September 2013 Archive

Monday, September 30, 2013


The Advertiser: New group in 'save our greenbelt' call

A NEWLY formed residents’ association is gearing up for a fight to save greenbelt land from housing development. Secretary Angela Tracy-Smith said: “We’re not against development. It’s been described as scrubland but for us it’s a necklace of green.” Council chiefs say the strategy [reclassifying greenbelt], which is expected to go before an examination-in-public next summer, is a once-in-a-generation opportunity to reverse the county’s long-standing economic decline. It is aimed at creating 30,000 new jobs and 31,400 new homes by 2030. Durham City would get two bypasses and 5,000 extra homes.

Posted by khards @ 10:46 PM 3 Comments

Foxtons is now trading for a bit more than 20 times what investors expect it to earn next year.

Gulf News: Nothing to beat a ride on a property bubble

Britain seems unable, politically or otherwise, to wean itself from its addiction to property price gains. Exhibit A is the government’s Help to Buy scheme, under which the state subsidises mortgages by guaranteeing a portion to the bank, allowing borrowers to buy houses with as little as 5 per cent down. That’s active for new properties now and will shortly be allowed for existing homes. Sound like state-sponsored subprime lending to you? Nice for banks and older property owners who can cash out, but not so good for ordinary people trying to buy ordinary houses on ordinary salaries.

Posted by khards @ 03:54 PM 0 Comments

Is Tiffany now a toff name again? PPE grad speaks for a generation

The Speccy: What’s good about Help to Buy? It will make young people Conservatives

When people my age (I’m in my early twenties) hear that I work in Westminster there are two common reactions: either their eyes glaze over or I get an earful about uni fees, wages or once from an artist, during an otherwise pleasant dinner, an hour-long rant about cuts to the arts. But this time, Sam was excited by a politics that was speaking his language and a policy that would help him get out of the room he rents for £600 a month somewhere in Zone 2.

Posted by montesquieu @ 01:31 PM 9 Comments

Americas debt ceiling

Guardian: US government on verge of shutdown as House votes to delay health law

Republicans are threatening to refuse to lift the ceiling unless Obamacare is reigned back, which could mean the US Treasury would be forced to default on its debt payments.

Posted by happy mondays @ 11:18 AM 5 Comments

Escaping the Cameron Bubble.

WSJ: How Many Fools Does It Take to Make a Bubble?

Where do market "bubbles" come from? A team of neuroscientists and economists has produced the first scientific evidence for what prudent investors have long believed: Paying attention to what others are doing is the easiest way for traders to get carried away. "People seem to be buying," Prof. Camerer says, "because they think they can sell to somebody else who isn't able to control himself as well as they can or isn't as prescient as they are." "If everybody else is doing something silly, maybe you should detach the network and social links that make you susceptible," Prof. Camerer says. "Getting away from the market and media bubble might help you avoid a financial bubble."

Posted by khards @ 11:02 AM 2 Comments

Brilliant architect-designed house short-listed for multiple awards

Planet Property: Brilliant architect-designed house short-listed for multiple awards

Architect Matt White's brilliant family home has wowed the critics - now it's on the market. Has been described as fun ... but is it just infantile?

Posted by the planet @ 11:02 AM 0 Comments

Tower Ronnie Wood rented back on the market

Planet Property: Tower Ronnie Wood rented back on the market

Ruxley Tower in Claygate, Surrey recently had Rolling Stones guitarist Ronnie Wood as a tenant. Now it’s for sale for £850,000. Spparenbtly he left fag burns on the carpet and probably didn't get his deposit back .... rock 'n' roll!

Posted by the planet @ 10:59 AM 0 Comments

Global house price boom accelerating

Planet Property: Global house price boom accelerating

House prices in Q 2 2013 rose in 30 of 42 housing markets across the world – the best performance since the boom years of 2006/7. However, European markets still sluggish ...

Posted by the planet @ 10:55 AM 0 Comments

Help to Buy - short term politics at its ugliest Comment: Help to Buy will betray a generation

Help To Buy is a pernicious sleight of hand - why the boom is false and unsustainable.

