticed much difference apart from the news mentioning it every 5 seconds!!!
Annette Foy, Plymouth, Devon
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This article on the beeb. It's today too.
http://news.bbc.co.uk/1/hi/magazine/7513563.stm
1. HOUSE PRICES ARE UPBelieve it or not, they're still going up in places and still higher than a year ago almost everywhere. It was roundly ignored last week in favour of more gloomy surveys but, according to the house price index compiled by the Department of Communities and Local Government, using data on all completed sales (and so more comprehensive than the partial surveys by the Halifax and Nationwide), in most areas house prices are still up on a year ago. Only in Northern Ireland do they show a fall. In London, the annual rate of house price rises actually went up - from 7.5% in April to 7.8% in May.
2. EMPLOYMENT RATE IS HIGH
Despite the evident woes of the building trade, more of those who want jobs have had them in the first half of this year than at any time since Harold Wilson was prime minister. Incredible, but true. The employment rate for the working-age population is about 75%, the highest rate in our recent history - and one of the highest in the OECD. Unemployment has taken a so-far small turn in the wrong direction only in the very latest figures (and will probably continue that way) but, on a longer perspective, it's not since Tom Baker was Dr Who that jobs were as plentiful as for most of 2008.
3. INFLATION HAS FALLEN
The Retail Price Index - the old way of measuring prices before the government changed things to produce a lower rate, known as the Consumer Price Index - has actually fallen from where it was just over a year ago.
And since the RPI, unlike the CPI, takes account of mortgage interest payments and the level of house prices, there will be downward pressure on this index as last year's interest rate increases drop out of the calculation and we see the effect of slowing house price inflation. This will help counteract rising energy and food costs. Although these are going up fast, clothing and footwear costs have been plummeting with heavy discounting. Alcohol has also been falling in price. So even if you're still unimpressed, at least drinking away your sorrows has seldom been cheaper.
4. LOWER EARNINGS ARE GOOD
Bestruck by gloom? No, Mervyn King's just shading his eyes from the sun at Wimbledon
Swallow hard (see 3 above), but squeezed incomes are good - for now. How come? The rising oil price has made us poorer. The Bank of England Governor Mervyn King's big fear is that we will all try to compensate with higher pay, and this will feed into even higher prices and an inflationary spiral, forcing him to raise interest rates.
So data this week showing that income growth is down a smidgen - from 3.9% a year in April to 3.8% in May - will have Mervyn sighing with relief. Yes, it means we all face a lower standard of living as prices outstrip earnings. But if we bite that bullet rather than trying to match inflation, inflation will soon plummet and recovery will be quicker. If we try to avoid the pain, the Governor will feel no choice but to make us pay, perhaps more heavily in the end. A little medicine now, or a lot later? That's right, even bad news on pay could be good news really.
5. WE'RE LIVING LONGER
Feeling better? No? Then finally, if the economy still depresses you, try this: living longer, working longer, and staying healthy longer all go hand in hand according to data this week from massive and continuing research known as ELSA (The English Longitudinal Study of Ageing). And more of us are doing all three. The study confirms previous evidence from National Statistics that we are, men in particular, putting on extra lifespan faster than ever before, becoming more prosperous in older age than previous generations, and staying healthy with it.
Though you have to ask, if life is as miserable as they say, who wants more?
As Noel Coward put it:
"We're going to unpack our troubles from our old kit bag
And wait until we drop down dead."
Alas, now even that takes longer.
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have you noticed a lot are advertised as OIEO. cheeky monkeys.
What in heck's name is an OIEO and what should I do if I see one?
Edit: Just realised! Offers In Excess Of.... DOH
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I am renting from a builder at the mo. The flat is spotless and lovely. Only downside is that it's almost impossible to keep it that way, and any marks/damage is well easy to spot.
It's on the market for 205K, I'm paying 675pcm. Recently they wrote to me offering 20% off the asking price as a goodwill offer if I wanted to take it off their hands.
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http://www.theherald.co.uk/news/news/displ...e_in_Europe.php
The UK offers among the lowest quality of life in Europe despite residents earning the highest incomes, according to research released today.The price of fuel and other essential goods, below-average spending on health and education, short holidays and late retirement, place Britain just above Ireland at the bottom of the uSwitch.com European quality of life index.
Although British families earn more than £10,000 over the European average, they pay the highest prices for diesel, 18% above the average, and the second-highest price for unleaded petrol, 6% more than average.
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They also pay 49% more for gas and 5% more for electricity - third-highest in Europe.
UK spending on healthcare and education is below the average, while life expectancy is the third-lowest at 78.9 years, compared to 80.9 in France or 80.7 in Sweden.
Workers have the third-highest retirement age and suffer the shortest holiday entitlement.
The weather adds to the grim tally, with Britain receiving 80% less sunshine than Spain, and 17% less than the European average.
A total of 41,026 residents left the UK in 2006, the highest number in Europe, with total emigration increasing by 30% from the UK since 2001.
The study assessed 19 factors to rank the UK in relation to nine other major countries across Europe.
Spain offers the best quality of life in Europe, despite families earning an annual net income of £16,789 - £8500 below the average.
