rollover Posted May 6, 2014 Share Posted May 6, 2014 (edited) The controversial scheme to make mortgages cheaper is expected to be reined in within months amid concerns that the housing market is in danger of overheating. Chancellor George Osborne said the Bank of England was vigilant about the rising cost of property in many areas and would intervene if needed. He was responding to an international report that Britain's booming housing market was becoming a threat to economic recovery. http://www.dailymail.co.uk/news/article-2621851/Squeeze-help-buy-mortgages-Bank-England-ready-act-house-price-bubble.html London, we have a problem! Edited May 6, 2014 by rollover Quote Link to comment Share on other sites More sharing options...
sf-02 Posted May 6, 2014 Share Posted May 6, 2014 "Cutting the maximum purchase price under Help to Buy to £300,000 from £600,000 would address concerns that it is fuelling a house price bubble, senior figures believe." So pretty much no effect. Quote Link to comment Share on other sites More sharing options...
billybong Posted May 7, 2014 Share Posted May 7, 2014 (edited) Mr Osborne, said in Brussels yesterday: 'I've said we should be vigilant about the housing market and this government has given the Bank of England the powers, the tools to do that in an independent way.' But not in London where there's a mega bubble as Carney has denied the BoE has the tools to do anything about the London mega bubble. So they haven't given the BoE "the powers, the tools to do that in an independent way" in London - just to repeat even Carney himself has said he doesn't have the powers, the tools to do that in an independent way in London. The Chancellor added: 'That didn't exist before but we've learnt from the mistakes of the last Government and the Bank of England has the tools and independence to do what it feels it needs to do to help to contribute to building that resilient economy.' No they've learnt nothing - they've learnt nothing from the last government or the government before that or the government before that or the government before that or the government before that or even going back to Edward Heath's government in the 70s and even beyond that. No they've learnt nothing or at least nothing that would actually benefit the UK economy. It's worth repeating again that Carney/the BoE said that they don't have "the tools and independence to do what it feels it needs to do to help to contribute to building that resilient economy.' " - if by that sentence Osborne is trying to suggest that they have the tools and independence to control the London mega Bubble. How many times are they going to claim that Carney has the tools when Carney has said he hasn't. Osborne must think his audience in Brussels is stupid - or do they just share Osborne's not funny joke on UK people. Edited May 7, 2014 by billybong Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted May 7, 2014 Share Posted May 7, 2014 I added a comment but they are moderated and I stand a cat-in-hell's chance of it being published. Quote Link to comment Share on other sites More sharing options...
renting til I die Posted May 7, 2014 Share Posted May 7, 2014 "Cutting the maximum purchase price under Help to Buy to £300,000 from £600,000 would address concerns that it is fuelling a house price bubble, senior figures believe." So pretty much no effect. Haha, yep, apart from 2 buyers in London, it won't affect anyone! I wonder if it will have any affect on sentiment? Put a bit of a max cap on prices in peoples minds? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted May 7, 2014 Share Posted May 7, 2014 London, we have a problem! Strange, when I broight the obvious bubble to their attention several months ago they told me there was no bubble....now there is a bubble....If they can't see a bubble forming and i can...either they can't do their job or they wanted/caused the bubble, which is it ? Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted May 7, 2014 Share Posted May 7, 2014 I like this tackling the problem before there's a bubble.... Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted May 7, 2014 Share Posted May 7, 2014 I like this tackling the problem before there's a bubble.... Perhaps I need to send my email replies to the news papers. Quote Link to comment Share on other sites More sharing options...
Corruption Posted May 7, 2014 Share Posted May 7, 2014 "Cutting the maximum purchase price under Help to Buy to £300,000 from £600,000 would address concerns that it is fuelling a house price bubble, senior figures believe." So pretty much no effect. But it'd mean prices up to 300K could be artificially inflated as opposed to diluting it up until 600K. Gidiot needs sacking for this then cancel it. Quote Link to comment Share on other sites More sharing options...
winkie Posted May 7, 2014 Share Posted May 7, 2014 Quick get out of the bubble before it bursts. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted May 7, 2014 Share Posted May 7, 2014 Gidiot needs sacking arrested for this then cancel it. Fixed for you. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted May 7, 2014 Share Posted May 7, 2014 Quick get out of the bubble before it bursts. It's the CON uncertainty principle...if you're part of the bubble getting out collapses the bubble making getting out impossible. POP. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted May 7, 2014 Share Posted May 7, 2014 But it'd mean prices up to 300K could be artificially inflated as opposed to diluting it up until 600K. Gidiot needs sacking for this then cancel it. Lest we forget £300k is 8 times average household income. Some limit! Quote Link to comment Share on other sites More sharing options...
