February 2013 Archive

Thursday, February 28, 2013

Euro problems arise again in Spain

Reuters: Spain's Bankia shows recovery signs after record loss

"Rescued Spanish lender Bankia reported tentative signs of recovery, even as huge writedowns on bad property assets led it to post the country's biggest ever corporate loss of 19.2 billion euros". "Undermined by a property market crash, Spain's banks drove the country to seek just over 40 billion euros from its European partners last year to help clean up its financial sector. The bank took nearly 24 billion euros of provisions on soured property loans and assets last year in a bid to wipe the slate clean. It has dumped those assets into a government-backed "bad bank" set up as part of Spain's deal with Europe".

Posted by alan @ 10:01 PM 1 Comments

Changes in buyer profiles

Guardian: Bonus cuts see luxury home cash buyers fall

"Fewer prime central London properties are being bought outright with cash as cuts in bankers’ bonuses have begun to feed through to the market, according to new research".

Posted by alan @ 09:37 PM 0 Comments

Halifax Intermediaries reduce rates on fixed and tracker mortgage deals

Myfinances.co.uk: Halifax cut mortgage rates on two-year deals by up to 0.30%

Halifax Intermediaries has cut rates by up to 0.30 per cent on a range of its two-year mortgage products. The new rates include a fixed rate deal at 3.04 per cent, down by 0.20 per cent for borrowers with a 25 per cent deposit. The product comes with a £999 fee.

Posted by ben @ 05:51 PM 0 Comments

The comments are refreshingly negative

Daily Mail: Right-to-buy sales of council homes up by a third as tenants snap up £75,000 discounts

"When we need more social housing..lets sell them all off!! Barmy man!" "Could this be why there are so few local authority houses for those in desperate need. They have all been sold off and will fetch much higher prices when sold, there again of no use to the first time buyer." "And has any of the £210 million been given back to councils to build new homes?The simple answer is No. Yet another sham by the Torys to reduce the number of council homes."

Posted by mark wadsworth @ 04:39 PM 1 Comments

London propping up national house prices

Myfinances.co.uk: Land Registry reports house prices in England and Wales up one per cent

House prices in England and Wales went up by one per cent in the last 12 months to £162,441, according to the latest report from the Land Registry. However, the overall figures showed large regional disparities and were propped up by the rise in London house prices.

Posted by ben @ 04:25 PM 0 Comments

Wednesday, February 27, 2013

No DSS please

Mortgage Strategy: Nationwide halts lending to landlords with tenants on housing benefits

The Mortgage Works, Nationwide’s buy-to-let lending subsidiary, has stopped new lending to landlords who have tenants receiving housing benefits. David Lawrenson believes the move is a reaction to the Government’s new benefits system, Universal Credits, which comes into effect in April. It will cap benefits at £500 a week for couples and £350 for a single person, including housing benefit, and will mean fewer benefits are paid directly to the landlord. At present, 39 per cent of housing benefit payments are made direct to landlords, according to the NLA, but the new system will only permit payment direct to landlords in specific circumstances.

Posted by little professor @ 10:27 PM 17 Comments

Refreshingly honest comment in The Mail

Daily Mail: Bulldozers make light work of £1m of houses as five seaside chalets are demolished after huge landslides

One owner [of a beach hut which was demolished] said: 'Some people are covered by insurance and some are not. Luckily for us our property is. "We are only allowed to insure it up to £70,000. The total value of ours was £200,000 so the rest of the value is the location and the ongoing licence."

Posted by mark wadsworth @ 08:33 PM 4 Comments

"He leaves us a lesson, which is to never accept any injustice."

Guardian: Stéphane Hessel, writer and inspiration behind Occupy movement, dies at 95

Hessel, resistance fighter, diplomat, writer of Time for Outrage! and co-author of Universal Declaration of Human Rights, dies.

Posted by dill @ 07:09 PM 2 Comments

Call You and Yours - Radio 4

Call You and Yours - Radio 4: Is it getting easier to buy a house?

House builders are reporting a big rise in profits, the government is offering to guarantee loans so is it getting easier to buy a house? There are lots of new initiatives out there to try to persuade more people to get on the housing ladder - but who do they help more - home buyers or house builders?

Posted by bummins @ 03:58 PM 2 Comments

"management and control is not good enough to guarantee that EU funds have been spent properly"

BBC: EU orders UK to return £85m in farm payments

The European Union has ordered the UK to return £85m (99.4m euros) for failing to comply with rules on agricultural payments.

Posted by dill @ 02:19 PM 11 Comments

Nationwide ends lending to landlords with tenants on housing benefits

Planet Property: Nationwide ends lending to landlords with tenants on housing benefits

Seems to be a response to the forthcoming Universal Credit system, which caps housing benefits and restricts direct payment to landlords

Posted by the planet @ 10:47 AM 0 Comments

Get building George

AboutProperty: Is housebuilding the economic elixir?

Economic recovery could be driven by housebuilding, the Chartered Institute of Housing (CIH) has once again stressed to the chancellor. In a pre-Budget submission the housing body urged George Osborne to heed the call and deliver 100,000 new homes each year. They claim that this would support 24,000 jobs each year, creating £5.7bn of economic activity.

Posted by phil @ 10:42 AM 0 Comments

Highly reliable data based on Government figures

Moneymarketing: 41% of homes sold for a loss since 2007

Over 130,000 families have sold their home at a loss since 2007, representing 41 per cent of transactions in England and Wales. An analysis of housing transactions between January 2007 and January 2013 shows 131,442 were sold at a loss, with the average shortfall being £24,430 or approximately 11 per cent of the house price.

Posted by jack c @ 10:28 AM 7 Comments

"Home ownership is risky"

FT: Buyers count cost of falling house prices

More price falls than one might think. [Search title in google to view article]

Posted by letthemfall @ 10:20 AM 1 Comments

Infographic: 41% of homes have sold at a loss since 2007

Planet Property: Infographic: 41% of homes have sold at a loss since 2007

41% of homes – equivalent to 130,000 properties in England and Wales – have sold at a loss since the property market peaked in 2007. Interesting infographic details how much of a discount and in which places.

Posted by the plane @ 10:19 AM 0 Comments

Here we go again

Nottingham Post: £15m hope for first-time buyers as Notts County Council lends money for deposits

According to Right Move, the current average property price in Notts is £122,368. For a property of that value, under the new scheme people would need to pay £6,118, with the county council providing the remaining £24,473 needed for a 25 per cent deposit ... Councillor Reg Adair, chairman of the finance and property committee at Notts County Council, said the scheme would be a huge help to people trying to buy their first home. "The Local Lend a Hand scheme will make a dream home a reality for more than 500 individuals, couples or families," he said. "It's good news for taxpayers too – not only is it a safe investment, it will stimulate home ownership and benefit numerous businesses that rely on a thriving housing market." What could possibly go wrong?

Posted by quiet guy @ 09:31 AM 5 Comments

Tuesday, February 26, 2013

They own land! Give them money!

BBC: Bank of England's Paul Tucker backs negative rates idea

The Bank rate has been at a record low of 0.5% for more than three years. A negative interest rate would mean the central bank charges banks to hold their money and could encourage them to lend out more of their funds. Speaking to MPs on the Treasury Committee, Mr Tucker said: "This would be an extraordinary thing to do and it needs to be thought through carefully."

Posted by mark wadsworth @ 12:38 PM 16 Comments

A Taste of Things To Come

UK house prices in gold - region by region

Sharelynx: UK House Prices in Gold

Nick Laird of sharelynx.com has put together a region-by-region breakdown of UK house prices measured in gold and silver and generously made all the charts public. Some very interesting charts. Enjoy.

Posted by frizzers @ 09:45 AM 3 Comments

They own land! Give them money!

