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Bbc Propoganda Machine In Full Swing

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http://www.bbc.co.uk/news/business-28055278

Further evidence of a two-pace housing market has been revealed as data shows prices rocketing in London but rising below inflation in some other regions.

Property prices were up by 18.5% year-on-year in London in May, but only rose by 0.9% in the North East of England and 1.3% in the North West.

On average in England and Wales, prices were up 6.7%, the Land Registry said.

That meant the typical home cost £172,035, compared with a peak of £181,572 in November 2007.

The figures come a day after the Bank of England's Financial Policy Committee (FPC) outlined measures designed to avert a housing boom that could destabilise the UK economy.

While prices rose annually by 26.3% year-on-year in May in the Waltham Forest area of London, the Land Registry data showed prices were lower than a year ago in some areas of Wales, as well as Blackburn, Knowsley and Hartlepool.

The biggest fall was a 13.2% drop in Merthyr Tydfil, although the Land Registry said there were very few transactions in the area, and this could have affected the figures.

The survey echoes figures from the Office for National Statistics (ONS) and some lenders in suggesting that prices in London and the South East of England have risen much more sharply than other areas.

The Land Registry figures for May showed that prices rose annually by 8.4% in the South East of England, 8.4% in the East of England, 6.5% in the East Midlands, 4.7% in the South West of England, 4.3% in the West Midlands, 2.9% in Yorkshire and the Humber, and 2.3% in Wales.

The data also shows that 577 properties were sold in London for more than £1m in March this year.

Many commentators have warned that action to restrict lending could affect the recovering market in some parts of the country.

"Any far reaching changes do run the risk of putting a halt to recovery in other areas of the country and nurturing that is just as big a concern as the London and South East market overheating," said Jeremy Duncombe, director at Legal & General Mortgage Club.

"The only way that we can build a sustainable and balanced housing market is by building more homes and all efforts must be made to get builders building."

On Thursday, the FPC gave details of a long-term measure to act as a "fire-break" on the housing market pushing people into unmanageable debt.

It has recommended that lenders check mortgage applicants can cope with a three percentage point rise in interest rates - slightly tougher than current affordability checks.

It has also said that, from October, there should be a 15% cap on the number of mortgages that banks and building societies can lend to people who want to borrow more than 4.5 times their salary.

Separately, the Treasury has said it will ban anyone applying for a loan through the Help to Buy scheme borrowing any more than 4.5 times their income.

So the seller (Gillian Donkin) can't take an offer at £102,000. Sorry Gillian that's not how markets work, if the market values your property at less than you want you will have to bite the bullet and take the hit or stay where you are.

Why doesn't the BBC interviewer press this point? Are we supposed to feel sorry for these people?

Edited by cool_hand

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London property prices are already destabilising the UK, northern workers certainly can't afford to move down south. Was told the other day by a colleague that they know of someone who moved from London up north for work lived in a 1 bed flat with 2 kids and up North with the sale proceeds from their 1 bed flat got a large house with more bedrooms than they currently need with the proceeds.

Still more jam for London can only mean success.

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http://www.bbc.co.uk/news/business-28055278

Further evidence of a two-pace housing market has been revealed as data shows prices rocketing in London but rising below inflation in some other regions.

Property prices were up by 18.5% year-on-year in London in May, but only rose by 0.9% in the North East of England and 1.3% in the North West.

On average in England and Wales, prices were up 6.7%, the Land Registry said.

That meant the typical home cost £172,035, compared with a peak of £181,572 in November 2007.

The figures come a day after the Bank of England's Financial Policy Committee (FPC) outlined measures designed to avert a housing boom that could destabilise the UK economy.

While prices rose annually by 26.3% year-on-year in May in the Waltham Forest area of London, the Land Registry data showed prices were lower than a year ago in some areas of Wales, as well as Blackburn, Knowsley and Hartlepool.

The biggest fall was a 13.2% drop in Merthyr Tydfil, although the Land Registry said there were very few transactions in the area, and this could have affected the figures.

