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  1. More than 200 UK shopping centres 'in crisis' https://www.bbc.co.uk/news/uk-england-45707529
  2. Someones finally twigged. BBC has some use.....anyone with more recent data? I know I cant afford to get pregnant ;-)....or buy a house, pay the rent and eat...TPTB plan in action!!? http://www.bbc.co.uk/news/business-43195765
  3. Tax bill of £420k. https://www.theguardian.com/politics/2018/feb/15/hmrc-wins-tax-case-against-bbc-presenter Never mind, just sell a few BTLs. Taxy, taxy .....
  4. Haven't sent a thread yet - But the BBC are stating that High Street banks approved 39,507 mortgages during the month, the lowest since August 2016. They are blaming it on the rise in interest rates........... http://www.bbc.com/news/business-42502610
  5. Caught 10 minutes of this today, it's not a radio show I normally listen to because it is just soap opera drivel for the middle classes, but what I did hear: Landlord deciding to sell because "it's a lot of responsibility being a landlord" Young couple unable to buy at current prices Deluded seller being advised, "it's only worth what someone is prepared to pay for it" drip drip, I wonder if the BBC writers are in the priced out generation now? This is the kind of thing the average landlord does listen to, it gets around 5 million listeners a week.
  6. http://www.bbc.co.uk/news/uk-england-birmingham-38269394 Birmingham couple buys house for asylum seekers A couple saving for their own home bought a house for asylum seekers instead. Matthew and Steph Neville, from Birmingham, had been saving for years when they decided to help people who had nowhere else to turn. The couple are part of a Christian community and live in a church. Asylum seekers who have recently arrived in the country are expected to move into the terraced house, in an undisclosed West Midlands location, by Christmas.
  7. There is a radio programme on Fivelive each week with Gabby Logan about buying houses. I have never listened to it but I have had the misfortune to listen to the endless promos for it on BBC Fivelive. Has anyone else listened to the promos - they are all about rising house prices, not too late to buy, property can only go up. I find it pretty disgusting. That's all I wanted to say really. Got that off my chest.
  8. I attended a social gathering the other day, in which the topic went on to buying houses and BTL. One bloke (in the medical profession) said he's in the middle of buying a house specifically to renting it out and was wondering if he should inform the HMRC at all. In reply, a teacher said he had 2 houses and had never informed the tax man. Another attendee, who works for the BBC, also mentioned he has roughly 4 houses he lets and has only informed the authorities of 1. The subject of 100% mortgages also came up and the teacher hoped they would come along again, as then he would buy another. I was too tired to join in the conversation but hope my withering look was plain to see. It astounds me that seemingly intelligent people, in decent well-paying jobs lack the creativity to think of other things to use their money on - plus seem to be uninformed of the financial system in place which won't give a proverbial about them once sentiment changes. Do these people not use Monte Carlo modelling to take into account multiple variables, in their financial decisions that may impact their lives for 20-30 years minimum? Or do they just follow the popular narrative that the media spouts out and lack true freedom of thought? I'll bring them acid for next time we meet, to expand their minds
  9. http://www.bbc.co.uk/news/magazine-37696978 It is the most common residential road name in Great Britain, so what can Station Road tell us about housing today? There are more than 2,000 Station Roads - how have the people living in them been affected by the housing crisis? Here, a young couple in Islington, north London, look at whether they could afford to buy a one-bedroom flat on any Station Road in London. Video by Daniel Gordon, Harry Low and Robert Spencer. Join the conversation - find us on Facebook, Instagram, Snapchat and Twitter Do you live on Station Road? Are you affected by the housing crisis? Please contact us using the form below: Your contact details
  10. Saw this on the BBC news this morning. http://www.bbc.co.uk/news/business-37508968 Ironically, my sister and I fall into these two profiles (all be it I was born late 60's) and I rent and she has a mortgage/owns house.
  11. http://www.bbc.co.uk/news/business-36866975 The most-affordable - and the least-accessible - places for first-time buyers have been revealed by the UK's largest mortgage lender, the Halifax. Compared to local earnings, the cheapest places to buy are mostly in western Scotland and northern England. The most expensive are all in London. East Dunbartonshire, on the northern fringes of Glasgow, is the most-affordable place in the UK. On average, house prices here are just 2.6 times local annual earnings. By contrast, the least-affordable place is Brent in north London, where house prices are on average 12.5 times local earnings. The Halifax data also shows that first-time buyers face the highest prices in London, paying £384,000 on average, compared to just £110,00 in Northern Ireland. 12.5 and the rest.
