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zugzwang

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Everything posted by zugzwang

  1. Approximately one third of mortgagors were on an SVR in 2010. Many of these so-called 'mortgage prisoners' are still paying interest at 4-5%. Not that the Tory boys care! https://www.moneysavingexpert.com/news/2021/04/commons-vote-mortgage-prisoners-/ Conservative MPs have struck down a proposed amendment to the Financial Services Bill, which would have seen interest rates capped for certain mortgage prisoners. The amendment to the Financial Services Bill, which had been suggested by the All-Party Parliamentary Group on Mortgage Prisoners (APPG), would have brought in a cap on the standard variable rate (SVR) of interest for mortgage prisoners in 'closed books' - ie, those borrowing from a firm which no longer lends to new customers. The proposed cap was no more than 2% above the Bank of England base rate (currently 0.1%)
  2. Just like Hong Kong. Barely a murmur was raised in parliament when Chris Patten's flabby hindquarters were punted unceremoniously into the harbour.
  3. Emphatically not! The economy would be much smaller than it is now. House prices and rents would have been proportionately lower. And talk of interest rates going from 7% to 2% isn't entirely accurate either. The average SVR was a little over 5% twenty years ago. It's a little under 5% today.
  4. New houses would still have been built but on average they'd have been a LOT cheaper.
  5. Yes, second homes and holidays lets in the SW have also priced young people out of the market.
  6. The situation did get worse! It got significantly worse in London and the South East because the number of new houses didn't keep up with the growth in population. The result has been the creation of a boomerang generation of 18-45 yr olds some 4m strong still living in the parental home, unable or unwilling to rent or buy. Had they been able to contribute to the market prices and rents would have risen even faster. When are we going to build in sufficient quantity to accommodate them?
  7. Much of the existing housing stock has been subdivided. Each subdivision counts as a single housing unit. HMOs are an extreme manifestation of this trend. They didn't legally exist prior to 2000. Now there's a million of them, almost all in London/SE. Quoting directly from the document you cite: https://www.london.gov.uk/sites/default/files/housing_in_london_2019.pdf In 1971 there were 2.9 people for each dwelling in both London and England. Over the next two decades the number of people per dwelling fell across the country but particularly in London, due to a combination of population decline and ongoing house building. But starting in the early 1990s new house building in London fell behind population growth, and the estimated number of people per dwelling rose from 2.35 in 1991 to 2.52 in 2016. Over the same period the number of people per dwelling fell in every other region of England. The number of people per dwelling in London fell slightly to 2.50 in 2017 and remained at this level in 2018 as housing growth kept pace with population growth. It's very relevant. Sub-letting helps maintain rents, private and social.
  8. There's been very little population growth outside of London/SE. You're assuming that 1. There's a linear relationship between prices and excess demand. 2. One unit of housing from 2020 is equivalent to one unit of housing from 2000. 3. There's no illegal subletting going on.
  9. Fallacy of composition. The population rise isn't evenly distributed. Most of it has occurred in London and the SE. Unsurprisingly, this is also where most of the hpi has happened nationally. Obviously, the availability of credit and the alphabet soup of govt subsidies are also factors.
  10. Virus? You've spent six months pretending they're not real!
  11. You mean the one that's given them the best healthcare and economic outcomes in the world? Science, dummy.
  12. You elect this man to lead the country, of course. Arguably, the Greatest Living Englishman. Certainly this country's greatest parliamentarian. Jeremy Corbyn has told Morgan Stanley it is right to regard him as a threat, after the investment bank warned its clients that a Labour government could pose as much of a risk to British business as Brexit. The Labour leader hit back on Thursday, accusing Morgan Stanley of being part of the same “speculators and gamblers who crashed our economy in 2008”. In a video posted on social media, he also promised a new approach to financial services regulation. “Nurses, teachers, shopworkers, builders, just about everyone is finding it harder to get by, while Morgan Stanley’s CEO paid himself £21.5m last year and UK banks paid out £15bn in bonuses,” Corbyn said. “Labour is a growing movement of well over half a million members and a government-in-waiting that will work for the many. So when they say we’re a threat, they’re right. We’re a threat to a damaging and failed system that’s rigged for the few.” Corbyn said the greed of bankers had plunged the world into crisis a decade ago and the UK was still paying the price because the Conservative party had “used the aftermath of the financial crisis to push through unnecessary and deeply damaging austerity” “That’s meant a crisis in our public services, falling wages and the longest decline in living standards for over 60 years,” he said. He highlighted Morgan Stanley’s $3.2bn settlement with US authorities for its role in the creation of flawed mortgage-backed bonds during the global financial crisis, and the bank’s four meetings with senior government figures including Philip Hammond, the chancellor, last year. Corbyn said Labour would soon be publishing policies on the finance sector and how it planned to transform the economy. Morgan Stanley warned about the nationalisation of key industries, higher taxes and a shift in spending priorities towards low-income households under Corbyn’s leadership, which it said could damage valuations of UK companies. https://www.theguardian.com/politics/2017/nov/30/jeremy-corbyn-morgan-stanley-labour-brexit
  13. The people in the background who call the shots aren't at all hard to identify. The majority of them are employed as wealth extractors contracted to the international financial elite. The greatest aggregation of white collar criminals anywhere in the world:
  14. The UK population has grown by more than 8 million in the last 20 years while housing completions have averaged barely 150,000/yr. 25 years' growth of surplus housing stock? Mulheirn is as dumb as a pile of rocks.
  15. The OBR's July report on fiscal risk suggested that inflation 'is no longer a very effective way to the reduce debt-to-GDP ratios'. In of itself that means nothing, the OBR has been hopelessly wrong about everything since its inception. But it might be an indicator of the govt's future intentions i.e. more austerity for the public sector. Ten Houses is set to announce new rules re. govt borrowing at the Tory conference. We may learn something then alongside the meaningless pieties about prudence etc. Of course, no mention will be made of his various homes in Kensington, California, Mumbai, or the new gymnasium /swimming pool complex he's having built adjacent to his manor house in Skipton. Obviously, more financial repression would fly in the face of Bozo's Red Wall promises deceptions, so that implies an early General Election to give them a clear five years to adminster the beating.
  16. Not quite a death bed recantation from Friedman but close enough!
  17. Gove is a crack smoking imbecile. Mulheirn's 'research' ignores the 4 million 18-40 year olds now living in the family home unable to buy or rent. The central plank of the Tory boys' economic policy agenda is hpi forever. Being told that they intend to renege on their latest housebuilding promise should come as no surprise.
  18. The British are like whipped dogs. Indoctrinated into a attitude of servility by the billionaire press and the BBC.
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