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House Price Crash Forum


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Everything posted by Timbuk3

  1. Daily Excess jumping on that bandwagon now. https://www.express.co.uk/life-style/property/1271409/uk-property-prices-property-market-coronavirus-crisis-lockdown-restrictions-lifted They are not price reductions they are 'bargains'. and 'Estate Agency bosses are hoping to get the green light' in other words they are desperate for commissions. Mr Shipside gets it at last when he says '“You do not have a functioning market when buyers can’t buy and sellers can’t sell.”, it was pretty much like that before CV19 anyway, think the pandemic has improved it if anything. More shoddy reporting from the Daily Excess, think John Cooper Clarke had the best view of this rag. I look at it for amusement every now and then.
  2. Meanwhile, over the pond. https://www.housingwire.com/articles/nearly-3-million-borrowers-are-already-in-forbearance/
  3. Primark also cancelling orders and it is causing mass layoffs in Bangladesh. Link is on Gaurdian if you need to know.
  4. Train companies are fubar. Everyone I know is trying to cash in their season tickets at the moment. They can't get through to the helpline they are referred to. My guess is that the train companies can't afford to refund everyone because they don't have the cash.
  5. It's a recession when my neighbour loses his job, it's a depression when I lose my job. It's not a depression - yet.
  6. Seven property funds suspended over valuation. Looks like at least a 20% drop in the value. Starting to feel like 2008 again. https://www.cityam.com/columbia-threadneedle-and-lg-become-latest-to-gate-property-funds/
  7. One of India's biggest banks gets bailed in. https://edition.cnn.com/2020/03/06/business/india-yes-bank/index.html
  8. A single death is a tragedy, a million deaths is a statistic - Uncle Joe.
  9. Intu retail park owner is 'staring Intu the abyss' great pun there from the Torygraph. also on BBC site with no paywall. Needs to find extra funding soon else breaks covenants and gets taken over by the banks and wound down. I guess that means a firesale and further write downs by other companies holding similar assets (or your local council investors). https://www.telegraph.co.uk/business/2020/03/04/failed-cash-call-leaves-shopping-centre-owner-staring-intu-abyss/
  10. Helicopter money time in Hong Kong. Will this also be tried in other places ? https://www.hongkongfp.com/2020/02/26/hong-kong-budget-2020-hk10000-cash-handouts-permanent-residents-18/
  11. Laura Ashley looking to check out - again!! https://uk.reuters.com/article/uk-laura-ashley-funding/laura-ashley-says-major-shareholder-lender-in-funding-talks-idUKKBN20B0KS Always thought it would collapse at some point - not many people can afford to 'spaff' money on their goods.
  12. I had the same theory. Landowners have no need to do much to help anyone. Their nest is already lined. The only time there was a massive change was post WW2 when there were millions of men under arms returning home. The power that be were sh144ing themselves and so had to make changes to placate the masses. Hence Homes for heroes, NHS, welfare state etc. All they have done since then is systematically and surreptitiously dismantle these things in order to return to the old status quo. There's a reason why most landowners go shooting, and that is to protect themselves from the proles. They only worry when the proles have guns too.
  13. My Tuppence worth view is this. Boris / Dominic are now the Chairman and CEO of the country, no one can stop them pushing through their plan. However when this happens in a company it usually results in a spectacular blow up at some point as there is no one to point out the potential errors in the plan. I expect Boris to 'spaff' a load of money on grand infrastructure projects and so far his track record is poor e.g. London cable car, Boris island airport, garden bridge etc. Without a controlling hand the money taps will be turned on to pay for such grand schemes, notice yesterday that the pound spiked after the reshuffle. The market knows that big spending is coming and therefore the risks rise, as does the return asked to underwrite them, i.e. the interest rate will be under pressure to rise. On top of this there will be the impending end of the transition period, personally I don't think the current government wants a deal, so this uncertainty will put further pressure on Sterling in the markets. I think that at some point late this year or early next year the new Guvnor of the BOE will have his hand forced to raise interest rates to defend the pound. And we may see several rises in quick succession, which will have impact on housing market. How much that is could be limited or not, hard to tell.
  14. https://www.bbc.com/news/business-51303905 Norton motorcycles back in administration. Currently owned by 'propeety developer' Stuart Garner. Have we heard of Mr Garner before on HPC? He seems to be not very good at business as all his over ones are also in administration..
  15. Could this be the reason why ? https://www.theguardian.com/money/2020/jan/27/debt-repayment-orders-hit-record-115m-in-2019 A lot of people in debt up to their gunnels. A small rise in rates will now crash the system again.
  16. https://www.smh.com.au/business/companies/mall-landlords-spooked-by-collapse-of-high-profile-retailers-20200121-p53tbs.html Similar to Intu, Australian retail property is wobbling.
  17. https://www.bbc.co.uk/news/business-51173668 Intu making a cash call to shareholders. Market cap now £284 million, debts - over £5billion. Maybe those council chief execs can pick up some cheap retail parks now !!
  18. https://www.bbc.co.uk/news/uk-england-south-yorkshire-51046596 Unregulated traing schemes FFS. 13 grand for a 2 day course unbelievable. Why would anyone part with that type of cash.
  19. Surely this will stimulate demand. People who have lost their homes will need a new one to live in. Plus if they have an insurance payout they will also have the funds to complete a purchase?
  20. I once got stopped outside Liverpool St station by two Chinese tourists asking me the way to Anfield. You should have seen the look on their faces when I explained how far away they were. This was before smart phones and Google maps were widely available. Makes you wonder why they thought the two were close to each other !!
  21. Ted Baker seems to be on way out this morning. https://www.bbc.co.uk/news/business-50725571 But it's OK, we can all go and work at 'Spoons. https://www.bbc.co.uk/news/business-50726611
  22. https://www.thebureauinvestigates.com/stories/2018-12-04/councils-borrow-billions-to-buy-real-estate Even more local council driven madness. Spelthorne council borrows 46 times income to invest in property, almost makes borrowing 10 times income to buy a house look reasonable. if I were a Spelthorne council tax payer I would be getting my pitchfork and rope ready for a good ol fashioned lynching of the councillors involved.
  23. https://www.gloucestershirelive.co.uk/news/gloucester-news/council-buys-gloucesters-st-oswalds-3554771 Great timing from Gloucester council. Still expect that the council tax payer will be there to pick up the loss. "The price is almost four times the city council's net annual budget." Sweeeet, bet Hammerson are well happy to get that deal away before the value falls even more.
  24. https://www.bbc.co.uk/news/business-50658437 More contagion is possible - " However, Ryan Hughes, from AJ Bell, said investors would review their interest in other funds which could lead to "a rush for the exits". "We could see a wave of suspensions now - several that offer daily redemptions are at risk," he said."
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