R K Posted May 7, 2014 Share Posted May 7, 2014 Good cop / bad cop. Osborne writes subsidy cheques then washes his hands of all responsibility by instructing BoE to sort it out. BoE tell Chancellor they can't sort it out for cash buyers in London which is what's (mostly) skewing national average prices. Chancellor reminds the media it's not his problem. What a shower of useless public schoolboy w*nkers these clowns are. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted May 7, 2014 Share Posted May 7, 2014 Good cop / bad cop. Osborne writes subsidy cheques then washes his hands of all responsibility by instructing BoE to sort it out. BoE tell Chancellor they can't sort it out for cash buyers in London which is what's (mostly) skewing national average prices. Chancellor reminds the media it's not his problem. What a shower of useless public schoolboy w*nkers these clowns are. Only useless if you are a hard working real tax payer.... Quote Link to comment Share on other sites More sharing options...
billybong Posted May 7, 2014 Share Posted May 7, 2014 (edited) http:// www.telegraph.co.uk/finance/newsbysector/banksandfinance/10478899/Carney-Bank-has-no-power-to-stop-Help-to-Buy.html http:// www.standard.co.uk/news/politics/bank-of-england-has-no-control-over-soaring-property-prices-mark-carney-tells-mps-9184131.html http:// www.huffingtonpost.co.uk/2014/03/11/mark-carney-house-prices-interest-rates_n_4939641.html Edited May 7, 2014 by billybong Quote Link to comment Share on other sites More sharing options...
JonathanR Posted May 7, 2014 Share Posted May 7, 2014 When they say they are ready to act, they actually want house prices to rise to at least their 2007 levels so they are ready to act to make them go up even faster. There is no way they are going to stop Help To Buy, this was promised to last until at least 2020 in the last budget. What they will do is to take action to make prices rise faster. How about threatening to withdraw Help to Buy to make people panic and take it out before it disappears when really having no intention of withdrawing it? That should add a bit of extra fuel to the fire. Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted May 8, 2014 Share Posted May 8, 2014 Itv news are about to have an article from Barratts Plc - please don't burst the bubble. Quote Link to comment Share on other sites More sharing options...
Corruption Posted May 8, 2014 Share Posted May 8, 2014 When they say they are ready to act, they actually want house prices to rise to at least their 2007 levels so they are ready to act to make them go up even faster. There is no way they are going to stop Help To Buy, this was promised to last until at least 2020 in the last budget. What they will do is to take action to make prices rise faster. How about threatening to withdraw Help to Buy to make people panic and take it out before it disappears when really having no intention of withdrawing it? That should add a bit of extra fuel to the fire. HTB 1 goes until 2020. HTB 2 until 2016. Quote Link to comment Share on other sites More sharing options...
RentaBear Posted May 8, 2014 Share Posted May 8, 2014 Weren't they also constantly 'ready to act' to keep inflation at 2% and permanently surprised that they failed to hit their targets? Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted May 8, 2014 Share Posted May 8, 2014 (edited) Weren't they also constantly 'ready to act' to keep inflation at 2% and permanently surprised that they failed to hit their targets? I feel a fan-chart dance coming on ... lovely! Edited May 8, 2014 by okaycuckoo Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted May 8, 2014 Share Posted May 8, 2014 Have they acted yet ? Are they acting to keeping it going ( to suit their banker friends ) or burst it ( to rest of the population ) ? Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted May 8, 2014 Share Posted May 8, 2014 Good cop / bad cop. Osborne writes subsidy cheques then washes his hands of all responsibility by instructing BoE to sort it out. BoE tell Chancellor they can't sort it out for cash buyers in London which is what's (mostly) skewing national average prices. Chancellor reminds the media it's not his problem. What a shower of useless public schoolboy w*nkers these clowns are. You didn't go to a Grammar School by any chance . Quote Link to comment Share on other sites More sharing options...
zugzwang Posted May 8, 2014 Share Posted May 8, 2014 HTB 1 goes until 2020. HTB 2 until 2016. HtB1 helped make just 19394 legal completions in the year April 1, 2013 to March 31, 2014. It's being extended to 2020 because Osborne knows it will cost next-to-nothing to do so - the uptake has been so poor. HtB2 was intended primarily to goose prices in London and the South East in the run-up to the GE. A majority of mortgage brokers believe it will be withdrawn completely (like FLS) or modified substantially before 2016. Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted May 8, 2014 Share Posted May 8, 2014 HtB1 helped make just 19394 legal completions in the year April 1, 2013 to March 31, 2014. It's being extended to 2020 because Osborne knows it will cost next-to-nothing to do so - the uptake has been so poor. HtB2 was intended primarily to goose prices in London and the South East in the run-up to the GE. A majority of mortgage brokers believe it will be withdrawn completely (like FLS) or modified substantially before 2016. That "next to nothing" cost has dropped £791,000,000 in the back pockets of the house builders. Nice work if you can get it. Quote Link to comment Share on other sites More sharing options...
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