The survey echoes figures from the Office for National Statistics (ONS) and some lenders in suggesting that prices in London and the South East of England have risen much more sharply than other areas.

The Land Registry figures for May showed that prices rose annually by 8.4% in the South East of England, 8.4% in the East of England, 6.5% in the East Midlands, 4.7% in the South West of England, 4.3% in the West Midlands, 2.9% in Yorkshire and the Humber, and 2.3% in Wales.

The data also shows that 577 properties were sold in London for more than £1m in March this year.

Many commentators have warned that action to restrict lending could affect the recovering market in some parts of the country.

"Any far reaching changes do run the risk of putting a halt to recovery in other areas of the country and nurturing that is just as big a concern as the London and South East market overheating," said Jeremy Duncombe, director at Legal & General Mortgage Club.

"The only way that we can build a sustainable and balanced housing market is by building more homes and all efforts must be made to get builders building."

On Thursday, the FPC gave details of a long-term measure to act as a "fire-break" on the housing market pushing people into unmanageable debt.

It has recommended that lenders check mortgage applicants can cope with a three percentage point rise in interest rates - slightly tougher than current affordability checks.

It has also said that, from October, there should be a 15% cap on the number of mortgages that banks and building societies can lend to people who want to borrow more than 4.5 times their salary.

Separately, the Treasury has said it will ban anyone applying for a loan through the Help to Buy scheme borrowing any more than 4.5 times their income.

So the seller (Gillian Donkin) can't take an offer at £102,000. Sorry Gillian that's not how markets work, if the market values your property at less than you want you will have to bite the bullet and take the hit or stay where you are.

Why doesn't the BBC interviewer press this point? Are supposed to feel sorry for these people?

There's that chatter again....

They have no interest in house prices dropping or cooling the housing market, less tax, less profit for bankers, less GPD B.S..

They are hell bent on getting prices back to 2007 peaks and keeping them above that.

If the British Government had cared out the house market going mental they'd have stopped it in 2005. They want to keep pushing it higher and higher...but as we seen in 2007 the government was taken for a bunch of mugs by the bankers then bailed them out to stop the population taking retribution. They are sitting in their ivory towers thinking if they cant just push up prices another 10% everything will look hunky dorey again, what planet are these people on ?

If I hadn't witnessed for myself what has been happening on the last 6 years I would not have believed it. I've said it before and i'll say it again, buying a house in the UK is the least of our worries and the best course of action is to get out of here.

The free market tories are trying to control/push up the one market that people really need to be part of and the one market that is the most costly for most.

London is destroying the UK and they sit back and fiddle as the UK burns.

Edited by TheCountOfNowhere

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The BBC really is a joke. The so-called flagship Today programme, with our daily dose of some "correspondent" speaking in hushed tones on a slice of life in some far off war zone is lol funny. Does anyone believe this crap?

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TV Licensing turned up on my doorstep yesterday. For five years I held a black and white TV licence and the past 4 years and 4 months no licence at all. Other than 3 visits and the standard monthly menacing letter threatening court action we've got off scotch free. Say nothing, sign nothing that it all.

Now my wife is on the board of directors for a blue chip company regretfully, in the interest of her career I have decided to stump up the £145 fee (from July 1st of course as I'm not paying for what's left of June.

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http://www.bbc.co.uk/news/business-28055278

So the seller (Gillian Donkin) can't take an offer at £102,000. Sorry Gillian that's not how markets work, if the market values your property at less than you want you will have to bite the bullet and take the hit or stay where you are.

Why doesn't the BBC interviewer press this point? Are we supposed to feel sorry for these people?

Where's all the sob stories for renters, unwilling to pay silly high prices, who've suffered QE/0.5%/FLS/HTB house market rescues whilst paying high rents vs mortgages floored in many instances ?

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Where's all the sob stories for renters, unwilling to pay silly high prices, who've suffered QE/0.5%/FLS/HTB house market rescues whilst paying high rents vs mortgages floored in many instances ?