Inside Housing: Landlords offered £30,000 to improve empty homes

Ealing Council in London has offered the owners of empty homes £30,000 to make their properties suitable to rent. The new empty property grant scheme has been designed to reduce the west London borough’s housing shortage. In return for the grants, owners must commit to letting their properties at an affordable rent for a minimum of five years. Under the scheme, owners can apply for a grant for up to 100 per cent of the cost of repairs – to a maximum of £30,000 – as long as the houses have been empty for more than six months. The property must be ready to be occupied within 12 months of the grant being approved. ‘By helping good landlords to bring their properties up to scratch we are also dealing with problems such as anti-social behaviour or crime...'

Posted by mark wadsworth @ 07:44 AM 7 Comments

Monday, February 25, 2013

Bath BS deal for FTB's with trusting parents

Myfinances.co.uk: Bath BS launch 100% mortgage for first-time buyers

If you have parents who are prepared to back you with equity from their own home, then the Bath Building Society is offering a 100 per cent mortgage. Potential first-time buyers can now own their own home without having to put up any sort of deposit.

Posted by ben @ 05:09 PM 0 Comments

Accord Mortgages cut rates for FTB's

Myfinances.co.uk: Accord cut mortgage rates by up to 0.40% for first-time buyers

Accord Mortgages has released a range of mortgages for first-time buyers and borrowers with low amounts of equity.

Posted by ben @ 10:55 AM 0 Comments

Vaguely house price related article

BBC: Property sales see winter lift, HMRC figures show

Property sales in the UK were slightly higher in January than during the same month a year earlier, HM Revenue and Customs (HMRC) figures show. There were 64,490 completed sales during the month, up from 60,530 in January 2012. This was well down on December, although there is always a drop in the first month of the year. However, seasonally adjusted data shows that activity was similar to levels in December.

Posted by mark wadsworth @ 10:52 AM 0 Comments

Over two-thirds of properties in Notting Hill area sold to foreign buyers

Planet Property: Over two-thirds of properties in Notting Hill area sold to foreign buyers

Since the Budget, overseas buyers have dominated the prime West London market. Currency is a big factor: prices in prime London have increased by 30% over the past five years for domestic buyers using Sterling. However, in Euros, prices have only increased by 16%, and by just 4% for those purchasing with US Dollars.

Posted by the planet @ 08:43 AM 6 Comments

'Bullying' Isle of Wight park home owners fined

BBC: Park home owners fined

Home owner fined by the authority, problem occured for Wight park home owners.

Posted by trentonfortes @ 07:24 AM 0 Comments

Sunday, February 24, 2013

Forget the first time buyer new builds then

Telegraph: Newbuild homebuyers beware: period properties enjoy quadruple house price gains

New research suggests that period properties tend to see four times as big an increase in house prices as newbuild homes the same areas. That’s a big difference for today’s first-time buyers, who have to stretch their finances further than earlier generations to get onto the property ladder

Posted by crash n burn @ 08:30 PM 7 Comments

Preventing new entrants in BTL

Telegraph: Green Deal warning for buy-to-let landlords

One in 10 buy-to-let homes will be unlettable in five years' time unless landlords take steps to improve their properties' energy efficiency. New laws that take effect in 2018 will make it an offence to let out properties with the worst energy efficiency ratings. Such properties are much more common in the private rented sector than among owner-occupied homes or those rented out by councils or housing associations. Tenants will also be able to demand improvements to insulation from 2016, when landlords will not be able to refuse tenants' "reasonable" requests for energy efficiency measures.

Posted by drewster @ 01:55 PM 8 Comments

FLS boost for banks and builders

Telegraph: Britain's housebuilders get back on the ladder to a boom

The article content is quite down to earth compared to the gushing headline: 1) Builders and banks are being heavily subsidized by FLS. 2) The third lowest number of homes built in a year since 1947. 3) Mortgage approvals running at about half the level prior to the financial crisis. Lastly, Rowley speculates that " the success of the FLS may prompt the Government to increase its size as soon as next month's Budget." Is this the secret sauce that will be used to prop up prices? It's not difficult to imagine a government minister droning on about 'helping' first time buyers while giving more money to big property market players.

Posted by quiet guy @ 09:43 AM 4 Comments

Friday, February 22, 2013

UK loses AAA

Buisness insider: MOODY'S STRIPS THE UK OF ITS AAA RATING

Self explanatory...another pressure on sterling?

Posted by enough @ 10:59 PM 1 Comments

Will this increase mortgage interest rates?

Reuters: Moody's cuts UK credit rating one notch to Aa1

"Moody's Investors Service on Friday cut the United Kingdom's credit rating to Aa1 from Aaa, citing weakness in the nation's medium-term growth outlook that it now expects to extend for a number of years". (....just as the Coalition were getting stuck into the Eastleigh by election)!

Posted by alan @ 10:40 PM 30 Comments

Debt is a big stumbling block

Reuters: Spain, France to miss debt goals as euro zone stays in recession

"The euro zone will not return to growth until 2014 and struggling Spain and France will be among those who miss debt-cutting targets as a result, the European Commission said on Friday. Paris and Lisbon said they would seek more time from Brussels to reach their deficit goals. Madrid has already indicated the same".

Posted by alan @ 10:36 PM 1 Comments

Land bankers look forward to bumper dividends in 2013/14

Estate Agent Today: Collapse in number of new homes sends out fresh alarm signals

Statistics for new house building show there was an 11% collapse in the number of new home starts last year. Annual housing starts om England in 2012 totalled under 100,000. The figures include both private and social housing. Altogether, there were 98,280 starts – down 11% on 2011, and 45% below the March quarter peak of 2007. Completions in England were 42% under the 2007 peak and came to 115,620 – although this was 1% up on 2011.

Posted by sibley's b'stard child @ 04:37 PM 13 Comments

Taking on the Traitors

Guardian: Should building societies lend to buy-to-let landlords?

This month, a reader in Yorkshire submitted the following question to our Personal Effects column: "I wish to avoid my investments being used to support the buy-to-let racket. Is there a building society that only loans for owner occupation rather than funding landlords' investments? I have helped one daughter avoid renting and will do the same for her sister, but would like to ensure I am not assisting buy-to-let in general."

Posted by dill @ 10:40 AM 5 Comments

Thursday, February 21, 2013

To "avoid contagion" (article in French, sorry)

La Voix: Crédit immobilier de France~Bruxelles autorise la garantie de l'Etat français

€18 billion French state guarantee to mortgage lender Credit Immobilier de France. Things across the channel are going sour, it seems..... "The century-old institution, which specializes in loans to low-income households, risks becoming the latest casualty of the crisis" says the WSJ.

Posted by alan @ 11:20 PM 1 Comments

Massive, NO MASSIVE QE planned

Telegraph: QE may need to be raised by £175bn, says BoE's David Miles

The Bank of England has a case for restarting its asset purchase programme, and may need to increase it by up to £175bn if the economy is running substantially below capacity, a senior policymaker has said. David Miles, in a speech on Thursday, gave a detailed model of how policy should respond to the amount of slack in the economy - something the central bank has generally avoided before, and which moves in the direction of policy guidance favoured by incoming central bank governor Mark Carney. Miles is an external member of the bank's Monetary Policy Committee, and until this month he was alone in voting for an extra £25bn of asset purchases.

Posted by hpwatcher @ 07:21 PM 12 Comments

Euro think-tank declares LVT is essential for the UK economy

Centre for European Reform: Why British prosperity is hobbled by a rigged land market

Simon Tilford, of the Centre for European Reform, bloggs on the rigged property market as being the UK's biggest economic problem with an economy in which speculation is rewarded and wealth is increasingly concentrated in the hands of those with property. His Solution would be to implement Land Value Tax

Posted by pete green @ 11:40 AM 15 Comments

Loans for incredibly expensive things now cheaper than ever

The Daily Mash: Loans for incredibly expensive things now cheaper than ever

The Mash truly is the best way to start the day.