The country enjoys low taxation, cheaper goods, higher than average life expectancy and a generous holiday allowance, uSwitch said.
France came second, boasting the second-highest spend on healthcare and the highest holiday allowance at 40 days.
Ann Robinson, director of consumer policy at uSwitch.com, said: "Soaring food prices and inflation, not to mention high property costs, are placing the biggest squeeze on disposable incomes.
"British households are facing huge financial pressure as take home pay stagnates, inflation continues to rise, and economic growth and house prices fall."
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WHat the hell is a "Jack and Jill bathroom"???
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Buy to let and the myth of rising rents
By Lorna Bourke | 00:01:00 | 14 July 2008
As a landlord of some 16 years standing I continue to report with disbelief the figures from those with a vested interest in talking up buy to let.
Yes – buy to let has had a good run with property prices doubling over the past eight years. But the notion that rental values will now rise to counteract the effect of falling property values is, in my view and experience, flawed.
The Association of Residential Letting Agents (ARLA) is, once again, forecasting that ‘rents will rise significantly in the short term.’
And ARLA is not alone. All the mortgage lenders in this market blithely say that rises in interest rates are not a problem for landlords because demand will remain strong and landlords will be able to increase rents.
Even if this were true, landlords will have to wait until the end of the existing lease, or a break, before they can pass on higher costs. And few tenants are going to accept a doubling in their rent – which is what many landlords have suffered in mortgage interest charges. Those coming off fixed rates of 4.5% are now having to pay 8%.
While there is no doubt that local conditions vary enormously and some landlords may be able to put up rents to cover higher interest charges, this is by no means certain or universal. In my neck of the wood, Notting Hill Gate in central London, rents have actually gone down over the past five years – and this during an economic boom.
In 2000 I was able to let my flat in Notting Hill, conveniently placed for the tubes, buses, late night shops and Portobello Road, for £1,500 a month. Today I would be lucky to get £1,300 – in spite of having spent £25,000 on a new kitchen, bathroom and wood floors. My neighbour upstairs has had a flat on the market for months without finding a tenant. The reason – an excess of supply over demand.
In the ARLA report Professor Michael Ball, Professor of Urban and Property Economics at Reading University, forecasts rents to rise by 10% to 15% in both 2008 and 2009. He may be right.
But if homebuyers are having difficulty paying higher mortgage repayments, why won’t tenants suffer the same difficulties finding the money for higher rents?
Moreover, rising rentals pre-suppose rising demand. In a recession unemployment rises and it will be a case of last-in-first out with employers who will make the youngest and newest employees redundant – the very people most likely to be renting.
Secondly, if jobs become scarcer, young school leavers and graduates won’t leave home but will stay living with parents until they can find a secure job. It is young flatsharers who make up by far the greater proportion of the rental market both in London and other employment centres.
Professor Ball points out that rents have been outstripped by house price rises for much of the past 15 years, although they have risen faster than general price inflation.
The report comments that the Department for Communities and Local Government (DCLG) Rent Index suggests rents have risen by almost 40% since 2000 and ARLA's own research shows that rents rose by around a fifth between 2003 and 2007 – although it does concede that ‘averages are driven by London and surrounding areas and there are significant regional variations, especially when taking Scotland and the North into account. There are also variations in property types and rents achieved.’
But it goes on to say, ‘investment in residential property is driven by capital gains.’ Talk to any serious professional landlord and he will tell you that’s rubbish. They buy on yield – which is why most professional landlords have bought very little in the past few years – and capital gain is largely seen as a bonus.
The report also cheerfully says that, ‘a re-run of the 1990s, when negative equity prolonged the housing market recession and blighted the lives of many is less likely to occur in this downswing.’ Tell that to the 1.3 million homebuyers who bought in the past two years and are now seeing the value of their property down to 2006 levels, mortgage payments practically double and negative equity looming if they need to move house.
If household costs like mortgage interest, heating, food, and council tax remain high, or even worse, increase, as seems likely, homebuyers' ability to buy or move house will decline and they will still be unable to afford their first home or to afford a larger mortgage in order to move – even if house prices drop substantially. It is already happening.
If all this sounds gloomy – well, it is. That is not to say that landlords aren’t doing a great job, that tenants now have a huge choice of good quality accommodation at affordable prices from which to choose. Or that, long term, landlords won’t make money out of buy to let.
It’s just that it isn’t a quick way to get rich – and it can be a lot of hassle – especially in a recession when tenants are fewer and are not inclined to pay higher rents.
I became a landlord in the last recession in 1991 when I couldn’t sell a property for anything like the price I had paid for it. The property, admittedly, has probably tripled in value since then, but I have never made a penny of income out of it.
And if I wanted to cash in I would be lucky to find a buyer in today’s market.
Private Rental Sector Has "bad Reputation"
in House prices and the economy
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http://news.bbc.co.uk/1/hi/business/7561396.stm
No excrement sherlock!
But, predictably, no mention of the grossly unfair AST which tips the power scales in the landlords favour.
Landlord regulation would never work, because of the volume of cases they would be faced with. I reckon that in at least 20% of tenancies, tennents are regularly stitched up by some spivvy parasite landlord.