myusernameistaken
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Posts posted by myusernameistaken
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14 minutes ago, Debt Slaves said:
What's the best savings account? Just noticed I'm getting 0.70% Interest. If we all (including general population) scurry off to the highest rate provider, other providers will have to up their rate to compete.
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20 minutes ago, NoHPCinTheUK said:
There’s a 2 bed house on the market for £1700 pm in Rosebery Mews. I’m afraid I don’t know how to copy a link form the phone app.
But I thought you said:
"£1600 is more than enough for a nice 2 bed in London "
Also, just because it's listed for that doesn't mean it will go for that. It will likely to snapped up for £2k+ after multiple offers.
I think you're basing your views on prices from 2010.
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7 minutes ago, NoHPCinTheUK said:
Postcodes? £1600 is more than enough for a nice 2 bed in London
N5. Please let me know where, I don't believe you.
Rental prices on Rightmove don't count as they are never really on the market. Please use OpenRent, and search by 'listed today'
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10 hours ago, Square Mile said:
Fixed Income world can be a daunting model to visualise :
if I lend you 100£ for a year, I am a buyer as I have outlayed money to you with an expected return and you are the seller, interest rates are 10%, you agree to pay me 110£ in a years time. we write this down on a piece of paper. Its now a bond between us.
I hold this bond written on paper, stating Timm will pay me 110 in a year.
Interest rates fall to 5%, I wave this bit of paper around saying this dude will give you 110 in a year instead of bank rates @105, so the price of this bit of paper (bond) now has increased in value, lets say its £102, Price has increased, Yield has declined. I could sell it for a profit !
Similarly if rates were to rise to 20%, i would hold a bond that cost me 100, as i lent it out for 10%, but bank rates are 20% .. so my bond, if i tried to sell would be worth less than 100£. Say £98, As other instruments @ £100 in the market will yield 20%
Interest rates rise bond prices fall and vice versa.
Yes, a good explanation is here: https://www.moneymagpie.com/manage-your-money/why-do-bond-prices-fall-when-yields-rise-and-vice-versa
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9 hours ago, TheResponsibleHouseBuyer said:
yep may be right around this ballpark. So how much was it again that BBC journalist was finding for a 1 bed flat? £1200pcm? so lets say net income £2.5-3k pm. leaves about £1800 disposal, i guess utility + ctax less £500. £1200 left over seems okay?
Have i missed something here?Yes, you've missed the fact that £1,200 pcm is barely enough for a room in a houseshare in London.
Her budget is £1,650.
Speaking from personal experience I can confirm that the rental market in London is a complete joke. When I was looking in October, 30+ people were present at every viewing. One landlord I had the pleasure of meeting did a big presentation in front of all viewers and said he expected the advertised rent (£1,800) plus a cash payment on top every month. He said he'd already been offered an extra £400. I did report this to HMRC afterwards, but I don't imagine they'll look into it.
In the end, after weeks of looking, me and my partner had to settle for a place listed at £1,500 that was completely unfurnished. We ended up offering £1,725, and the landlord took a while to accept.
While the flat isn't the worst place I've lived in London, it's very small, the bathroom needs gutting, boiler knackered, and no doorbell.
The whole London rental market is a disgrace but, prior to this BBC article, it's rarely reported on.
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9 minutes ago, BorrowToLeech said:
People celebrating this should really consider why it has been done. The exile of Corbyn is part of a campaign to ensure the continuity of neoliberal government. In other words, to make sure that the next government will not regulate finance, or reign in landlords, or build social housing or make work more lucrative than rent seeking, or any of those things.
An establishment campaign to return us to the dreadful Blair era is one step closer to succeeding, and they have done it by subverting our main opposition party and so our entire democracy.
Spot on.
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He's an answer written by the AI chatbot, Chat GPT.
Not a bad answer in all honesty!....
There are several reasons why house prices are high in the UK, including:
Supply and demand: There is a high demand for housing in the UK, particularly in popular cities such as London, Manchester, and Bristol. This high demand, combined with limited housing availability, can result in increased prices.
Low interest rates: Low interest rates mean that it is cheaper to borrow money to buy a house, which can drive up the demand for housing and increase prices.
Government policies: Government policies such as Help to Buy and stamp duty exemptions for first-time buyers can encourage people to buy homes, which can increase demand and drive up prices.
Foreign investment: The UK property market is viewed as a stable and profitable investment for foreign buyers, who are often willing to pay high prices for properties.
Economic growth: Economic growth and a strong job market can increase demand for housing, as people have more money to spend on property.
Lack of new construction: There has been a shortage of new homes being built in the UK in recent years, which has contributed to the limited supply of housing and higher prices.
Inequality: Inequality in income and wealth distribution can make it difficult for some people to afford homes, which can lead to increased competition for affordable housing and higher prices for those that are available.
Overall, the high demand for housing, low interest rates, government policies, foreign investment, economic growth, lack of new construction, and inequality are all factors that can contribute to high house prices in the UK.
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1 hour ago, PeanutButter said:
She is looking at new places 1600-1700 so presumably her current one bed in Notting Hill was similar. She says it’s gone up 50%, so what, 3000+?
Here is a Notting Hill 1br for 1550 https://www.rightmove.co.uk/properties/130993655
So I’m afraid this is just classic social media clout chasing.
You've never rented in London have you? Be Honest..
There will be 50+ applicants for that property. No doubt the winning 'bidder' will have to offer way above £1,550.