  12. http://www.bbc.co.uk/news/business-36273448 The Bank of England has given its starkest warning yet that a UK vote to leave the EU could hit the economy. Mark Carney, the Bank's governor, warned that the risks of leaving "could possibly include a technical recession". Prime Minister David Cameron said the warning amounted to "a very clear message" of the dangers of Brexit. Vote Leave campaigners have strongly criticised Mr Carney, with one calling for him to resign. However, a spokesman for Mr Carney rejected the call, saying the Bank had "a duty" to make its judgements known. The latest minutes from the Bank's Monetary Policy Committee (MPC) said that a leave vote may cause both growth and sterling to fall and unemployment to rise. Mr Carney said the Bank had not compiled formal forecasts about the possibility of a recession - defined as two consecutive quarters of negative growth - resulting from a Brexit vote. Chancellor George Osborne said the UK now had a "clear and unequivocal warning" from the MPC as well as the Governor of the Bank of England about the risks of a Leave vote, "The Bank is saying that it would face a trade-off between stabilising inflation on one hand and stabilising output and employment on the other," he said. "So either families would face lower incomes because inflation would be higher, or the economy would be weaker with a hit to jobs and livelihoods. This is a lose-lose situation for Britain. Either way, we'd be poorer." Jacob Rees Mogg, a Tory MP and Treasury Select Committee member, called on Mr Carney to resign. "I think it is unprecedented for the governor of a central bank to suggest that people should short his own currency. Suggesting sterling will fall sharply is simply not what responsible central bankers do," he said. Former Work and Pensions secretary Iain Duncan Smith said that Mr Carney needed to be "very careful" about making such comments. Lord Lamont, the former Chancellor and Vote Leave spokesman, said: "The governor should be careful that he doesn't cause a crisis. If his unwise words become self-fulfilling, the responsibility will be the governor's and the governor's alone. A prudent governor would simply have said that 'we are prepared for all eventualities'." In response, a spokesman for Mr Carney said: "The Bank of England has not made, and will not make, any overall assessment of the economics of UK's membership of the European Union. "At the same time, the Bank must assess the implications of the UK's EU membership for our ability to achieve our core objectives and we have a duty to report our evidence-based judgments to Parliament and to the public. That is the fundamental standard of an open and transparent central bank. "Assessing and reporting major risks does not mean becoming involved in politics; rather it would be political to suppress important judgments which relate directly to the Bank's remits and which influence our policy actions." The Bank's latest quarterly Inflation Report, released on Thursday, predicted that economic growth would slow in the second quarter of the year, but pick up in the second half. It also cut the growth outlook for the next three years. The report also forecast that inflation would reach 0.9% in September if long as the UK stayed in the EU. The MPC unanimously voted to keep interest rates at 0.5%. Analysis: Kamal Ahmed, economics editor In the Bank of England's assessment of the health of the UK economy, one ringing sentence jumps out: "The most significant risks to the [economic] forecast concern the referendum," the Monetary Policy Committee says. It goes on to reveal that far from this simply being a judgement on what Bank officials describe as the "uncertainty spike" around the fact the referendum is taking place at all - this is a judgement that Brexit would have a material effect on the economy. In a Bank world of carefully chosen words, "material" means significant. And significantly downwards. Read more from Kamal here. The Inflation Report said that uncertainty over the EU referendum was already weighing on economic activity: "There is evidence that a material proportion of the 9% fall in sterling exchange rate since its peak in November could reflect referendum effects. "It is hard to judge how much of the slowdown reflects a loss of underlying momentum and so may persist and how much is likely to unwind if uncertainty recedes following the referendum. Referendum effects will also make it harder to interpret economic indicators over the next few months." Nick Stamenkovic, strategist at RIA Capital Markets, said: "The clear message of the Bank of England is that they are in no hurry to do anything until they assess the impact of the outcome of the referendum on the economy." However, the inflation report noted that in the event of a leave vote, the MPC would face the difficult choice of raising rates to control inflation or lowering them to stimulate the economy. The Report said that inflation probably fell back to 0.3% in April from 0.5% in March, reflecting the falls in oil and food prices over the last year and the strength of sterling in the same period. It expected inflation to return to the target 2% level by mid-2018 as these factors faded out. Carney is Toast. NI numbers prompt row over 1.2m EU 'immigration gap' http://www.bbc.co.uk/news/uk-politics-eu-referendum-36271390 BBC Assistant Political Editor Norman Smith said "there is a real row brewing" over the figures and one pro-Leave Tory MP had told him "the letters demanding Mr Cameron's resignation were already going in to the chairman of the 1922 Committee" - the powerful committee of backbench Tory MPs. Cameron is Toast.