Posted by jamesmorgan @ 11:15 AM 0 Comments

Here yo go!

Thlegraph: Global banks shun UK Gilts on 'stagflation' risk

A clutch of global banks and funds have warned clients to steer clear of UK Gilts, fearing that the Bank of England has opened the door to “stagflation” and risks losing credibility. Rene Defossez from France’s Natixis said Britain looks vulnerable on multiple fronts, not helped by talk of European Union exit. Public debt will reach 110pc of GDP by 2016. The current account deficit is deteriorating. The country is stuck in a vicious circle as a high “fiscal multiplier” prevents budget cuts from making a dent on the deficit.

Posted by khards @ 08:22 AM 5 Comments

Government run UK housing market - will UK government ever keep out?

Mail: Fixed mortgage rates at lowest level for over 20 years (but you still need to find a deposit)

Homeowners are benefiting from the cheapest fixed rate mortgages since they were introduced in 1989, a report revealed today. The research, by the financial information firm Moneyfacts, said the cost of these hugely popular types of home loans are ‘dropping like stones’. At present, around 80 per cent of people who buy a home or remortgage their existing loan opt for a fixed rate deal.

Posted by hpwatcher @ 07:03 AM 5 Comments

Wednesday, February 20, 2013

Even your mum knows this

FT Alphaville: The real rate of British inflation

The quick summary here is that, as we all know, comparatively high inflation has been eroding the real income of ordinary Brits through the crisis years. Real incomes in the UK were 6.3 per cent lower in 2012 than in 2007. But if we focus on the price of non-discretionary, essential or near-essential purchases, the real picture is worse. Much worse. Between 2007 and 2012, nominal incomes expanded by 10% whilst the cost of essentials soared by more than 33%.

Posted by drewster @ 10:58 PM 0 Comments

Purchasing a home for the first time? Consider this conspiracy!

Free Your Mind: THE CONSPIRACY OF HOME LOANERSHIP

It is funny how through propaganda we can be manipulated into doing and thinking things that we know don't make any sense. Here is a major example of what I am talking about. We ALL know that debt is bad and that it impedes our retirement. We all know that debt causes financial instability. A lot marriages end in divorce and finance (which really is debt) is the main reason for this. So why do we all stand in line to buy houses so that we can build borrowing power and security?

Posted by rental john @ 08:41 PM 0 Comments

No more cheap housing for foreigners

Mail Online: Spy in the sky to catch thousands of migrants living illegally in sheds and garages

Slough Council warns that if the cameras detect where workers are living, their sheds may be bulldozed, or fined £200 a day. "The people living in them generate waste, they use council services". The occupants are mostly single adults or childless couples with low incomes. (So, what happens to people on low incomes if they reduce the supply of housing even further... beds under bridges?)

Posted by pmkw @ 08:05 PM 0 Comments

Bail them out too (...or pay them UK benefits)

Independent: Violent protests force out government in Bulgaria, the EU's poorest nation

"Bulgaria's government resigned today after days of violent protests fuelled by outrage over rising energy costs, corruption and a general economic decline in what is already the European Union's poorest nation". Wake up BtL landlords, more customers, inbound! Pack 'em in 10 to a room, it won't take long to get them logged in at the benefits office.

Posted by alan @ 06:09 PM 4 Comments

'cos Newham & Dagenham are really dreadful

BBC: Why have the white British left London?

"there is also a story here of white working class families that escaped from the slums and bombed-out East End in the middle of the last century, found new opportunities in London's outer boroughs and then, in the past decade - often having prospered from the housing boom and the capital's economic growth - cashed in their assets and bought themselves that little cottage in the countryside or by the sea. It is a story of aspiration. It is a story of success".

Posted by alan @ 06:02 PM 0 Comments

No more complaints about high house prices then?

Love Money: Homes in Liverpool for sale for £1

Probably an open door for BTL’ers.

Posted by mr g @ 03:42 PM 3 Comments

The price of your house may rise and rise and you will always get back more than you paid

Moneymarketing: Countrywide sets aside £25m for valuation claims ahead of IPO

Countrywide has been forced to set aside an extra £25m to deal with a “substantial” increase in valuation claims from lenders, as it confirms plans to float on the London stock exchange.Countrywide says it has set aside an additional £25m to pay for valuation claims, which it blames on prime lenders submitting claims from 2006 and 2007 before the six-year statute of limitations expires.The firm first set aside £11.9m in its 2010 results to deal with the deluge of valuation claims, but scaled the pot back to £9.3m in 2011. It states: “During the latter part of 2012, the group experienced substantially worsening trends in terms of professional indemnity claims received and losses recognised on the insurance bordereaux.

Posted by jack c @ 12:32 PM 1 Comments

One in ten homes contravene building regs

Planet Property: One in ten homes contravene building regs

Builders say one in ten homes contravene building regs. And confusion surrounding the official guidelines on home improvements has been exacerbated by recent proposals to relax planning rules.

Posted by the planet @ 12:00 PM 0 Comments

Mortgage lending drops by 10% in Jan compared to December

Myfinances.co.uk: Mortgage lending down but outlook still bright, says CML

The Council of Mortgage Lenders (CML) reports a big reduction in mortgage lending in January. There was just £10.4 billion lent out to home-movers and first-time buyers, a full £1 billion down on December’s figure of £11.4 billion in December and down by £0.3 billion on the same month last year when £10.7 billion was lent out.

Posted by ben @ 11:15 AM 1 Comments

CML - lending down.

AboutProperty: Mortgage lending suffers January blues

Mortgage lending fell during January, in a surprise setback for the industry. Gross lending was down nine per cent from December and down three per cent year-on-year, the latest figures from the Council of Mortgage Lenders (CML) show.

Posted by phil @ 10:42 AM 0 Comments

Estate agents now more trusted than politicians or journalists

Planet Property: Estate agents now more trusted than politicians or journalists

Estate agents now more trusted than politicians or journalists ... but only just ...

Posted by the planet @ 09:48 AM 2 Comments

Tuesday, February 19, 2013

Unbelievable poll results from Barratt homes

Planet Property Blog: Home ownership more important than marriage or children

It’s hardly news that we’re still obsessed with owning our homes. But who knew that it was more important than marriage, children, and job satisfaction? These figures from house builder Barratt are more than a little depressing.

Posted by property addict @ 11:40 AM 7 Comments

Here's the article I meant to post yesterday

New Statesman: Why all progressives should support a land value tax

The Green MP realizes our current tax regime harms the environment. Throughout our towns and cities, vacant sites are left derelict. Developers sit on vast land banks, create an artificial housing shortage, and blame the planning system for resulting problems. The tax system encourages land hoarding. Keeping a property empty and unused makes excellent sense to speculators, since minimal tax is payable on an empty plot. They cover our green fields with concrete and create urban sprawl, while brownfield sites lie abandoned. This is the strange politics of today’s Britain. The Conservatives profess to be the party of enterprise, but are actually beholden to entitled freeloaders; Cameron’s fine words are so much empty rhetoric.

Posted by mark wadsworth @ 11:25 AM 12 Comments

Monday, February 18, 2013

Firing blank cheques at the banks

Shaun Richards at Mindful Money: Is the Bank of England’s support for the housing market firing blanks?

Richards casts a critical eye over the recent Rightmove index and is unimpressed. When factoring in inflation over the last five years the gains in even asking prices look modest and downsizing seems to be the most common reason for selling. FLS gets short thrift: "So we see that if we unpick the spin that there are quite a few surprises to be found in the UK housing and mortgage markets. There is no surprise that via its FLS policy the Bank of England is supporting it and frankly these days maybe even less surprise that the main beneficiary looks like being the banks rather than the housing market."

