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spyguy

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Everything posted by spyguy

  1. Article for those with subs Nationwide steps back from SME loans http://www.ft.com/cms/s/0/7d3d0388-0d72-11e3-ba82-00144feabdc0.html?siteedition=uk#axzz2cym9MaAH I know the Nationwide has been hoovering up a lot of business over the last few years. They used to be pretty sniffy/cautious about who'd they'd lend to. They seem to have been holding their nose and crossing they're fingers of late.
  2. +1 Non-DHSS rents tend to track local wages and employment. DHSS rents track the LHA.
  3. Christ that's nonsensical. The BoE does not want to raise the base rate - but they may. Bank's don't borrow at the BoE base. They have to raise money, typically at some spread over the UK GOV 10Y GILT. GILT yields are shooting up - as much as bond yields ever shoot. Bnaks definetely don't sell mortgages at BoE rate. Here's an FTAV post: http://ftalphaville.ft.com/2013/08/19/1606563/that-spike-in-us-treasury-yields/ What goes for 10Y US goes even more for 10Y GILTS - The US $ is a major reserve currency; the UK pound is not. In the main, no one will buy GILTS that yield less than than 10Y US - too much currency risk. A banks SVR will be the rate at which it can sell debt (currently ~4%) + operating cost (1% - 2%) + profit (0.5% - 1%).
  4. The larger problem is this: The UK has a very large deficit (UKGOV spent - UKGOX TAX) to fund. They will also need to roll over a lot of debt as it matures. All this debt has to be sold. Soon, the financial companies that have been forced to stuff themselves full (via financial repression) of GILTS will be 'full'. UKGOV needs to find a new buyer; QE is just a badly thought accounting scam. That leaves the rest of the world. If the government continue with QE then the currency risk is too great for foreigners to buy - why buy a yield of 3% when the currency falls 5%? So you need a strong and/or stable pound. Which needs higher GILTS yields to attract foreign money. Bit of a mess huh?
  5. The smell from the US student loans industry is being smelt by a few good investigative journalists: Matt Taibbi http://www.rollingstone.com/politics/news/ripping-off-young-america-the-college-loan-scandal-20130815 Housing and student debt will kick off of a new 1968.
  6. So lets assume that more people are renting and for longer periods. The majority of renters 'under-consume' housing - sharing is a classic example. Who do the OAPs sell to when they downsize or drop dead? People are all wetting their pants about London housing. A quick look at the numbers and whose buying shows there is not a terrific lots selling and those that do sell are going to foreigners - naive, greedy Asians, asset laundering Chinese + Russians. Get outside the M25 and its a different story. No and low numbers of FTBs means chains are stuck. A quick look at rightmove at my home town of Scarborough has a body snatcher feel about it. Large houses that have been stripped of all personal belongings - photos, trinkets etc - with just that god awful OAP tank-like furniture left in the room for 'demonstration' purposes. Think a p1ss soaked Ikea top floor demo. You did know that a housing market consists of buyers and sellers? All we've got in most of the UK are sellers.
  7. Jails not required. Just shove a proportional number of years until they can claim state pension. Say 20K fraud = 3 years added to the age when you can claim a state pension. And if you are in social housing you get rehoused to to the crappy estate - All towns have nice social housing and crap social housing.
  8. Possibly. Still, better than a drain with a rent boy problem.
  9. Now the Feds responsible for the US economy. Thats all. No putting itself first etc. Currently in the US, QE is believed to causing more harm than good. Reward Wall Street rather than Main St. If Canute Carney thinks people will accept Gilts with a lower yield than US10Y bonds than he's a fool. But I don't think he is - he's renting in London with an eye to go home.
  10. It won't hammer your income. Or be a drain on your finances. Price slashed. http://www.dailymail.co.uk/news/article-2385003/Serial-killer-Dennis-Nilsens-house-horrors-sale-knock-265-000.html
  11. Again, UC will be a disaster. It will be a distraction as the tax credits are adjusted. Expect work requirement to be 35h single/70h couple. Plus the money being reduced to give you only about £100/month on top of the money earned.
  12. Yes + No. Providing you've paid in then they tend to be more generous as you get a percentage of your salary. Then you get a drop at 18 months. Then nothing by about about year 2. This is how our system is. Our benefits tend to pay out more - scams, extras, etc -the more people stay on it. Its a complete rip off for the people who the system is meant to be for - working people who lose their job. For all out 'market based' system, out welfare system, state and NHS are more clunking socialist and central planned than most of those socialist European countries we read about.