  13. http://www.bbc.co.uk/news/business-36266178 UK industry fell back into recession as it shrank for the second quarter in a row, according to the Office for National Statistics (ONS). It is the third time UK industry has been in recession in eight years. Although industrial production rose 0.3% from February to March, it fell 0.4% both in the first three months of 2016 and in the last three of 2015. Compared with a year ago, manufacturing production in the first quarter fell 1.9%, the biggest fall since 2013. The biggest fall in output came from the basic iron and steel sector which saw production drop in March by 37.3% percent compared with a year earlier. However, the oil and gas industries saw sharp gains, increasing production 17% in February, and 10.9% in March from the same months a year earlier. Manufacturing and construction is proving to be a drag on the whole economy, helping slow UK economic growth from 0.6% in the last three months of 2015 to 0.4% between January and March, according to the ONS. Weaker growthEarlier this month a survey by Markit/CIPS also showed manufacturing contracting. Chris Williamson, chief economist at Markit said: "The goods-producing sector therefore looks to be on course to act as a drag on the economy again in the second quarter, contributing to a slowing in economic growth to near-stagnation. "Growth could be even weaker if the surveys disappoint in coming month, which seems probable given the intensifying uncertainty over the outcome of the EU referendum." Despite this, economist Ruth Miller from Capital Economics is optimistic for the rest of the year. She said: "We still expect things to look up as the year progresses. Sterling's recent depreciation and our expectations that global growth will pick up slightly in 2016 should allow the sector to return to modest growth later this year."
  14. http://www.bbc.co.uk/news/business-36243871 There have been calls for the industry to do more to help older buyers Nationwide is raising its age limit for people paying off mortgages by 10 years to 85, in the latest sign of the impact of rising house prices on buyers. The building society said the increase was due to "growing demand", and the limit would be in force from July. It means a 60-year-old could take out a 25-year mortgage as long as they prove they can afford the repayments. The move comes as Halifax increases its age limit for mortgages from 75 to 80 from Monday. There have been calls for the industry to do more to help older buyers after tougher mortgage checks, bought in in the wake of the financial crisis, have made it harder for middle-aged people to get a home loan. 'Controlled manner'Rising house prices have exacerbated the issue, with many people not able to afford to buy their first home until they are in their thirties or forties. Nationwide said the new age limit would apply to existing customers for all its standard mortgages, but the maximum loan size would be £150,000, and could be no greater than 60% of the property value. "Access to the mainstream market has been a challenge for older customers, resulting in their needs going unfulfilled. This measure helps to address these needs in a prudent, controlled manner," said Nationwide head of mortgages Henry Jordan. House prices grew 7.6% in the year to February, official statistics suggest. And a recent survey by Halifax suggested that one in three 20- to 45-year-olds expected to be working beyond their retirement age to pay off their mortgage. Halifax said its decision was a response to changing demographics, with people living and working for longer. The policies of rival mortgage lenders for older borrowers varies. Santander, for example, says 75 is its cut-off while RBS' upper age limit is 70. HSBC says it does not turn down mortgages on the basis of age, but reviews applications of those over 75 on "a case by case basis". At Barclays the upper age limit is 70, or the customer's retirement date - whichever is sooner.