Posted by quiet guy @ 10:26 PM 1 Comments

And there's a rich harvest of Poor Widows In Mansion in the comments...

New Statesman: How the mansion tax will work, and who it will hit

Lib Dems ALTER secretary David Cooper bigs up Green MP Caroline Lucas, and former Ukipper Mark Wadsworth (now YPP) links to the article on HPC :-) Top comment: "Red Bladder: I think a charity should be set up by those concerned by these proposals. Only the most flinty-hearted of curmudgeons could refuse the pleas of poverty from the owner of a house worth £4million."

Posted by mark wadsworth @ 09:12 PM 6 Comments

Funding for Lending Scheme boosting buy-to-let and equity rich

Planet Property: Funding for Lending Scheme boosting buy-to-let and equity rich

Despite arguments that the Funding for Lending Scheme is a boon for first-time buyers, lenders remain risk averse and are channelling the money to investors and equity-rich downsizers

Posted by the planet @ 12:31 PM 0 Comments

Rightmove reports asking prices at 5-year high for February

Myfinances.co.uk: Over 45's control property market as prices hit 5-year high

Property asking prices in the UK moved close to a five-year high in February as enquiries from potential buyers rose markedly. According to the latest Rightmove House Price Survey, asking prices went up by 2.8 per cent in February to £235,741, the highest figure for the month of February since 2008, and up by 1.1 per cent on an annual basis.

Posted by ben @ 10:21 AM 0 Comments

Is it really cheaper to buy than rent?

Planet Property: Is it really cheaper to buy than rent?

A new report from Halifax says it is ... but do their numbers make sense?

Posted by the planet @ 10:07 AM 0 Comments

A fools measurement of a healthy economy

Telegraph: House prices 'hit five-year high'

Prices jumped by 2.8pc month-on-month to reach £235,741 on average, with big monthly leaps of around 5pc recorded in the North West of England and Wales, Rightmove said. Prices are 1.1pc higher than a year ago and are just £2,115 shy of a February record set in 2008, showing the market is making a "slow but steady recovery," the study said.

Posted by hpwatcher @ 09:34 AM 33 Comments

The public cannot or won't spend

Telegraph: Incomes squeeze dashes optimism

The change in mood, after fresh optimism in January, will come as a disappointment to economists, following recent signs of rising confidence. A separate survey showing that footfall on the high street fell by 3.3pc in the worst January performance for three years will have underscored concerns.

Posted by happy mondays @ 07:34 AM 0 Comments

It the housing bubble a blow off top? Is collapsing population the real housing issue?

Population Research Institute: Acclaimed Author Exposes Overpopulation Myth

Alex welcomes an internationally recognized authority on China and population issues, as well as an acclaimed author and speaker, Steven W. Mosher. Mosher is the president of the Population Research Institute and the author of the best-selling A Mother's Ordeal: One Woman's Fight Against China's One-Child Policy. http://www.pop.org/

Posted by libertas @ 07:07 AM 1 Comments

Saturday, February 16, 2013

Stop whining & whingeing, inflation is good for you!

Reuters: Carney dismisses concern about inflation expectations

"Carney, governor of the Bank of Canada, has been an advocate of flexible inflation targeting, and said last month that monetary policy was not maxed out in major economies". That will be HIS job in the UK! (The UK have reserve currency status - time to wreck that).

Posted by alan @ 04:34 PM 10 Comments

This should be investigated ! which friend of council bought it?

Daily mail: Council defends sale of Anthony Eden’s childhood home with 25 acres, servant quarters and clock tower for £241,000

A council has defended its decision to sell the birthplace of former prime minister Sir Anthony Eden for a bargain price. Windlestone Hall, set in 25 acres of parkland and boasting its own clock tower, stables and servants’ quarters, was expected to attract offers of more than £2million. But six years after it first went on the market it has been sold for £241,000 - a fraction of its original valuation.

Posted by mark @ 02:44 PM 4 Comments

Friday, February 15, 2013

Breath of fresh air

Youtube: Four Horsemen - Q&A

A new way - a shift in monetary thinking..

Posted by happy mondays @ 03:07 PM 2 Comments

Fees and charges top list of compaints against letting agents

Planet Property: Fees and charges top list of compaints against letting agents

No surprise really: according to an OFT report unexpected fees and charges are the biggest bugbear for landlords and tenants. The list of what you can be stung for is and eye-opener!

Posted by the planet @ 01:10 PM 0 Comments

Shhhhhhh

AboutProperty: Could a "quiet revolution" be on its way?

Noise considerations should become a "key component" of planning and building policies says the president of the Institute of Acoustics. Professor Bridget Shield argues that noise can have a "detrimental impact" on health and wellbeing, so should move up the political agenda.

Posted by phil @ 11:01 AM 0 Comments

QE: the most confusing monetary policy ever?

Telegraph: Treasury has put taxpayer 'at risk' with QE

"The Public Accounts Committee (PAC) claimed the Chancellor’s department does not have any clear goals for either the Bank of England’s £375bn quantitative easing (QE) programme or its £80bn Funding for Lending scheme (FLS), both of which are backed by the taxpayer, and had no means of monitoring their progress." The small text under the article illustration reads "The PAC urged the Treasury to 'provide more transparency on what QE is seeking to achieve." It strikes me that if the treasury won't openly discuss QE then either they know we wouldn't like it or they aren't sure themselves.

Posted by quiet guy @ 08:13 AM 11 Comments

Thursday, February 14, 2013

It's a wonderful world!

Mail: Is the property market set for another buy-to-let boom? Landlord mortgages soared by a fifth in 2012

£16.4bn lent to investors in 2012 - 19% higher than the previous year 136,900 BTL mortgages agreed last year - almost 50,000 higher than 2009 'Buy-to-let is only going to grow in popularity as mortgage rates become increasingly competitive,' says expert

Posted by hpwatcher @ 03:57 PM 14 Comments

Are we up the Swanny !

Moneyweek: Ditch gilts and get out of sterling: Britain is heading for trouble

In short, our central bank has just told us that inflation is going to be higher than anyone had hoped for a prolonged period of time. And it’s not going to do anything about it.

Posted by happy mondays @ 03:43 PM 7 Comments

3.99% for 90% LTV borrowers with total fees of £1,098

Myfinances.co.uk: Marsden BS unveils first sub 4% mortgage for FTB's for 10 years

The Marsden Building Society has launched a two-year fixed rate mortgage deal for borrowers with just a ten per cent deposit at 3.99 per cent. This is the first time for almost ten years that a deal for first-time buyers has been under four per cent and it has two other major plus points going for it.

Posted by ben salisbury @ 03:36 PM 0 Comments

Due to low rates and better communications between lenders and borrowers

Myfinances.co.uk: CML: Mortgage repossessions at lowest level for five years

The Council of Mortgage Lenders (CML) reports that the number of home repossessions has fallen to its lowest level in five years as a result of low mortgage rates and better debt management and relationships between lenders and borrowers.

Posted by ben salisbury @ 03:11 PM 0 Comments

Rates down 20% but fees up 17%

Myfinances.co.uk: Mortgage borrowers need to weigh up total costs not just rates

New research by MoneySupermarket shows that mortgage rates have fallen to an all-time low and that the number of products on offer to customers has increased by 37 per cent. However, it is not all good news for homeowners as although headline rates are down lenders are making money in other ways as fees on fixed rate mortgages have risen by 17 per cent and on tracker deals by nine per cent since June 2012.

Posted by ben salisbury @ 02:13 PM 0 Comments

Bad news on Britain's doorstep

WSJ: Euro-Zone Economy Plunges

"The euro-zone economy plunged last quarter at its fastest pace in nearly four years, as weakening global activity and deep recessions along the currency zone's southern border gripped powerhouses such as Germany and France". Europe seen as losing competitiveness.