Posted by keithhodges @ 10:35 AM 1 Comments

Meanwhile, in a parallel universe...

BBC: Osborne in "work for benefits" plan

Homebuyers who receive long term taxpayer-backed loans under the Help To Buy scheme will have to undertake work placements in return for their benefits, under changes being unveiled by Chancellor George Osborne. From April, people who have not repaid the interest free loans within three years will face three options, including community work, or face losing benefits. Mr Osborne unveiled the "tough love" plan at the Conservative conference. Labour said it was proof the coalition's main house price support schemes - largely modelled on the schemes introduced by the Labour government five years ago - had failed. ...the chancellor is expected to say that while the government will not "abandon" long-term borrowers, no-one will be able to get something for nothing.

Posted by mark wadsworth @ 10:34 AM 6 Comments

Sunday, September 29, 2013

Rental arrears rise

Planet Property: Rental arrears rise

Severe rent arrears rose to 94,000 in the first quarter of 2013, says a new report - the fourth highest figure on record

Posted by the planet @ 05:49 PM 0 Comments

A nudge here, a nudge there.

BBC: Armed forces offered interest-free home loans

"The government is to offer armed forces personnel buying their first homes interest free loans towards a deposit."

Posted by rumble @ 04:03 PM 7 Comments

Saturday, September 28, 2013

Quick - put more accelerant on the fire.

David Cameron: My mortgage plan for struggling families: The Help to Buy mortgage guarantee scheme will be brought forward from January 2014 to next week.

Following on from Alan comment on a previous article today revealing that Land Registry figures showed only a 0.1% rise during August it looks suspiciously like the government are now in panic mode. 'The Help to Buy mortgage guarantee scheme will be brought forward from January 2014 to next week.'

Posted by enuii @ 11:47 PM 71 Comments

Read into this what you will, it can be viewed in many ways

Financial Times: Hedge fund bets millions in cheap property swoop up north

Toscafund a UK hedge fund has begun snapping up cheap property across deprived parts of the north of England and plans to purchase hundreds of millions of pounds of undervalued commercial property in cities such as Manchester, Leeds, Liverpool and Sheffield as part of a big wager on the UK economy. The fund believes that in the next few years, London’s dominance will slip as other cities benefit from labour and money migrating out of the capital. “You just have to look at the fact that rental yields are three times higher in somewhere like Nottingham than in London,” said Mr Savouri. “It’s an arbitrage that is there to be taken.”

Posted by enuii @ 08:53 PM 1 Comments

Plenty about the current UK housing bubble and it's collapse.

Max Keiser: [KR502] Keiser Report: Trickle-Down Flamethrowers

We also note that houses in London earn more per day than the average worker in London. In the second half, Max interviews Mitch Feierstein of about the Fed’s balance sheet, housing bubbles around the world and putting lipstick on pigs. Well worth a watch.

Posted by khards @ 08:08 PM 1 Comments

Lovely graphics of house prices to earnings over last 10 years


Nice animated gif of time lapse of house prices compared to earnings over last 10 years

Posted by pete green @ 12:35 PM 1 Comments

Chancellor acts on house prices = too little too late

Yahoo: Chancellor acts on house prices

A rehash of a previous article but surely this is too little too late and a simple 'passing of the buck' exercise. Will Mr Carney have the gumption to do the right thing and cancel the scheme before it starts? probably not....

Posted by george @ 08:45 AM 0 Comments

Friday, September 27, 2013

EA was a VAT scammer

Scotsman: Leslie Deans charged with money laundering offences

"..former Hearts FC chairman has been charged with money-laundering offences as part of an ongoing fraud inquiry involving a number of people. Deans, who runs his own estate agency, was arrested in Edinburgh weeks ago, but details have only just emerged". "The solicitor runs a chain of estate agents across Edinburgh with branches in Newington, Corstorphine and South Queensferry"..." was the first solicitor found guilty of money laundering". (pity he wasn't linked to JPM or HSBC, he could avoid jail and just pay a token fine).

