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Crumbless

Nationwide blames the builders

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Clearly building more houses than people can't afford is a fantastic business model .. if you want to go bankrupt.

http://www.bbc.co.uk/news/business-37516343

Housebuilders should get on and build more houses, the Nationwide Building Society has declared. 

It said the number of homes on the market was close to record lows, partly because of low rates of construction.

Nevertheless, its latest figures show that annual house price inflation has fallen, from 5.6% in August to 5.3% in September.

Between August and September, prices rose by just 0.3%, half the 0.6% rise in the previous month.

The average price of a house or flat in the UK is now £206,015, it said.

Even though demand for homes has fallen, the number of new properties coming on to the market has also gone down

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By the tone of some of the papers reporting this you would think hpi is a fraction of cpi not multiples of. Almost like it is expected that hpi should beat cpi otherwise it is doom.

Edited by crashmonitor

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Suddenly they are worried about low mortgage volumes. They'll have to cut their cloth accordingly.No point moaning about the builders not building. It's not news!

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4 minutes ago, Ash4781 said:

Suddenly they are worried about low mortgage volumes. They'll have to cut their cloth accordingly.No point moaning about the builders not building. It's not news!

And if corporate build to rent is the new game in town that'll mean the new houses or more likely flats being built won't even get a BTL mortgage attached to them.

Glad i won't be working in 20 years to pay the debt interest payments and cover the Housing Benefit bill.

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21 hours ago, hotairmail said:

Mutuals are not there to lend to landlords and inflate house prices beyond affordability.

Disgusting company lost all sense of moral purpose.

 

Have you seen their new advert?

 

"Nationwide was founded to help its members buy a home of their own"

what a joke!

 

 

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Two possibilities:

 

Collapsed transaction volumes are

 

(1) a precursor to a crash which weakens nationwide's own position sufficiently, also owing to the short sightedness its own economics team, who pushed then to lend into the bubble

 

(2) all the builders' fault whaaa we need a bailout

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39 minutes ago, hotairmail said:

Surely the Nationwide scum realise that a big reason in the fall in transactions is that so much of the property market has been 'snapped up' by canny buy-to-let landlords that they have lent to in such huge amounts.

Authors of their own demise and they seemingly don't even realise it.

 

The parasites been eaten up by the parasite.

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Yes they have turned into a disgusting BS. Inhe mid 90s it weas great, recently the complete board has changed. Now has people who are running it like a bank and BTL seems to be the most important part of it. Its changed from a great mutual with top current and savings accounts to the disgrace it is today

Edited by bear.getting.old

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Had a six-figure sum (excl pence ;-)) with them a while ago. All elsewhere now after they bragged re their BTL book, and after the MD replied to my letter and told me that they "still lend" to FTBs but didn't apologise for "helping" the racketeers. If that's removed a prop from even one loan I'm happy.

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Maybe they felt they acted like saps before?

Are the directors of Halifax, Northern Rock, RBS etc in jail or did they swan off into the sunset with their bags of swag?

Nationwide didn't go bust so had to contribute to the bailouts.

If a system encourages moral hazard with no penalty for wrongdoing....

 

 

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18 hours ago, RIP said:

Had a six-figure sum (excl pence ;-)) with them a while ago. All elsewhere now after they bragged re their BTL book, and after the MD replied to my letter and told me that they "still lend" to FTBs but didn't apologise for "helping" the racketeers. If that's removed a prop from even one loan I'm happy.

I moved a similar sum 2 or 3 years ago and received a letter from them querying my use of the word "laughable" to describe their revised interest rates. Funnily enough, when I wrote back asking them what adjective they would use instead for 0.25%, I received no reply...

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13 hours ago, Shrink Proof said:

I moved a similar sum 2 or 3 years ago and received a letter from them querying my use of the word "laughable" to describe their revised interest rates. Funnily enough, when I wrote back asking them what adjective they would use instead for 0.25%, I received no reply...

They had the gall to query your word on their pathetic interest rates.

Disgusting company.

Edited by billybong

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