Posted by alan @ 12:00 PM 1 Comments

Prices surge in this stable economy

Bloomberg: Swiss Property Bubble Concern Seen Prompting Tightening

Switzerland’s central bank has a message for lenders: act now to stem surging credit growth or face further restrictions. “The measure is a warning shot at banks that were overgenerous with their credit lending,” said Janwillem Acket, chief economist at Julius Baer Group Ltd. in Zurich. “The government and the SNB want to tell banks to be more restrictive or we’ll tighten the reins further.”

Posted by alan @ 11:55 AM 1 Comments

Some good news!

AboutProperty: Lowest repossession figures since 2007

Financial mire may be easing for families, with less and less forced to lose their home in 2012. Repossessions are at their lowest level since 2007, according to data from the Council of Mortgage Lenders.

Posted by phil @ 10:36 AM 0 Comments

Indentured workers

Independent: Why don't more employers help their struggling staff?

Suggestion that companies should lend money to staff so they can avoid predatory pay day lenders. In fact, tax and property taxes are too high and should fall to levels appropriate for average UK incomes. For working people (those without the "good" relationship with the state) in the UK, tax and property tithes are around 70% of income.

Posted by stillthinking @ 03:53 AM 4 Comments

Wednesday, February 13, 2013

Land registry figures wrong

Daily mail: Land registry figures wrong

Article of how the land registry gathers and publish figures.

Posted by wheelerfish @ 06:22 PM 0 Comments

Interest-only mortgage restrictions mean 300,000 could be made homeless

Guardian: 1.1m interest-only mortgages are 'ticking time bombs'

Interest-only mortgage holders could face massive rises in monthly payments if they have to move deals following tightening of lending criteria. Up to 300,000 homeowners fear they will have to sell their home to repay their mortgage following the introduction of tough rules on interest-only mortgages by lenders, a survey has found.

Posted by edward robin @ 04:14 PM 10 Comments

Not such a bad idea

AboutProperty: George Clarke: I'd turn parliament into affordable housing

TV architect George Clarke would love to get his hands on parliament and turn a bit of it into affordable housing. Wonder how that would go down... MPs would probably want to claim and live in it!

Posted by phil @ 02:11 PM 2 Comments

Inflation and lack of earnings growth set incomes back almost a decade

Myfinances.co.uk: Real wages fall back to 2003 levels, says ONS

Official figures from the Office for National Statistics (ONS) shows that the impact of high inflation coupled with low wage settlements means that real pay levels have been falling for the last three years. The rise in inflation over the last four years has been caused by four main factors.

Posted by ben @ 12:50 PM 0 Comments

Just about alive!

Reuters: House prices dip more than forecast

Bank of England data released on Monday showed sharp falls in fixed mortgage rates in January, likely helped by the central bank's Funding for Lending Scheme, which provides cheap funding to banks to encourage them to lend.

Posted by happy mondays @ 11:47 AM 2 Comments

And leading on from below!

Guardian: Real wages fall back to 2003 levels in UK

The ONS said that although it was too early to be sure whether there has been a permanent change in the long-term trend, the decline in real wages had now been sustained for three consecutive years.

Posted by happy mondays @ 11:42 AM 2 Comments

Tuesday, February 12, 2013

2% Target - Forget it

BBC: UK inflation rate unchanged at 2.7% in January

"A big rise in the prices of alcohol and tobacco was the biggest factor driving prices up, the Office for National Statistics (ONS) said". Next month, the price of beef products will rise :-)

Posted by alan @ 11:35 PM 13 Comments

Land of the Zombies

Telegraph: No one really understands what’s going on in our economy

There are two related problems here. One is with the data, which are ever more contradictory. Some of them point to a flatlining, or even still declining, economy, with badly impaired levels of productivity, but there are also quite a lot of alternative data to suggest something better – most notably in near record levels of private sector job creation.

Posted by hpwatcher @ 07:41 PM 2 Comments

ONS official data shows annual rise of 3.3%

Myfinances.co.uk: House prices up by 0.9% in December and 3.3% annually

Official figures from the Office for National Statistics (ONS) show that UK house prices rose by 0.9 per cent in December and by 3.3 per cent over the 12 months to December 2012.

Posted by ben @ 03:22 PM 0 Comments

Zombies propped up by zombies

Dailymail: Super zombie households face disaster

I just cannot see how all this lunacy can end any way but very very badly.It seems that zombie households are propped up by zombie banks who are in turn propped up by zombie governments.Unless zombieism is the new new of economics then something very nasty is eventually going to happen

Posted by taffee @ 03:19 PM 10 Comments

More positive news for property market

Myfinances.co.uk: First-time buyers reach five-year high in 2012

The number of first-time buyers in 2012 was the highest number for five years since the onset of the credit crunch, According to the Council of Mortgage Lenders (CML).

Posted by ben @ 01:43 PM 4 Comments

We own land! Give us money!

Home Builders Federation: The Locked Out Generation: ‘Time to Save a Deposit for a Home Triples In a Decade’

Stewart Baseley, HBF Executive Chairman, said today: “This report reveals the extent of our housing crisis and the challenge faced by today’s young people. Unlike previous generations that took home ownership for granted, today’s generation have a mountain to climb if they wish to own their own home. We are creating a locked out generation. “However, there is some light at the end of the tunnel and there are now several ways for people to buy with a more normal deposit. Government backed schemes such as Newbuy are offering real options for people looking to buy – or move home – and we are seeing more and more take advantage.”

Posted by mark wadsworth @ 12:43 PM 3 Comments

Boom is back

Telegraph: Five-year high for First Time Buyer

A fall in mortgage rates and greater access to credit enabled a greater number of first-time buyers to step on to the property ladder last month than at any time since the financial crisis began in 2008, according to new analysis.

Posted by peter_2008 @ 12:16 PM 1 Comments

Lessons... not learnt?

AboutProperty: First-time buyers at five year high

Although the average loan-to-value ratio remained at 80 per cent, where it has stayed for the last two years, the number of first time buyers taking out 95 per cent mortgages doubled.

Posted by phil @ 11:29 AM 0 Comments

" Now that we are broke, and everyone can see it...."

Telegraph: Why is it the state’s job to pay for our care?

There’s no 'scandal’ in selling a family home that has benefited from soaring house prices.

Posted by dill @ 11:06 AM 3 Comments

House prices stable but RICS says rise in newly-agreed sales

Myfinances.co.uk: RICS predicts a rise in house sales going into 2013

The Royal Institution of Chartered Surveyors (RICS) reports that the number of house sales continued to grow in January. RICS says that an increasing number of its members reported that they had seen a further increase in the number of newly-agreed sales, with a net balance of 15 per cent more stating that sales levels rose.

Posted by ben @ 09:39 AM 0 Comments

Currency wars begin, big time.

Telegraph: Attempts to devalue euro could backfire, warns ECB's Jens Weidmann

Well, who was talking about the Euro devaluing? Obviously, this conversation is being had. He is German, but clearly, Germany has most to gain from a devaluation, so he is likely playing possum. German exports would benefit and, Greek, etc. debt would be diminished, reducing Germany's obligations, reducing public resistance to the Euro. Yesterday, Venezuela massively devalued, and this week Argentina banned advertising in newspapers to cripple newspapers critical of the government, they are preparing to devalue also. So we enter a race to the bottom. Meanwhile, tensions are hotting up between China and Japan, against USA & Isreal vs Russia, Iran and Syria. What folk do not understand is, that just like in the 1930's, they are preparing for WWIII to distract from their plunder.

Posted by libertas @ 12:13 AM 0 Comments

Monday, February 11, 2013

Only 1 in 3 interest-only mortgage holders have an investment plan and are on track to repay

FTAdviser: Interest-only ‘time-bomb’ estimated at £120bn

Most interest-only mortgage holders have no repayment plan or have one but are not on course to clear their debt, bringing into question the reliability of £120bn worth of debt and reinforcing the idea of the interest-only market as a “ticking time bomb”, according to a new report.