Posted by alan @ 06:05 PM 0 Comments

Nimbys of the week, lead by Robert Buckland, the MP for South Swindon

Swindon Advertiser: Residents win first part of housing battle

Campaigners were celebrating yesterday after the news that their battle against a planning application to transform a disused dental surgery into a home of multiple occupancy in Tryon Close, in Liden, had been successful “This was because planning officers considered the single-storey rear extension represented a poorly designed addition that would be disproportionately large, and would be out of scale and character with the rest of the property. It would also have had an adverse impact on the character of the surrounding area.”

Posted by khards @ 04:24 PM 8 Comments

Rate cut across range for all types of borrowers Virgin Money cut Freedom to Fix tracker rates by up to 0.50%

Virgin Money has unveiled a number of mortgage rate cuts to its residential mortgage range. The cuts are for homeowners with various levels of equity and will be applied from Friday 27th September.

Posted by ben @ 04:07 PM 0 Comments

Solving the housing dilemma needs a much clearer vision and a far more positive approach than was se

Pieria: Solving the housing dilemma needs a much clearer vision and a far more positive approach than was set out by Ed Miliband

Christine Whitehead, Professor of Housing Economics at LSE, finds Ed Miliband’s pledge to build 200,000 homes per year to be a very modest aspiration and not enough to stop the housing crisis.

Posted by m @ 12:48 PM 0 Comments

Ponzi: the Scottish Edition

Business Insider: Help To Buy Extends into Scotland

If residential isn't a bubble then why do we need this?

Posted by bellwether @ 12:25 PM 0 Comments

Democracy peaking through at last?

RT: George Galloway will fund his London mayoral campaign using crowdfunding

Democracy is dead. It’s been ‘corporatized’ and now it’s only a brand concept that’s been co-opted by big business as a way to get people over extended on predatory pay-day loans, GMO food, compromised technology products that act as spy instruments for these same kleptocrats and movies made in Hollywood pushing “freedom’ and “democracy” while the prison population in America sets new all-time highs every year. America now has the biggest prison population of any country on Earth. Crowdfunding is a remarkable. In the case of politics, though, crowdfunding might finally meet its ultimate destiny. It’s a silent “Declaration of Independence” written by a new wave of entrepreneurs who are also embracing the crypto-currency bitcoin as an expression of liberty.

Posted by khards @ 08:40 AM 3 Comments

Wouldn't it have been simpler just to not interfere in the first place?

Telegraph: George Osborne gives Bank of England more control over Help to Buy to ease housing bubble fears

George Osborne has given the Bank of England a greater role in ensuring that his flagship Help to Buy scheme does not create a housing bubble. The Chancellor, who said earlier this month that the financing scheme is not a “weapon of mass destruction”, has asked the central bank’s Financial Policy Committee to review the Help to Buy programme every year. The FPC was originally told to advise on the plan every three years. The BoE will also be able to recommend to the Treasury that the cap on properties eligible under the scheme is cut from the current £600,000, reducing the impact of any price boom. A similar bubble was widely blamed for the recession.

Posted by quiet guy @ 07:59 AM 4 Comments

Thursday, September 26, 2013

Do you want to be stomped on by the left or the right Orwellian boot of politiks?

Daily Mail: Miliband's Marxist father and the real reason he wants to drag us back to the nightmare 70s

At his peak in the Sixties and Seventies, Ed Miliband’s father was one of the best-known intellectuals in Britain. A political theorist at the London School of Economics, he was a devout follower of Karl Marx and an unswerving believer in revolutionary socialism. So his final resting place, just 12 yards from Marx’s own grave, could hardly be more fitting. (These are not co-incidences folks. The choice of leader, the placing of Milliband Senior's gravestone - Get ready for hard core poverty and misery, because the Globalists who want an EU and one world government under the United Nations cannot allow an individual nation state to be strong, in opposition to world domination by a one world government run for and by the transnational bankers and corporate kleptomaniacs).

