Timbuk3
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Posts posted by Timbuk3
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4 hours ago, Warlord said:
Some would not have gone bust - the GOOD banks. Pure capitalism rewards GOOD Behaviour. The GOOD banks would have stepped in and taken all the custom .
4 hours ago, Warlord said:Some would not have gone bust - the GOOD banks. Pure capitalism rewards GOOD Behaviour. The GOOD banks would have stepped in and taken all the custom .
There are no good banks. Most of them would have gone bust due to inter-bank lending, all of them would have lost money. Some might have been able to re-capitalise by tapping shareholders but without government / central bank bailouts there would be so few left that there would be a virtual monopoly operating.
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Just now, zugzwang said:
No big asset bubbles. Or jobs. Or food.
Farmers still need to sell their produce, a way around it would have been found. Always has been throughout history.
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1 hour ago, wighty said:
Depending on the job and commute time, office is far better than home working.
Close personal Interaction is a vital part of working.
Depends on how close - could get you HR on the phone.
Personally I work better at home.
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1 hour ago, zugzwang said:
I'm not spreading malicious lies! The global financial system would have flatlined in September 2008 without an unprecedented intervention by the world's central banks and treasuries. Industrial civilisation would have effectively ended the day Lehman Brothers failed.
That weekend my boss told me to keep my phone switched on as he expected Societe Generale (AIG's clearing bank) and Morgan Stanley to also go bust. But the Fed stepped in and saved them. If the Fed hadn't done that then pretty much all Western banks would have also gone bust due to contagion within the banking system. Life would have carried on, as it always does, but it would look very different now, probably no big asset bubbles like we now have.
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1 hour ago, TheCountOfNowhere said:
Man who 'destroyed his family' by spending 10 years and £6 million building an art-deco lighthouse on Grand Designs vows the property will finally be finished and on the market by the end of the year
Clearly he has some sort of mental illness. A house price mania. Even if he does get it finished he still has to sell at the right price to get the money back to clear his borrowings. He'll probably end up with about £20.
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52 minutes ago, zugzwang said:
Fact of the day: it's pronounced Nessulls.
Always was, and always will be.
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On 23/04/2021 at 14:28, TheCountOfNowhere said:
Of course it is. The establishment/bankers/Government/Landed Gentry work over the long term. They got the tories to sell off all the housing stock knowing fine well it would eventually come up for sale. Now they're buying it up with magicked up cash and are happy to let anyone into the UK in order to rent it from them, most likely collecting on Housing Benefit as they go.
The game is rigged.
Britain needs a peoples party to blow these evil ****s out the water.
I agree with what you are saying, this is just the sort of way all these people think.
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6 hours ago, Fromage Frais said:
Like the Lincoln quote.
"You can fool all the people some of the time and some of the people all the time, but you cannot fool all the people all the time."
Lets take some facts that most people understand to be true/likely......- Worst recession in x00 years
- Debt going up to war levels
- Country closed down in many ways
- Tourism, hospitality and travel in dire straights x0% of economy.
- Prevented from funerals, weddings and visiting relatives etc etc
Then at the same time as above
- Allowed to view property and estate agents allowed to operate
- Despite being allowed to operate a stamp duty cut is made making the market rebound strongly (maybe even recovering without.
- The property market rebounds strongly whilst the rest of the economy (aside from a few other sectors) is locked down. .......... Yet as it overheats the stamp duty cut is extended.... does the country not need the money?
- Property prices start to get out of hand and logically as a lot of the country is still scared/locked down and not fully open yet there is not a lot of property for sale. To most people this makes the tax cuts look like shovelling money into a limited market made up of well off people able to move > buying from a few people able to sell.
- So with wall to wall property boom articles and clearly rising prices added to a partly slowed down/locked down process that results in massive delays and chains............the government start to underwrite the housing market with 95% guarantees to the layman this looks like both a clear gift to the property market and also I thought we had no money? We have money for this they (estate agents) are doing ok?
I had thought myself that the government would have let the market have a 20% or so Covid reset, sort out cladding and nobody would have been upset with them... of course house prices fell during a massive recession and pandemic!
Then with cladding plan sorted and some folk begging to help get the market going ... start the manipulation so they would be both seen as saviours (property owners), got new voters (new buyers) and seen themselves home and dry in the next election.
But they have not done that when you add this to the general smell of sleeze emanating from the government and (to the man on the street) the chucking of money on already expensive houses whilst the market is roaring ahead most normal folk will be thinking.1) The property industry has called BJ and demanded more money this is a fake boom as I can see him pumping the money in at the expense of the rest of the economy and social mobility whilst x% of people are still locked down. = To blatant and a bad thing.
2) Why are they being slo blatant? Whats coming down the road must be horrendous if they have already started pumping the market now whilst its still going up!
Could be calling an early General election. say May 2022. Boris might be gone by then, judging by the start of a campaign to get him out. Then they'd be in power until 2027 at least, with even more right wing cabinet.
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On 05/03/2021 at 10:51, dugsbody said:
Why?
I think larger corporate landlords are better because they don't generally tend to kick people out of their properties and have an image to uphold and accountability, therefore the property will be looked after to a better standard.
There are good private landlords but in general we need a better controlled rental sector where people who don't want to buy can be guaranteed a house for a long term.
Not in the U.S. it doesn't. Wouldn't surprise me if this is what the current Government are aiming to have in this country. i.e. big corporate investors working in a similar way :
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21 hours ago, satsuma said:
I can see a day coming where companies will hand over commercial property for free. It might even get to a point where you get paid to take over the building and pay the rates. I think this will become more common as companies dump offices and retail outlets. The only question is who will want to be saddled with paying the rates and upkeep and what do you do with these buildings.