Posted by jack c @ 04:13 PM 2 Comments

Hopes for HPC'ers Down Under!

BBC: Australia home loan approvals decline for third month

Australian home-loan approvals are down for a third month despite the central bank cutting its main interest rates. Approvals fell 1.5% in December from November, the statistical bureau said. Australia's central bank cut interest rates four times in 2012 in an attempt to boost investment and growth in non-mining sectors such as construction. However, analysts said many mortgage lenders had not passed on the lower borrowing costs, while consumers feared that rates may climb again.

Posted by mark wadsworth @ 02:22 PM 1 Comments

Retirees looking for short-term flat-shares up 35%

Planet Property: Retirees looking for short-term flat-shares up 35%

One more thing to look forward to in old age: scribbling your name on your milk and sharing the loo with strangers....

Posted by the planet @ 11:45 AM 1 Comments

Tipping point

AboutProperty: Are London's house prices spinning out of control?

Average property prices to hit £500k in the capital by 2020 say economists... And the Home Builders Federation say it will take 24 years to save a deposit for a home in London (10 years elsewhere in the country). Are we starting to reach a tipping point?

Posted by phil @ 11:08 AM 0 Comments

"4 MILLION...making arrangements to move to UK next year

Telegraph: UK 'needs to be more like Germany’ in business, say major UK growth companies - [more cheap immigrant labor]

Paul Nutall, the Deputy leader of UKIP [went] into Bulgaria to find out JUST how many are planning to come to this country in 2014. The answer? Wait for it, 4 MILLION...are already making arrangements to up sticks and move here next year. No wonder the Government won't release the figures!

Posted by hpwatcher @ 09:54 AM 9 Comments

Sunday, February 10, 2013

CEBR Reports, but what factors are included?

Bloomberg: London Home Prices to Increase 31% by Decade’s End

"Price appreciation will be driven by the British capital’s ties to fast-growing emerging markets, a “high concentration” of service firms and an economy that isn’t reliant on government spending, the London-based research group said in a statement yesterday. Other cities will experience slower growth due to cuts in government spending", the company said. “High rates of immigration to the capital bring a range of skills, languages and international commercial links which are forecast to fuel London’s economic and house-price growth.” (and high BoE generated inflation ?)

Posted by alan @ 04:27 PM 11 Comments

Saturday, February 9, 2013

The Haves have it - and lots of it

FT: England’s housing divide

Some interesting statistics on Britain's housing inequalities.

Posted by letthemfall @ 05:31 PM 1 Comments

Tackling the distortions

BBC: Housing market: Starter homes price restrictions call

The cost of housing in Britain has led to millions of young people priced-out of buying a home of their own with millions more hoping prices remain high to prevent a slide into negative equity. Writer and journalist Ross Clark has been looked at the housing market for his new book, with calls to place restrictions on starter homes to keep prices low. He looks at how a typical 1930s-build semi-detached home in Mitcham, south London would cost £18,000 to £30,000 at today's prices allowing for general inflation, but it is more likely to be on the market for £330,000.

Posted by dill @ 04:14 PM 19 Comments

No end to the insanity insight!

Baclays Bank: Family Springboard Mortgage

Introducing the Family Springboard Mortgage The average age of an unassisted first-time buyer is now 35, with family members playing a large role in helping those younger than this get on the property ladder. Having listened to the problems faced by first-time buyers, we’ve created the Family Springboard Mortgage, which lets relatives use their savings to help them buy a home.

Posted by novice pete @ 12:46 AM 1 Comments

Friday, February 8, 2013

Think there isn't a property link?

Guardian: Aamir Siddiqi murder: killers jailed for stabbing teenager by mistake

Think again. Like the chap with the knife in front of Buckingham Palace, isn't it interesting how the gradual property collapse manifests itself in the media not with editors addressing it directly but with a series of disconnected tragedies whose root cause is always a failed property investment deal our a collapsed property empire.

Posted by paul @ 09:16 PM 6 Comments

NIMBYs hate kids having fun

Daily Mail: Children’s playground at upmarket housing development is sealed off because the equipment is TOO BRIGHT

... and if you tolerate them, then you're children will be next ... will be next.

Posted by doomwatch @ 03:59 PM 6 Comments

What are the chances of a house sale falling through?

Quick Move Now: Quick Move Now house sale fall through index – Q4 2012

The average house sale fall through rate for Q4 2012 was 19.82%, meaning one in five sales failed to reach completion, a marked improvement on Q3 when one in three sales fell through. Following on from a very slight downward trend in house sale fall through rates since the start of 2010, quarter four of 2012 showed a dramatic drop of 7.39%, down from 27.21% in Q3, taking the index down to its lowest level since 2007.

Posted by donna houguez @ 10:26 AM 7 Comments

Thursday, February 7, 2013

I for one welcome our new landlord overlords

Telegraph: Home ownership falls to lowest level since 1987

The level of homeownership has fallen to its lowest level since 1987, government figures showed today. Of households, 65.3% are homeowners; 17.4% are renting privately; and 17.3% are renting from councils or housing associations. Three-fifths of private renters are trapped because they cannot make the jump on to the property ladder.

Posted by drewster @ 10:04 PM 4 Comments

Beyond satire

Evening Standard (MBVNIF): George Osborne: Let’s turn anger at the banks into a force for change

Like all this Government’s reforms — to welfare, to the economy, to schools and to banking — we want to back aspiration and be on the side of those who want to work hard and get on. Sadly, nowhere have these simple principles been broken more clearly than in our banking system over the past decade. Irresponsible behaviour was rewarded, failure was bailed out, and the innocent suffered.

Posted by mark wadsworth @ 04:26 PM 10 Comments

No change by the BoE

Reuters: Bank of England reinvests maturing bonds, ready to do more

"The Bank of England kept its support for the economy steady on Thursday, voting to reinvest 6.6 billion pounds of bond holdings that mature in March and saying it would provide more stimulus if needed. After a two-day meeting, the Bank's nine-member Monetary Policy Committee as expected said its main interest rate would stay at 0.5 percent". (OK, I know it's hardly worth reporting...).

Posted by alan @ 04:11 PM 0 Comments

Hard to know where to start with this one ... They HAD land, so let them nick stuff?

Daily Fail (what else!): 'Middle-class' robber raided house three days after he was spared jail because his affluent family had fallen on hard times

'Middle-class' robber raided house three days after he was spared jail because his affluent family had fallen on hard times. Manchester judge had said there was 'another side' to Diallo Allen, 18. But three days later he smashed through window into home in Chorlton. Had been sentenced on Jan 23 for stealing phones and bag in same area. Emerged one of his victims was Manchester United goalkeeper's girlfriend. Court heard Allen's family had to move from £210,000 to £100,000 street

Posted by montesquieu @ 01:27 PM 1 Comments

Would you pay £50 for a chicken?

Myfinances.co.uk: Weekly shop would cost £453 if food prices tracked house prices

A new study from housing charity Shelter reveals that the average weekly shop for a family of four would cost £453 if food prices had risen at the same rate as house prices over the last 40 years.

Posted by ben @ 01:21 PM 3 Comments

Sobering stats from Shelter

Planet Property Blog: Weekly shop would cost £453 if food had risen as fast as house prices

According to a report by homeless charity Shelter, the average family’s weekly shop would cost £453 if food had risen in line with house prices over the last 40 years. The charity say that in 1971 the weekly shop cost £10.40, and the average home £5,632. But by 2011 the price of the average home had shot up to £245,319 – over 43 times more expensive.

Posted by property addict @ 12:24 PM 0 Comments

About time..