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I can see them exempting retried boomers from income tax up to a generous threshold - say £50k a year?
It's genius really. Helps keep wages down while providing a nice little boost for the Conservative party's core vote.
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2 minutes ago, msi said:
.... BuT I PaId My StAmP
Obviously not for the current raft of pensioners/boomers who vote in big numbers. I'm talking about pensions for the current Millenials, GenZers.
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I can see the Government eventually scrapping the State Pension for those with a private pension. A means-tested approach if you like.
Savings might even come into it. If you have more than xxxx saved, then you aren't entitled to the State Pension.
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What do we all think? I'm sure there will be something in there to support homeowners in the Autumn Statement to help with 'soaring' mortgage costs.
Here are some possibilities:
- Mortgage cost support scheme - the Government pays 50% of the difference to those who've seen their mortgage go up over the past year
- 'Help' for renters - Landlords able to offset mortgage increases against their personal tax bill for two years - 'helping' renters from losing their homes
- Mortgage extension obligation - Every mortgage holder has the right to increase the terms of their mortgage by 5 years (risk taken on by the taxpayer)
- Mortgage incentive scheme - Banks paid £5,000 for every new mortgage, or re-mortgage approved over the next six months
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Mortgage hike cap - Banks are limited to increasing mortgage costs by 2% - applies to BTL landlords too.
Plus.... we could also have another...
STAMP DUTY HOLIDAY - Hooray! (but only for six months ....)
What do we all think of my ideas?
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Really insightful responses. Would someone be able to Tweet Peston with a link to this thread?
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Interesting Twitter post by Robert Peston, the UK's leading political editor. He caims there is no compelling evidence that QE has caused inflation. (He doesn't refer to asset price inflation, or reference house prices).
Is Peston right? Simon Nixton (The Times) also suggests the theory that QE causes inflation is 'nonsense.' He claims rising inflation has been caused by 'slack in the economy' and not by the BoE increasing the money supply.
So, are we all wrong? Are these characters mis-informed? Or do they have a vested interest in keeping asset prices high?
Thoughts and opinions welcome.
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18 minutes ago, msi said:
Hi Rishi.
Why not got for a UKGov mortgage backstop that will hoover up the dross - aka Fannie BoJo? You can sell it to your rich mates for pennies in the pound and underwrite the whole thing with Tax Payers cash, just like student loans.
You can promise to be tough on immigration (just get Priti to do all the dog whistle stuff cos she can say it) and then sp*nk a load of 'high value' visas to keep the chicken shops and HMOs going.
Don't worry about paying off the debt - just let Labour in for a term and blame them for the following 30 years, innit?
Speaking of HMOs...
Perhaps there is scope to scrap size limits on rooms?
Not that it is currently enforced anyway, but it would certainly give landlords that extra a bit of confidence to divide up living spaces. Think of the yields in London!
As long as we can get everyone back to physical offices, I'm sure hoovering up 80/90% of net take home pay for a newbie to the capital (on £23k-£25/year) would be possible!
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27 minutes ago, erat_forte said:
Hmm... Poster called "myusernameistaken", New Members, 2 posts, opens a thread soliciting suggestions for policy for the Treasury to try and get them out of this mess they have created.
Rishi... nice to see you here mate. Hope you get some good ideas. Don't forget us all here when you pocket your next million.
Busted!
Any thoughts on a new measure of inflation? Even the CPI might be soon starting to expose what is happening. Can't have the 'independent' BOE raising interest rates can we? QE 'to the moon!
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We've all witnessed Rishi Dishi deliver housing props - left right and centre - over the past year to ensure continued HPI, with huge success!
So you've just become Rishi's assistant and your goal is to impress him with some policy advice that will go down well with boomer homeowners (while offering 'help' to the young *wink**wink").
So what policies do you implement? (Bonus points for working with Tory donors).
Here are my ideas:
1. Help to Buy extended to all homes, not just new builds.
2. Help to buy no longer restricted to FTBs.
3. Government to pay for all Tennant rent arrears following Covid (landlord gets the cash, tennant's pay it back via a student-style loan system).
4. Government to offer incentives to banks in order to buy up properties to make them 'rental homes of the future' - using Lloyds as a good example
5. Landlords, once again, able to reclaim mortgage tax relief on interest payments to help the country 'build back better'
6. Millenials able to access their pension pots early to help with getting on the housing ladder.
7. New Government 'help for a deposit' scheme for millenials, with the Government matching any contributions from the BOMAD.
8. Zero Stamp duty extension until 2022 - wahaay. (To be announced at the last minute).
9. New scheme focused on removing barriers to home ownership with mortgage lending rules to be relaxed on banks - let's call it 8x income.
10. Japan-style intergenerational mortgage scheme, designed for help loved ones get on the housing ladder, who can't afford get a mortgage 8x their income.
Any more?
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The National Residential Landlords Association are asking for Government support to help tennant's pay off their rent arrears following covid.
Obviously landlords can't miss out on missed rental payments as business risk shouldn't apply for them.
'Help' for rent arrears anyone?
(Bizarrely Generation Rent is proposing something similar...)
Renter eviction ban to finish at end of May - https://www.bbc.co.uk/news/business-57094031
Pricey, exhausting, miserable: My search to rent a one-bed flat
in House prices and the economy
Posted
It will be! I saw one-bed flats for that were unsuitable for farm animals. Could be one of those too!