Posted by libertas @ 10:43 PM 14 Comments

This weeks good news.

BBC: Permission granted for hundreds of homes

Plans to build hundreds of homes on the former Cadbury's factory site in Keynsham, near Bristol, have been given the go-ahead. Bath and North East Somerset Council (Banes) agreed full planning permission for 270 homes but with conditions. Site access will also be reviewed - developers Taylor Wimpey want a single entrance but Keynsham Town Council say this will cause "traffic chaos". The Somerdale factory closed in January 2011 with the loss of 600 jobs. Brown economics: Close a factory losing 600 Jobs lost then speculate on 300 new homes.

Posted by khards @ 04:35 PM 1 Comments

Around 22,00 to receive average compensation payout of £970 Clydesdale Bank fined £9m by FCA for mortgage calculation errors

The Financial Conduct Authority (FCA) has fined the Clydesdale and Yorkshire Bank for giving mortgage customers the wrong information on repayments.

Posted by ben @ 02:32 PM 0 Comments

Wot no bubble?

Planet Property Blog: Prices still falling in some areas

Figures from Savills show that, despite widespread fears of a property bubble, prices in some areas away from the South East and South West are far from overheated. According to analysis of Land Registry data by Savills for Yahoo Finance values in 24 locations in England and Wales are at least 25% below pre-crash levels. It’s the North West which is faring worst. Blackpool is leading with 33% below 2007 values, followed by Durham, Middlesbrough and Hartlepool.

Posted by property addict @ 01:26 PM 0 Comments

Tory donor's firm in alleged LIBOR kickback shocker

Independent: 'Let's discuss kickbacks over lunch': Tory donor's firm fined £55m over Libor fixing

"Traders' emails reveal shocking conspiracy at Icap, the financial company owned by former Conservative treasurer and prominent party donor Michael Spencer - now bankers face 30 years in jail"

Posted by doomwatch @ 09:20 AM 2 Comments

How baffling, Labour would like to stop land hording.

Telegraph: Housebuilders baffled by Ed Miliband's land grab threat

The Labour leader’s ultimatum was stark enough: “We will give developers a very clear message - either use the land or lose the land.” What did Miliband mean? Britain’s biggest property owners include the Crown Estate, the Church of England and the Ministry of Defence, not to mention the Queen herself. Supermarket groups, including Tesco and Asda, have large landbanks too. Would a Labour government send storm troopers round to seize their assets? A report, “Barriers to Housing Delivery”, by Molior London for Boris Johnson revealed that 45pc of the permitted homes in the capital are in the hands of “non-builders”.

Posted by khards @ 07:58 AM 16 Comments

Wednesday, September 25, 2013

NatWest: London Borough Tool - A tool to make home buying easier

NatWest - London Borough Tool: London Borough Comparison Tool

Last week, NatWest launched a new tool called the London Borough Comparison Tool. It’s a tool that gives you access to information on all 32 London boroughs. Information such as property prices, crime rates, travel costs, school ratings, council tax rates and parking permit costs are provided by simply clicking on the borough that peaks one’s interest. You can compare up to 3 London boroughs at the same time to see which borough is more expensive to live in than the other and vice versa.

Posted by jonathan jones @ 05:32 PM 0 Comments

Your lifetime tracker is NOT safe

The Guardian: West Bromwich raises interest rates for buy-to-let mortgage borrowers

As we feared, the West Brom Building Society are now following suit, effectively copying what the Bank of Ireland seem to be getting away with, by increasing their base rate tracker margins by 2% as of December 2013. This will affect around 6,700 BTL landlords. I suspect the West Brom are aware of the lethargy of the vast majority of BoI borrowers and are simply chancing their arm. Which lenders will be next? Your tracker mortgages may not be with BoI or West Brom, however, that does not mean that you are safe. You may be OK today.