Mail: A £7,000 fee just for taking out a mortgage. Buy-to-let landlords clobbered with sky-high charges as rates fall

Buy-to-let landlords have been warned to watch out for big fees that substantially bump up the cost of best buy mortgages - with some able to push up the effective rate of a two-year fix by more than 2 per cent.

Posted by happy mondays @ 11:58 AM 14 Comments

Carney can't afford London house

BBC News: Future BoE governor Mark Carney defends pay package

Mr Carney's remuneration includes a salary of £480,000, plus an annual pension allowance of £144,000 and a housing allowance of £250,000. Speaking in front of the committee, he defended the housing allowance, arguing that such arrangements were "common" for executives moving to London, which he characterised as "one of the most expensive capital cities in the world". His current home of Ottawa, he noted, was one of the cheapest.

Posted by will @ 11:55 AM 5 Comments

The Pound Is In For A Pounding.

MoneyWeek: Protect your wealth as the Bank of England goes for broke

The coalition’s desperate bid for growth is bad for the pound Trouble is, the government is running out of time. Changes in monetary policy don’t take effect right away. Depending on who you ask, the time lag can be anything from nine months to two years. So in theory, anything the Bank of England does now, won’t show any results until at least 2014. With Carney taking over in summer, he won’t have much time to get cracking. So as far as Osborne is concerned, now’s the time to go for broke. If the government can at least talk up the prospect of looser monetary policy, then the markets might start to price it in that bit earlier – perhaps by sending the value of the pound even lower.

Posted by khards @ 11:34 AM 0 Comments

Pile 'em high!

Planet Property Blog: Brighton to house homeless in shipping containers

Trust turns to Dutch solution to relieve waiting list… A planning application for 36 converted shipping containers to be installed in the city centre has been submitted to Brighton and Hove City Council.

Posted by property addict @ 11:26 AM 0 Comments

HPC was naive to think there would be a proper crash

Telegraph: How house prices have risen 43-fold since 1971

Some number crunching that illustrates why property is a bit different from manufactured goods or services: "A carton of milk would set a family back by £10 and a roast chicken would have a £51 price tag if food costs had risen in line with house price increases over the last 40 years, research by Shelter has found. The charity said that the typical value of a house had increased by just over 43 times since 1971, from £5,632 to £245,319." Unsurprisingly, there is no clue in the piece about the role of bank credit or our tax system that favours property speculation but we should be used to that by now.

Posted by quiet guy @ 08:52 AM 11 Comments

Wednesday, February 6, 2013

Print baby print - GREAT BIG inflation coming

FT: Osborne presses BoE over programme

"George Osborne let slip his frustration with the Bank of England on Wednesday, calling for looser monetary policy to boost economic recovery. In an extremely unusual move on the day before the BoE’s monetary policy committee announces the outcome of its monthly meeting, the chancellor put pressure on the bank to take action." "Mr Osborne said decisive moves by the government on the deficit “means that . . . monetary policy action by the BoE can and should continue to support the economy”.

Posted by hpwatcher @ 10:41 PM 2 Comments

Here we go again

Telegraph: Nick Clegg to revive mansion tax campaign

The Liberal Democrats want to introduce either a one per cent levy on properties worth more than £2 million, or new council tax bands on expensive homes, the Deputy Prime Minister will say. He suggests the money raised could be used to cut income tax. The policy of higher taxes on property is set to become a key issue in the Eastleigh by-election caused by the resignation of former Cabinet minister Chris Huhne. George Osborne, the Chancellor, has already stated his opposition to new property taxes and Mr Clegg’s decision to go public with his demands suggests that Coalition relations will become acrimonious during the by-election campaign.

Posted by drewster @ 10:35 PM 4 Comments

Houses that should be between £18-£30k in today's money are in fact trading at up to £335K

BBC 2 Daily Politics: Daily Politics - Affordable Housing debate

Scroll to 1hr 21 minutes in for an interesting Presentation by Ross Clark author of "A Broom Cupboard of One's Own - The housing crisis and how to solve it" and subsequent debate with Michael Fallon & Co.

Posted by jack c @ 08:51 PM 2 Comments

House prices only ever go up! You are all wrong.

Localuknews: House prices boosted 1.9% as cheap mortgages inject life into property market, says Halifax

House prices have picked up 1.9 per cent in the past few months - a sign that the Government's Funding for Lending scheme to boost mortgage availability could be paying off. The price hike in the three months to January was the strongest increase in the underlying trend for three years, according to the latest market survey from Halifax. There was a 0.2 per cent price dip in January, following increases in the previous two months - but home prices stood 1.3 per cent higher than a year ago. Halifax said quarterly figures are a better guide to what is happening in the market as they 'smooth out' month-on-month volatility.

Posted by khards @ 03:53 PM 3 Comments

Bubble brewing.

Localuknews: Boost for Dover property market

"With interest rates at a record low, and with some reports stating they could be like that for another four years, it would appear to be a good time to buy. This was evidenced by the fierce bidding battles for the two properties in Dover. "Also, a lot of savers are now coming out of long-term fixed high interest rate accounts to find their money is making next-to-nothing. They may look at bricks and mortars to let out as rental returns appear somewhat more favourable than cash on deposit."

Posted by khards @ 03:46 PM 5 Comments

Boris is hungry...

AboutProperty: Boris Johnson: Give London the tools to fix housing crisis

Londoners should be the beneficiaries of £1.3bn of stamp duty collected from the capital's buoyant property market, says Boris Johnson. The London mayor thinks that this would be a potential means of building the new homes that he says are desperately needed. Seventy-seven per cent of properties in the £2m plus stamp duty bracket are located in the city, and Johnson believes London's huge contribution is justification for it keeping some of the funds.

Posted by phil @ 03:07 PM 0 Comments

How about FFL to start with !

Mail: George Osborne warned that he will need to make major cuts

Whitehall departments have so far relied heavily on job losses to meet the Chancellor's austerity demands, and if they continued to do so at the same rate, 1.2 million public sector jobs could go by 2017/18, compared with the 900,000 forecast by the Office for Budget Responsibility, said the IFS.

Posted by happy mondays @ 02:30 PM 0 Comments

Jeremy Clarkson's childhood home for sale .. and Paddington Bear's too

Planet Property: Jeremy Clarkson's childhood home for sale .. and Paddington Bear's too

Home Farm in Burghwallis Doncaster, the place where Jeremy Clarkson was reared by hand before being released into the wild, is for sale. It's also where Clarkson's mother designed the Paddington Bear teddy ...

Posted by the planet @ 01:30 PM 0 Comments

VIs unhappy with LR methodology

Estate Agent Today: Land Registry accused of under-cooking house prices in 'sham' surveys

In short, the offical LR report doesn't include new-build purchases due to their repeat sale methodology. Apparently, Stuart Law even makes a guest appearance in the comments.

Posted by sibley's b'stard child @ 12:07 PM 6 Comments

Investment in student sector booms despite falling student numbers

Planet Property: Investment in student sector booms despite falling student numbers

Investment in student accommodation reached a record £2.7 billion in 2012 – a 125 per cent increase on that invested in 2011, new research from CBRE has revealed. But it's large scale developers and funds making the running

Posted by the planet @ 11:50 AM 0 Comments

House prices in first annual rise since October 2010

Myfinances.co.uk: Halifax: UK house prices see first annual rise for 27 months

House prices fell by 0.2 per cent in January compared to December, according to Halifax’s latest survey of the UK property market. However, on an annual basis UK house prices were up by 1.3 per cent, the first annual rise since October 2010. On a quarterly basis they were up by 1.9 per cent.

Posted by ben @ 09:29 AM 0 Comments

MoM -0.2% YoY +1.3%

Halifax: House Price Index - January 2013

Commenting, Martin Ellis, housing economist, said: "The signs of improvement in the housing market towards the end of last year continued in January. Prices in the three months to January were 1.9% higher than in the previous three months; the strongest figure in this measure of the underlying trend for three years. Prices were also 1.3% higher than in the same period a year ago, marking the first annual rise for 27 months.

