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You're Not More Than One Generation From Poor White Trash, Are You, Agent Starling?

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The specialist BTL broker Mortgages For Business is reporting that the new criteria changes amongst the UK's BTL lenders will affect funding for newly renovated properties and the deposit size now required...

New builds; flats or houses built or converted in the last twelve months, have been a particular cause of anxiety for buy to let lenders. It is now common for lenders to refuse to lend on this type of property. Capital Home Loans are the latest organisation to decline to lend on new builds including newly converted properties.

Jonathan Moore, head of marketing at Mortgages for Business, comments:

"New builds is the one area of concern in the sector, particularly in some city centres where supply is currently outstripping demand. It is essential however not to judge the whole buy to let investment proposition on the performance of new builds. Established properties and particularly HMOs and flats above commercial properties provide good long term yields. The fact that renovated flats and houses in the last twelve months are classed as a new build may be of surprise to many investors."

The second seismic change is the size of deposit now required.

http://firstrung.co.uk/articles.asp?pageid...&cat=44-0-0

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sorry just for fun:

Hannibal Lecter: I will listen now. After your father's murder, you were orphaned. You were ten years old. You went to live with cousins on a sheep and horse ranch in Montana. And...?

Clarice Starling: [tears begin forming in her eyes] And one morning, I just ran away.

Hannibal Lecter: No "just", Clarice. What set you off? You started at what time?

Clarice Starling: Early, still dark.

Hannibal Lecter: Then something woke you, didn't it? Was it a dream? What was it?

Clarice Starling: I heard a strange noise.

Hannibal Lecter: What was it?

Clarice Starling: It was... screaming. Some kind of screaming, like a child's voice.

Hannibal Lecter: What did you do?

Clarice Starling: I went downstairs, outside. I crept up into the barn. I was so scared to look inside, but I had to.

Hannibal Lecter: And what did you see, Clarice? What did you see?

Clarice Starling: Lambs. The lambs were screaming.

Hannibal Lecter: They were slaughtering the spring lambs?

Clarice Starling: And they were screaming.

Hannibal Lecter: And you ran away?

Clarice Starling: No. First I tried to free them. I... I opened the gate to their pen, but they wouldn't run. They just stood there, confused. They wouldn't run.

Hannibal Lecter: But you could and you did, didn't you?

Clarice Starling: Yes. I took one lamb, and I ran away as fast as I could.

Hannibal Lecter: Where were you going, Clarice?

Clarice Starling: I don't know. I didn't have any food, any water and it was very cold, very cold. I thought, I thought if I could save just one, but... he was so heavy. So heavy. I didn't get more than a few miles when the sheriff's car picked me up. The rancher was so angry he sent me to live at the Lutheran orphanage in Bozeman. I never saw the ranch again.

Hannibal Lecter: What became of your lamb, Clarice?

Clarice Starling: They killed him.

--------------------------------------------------------------------------------

Hannibal Lecter: Well, Clarice - have the lambs stopped screaming?

--------------------------------------------------------------------------------

Hannibal Lecter: You still wake up sometimes, don't you? You wake up in the dark and hear the screaming of the lambs.

Clarice Starling: Yes.

Hannibal Lecter: And you think if you save poor Catherine, you could make them stop, don't you? You think if Catherine lives, you won't wake up in the dark ever again to that awful screaming of the lambs.

Clarice Starling: I don't know. I don't know

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sorry just for fun:

Hannibal Lecter: I will listen now. After your father's murder, you were orphaned. You were ten years old. You went to live with cousins on a sheep and horse ranch in Montana. And...?

Clarice Starling: [tears begin forming in her eyes] And one morning, I just ran away.

Hannibal Lecter: No "just", Clarice. What set you off? You started at what time?

Clarice Starling: Early, still dark.

Hannibal Lecter: Then something woke you, didn't it? Was it a dream? What was it?

Clarice Starling: I heard a strange noise.

Hannibal Lecter: What was it?

Clarice Starling: It was... screaming. Some kind of screaming, like a child's voice.

Hannibal Lecter: What did you do?

Clarice Starling: I went downstairs, outside. I crept up into the barn. I was so scared to look inside, but I had to.

Hannibal Lecter: And what did you see, Clarice? What did you see?

Clarice Starling: Lambs. The lambs were screaming.

Hannibal Lecter: They were slaughtering the spring lambs?

Clarice Starling: And they were screaming.

Hannibal Lecter: And you ran away?

Clarice Starling: No. First I tried to free them. I... I opened the gate to their pen, but they wouldn't run. They just stood there, confused. They wouldn't run.

Hannibal Lecter: But you could and you did, didn't you?

Clarice Starling: Yes. I took one lamb, and I ran away as fast as I could.

Hannibal Lecter: Where were you going, Clarice?

Clarice Starling: I don't know. I didn't have any food, any water and it was very cold, very cold. I thought, I thought if I could save just one, but... he was so heavy. So heavy. I didn't get more than a few miles when the sheriff's car picked me up. The rancher was so angry he sent me to live at the Lutheran orphanage in Bozeman. I never saw the ranch again.

Hannibal Lecter: What became of your lamb, Clarice?

Clarice Starling: They killed him.

--------------------------------------------------------------------------------

Hannibal Lecter: Well, Clarice - have the lambs stopped screaming?

--------------------------------------------------------------------------------

Hannibal Lecter: You still wake up sometimes, don't you? You wake up in the dark and hear the screaming of the lambs.

