Nationwide Regional Mngr Says Recession Has Started.

[dogbox]

She looks after c30 'satelite' branches, the sort you find in E/As or very small non - high street premises.

She's an old aquaintance who's worked there years. She says things are dire. Although she said remo's are holding up, she advised me the ordinary mortgage market has completely fallen away.

Her words - "We are definatley going into another recession right now, the branch (mortgage) staff have been twiddleing thier thumbs all year, we all saw a little rise in Spring and thought things were returning to normal but then it just fell away. Its completely dead. If it wasnt for remortgages, well, I dread to think."

[New Darker Law]

Well I wouldn't expect companies liek these, even mutuals like Nationwide to have staff twiddling thumbs for very long.

If business doesn't pick up, these branches/staff wil be disposed of.

That'll just add to the recession. It's a vicious circle when it all goes wrong.

NDL

[benjamin]

whu o why o why have the boe let this carry on - low interest rates, that is.

[Sledgehead]

So if we ask Nationwide to substantiate your account, would you be comfotable with them checking your post?

Forget it apollo. dogb has no axe to grind. He is neither bear nor bull. This is mere reportage on his part. Check out his histoire dude. You are sniffing the wrong @rse.

[MongerOfDoom]

Well I wouldn't expect companies liek these, even mutuals like Nationwide to have staff twiddling thumbs for very long.

If business doesn't pick up, these branches/staff wil be disposed of.

That'll just add to the recession. It's a vicious circle when it all goes wrong.

NDL

It might just be possible to get said staff to deal with reposesions instead, although I suppose that might require more skills than just knowing where the customer should sign

Thanks,

MoD

[dogbox]

Forget it apollo. ........... You are sniffing the wrong @rse.

Steer clear of my @rse, I had chicken Dansak last night and as usual asked for it extra hot.

BTW, why to people eat Rogon Josh, its like an insipid Tomato stew?

[Guest Bart of Darkness]

Forget it apollo. dogb has no axe to grind. He is neither bear nor bull. This is mere reportage on his part. Check out his histoire dude. You are sniffing the wrong @rse.

Eduring image.

All I was asking is if the Natiownide would substantiate it

We'd get the usual cobblers. It's not in their interests to back up stories like that, whether true or otherwise.

[Guest consa]

eeewww , you're sick

All I was asking is if the Natiownide would substantiate it

Of course they wouldn't, they're a VI.

Edited September 26, 2005 by consa

[Dames]

Slightly OT but I'll put it here anyway.

Was in a sales office today of a site I've been working and had a quick chat with the sales lady of a large housebuilder who shall remain nameless.

Well , to cut a long story short her words were basically that said housebuilder doesnt give 2 hoots about ftb's with which I agreed of course. Interestingly though I asked about discounting and she came up with a few figures.

They seem to have a set level of profit and then it is only the 'froth' ( my words ) that can be negotiated away. Seemed to go from £3k to £15k over the top of an already overvalued - imho - property.

She said she'd had one woman who comes in regular offering £15k below asking on a property she only has £3k to move on and seemed to be saying how cheeky that was.

I was also struck by the fact that it was more the 'investor' she was interested in as the "first time buyers cant even afford the full value of the house" .

With that I stated that would be because housing is currently vastly over valued and left it at that.

D

[Michael]

ask anybody working on the retail front line and they'll tell you it's already started .....Non essentials services such as restaurants and the most expensive hairdressers will be hit hardest while places like ASDA and Morrisons carry on as normal

[The Masked Tulip]

I was also struck by the fact that it was more the 'investor' she was interested in as the "first time buyers cant even afford the full value of the house" .

I remember going to look at some houses by a well known UK builder, about 2 miles from my home in Swansea, back in early 2003. They were building a small 'executive' estate of about a dozen houses costing about 320K each. The saleswoman just was not interested in talking to me and said that all the houses, bar one, had been sold.

I drove through that same estate last Saturday and all, bar one, of the houses were still empty. They had no furniture in them and some even still had plastic sheeting on the minute garages where the doors had never been opened. All the houses are advertised each week as being for sale and for rent - whichever comes first I guess. The asking price for them is about 400K each.

I figure someone, either an 'investor' or even the EA themselves, had negotiated a job lot discount anticipating a huge return. Well, I hope they lose the shirts off their backs the greedy so and sos.