Tuesday, June 9, 2009

If HPI is to resume soon, why the biggest player is pulling out?

Lloyds closing all C&G branches

Lloyds Banking Group is to close all 164 branches of Cheltenham & Gloucester, risking up to 1,500 jobs.

Posted by peter_2008 @ 10:41 AM (1862 views)
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20 thoughts on “If HPI is to resume soon, why the biggest player is pulling out?

  • There will be more of this sort of thing, expect lots of HSBC branches to be closing soon.

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  • Doh!!!

    Like Lloyds really needs all those C&G branches as well as its Halifax branches. Deny the recovery all you want, it’s happening.

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  • hpwatcher, for convoluted reasons I commented in similar style on this post – 3 back – “BBC News: Interest in property ‘up again'”

    My closure comments were directed at Lloyds HBOS and Santander groups because of multiple branches on the high street.

    Why HSBC who don’t have the same over supply? Simply belt tightening or something more sinister?

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  • Please pardon me, I meant to write HBOS, not HSBC…..although, what I have read about HSBC recently, I would not be surprised……

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  • matt_the_hat says:

    Go into HSBC now and all you need is a friendly customer services robot on hand – the one I used to goto was refirbed with automated machines and internet/telephone terminals to India where 20 people do the job of 10x that much previously.

    I went in recently to ask an unauthodox question (God forbid) and spent the next 15 minutes dragging this fully trained assistant through a flow chart of questions just so they were satisfied they had followed procedures, you couldn’t make it up.

    If you want to speak with a real person you have to be a “premier” customer!! As soon as the people who work in these places started saying “computer says no” then they were redundant anyway, I can do all my banking now online at a faster pace than someone with 3 GCSE’s and have my lunch at the same time.

    As a share holder close all the branches to everyone except the rich grey people, and instead have coffee mornings where the staff explain how they can put their savings in inflation losing products!!

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  • If all these ‘green shoots’ stories are true, i despair of ever affording to buy a house.
    it seems there are always someone else out there more willing than i to pay the wads of cash.
    maybe i’m just poor. maybe i’m a born renter. or maybe i should just leave this country anyway…

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  • I’m sure C&G staff will find comfort in the news that Andy (“I bankrupted HBOS”)Hornby who caused all this is now going to be on 1.2m a year as the head of Boots.
    I thought free markets were all about the survival of the fittest?

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  • I wish they’d get on with it and really rationalise the lloyds group. Get rid of all duplication, kill off HBOS, sell the high street branches (could become wine bars), pay back the taxpayer, keep all the savings. Surely that’s how they’ll be an effective bank again?

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  • little professor says:

    Wonder why this rubbish branch network didn’t close sooner. I had an account with them when I was a teenager, the service in-branch at C&G was absolutely awful. Nowadays I do all my banking online, so I don’t know if things have gotten better.

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  • Peter_2008 said “If HPI is to resume soon, why [is] the biggest player [] pulling out?”
    – The article implies they are not pulling out:
    “But while it will disappear from the High Street, the C&G brand will be kept for mortgages and savings, BBC business editor Robert Peston says.”
    Furthermore C&G are not the whole of Lloyds’ book and so even if they were closing the business it doesn’t mean a great deal in this respect, HBOS probably had the lion’s share (C&G were probably smaller than B&B, A&L or B&W). I’d look at swap rates (or the basis between money & fixed mortgage markets) and the deposit requirements for such an indication (and come to the same conclusion as yourself of course!) – but one must also bear in mind that just because they are big players it does not mean they are right (just look at the products that some of the biggest players were still marketing in autumn 2007!)

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  • ted the red, maybe Boots want a risk seeker ready for the recovery, they are consumer cyclical after all! Maybe they should really try to find a more fruitful risk seeker though ;p

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  • So credit is still shrinking. Then why so many house buyer?

    Yes, the number of approved mortgage is up, but the amount that people borrow is down.

    For me, this is yet another evidence that people are buying with cash. This worries me in the way that this cash flow could/should have gone to the real economy instead of being trapped in “properties”, had the IR not so criminally low. In a perverse way, the more GB tries to re-inflat the housing bubble, the more liquidity gets trapped in properties and less goes to the economy and delay the real recovery and thus drags down the house price.

    In Japanese, French and Spanish, the word for “real estate” is translated literary to “Immobility”. Well, seems they have better understanding of the nature of properties.

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  • … as is the German word for property

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  • The simple answer to that question is that they own Halifax, and there is no need to have two ex building societies on the high street. Halifax is a much bigger name than C&G so that’s why Lloyds is getting rid of C&G.

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  • This all suggests mortgage loans should be nationalised and disributed via local councils as per pre-war. This should help reduce the tax burden of bailing out all these failed businesses, and the excess premiums paid for so called “free” markets.

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  • Back to the Feudal system, it’s the only answer ;p

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  • george monsoon says:

    6. Jon said…
    “If all these ‘green shoots’ stories are true, i despair of ever affording to buy a house.
    it seems there are always someone else out there more willing than i to pay the wads of cash.
    maybe i’m just poor. maybe i’m a born renter. or maybe i should just leave this country anyway…”

    I totally agree Jon. There are quite a few posters on this blog who appear to have a fortune stashed away because they were lucky enough to get out of the game at the right time, or were simply lucky enough to grow up in a generation where buying a house could be achieved on the strength of 1 wage.

    I am in your position, despairing at the outlook. The problem is, if we ditch the country and go elswhere, where do you go with little or no savings? We are well and truly trapped until the country recovers and all the grey well to do’s in their 50’s and 60s have had the decency to pass on the wealth to the younger generations.

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  • another 1500+ jobs lost and yet the recovery is here.LOL

    The ammount of VI’s, BTL chancers, proprty pornstars,estate agents [soothsayers] etc etc who are wetting themselves over this fake recovery/ greenshoots nonsense is just too funny to watch.
    Are they all cocooned from the real world?
    GM files for Bankruptcy, LDV vans goes into administration, llyods axes C & G, Setanta sport going bust and on and on it goes…..

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  • Crashwatcher says:

    I didn’t know Cheltenham and Gloucester had branches – I had one of their mortgages and arranged it in my local Lloyds branch. I notice they ar changing the name on some of their mortgages to LLoyds – (exactly the same terms and conditions as C&G). This is simply a name change.

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  • @6 Jon and @17 George
    I’m in the same position as you two…all of my savings are invested in my business … I hope it’s still going by Christmas

    So no escape for me either. I only wanted house prices to be affordable …. getting more than I bargained for

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