  15. http://www.bbc.co.uk/news/business-36181318 'Bank of mum and dad' lends £5bn a year in UK, says L&G Lending from parents to help their children get on the UK property ladder will amount to £5bn in 2016, according to data from Legal & General (L&G). L&G says it means the so-called Bank of Mum and Dad will help to finance 25% of all UK mortgage transactions this year - at an average amount of £17,500. If this lending prowess was combined into a formal business, it would be a top 10 UK mortgage lender, adds L&G. But it warns this method of lending is coming under increasing pressure. "The Bank of Mum and Dad plays a vital role in helping young people to take their early steps on to the housing ladder," said Legal and General chief executive Nigel Wilson. But he said it highlighted a number of important issues, including house prices being "out of sync with wages". Many of those accepting money from their parents are being given substantial sums. Dan Howdle, bought three-bedroom semi-detached a year ago in Rugeley in the West Midlands, thanks to £50,000 from his parents. "I wouldn't have had a chance of doing it without them, certainly for the next five years," Mr Howdle, who works for a broadband company, told the BBC. "Before this gift, I was expecting to be a renter for the rest of my life," he said. 'Supply side' In London, Mr Wilson said this funding method was reaching "tipping point", with more than half of average household net wealth (excluding property assets) going towards helping their offspring on to the housing ladder. Mr Wilson also said that not all young people were able to access parental support, while many who could were still unable to afford a home. He added: "We need to fix the housing market by revolutionising the supply side - if we build more houses, demand can be met at a sensible level and prices will stabilise relative to wages." Research from L&G and economics consultancy Cebr suggests the Bank of Mum and Dad will provide deposits for more than 300,000 mortgages, purchasing homes worth £77bn this year. The Bank of Mum and Dad's average financial contribution is £17,500 or 7% of the average purchase price, it says. Suprised to see this on the BBC. Just shows the lunancy of the problem. I wonder where house prices would be if BOM&D didn't bail their children out?
  16. http://www.bbc.co.uk/news/uk-wales-north-west-wales-36093072 A dilapidated beach hut on a north Wales beach has sold at auction for an eye-watering £153,000. The wooden building is at Abersoch on the Llŷn Peninsula in Gwynedd. Measuring just 13ft by 9ft, it has no electricity or water - and you are banned from sleeping in it overnight. For the same price just a few miles away you could snap-up a two-bedroom house in the village of Llanbedrog - or even a seven-bedroom terraced house at Tywyn across Cardigan Bay. "It's certainly the highest price ever achieved for a beach hut in Abersoch," remarked Tony Webber, auction surveyor at Beresford Adams Countrywide Auctions. "It's quite incredible. We had two very determined bidders, both from the Cheshire area, who were bidding separately. They were very determined to buy it." The auctioneers said the hut is "in need of some TLC" - but does include part of the beach in front of the hut into the sea. The previous record for the beach huts on the Abersoch sands was £70,000 in 2008.
  17. http://www.bbc.co.uk/news/uk-politics-eu-referendum-36070761 The chancellor said "it would be the poorest" who would be most affected by an EU exit, citing people whose jobs "depend" on the car plants and steel making factories. "They are the people whose incomes would go down, whose house prices would fall, whose job prospects would weaken, they are the people who always suffer when the country takes an economic wrong turn," he said. I say bring it on.
  18. http://www.bbc.co.uk/news/business-35941503 North-South house price divide hits record high By Brian Milligan Personal Finance reporter House prices in northern England are now less than half those in the south of the country, according to the Nationwide - a new record. On average, a house in the North of England is worth nearly £163,000 less than one in the South. In the first quarter of 2016, prices in the South rose by 9.9% year-on-year, compared to just 1.8% in the North. Measured on a monthly basis, the average price of a home in the UK was £200,251. That is the first time on the Nationwide measure that the price has risen above £200,000. The building society also said that prices were picking up. In the year to March, house price inflation across the UK hit 5.7% - up from 4.8% in February and the fastest rate for more than a year. One reason for the increase may have been the rush by landlords to buy property ahead of Stamp Duty increases on 1 April, the Nationwide said. The Scottish equivalent - the Land and Building Transaction Tax (LBTT) - will also see a 3% surcharge. "The pace of house price growth may moderate again once the stamp duty changes take effect in April," said Robert Gardner, Nationwide's chief economist. "However, it is possible that the recent pattern of strong employment growth, rising real earnings, low borrowing costs and constrained supply will keep the demand/supply balance tilted in favour of sellers, and maintain pressure on price growth in the quarters ahead." The Nationwide figures suggest prices are rising fastest in the London suburbs - as corroborated by the Land Registry earlier this week. Where prices are rising fastest Region Average price % annual change (Q1 2016 v Q1 2015) Outer London £344,371 12.2% London £455,984 11.5% South East England £255,325 8.3% South West £221,703 5.8% East Anglia £204,948 5.8% West Midlands £168,585 4.1% East Midlands £162,082 2.2% Yorks and Humberside £144,361 1.9% N. Ireland £123,225 1.8% Wales £141,525 1.7% North West £144,914 0.5% Scotland £139,911 -0.2% Northern England £123,864 -1.1% I would love to buy a home for £200,251. Bring it on.