In reality this has been happening for a long time already. When in 2014 Hereford council wanted to redevelop the cattle market into a retail and leisure centre they had to pay for Debenhams & Waitrose to take the two biggest units so that they would sign up. If they didn't then the developers would not have started to build. This is common practice by big chain companies. The council will reduce council tax as well for a number of years, they make the money on the smaller units that are leased out to smaller companies and also on the parking at the location.
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No Gnomes seen for 6 months. Gnome price inflation ahead.
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20 hours ago, Si1 said:
https://www.telegraph.co.uk/property/buy/property-prices-rocket-housing-supply-shortage-intensifies/
The housing boom is expected to accelerate in the coming months as a property supply shortage could cause a “bottleneck” in the market and push up prices.
Surveyors said they had witnessed an immediate surge in property sales in March, following the extension to the stamp duty holiday. In many cases buyers have been forced to submit offers way in excess of the asking price to secure propertie
However rising prices have not deterred buyers and predictions of rising increased sales activity are now at their highest level since January 2020, according to the latest industry survey by the Royal Institution of Chartered Surveyors
The increased activity will keep house prices on an upward trajectory over the next year, industry experts predicted. This follows a year of record highs for a property market protected by a Government intent on avoiding price drops
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Buyer demand was expected to collapse when the stamp duty holiday ended, causing the property market to stagnate. Now the current tax break, which sees the nil-band rate apply up to a threshold of £500,000, has been extended for three months until June 30.
A tapered rate of support, which will see the nil-band rate apply up to a threshold of £250,000, will then be introduced for a further three months until September 30. Thereafter, the threshold for paying stamp duty will be reinstated at £125,000.
Simon Rubinsohn, of Rics, said: “Across much of the market demand is outstripping supply and as a result prices continue to move upwards.
“More worryingly, this is also being reflected in the price expectations data both at the twelve months horizon and beyond.”
Thanks for posting the full article. I can't help feeling this is similar to the end of dual MIRAS in 1988 with a mad rush to buy anything before the deadline in order to save a few thousand on Stamp Duty. That didn't end very well, although it took a while for the impact to be felt and also interest rates were rising at that time, which isn't happening at the moment (although inflation is expected to pick up over the next year). Anything could happen.
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According to the Telegraph today, house prices are set to Rocket due to shortage. I can't post article as its behind the paywall. Maybe that will happen but I do think the end of stamp duty holiday will cause prices to drop back a bit. Assuming the holiday does end and isn't prolonged again.
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1 hour ago, spyguy said:
Thats the one!!!!
Nothing like a menopausal loon wimmin journo to set the locals off.A good example on how lax lending was in those Brown go go year.s
https://www.dailymail.co.uk/femail/article-6122841/LIZ-JONES-poor-Wonga-refused-loan.html
And yet she is in line for an aware for "" LIFESTYLE"" podcast of the year from Society of Editors. Guess her lifestyle of borrowing far in excess of what she could afford and buying property makes her qualified to tell everyone how great it is.
https://www.inpublishing.co.uk/articles/soe-press-awards-2020-shortlists-announced-18298
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37 minutes ago, TheCountOfNowhere said:
Thorntons chocolate shop to close all of its stores across the UK
Must have been choco-late with their rent payments
It's Tory levelling up. Retailers in the North can close as many shops as retailers in the South. Quits.
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On 10/03/2021 at 12:47, Quicken said:
Logical consequence of NIRP. The BoE of England is moving towards NIRP too. Guaranteed misallocation of capital - centrally enforced. It won't end well.
Agree, unforseen consequence of NIRP. Chasing yield to try and keep above water.
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Not just UK councils that have been investing in dodgy schemes. Turns out some German councils have put a lot of money into Greensill Capital Bank. Now not like;y to get their money back.
https://www.dw.com/en/german-town-fears-huge-loss-on-greensill-bank-investment/a-56777333
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22 hours ago, Pop321 said:
Interesting conversation with a connected person today....but they very much on the outside of the any knowledge or decisions. So speculation really.
Lloyds own lots of office space, some great buildings in decent locations. They are looking at reducing office space by 20% over next few years.
Some of these building would make fantastic residential conversions for Build to Let’s.
Just a thought....
John Lewis doing similar with their old department stores that are no longer required.
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16 minutes ago, Ah-so said:
It is an interesting development. One possibility is that there has been a drop in BTL mortgage requests and LBG is now diverting its BTL pot into directly buying the properties themselves.
Possibly due to the story below. Banks sat on pots of money that they can't lend out as demand not there. If you look at LBG lending figure of 0.2bn it's tiny compared to the others. I guess they are looking at someway to circulate the money out again and some genius came up with the plan to become a big landlord themselves. I expect they got a big bonus for thinking of that. I can't see them being a great landlord, too corporate to be bothered.
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3 minutes ago, Si1 said:
Also
"Investors in housebuilding stocks have long understood that whatever politicians promise, the career cost from any policy that undermines house prices would be too great. It is time they shared some of the moral hazard"
(I think they're saying we should tax house builders' profits)
About time the house builders got hit with a windfall tax. Instead of massive payouts to directors.
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HKers laying the foundations to flee.
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6 hours ago, TheCountOfNowhere said:
Yes, that's not the bit the property VIs are campaigning for
Bring that in and not only would the Stamp Duty holiday ending bring down prices but that would collapse prices instantly.
Be careful what you wish for, you may just get it and it might not look like you thought it would. 😁
well, looks like my sale fell through
in House prices and the economy
Posted
Are you writing the next Conservative manifesto ?