  13. Be West African or Mipuri Pakistani or Bangladeshi. Bung a councillor a few thousand. Next question.
  14. Education is not an export industry. Those dodgy colleges are effectively charging students to pretend to study in return for being able to work. Surely the simple solution is for these colleges to move the colleges to Karachi and Bangladesh and do the teaching there? Think of the savings!
  15. Well anecdotal update of 2013. A friend overheard someone who works at one of the Whitby cottage booking companies - Ill spare their job (for now) by not mentioning which one. Apparently they've only managed to let 50% of their cottages for August! Too many. Too expensive.
  16. I can't work out what's happening. As mentioned in another thread, the UK only has two large mortgage lender left who are not in some form bankruptcy/insolvency/nationalisation: Barclays and Nationwide. Both have been found to have quite large capital wholes in their books. AS far as the 'booming' sales and all that. Yes, this year has seen some activity but thats only relative as the market has been dead for a good 5 years. In my home region -Scarborough - the market is still dead. The mortgage numbers do not tally with the spin. We have hardly seen the start of any deleveraging.
  17. There's a good recent good thread on mumsnet: http://www.mumsnet.com/Talk/property/1809646-Could-anyone-give-their-honest-opinions-on-why-this-house-isnt-selling Starts off 'Whys it not selling' Reply: Price. Then it gets interesting. House is the PILs. DH grew up there. So a good guess is the poster is 30s-40s. PIls must be 60s-70s. PILs must have had the house 30-40 years. Apparently they've been MEWing - holiday home and probably a lot more. Can't drop the price cos of mortgage on it FFS! The price is not cheap. The Age Concern report is wrong about peak earnings. Joe UK peak earning is in their early 30s. The kids get in the way and earnings fall. Remember Average Joe UK is pretty unskilled and will only earn more if they work OT.
  18. Paul Lewis: ' I believe we've Old Mrs O Brady on the line now' Mrs OB ' Hello. My and I husband extracted all his pension to buy a block of flats for BTL. We are struggling to keep tenants and are losing money. Its a lot more work than we expected. We cannot sell as it is now a lot less than we paid for it. We invested as we 'understand propedee'. Martin, I want to know who can we blame and sue and will the government compensate us?' I stopped listening to Moneybox years ago. For every worthwhile feature you have to listens 100s of old people looking to blame someone else - ostrich farms, 'investing' in old wine, etc. And I think Paul Lewis looks like a kiddy fiddler.
  19. Has the great repo/write down started? Yellow Pages owner Hibu handed over to lenders http://www.bbc.co.uk/news/business-23448033 Lets wait for Punch Taverns + Enterprise Inns.
  20. Ahh just useful optimism being used to market pensions. Did they ask the blokes what they thought their chances of sh.gging one of the fit birds of Hollyoaks?
  21. The Blade in Reading Ironic name if you've ever been in a fight in Reading.
  22. I think she meant 'maternal'. I might be wrong though. Its possbile she spent her teens humping everything - pillows, horny-handed gameskeepers, etc.
  23. I'm Vegetarian. I buy most of my veg from the Saturday market. The difference in price and quality is shocking. At this time of year its almost unbelievable. I typically get about 5 bags worth - toms, aubergine , peppers, lettuce, salad pots, etc. 9 quid. The market trader shift the stuff on the day. The veg is ready to eat the day. With a supermarket you're paying for the logistic chain rather than the food. Veg does not do that well in the chain. Picked too early, chilled too much. Tesco is fine for tinned + dry stuff. Lidl is much much much better and much much cheaper. Tesco will live and die by its a logistic chain.
  24. Nope disagree with that. The LA shave propped up the shrinking cities + towns. Overtime time the prop has got bigger and more expensive. It'll be a horrendous pop. In my case, Middlesbrough. Housing there should be dirt cheap. Its relatively cheaper but its not dirt cheap. If you let it fall you stand a chance of proper regeneration i.e. people leaving expensive areas to somewhere cheaper. Execept its not cheaper - local taxes are swallowed propping up the state - both benefits and public salaries. Public services in boro should be great - loads of public sector workers on national wage scales. In the main, they're cr.p.
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