You mean balanced, unbiased reporting from the BBC? :D

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They are hell bent on getting prices back to 2007 peaks and keeping them above that.

No, it's worse than that. There is no desired stable endgame.

That the fact that some regions saw below inflation rises is deemed noteworthy tells you everything you need to know. If stable house prices were seen as the expected, desired norm, one would naturally expect half of all regions to see below-inflation price rises and half to see above-inflation rises at any point in time. If sense prevailed and stable house prices were expected, commenting on below-inflation regional rises would seem as trivially pointless as commenting that water is wet.

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..yep..the bigger their bubble ..the bigger the crash ....a Gordo style success.... :rolleyes:

I dare say it's unavoidable now.

Things were deflating nice at the start of 2013. People are starting to get realistic you could see buying would be sensible 12 months later....then came Caney....the came tories FLS...then came the HTB(anks)...then came the media ramping...then came the london mega bubble mania....then came the BoE almost daily forward guidance...then came the new rules....then came:

a) More price increases ?

B) Another downturn ?

I dont see a) happening now but I can see B).

We will be seeing a lot of drops soon.

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You mean balanced, unbiased reporting from the BBC? :D

For some reason I was expecting her property to be a house, from the VT, in the North East. More so when she said she bought for £125,000 and it's been valued at £117K.

It's an apartment.

http://www.rightmove.co.uk/property-for-sale/property-45125183.html

10 Jul 2007 Flat, Leasehold £125,000
29 Nov 2002 Flat, Leasehold (New Build) £95,000

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Who is the greater fool....the person that buys a pack of butter for £1.60 in a posh supermarket or the person that buys the same pack of butter in the common-or-garden store where they are served by a person with a smile for 95p.

Just because something costs more doesn't mean it is any better....in many cases it is far worse. ;)

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TV Licensing turned up on my doorstep yesterday. For five years I held a black and white TV licence and the past 4 years and 4 months no licence at all. Other than 3 visits and the standard monthly menacing letter threatening court action we've got off scotch free. Say nothing, sign nothing that it all.

Now my wife is on the board of directors for a blue chip company regretfully, in the interest of her career I have decided to stump up the £145 fee (from July 1st of course as I'm not paying for what's left of June.

A friend of mine was away for most of May so couldn't renew his license....when he came back he waited till the 1st of June to take out a new license, having not watched TV in between.

It seems there is an option when you apply/renew to say you have not watched TV while you haven't had a license so in theory it should be renewed from the new month.

Despite ticking the correct box the BBc backdated the license to the time when the license expired instead of when he started using TV again.

He had to call them and complain before they charged him from the date he actually said he started using the TV again.

For me that is fraud/theft. you can't just take peoples money to suit yourself based on your own made up rules.

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Every penny nowadays counts......you will notice more and more penny pinching policies from all kinds of mainly the big corporates....high costs,wage bills, falling margins and chasing yields......shareholders to please....customers always come last when they think the customer doesn't have a choice. ;)

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Every penny nowadays counts......you will notice more and more penny pinching policies from all kinds of mainly the big corporates....high costs,wage bills, falling margins and chasing yields......shareholders to please....customers always come last when they think the customer doesn't have a choice. ;)

Yip. customer service has gone out the window for many companies, especially the faceless multi-nationals.

We, as a nation, have lost our way.

There may be trouble ahead.

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TV Licensing turned up on my doorstep yesterday. For five years I held a black and white TV licence and the past 4 years and 4 months no licence at all. Other than 3 visits and the standard monthly menacing letter threatening court action we've got off scotch free. Say nothing, sign nothing that it all.

Now my wife is on the board of directors for a blue chip company regretfully, in the interest of her career I have decided to stump up the £145 fee (from July 1st of course as I'm not paying for what's left of June.

Why did you just not close the door ? They have zero authority.

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For me that is fraud/theft. you can't just take peoples money to suit yourself based on your own made up rules.

Err ...that's what the entire TV license system is based on !!

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