Posted by quiet guy @ 08:52 AM 11 Comments

Tuesday, February 5, 2013

Bash a Boomer

BBC News: Have Young People Never Had It So Bad?

Baby boomers born in the 1940s to mid 60s bought their first home when prices were low and watched property prices shoot up as house-building slowed while the population rose...

Posted by greenmind @ 11:58 AM 11 Comments

And how did he run up such a debt?

Telegraph: Buckingham Palace knifeman suffered £170,000 debt

His son, Kassum Raja, 30, said: "He's in such debt. He invested £168,000 in a property a few years back."

Posted by paul @ 07:54 AM 0 Comments

Monday, February 4, 2013

The trouble with inflated Property Loans

Reuters: Spanish "bad bank" starts sales despite business plan scrutiny

"Spain's so-called bad bank has started marketing the first batch of properties seized from troubled lenders to cleanse their books even though it is still bogged down in internal debates and doubts over its business plan". "For now, the likes of Bankia are still doing that work themselves. The 13,000 properties released for sale on Monday -- mainly new builds or second-hand, completed homes, worth above 100,000 euros -- are being marketed on the website of its property division, Bankia Habitat". (They call it a "bad bank", that way no banksters get implicated).

Posted by alan @ 07:32 PM 1 Comments

Rental yield growth set to dip

Myfinances.co.uk: Rightmove: Rents to fall in 2013 but landlords will still invest

Rightmove expects rental yields to fall slightly in 2013 but still expects the majority of landlords to expand their portfolios. Its first Rental Market Forecast of 2013 shows that the lack of supply that has plagued the rental market in recent years is set to drop, meaning tenants will not see rents rise as much as they have done in recent years.

Posted by ben @ 05:13 PM 0 Comments

Greed and avarice set to continue

The Grauniad: Buy-to-let landlords' buying spree will keep more families in rental trap

Buy-to-let landlords will embark on a home buying spree in 2013 while young adults and families remain trapped in rental properties, according to a forecast by Britain's biggest property website. Three out of four professional landlords will buy more homes in 2013, while the number of "virgin landlords" looking to buy for the first time is running at the highest level for a year, the research from Rightmove found. Meanwhile, 53% of tenants say they are trapped in renting, wanting to buy a home but unable to afford to do so.

Posted by richy richless @ 12:28 PM 8 Comments

Landlord boom boom boom

AboutProperty: Private landlords leading rental boom

A 'rag-tag army' of private landlords are the main beneficiaries of generation rent, as institutional investment lags behind. The latest rental report from Rightmove suggests that it is the nation's landlords, rather than larger investment companies, who are providing the supply to meet growing rental demand.

Posted by phil @ 11:55 AM 0 Comments

Kidnapped Irish developer found wandering roads

Planet Property: Kidnapped Irish developer found wandering roads

Michael McGeever (68), a kidnapped property developer, has been found on a rural road confused, half-starved, barefoot, with long fingernails and a lengthy beard, wearing a plastic sheet. The word 'thief' was scrawled on his forehead ....

Posted by the planet @ 10:02 AM 0 Comments

Sunday, February 3, 2013

Banksters the same the world over!

Sun: ‘Former bank chief’ caught at airport with £44.5M cheque

"The 59-year-old is said to have been issued the 300million bolivar cheque by the Bank of Venezuela." (Clearly not in the Too Big To Fail, Too Big To Prosecute league).

Posted by alan @ 09:46 PM 3 Comments

South East divided from rest of UK in terms of property values

Myfinances.co.uk: London housing stock equals 22.5% of total UK property value

New research from estate agents Savills reveals that the total value of the UKs housing stock has risen slightly to £5 trillion over the last 12 months. Its research also suggests that high values in London and the south-east are increasing the north – south property divide in the UK, illustrating the growing wealth gap between the South East and the rest of the UK.

Posted by ben @ 01:36 PM 0 Comments

Saturday, February 2, 2013

Stretchy, stretchy.

Financial Times: London housing widens wealth gap

"Houses in London’s 10 most expensive boroughs are now worth as much as the property markets of Wales, Scotland and Northern Ireland combined, underlining the extent of Britain’s growing wealth divide."

Posted by rumble @ 11:43 AM 4 Comments

How the gravy train runs like a speeding bullet train !

Daily mail: Blairs paid £1.35m in cash for home number SEVEN

My local councillor decided to use local money to fix the path outside her home ! not for the good of the community

Posted by mark @ 09:38 AM 17 Comments

Friday, February 1, 2013

BM Solutions cut BTL rates by 0.15%

Myfinances.co.uk: BM Solutions reduces buy-to-let rates and offers cashback

BM Solutions has cut rates on selected buy-to-let mortgage products for borrowers with a 25 per cent deposit. It is reducing rates by up to 0.15 per cent and increasing cashback on certain products available in its buy-to-let product range.

Posted by ben @ 03:25 PM 0 Comments

Now a Dutch bank falls over (yes, property related)

Reuters: Netherlands nationalizes SNS Reaal at cost of $5 billion

"SNS Reaal, the fourth-biggest financial institution in the Netherlands with about 134 billion euros in assets last year, was hit by losses at its property unit and has been trying for months to sell assets"

Posted by alan @ 03:19 PM 1 Comments

Coming to London soon?

New laws on bedsits in force: IrishTimes

Bedsits banned! New standards for rental accommodation which come into effect on 1st February will mean that all rental accommodation must have its own sanitary facilities (e.g. toilet and shower), food preparation facilities and independently controlled heating. Chief executive Bob Jordan said the regulations would serve to remove the bottom layer or the most substandard accommodation in the country. He acknowledged they had involved a cost for landlords but said the new rules had been flagged four years ago and that people had been given time to comply. Could this push rental prices?

Posted by khards @ 01:44 PM 10 Comments

Is this the cheapest ever five-year fix?

Myfinances.co.uk: Post Office unveils cheapest ever five-year fixed rate mortgage

The Post Office has made further reductions to the rates on some of its mortgage products and has reduced some of the fees.

Posted by ben @ 12:15 PM 0 Comments

FTBs shoot themselves in the foot.

Estate Agent Today: FTBs who lost out by trying to beat Stamp Duty deadline

A strange year for first-time buyers saw numbers hit 24,200 in March 2012 to beat the Stamp Duty deadline. The following month, however, numbers virtually halved to just 12,200. Ironically, those first-time buyers trying to save Stamp Duty on their purchases really paid for it: March’s average purchase price of £147,713 was the highest that first-time buyers paid all year. Had those first-time buyer waited another month and paid Stamp Duty, they could have been quids in, with the average price tumbling to £123,694

Posted by sibley's b'stard child @ 11:22 AM 3 Comments

Millionaire footballer house swap

AboutProperty: Transfer window worth £100m to property market

Transfer madness in the football world may have a £100m knock on effect to the property market, as cash-rich players invest in pastures new. Prior to yesterday's deadline day excitement Rightmove estimated that as much as £100m could be spent on new homes as a result, although it is likely the figure actually fell short due to a lack of big money moves.

Posted by phil @ 11:11 AM 0 Comments

Struggling oldies

CityAM: UK tax takes hit as QE increases pension deficits

Apart from the obvious moral of not voting Labour for a decade before your own retirement, the staggering pension deficit surprise continues apace. I liked this idea by the pensions funds....it must be them right..." suggest the Bank of England use QE money to buy overvalued PFI and infrastructure assets from banks then sell them to pension funds at a lower price, unburdening banks and giving pension funds a good long-term asset in one action." Unfortunately unless the BoE discovers how to make fake teeth gum glue digitally, there doesn't seem to be much room to manoeuvre.

Posted by stillthinking @ 04:06 AM 11 Comments

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