  19. http://www.bbc.co.uk/news/magazine-35406324 A CNN/ORC poll carried out in December 2015 suggests 69% of Americans are either "very angry" or "somewhat angry" about "the way things are going" in the US. #GETANGRY
  20. http://www.bbc.co.uk/news/business-35154420 Rent rises could soon outpace house prices, warn surveyors By Brian Milligan Personal Finance reporter The cost of renting in the UK could rise faster than house prices over the next five years, surveyors have warned. At the end of that period tenants could find themselves having to pay at least 25% more than they do now, according to the Royal Institution of Chartered Surveyors (Rics). Simon Rubinsohn, Rics chief economist, blamed government moves to discourage buy-to-let landlords. "In the long run I'm concerned that rents might increase rapidly," he said. However, he predicted that house prices would continue to rise faster than rents in 2016. According to Rics estimates, house prices will increase by 6% next year, and rents by 3%. Rental 'strain'Over the longer term, the Rics survey suggests rents could rise by an average of 5% each year for the next five years. House prices, it predicts, could rise by 4.7% a year. The government has announced a series of measures to promote home ownership, but is introducing tax changes that will make life harder for landlords. From 2017, they will be able to claim less tax relief on their profits. And from April 2016, they will have to pay a higher rate of stamp duty. "Critically our principal concern with the measures announced by the government is that they are overly focused on promoting home ownership, at the expense of other tenures," said Mr Rubinsohn. "Discouraging buy-to-let could see private rents take even more of the strain." However, he welcomed the government plans to build more homes for sale, saying that could help ease house price growth. Rics predicts that East Anglia is the region likely to see the fastest growth in house prices in 2016, at 8%, while the West Midlands and the South East will also outperform the market. However, the North East of England is expected to see the slowest growth, at 3%. They are probably correct though : (
  21. http://www.bbc.co.uk/bbctrust/news/press_releases/2015/impartiality_statistics
  22. From the BBC: http://www.bbc.co.uk/news/business-30024257 Right. Because personally I was crapping myself about buying a house without knowing what was happening with Scotland. Now I know they're still with us, I'll go and stretch myself to the limit on debt to buy a shoe box. We don't need more props to save the market. We need more referendums.
  23. Anyone watching this laugh a minute nonsense? I've been tweeting it live. The BBC has got a pet letting agent to explain how to make living in Cambridge 'affordable' His solution. Tiny rooms and studio's for young professionals. The letting agent is opposed to minimum sizes, and asks a Council official if they will 'go smaller' His vision of the future was a Premier Inn 11.4 square metre hotel room allowing them to squeeze in 30% more rooms. Hopefully on iPlayer soon. Its a classic!
  24. The PRA has this morning released its consultation on depositor protection, which seeks to implement the requirements of the EU's Deposit Guarantee Schemes Directive. http://www.bankofengland.co.uk/pra/Documents/publications/cp/2014/cp2014.pdf The part of the consultation that will perhaps be of most relevance to HPC members is the proposed rules on Temporary High Balances (THB), for example the proceeds of the sale of a residential property held in a bank deposit account. The proposal is that THBs will have protection up to a limit of £1 million (with an exception made for compensation awards for personal injury claims, where the amount will be unlimited) for a period of six months. The PRA claims that this will cover 99% of residential property transactions. The rules will likely come into force on 3 July 2015. Below is an extract of the proposed wording of the THB rules: Edit: for clarity
  25. http://www.bbc.co.uk/news/business-27794161 Surveyors have reduced their expectations for house price growth in the UK, despite a continued shortage of homes for sale. Property prices are expected to grow by 5% a year over the next five years, according to the Royal Institution of Chartered Surveyors (Rics). This prediction had edged down in recent months, Rics said. Price rise expectations in London have dropped from an estimate of 9% a year in March to just under 5% now. "What we are really seeing is some of the very strong upward momentum starting to come off the housing market, as a lack of supply, higher prices, more prudent lending measures and some of the talk from the Bank of England are creating a level of caution among sellers and buyers," said Simon Rubinsohn, chief economist at Rics. The Rics survey is one of a number of different surveys that are published about the UK housing market. Earlier this month, the Nationwide Building Society said that there had been signs that activity in the UK housing market was starting to "moderate". However, prices have risen in most parts of the country in recent months, with London showing double-digit annual growth in property prices. Looks like the media propganda machine will be out in full swing. Markets cooling so we must Keep Help to Buy. Markets cooling so we must keep interest rates low.
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