JimTheHouseCat

That is a taxiway not the main runway.

Yep same. I would be taking a half day in the pub.

Sentiment correct here but dates off slightly I think. These mortgages would have been agreed earlier, more like Jan/Feb to complete in April no? So the 3.92 best rates won't be reflected until September / October which is when this index will peak in my opinion.

I expect this lagging metric to keep rising as the spring sales work their way through. There has been a surprisingly resilient spring season up until now. I think that was based on the idea that mortgage rates coming down, worst behind us etc. Nationwide, Rightmove and Halifax will be the more accurate realtime metrics, though of course all have their flaws.

I think they were hoping to get away with a pause but will begrudgingly do 0.25.

Yeah fair enough, it's an interesting exercise ensuring you will have the same info as the MPC. What I want it to be is not the same as what I think it will actually be, so I'm always conscious to manage my expectations by waiting for all the data and putting myself in their shoes. Maybe I am taking this too seriously!

Interesting you're all voting without the inflation numbers from ONS tomorrow ( which MPC will have before they vote tomorrow). I will vote tomorrow.

Big campaign by the Telegraph to abolish inheritance tax. This seems a cynical ploy to enable property owners children to hang on to their parents empires tax free. Will reduce supply to the market and basically turn the UK fully feudal. Thoughts?

Yeh market not liking Bailey's recent testimony and the inflation figures today. I wonder if markets are also a bit spooked by more recent stories bout rigging Libor downwards post 2008.

I saw this too. Do we believe inflation will be so easily contained or have we entered a new geo political paradigm which ends ZIRP forever? Are Central Bankers sure how inflation is even generated in the new perma crisis era?

That would be the rotting remains of those fed to the minotaur.

2% down in London in one month is quite a big chunk of equity evaporating for first time buyers in the capital. This ought to ripple out.

Sonia swaps up again too

Let them eat brioche.

No I think there's the option to stay the same. In each age group the proportion of people who want prices to fallThe data shows that this is not just a cry from young renters. Among those aged over 65, the share is 42pc. For those aged between 50 and 64, it is 48pc. In each age group, the largest proportion of people want house prices to fall.

I'm afraid that I don't hear a thing, just....silence.

I am in the top 1% by earnings and live in a shitty Victorian terrace in crime ridden North London. Mrs does not work much, but still, meritocracy is dead.

Never seen anything like this

Little late to the party no?

My concern is a change of remit for BoE to target nGDP. https://www.cato.org/commentary/anti-truss-commentators-should-try-understand-nominal-gdp-targeting It's basically an excuse for BoE to not raise IRs in times of supply crisis as we are experiencing currently. Its confusing and anything that makes the BoE remit less transparent is a bad thing in my view.

I guess noone really knows for sure... https://www.mortgagesolutions.co.uk/news/2022/05/19/the-lowdown-on-swap-rates-explainer/ This article suggests some lender do as I suggested. SONIA swaps up again big today...

Can someone confirm if it is the Sonia swap rate that banks buy tranches of to then lend out with a margin? It keeps going up! https://www.chathamfinancial.com/technology/european-market-rates

There's an easy way to get around the paywall.

With rates going up I don't see how any boom is sustainable. If rates don't go up maybe. But I think rates will have to go further faster than anyone expects in order to protect our currency versus dollar. Erdogan's approach just won't be tolerated by the financial sector in this country. First FED reserve rate cut is the time to buy.

Ah the 2 billion was for net mortgage debt