Clarice Starling: Yes.

Hannibal Lecter: And you think if you save poor Catherine, you could make them stop, don't you? You think if Catherine lives, you won't wake up in the dark ever again to that awful screaming of the lambs.

Clarice Starling: I don't know. I don't know

Emmerdale Farm seems to have spiced up a bit :lol:

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The specialist BTL broker Mortgages For Business is reporting that the new criteria changes amongst the UK's BTL lenders will affect funding for newly renovated properties and the deposit size now required...

New builds; flats or houses built or converted in the last twelve months, have been a particular cause of anxiety for buy to let lenders. It is now common for lenders to refuse to lend on this type of property. Capital Home Loans are the latest organisation to decline to lend on new builds including newly converted properties.

Jonathan Moore, head of marketing at Mortgages for Business, comments:

"New builds is the one area of concern in the sector, particularly in some city centres where supply is currently outstripping demand. It is essential however not to judge the whole buy to let investment proposition on the performance of new builds. Established properties and particularly HMOs and flats above commercial properties provide good long term yields. The fact that renovated flats and houses in the last twelve months are classed as a new build may be of surprise to many investors."

The second seismic change is the size of deposit now required.

http://firstrung.co.uk/articles.asp?pageid...&cat=44-0-0

So supply is currently outstripping demand then? Easy solution. Knock some of them down. Demolish them. Hey presto, demand outstrips supply and prices go up. Easy peasy, lemon squeezy!!

:lol:

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I have been hearing this tone alot lately, from the "goldilocks crowd". The tone that it is just the new builds that are suffering and other older houses and flats are not effected. Its akin I think to Bernanke and the Bloomberg crew saying that the subprime would not spill over into the main economy.

I have a theory to why its the new builds that are falling first. I think it is because this where the BTL and general demand has been. Lots of people wanted the new builds. Not so many people were buying the older places. So now that the credit crunch has taken place this is the first place it will show up. Also the fact that the builders may have desperate cash flow problems, so they cut prices in desperation to stop their companies from being insolvent.

I think it will filter into the main market soon enough, and then into the main economy.

Any thoughts....?

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I think it will filter into the main market soon enough, and then into the main economy.

Any thoughts....?

I think a collapse in newbuild prices would tempt a lot of buyers who had been looking for an older property to reconsider.

This affecting demand for older properties until their price too fell to some sort of equilibrium.

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I have been hearing this tone alot lately, from the "goldilocks crowd". The tone that it is just the new builds that are suffering and other older houses and flats are not effected. Its akin I think to Bernanke and the Bloomberg crew saying that the subprime would not spill over into the main economy.

I have a theory to why its the new builds that are falling first. I think it is because this where the BTL and general demand has been. Lots of people wanted the new builds. Not so many people were buying the older places. So now that the credit crunch has taken place this is the first place it will show up. Also the fact that the builders may have desperate cash flow problems, so they cut prices in desperation to stop their companies from being insolvent.

I think it will filter into the main market soon enough, and then into the main economy.

Any thoughts....?

Agree totally.

It is ludicrous to suggest that it could possibly be isolated. I said a while back that new build flats will decimate the chains, as an OO will have to compete with these places, which could end up being half the price, until the OO flats come down that is. And if an OO in a flat cannot move, prices will have to ripple down until they can, or until the flat buyers disappear altogether because an FTB can afford a small house (that is what happened in GC1 round Croydon where we lived at the time).

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Emmerdale Farm seems to have spiced up a bit :lol:

Thats tame compared with Emmerdale plots. So I'm told of course, don't watch it :huh:

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Thats tame compared with Emmerdale plots. So I'm told of course, don't watch it :huh:

"The lady doth protest too much!" :P You knew the 'farm' bit had been dropped. My mother watches it a lot, honest :lol:

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"The lady doth protest too much!" :P You knew the 'farm' bit had been dropped. My mother watches it a lot, honest :lol:

Hmm outed! :lol: However my knowledge of Emmerdale is entirely derived from Harry Hill!

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I have been hearing this tone alot lately, from the "goldilocks crowd". The tone that it is just the new builds that are suffering and other older houses and flats are not effected. Its akin I think to Bernanke and the Bloomberg crew saying that the subprime would not spill over into the main economy.

I have a theory to why its the new builds that are falling first. I think it is because this where the BTL and general demand has been. Lots of people wanted the new builds. Not so many people were buying the older places. So now that the credit crunch has taken place this is the first place it will show up. Also the fact that the builders may have desperate cash flow problems, so they cut prices in desperation to stop their companies from being insolvent.

I think it will filter into the main market soon enough, and then into the main economy.

Any thoughts....?

The short answer is that the Goldilocks crowd are ignorant. The almost as short answer...should any of them care to do even a cursory bit of research:

Housing busts usually start from the bottom up. That's where the most vulnerable segment of the market lies: Priced out FTB's give up when HPI flags and people who've really stretched to get into that home fall prey to the economic realities of servicing a massive debt. And of course, once the flat is heavily discounted by the market, common sense dictates that those looking at a terraced house gravitate to the cheaper flat. And so on up the chain, the various tranches of property become starved of buyers as they elect to purchase a much less expensive alternative. Or to sit idly by and wait.

Absent hoards of starry eyed BTLers and loony lending practices, the new-build market has been starved of it's prime customers. And the ensuing price reductions will resonate all the way to the top of the property ladder.

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  • 294 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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