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Timbuk3

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Posts posted by Timbuk3

  1. On 09/09/2020 at 21:28, Gigantic Purple Slug said:

    They've been saying this for at least 10 years.  Boris said it as mayor and yet "

    But the definition of affordable housing was broadened in 2011, with the inclusion of affordable-rent housing, so the figures are not directly comparable.

    He also reduced the target for affordable housing in 2011 from an average of 23,300 a year to 13,200 a year."

    He just changed the definition of affordable - old trick

  2. 5 hours ago, highcontrast said:

    "Britain’s housing market has become “too big to fail” because of the government’s exposure through Help to Buy, an industry veteran has claimed.

    Greg Fitzgerald, chief executive of Vistry, the housebuilder formerly known as Bovis Homes, said the next housing market downturn would differ from previous crashes because the government would have to explain the loss on its investment to voters.

    https://www.thetimes.co.uk/article/help-to-buy-makes-market-too-big-to-fail-0pslfs7mx

    They said the same about Lehmans, except it wasn't.

  3. https://uk.reuters.com/article/uk-intu-prop-divestiture-trafford-centre/british-mall-owner-intu-puts-trafford-centre-for-sale-idUKKCN25801Z

    Trafford centre up for sale.  Intu asset sale starts and so does price discovery for all commercial property.  If the price of this sale goes through -20% as stated then all other similar assets will have to be marked down in value by a similar amount.  Hence likes of British Land start to decrease their holdings etc, more people want to withdraw their investment and so becomes a vicious spiral of downward valuations.

    And of course the councils that have invested in the like will start to realise they have been sold a dooby.

  4. Bojo begging people to go back to the office - in The Sun. I imagine not many office workers read the Sun. More likely to be the Metro on the train in.  But no one in my office is back in. They said it was voluntary, so about 5 people turned up out of 300.  With the weather as it is no one is going in. Besides, the whole wfh thing proved we don't need to spend hours commuting and £400 a month to sit on a crowded train.  No one is going back to that.  Mass transport is over. 

    https://www.thesun.co.uk/news/12334881/boris-johnson-get-back-to-office-on-monday/

     

  5. With recent announcements from M&co, William Hill, Pizza Express, etc about the hundreds of shops they are closing.  Plus Disney just announced they are doing direct release to streaming services - i.e. no need for big cinema complexes, paying £8 for popcorn, etc.  Just watch it at home.

    Will this be final death knell for the high st ?  There are just too many shops in this country, no one needs them.

    I guess they will be converted to housing or other things.

    But, the local councils are left holding the bill. 

  6. 1 hour ago, Hullabaloo82 said:

    My guess would be massage parlour. Right sort of location, just off the Holloway Road. The glass floor room as you point out has the air of a waiting room. 

    The finish looks glossy in the photos but look a bit closer and all the furniture looks like Ikea or similar type stuff. 

    I'm told the bottom fell out of the market for that type of sex work and a lot of it shifted online. Looks like this has been hastily converted to a flat to get it shifted. Surely nobody in their right mind would pay £1.2m for that as a residential property though? 

    I'm told the bottom fell out of the market for that type of sex work ?great pun

  7. 2 hours ago, richmondtw said:

    This was obvious. Central Govt will also cut funding due to the amount they have spent in this situation.

    People  who are unemployed will not have to pay the full council tax level which will also reduce income.  Shops and restaurants will close reducing rate income.  

    People are going out less so not using council car parks reducing income.

    It never ceases to amaze me and make me chuckle when some people rub their hands with glee at the thought of a major economic disaster.  

    They seem bizarrely to think that they will be immune from any such situation.

     

    It's the sheer audacity of these people that leaves me gobsmacked.  For sure the council tax rates will rise to pay for it, but the people who instigate it walk away scott free or worse with a lump sum pay off.  They should be prosecuted and thrown in prison as an example so that next time some lunatic comes up with an idea like that then they think twice about it.  Iceland had the right idea to treat their bankers after the last GFC, we just gave Fred the shred a gold plated pay off.  I wish people in this country would protest more about the accountability of these people. 

  8. 2 hours ago, TheCountOfNowhere said:

    Fixed

    It's not looking good for them.  The wider impact though is that other retail property funds and ETF's etc, some of which have blocked clients from withdrawing money for a long time now, will be affected substantially.  If INTU gets sold off, as is looking likely, this will re-value all of the market in UK retail.  Assuming that as it will be a fire-sale then the prices will be low and will drag down the price for all the market, thus the funds, ETF's will also keep falling, and becomes a downward spiral.  Bit like Bear Stearns in 2008 affected the rest of the US property market.

  9. 9 minutes ago, Warwick-Watcher said:

    Intu on the brink according to the FT behind its paywall - Intu oblivion? 

    It could mean the Trafford Centre and Lakeside closing - quelle domage!

    Also saw this in the Grundian https://www.theguardian.com/business/2020/jun/23/trafford-centre-administration-intu-lakeside-rent

    Can the landlord also do a pre-pack administration and ask the banks for a reduction in debt?  It's like a game of pass the parcel and no one wants to get stuck when the music stops.  I guess the tax payer will end up bailing them out. 

  10. 19 minutes ago, regprentice said:

    My boss had a C-class Mercedes. He couldn't get it out of his driveway in light snow so he bought a cheap crv and didn't use the merc again til easter. My dad had a 3 series but couldn't use the boot as it was full bags of builders sand to weigh down the rear for ice and snow. 

    Rain, ice and snow are like kryponite  to a rwd car. These problems would be massively helped by changing summer/winter tyres as required but the vast majority of owners can't be bothered with the hassle.

    Used to live on a hill and when it snowed I could sit in the front room and watch all the rwd BMW / Mercs trying to get up it and then rolling backwards trying to avoid all the other cars.  Meanwhile a little Nissan Juke or Sunny would be flying past them no problem.

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