Posted by edwardmarks @ 04:04 PM 0 Comments

Introduction of 2 new buy to let mortgages

Property Buyer Blog: Two new ranges of Buy to Let mortgages now available in the UK

Due to the ongoing popularity of the Buy to Let mortgages, two companies have recently announced that they will be offering new products to the market. Firstly, Accord Buy to Let has begun offering a range of three different mortgages all of which feature the following selling points – no completion fees, a maximum of 75% loan to value, interest rates beginning at 3.79%, as well as £500 cashback on completion.

Posted by joel desvignes @ 03:41 PM 0 Comments

At least we know who his main concern is.

Sky News: Osborne Takes Legal Action Over EU Bonus Cap

In summary, Mr Osborne who is giving away 10's of billions of pounds of future tax payers money to bankers is now using tax payers money to sue the EU so they can take a bigger cut of the profits...and by profits I mean tax payers money gifted to them.

Posted by thecountofnowhere @ 03:25 PM 0 Comments

Base rate Tracker increase

The Telegraph: Buy-to-let borrowers face 2pc rate hike on 'trackers'

Buy-to-let borrowers face 2pc rate hike on 'trackers'

Posted by edwardmarks @ 01:16 PM 7 Comments

Must protect thou arbitrarily placed greenbelts, but some progress is being made.

BBC: New village plan to protect Cheshire greenbelt

A new village of nearly 2,000 homes could be built to avoid expanding existing villages into Cheshire's greenbelt. The development, called the North Cheshire Growth Village, near Handforth is part of the proposed new Local Plan. It would mean only 1% of greenbelt land would be at risk of development, the council said. Council leader Michael Jones said: "Rather than increasing the size of villages in the north and south, we are proposing a new village. Does anybody even consider the fact that the greenbelts may have been incorrectly drawn up 60 years ago or need adjusting according to the population growth of a particular area?

Posted by khards @ 11:57 AM 12 Comments

Zoopla research says Northern UK cities best for student lets Glasgow offers best yield on student buy-to-let properties

New data out from online property website Zoopla shows that Northern UK cities with large student populations provide buy-to-let investors with the best returns.

Posted by ben @ 11:43 AM 0 Comments

Worst place in London to buy

Planet Property Blog: Worst areas of London to buy property

Natty little infographic… NatWest have come up with a very handy little infographic which shows, among other things, house prices, crime rates, and which London boroughs are still experiencing price drops amid all the price hike madness.

Posted by property addict @ 11:33 AM 0 Comments

Predicting further USD diversification.

FT: Congress is putting the future of the dollar in peril

Fresh evidence of US self-harm would hasten diversification to other currencies Bond markets are unfazed about the chances of a US debt default next month, when the national debt is once again expected to bump up against the limit set by Congress. Between 2000 and 2012, the dollar’s share of global reserves fell from 70.5 per cent to 63.1 per cent, according to the International Monetary Fund, while the US share of global trade fell from 15.8 per cent to 10.9 per cent. In the past five years the renminbi has supplanted the dollar as east Asia’s “dominant reference currency”, says the Peterson Institute’s Arvind Subramanian, who has found that the average movement between Asia’s seven largest currencies and the renminbi is now 60 per cent greater than with the dollar.

Posted by khards @ 08:16 AM 0 Comments

Tuesday, September 24, 2013

Borrowing on personal loans on credit cards

Telegraph: Consumer credit rises for first time in four years

"Households increased their personal non-mortgage debt last month for the first time in four years on the back of rising levels of consumer confidence" ....or were people simply busted?...Our economic situation, I fear, is being deliberately misrepresented... Can anybody guess why?

Posted by alan @ 04:37 PM 0 Comments

Things not getting any better in Detroit...

Planet Property Blog: Eminem's childhood home for $1

Up for auction in blighted Detroit neighbourhood… The bungalow which pictured on the cover of rapper Eminem’s 2000 album, ‘The Marshall Mathers LP’ is up for auction with a minimum bid of just a dollar.

Posted by property addict @ 02:26 PM 0 Comments

Max duiscussess the UK housing bubble.

Max Keiser: [KR500] Keiser Report: Crimes & Cracks of Capitalism

They find an economy where the wealth and income gap is the highest ever, median income has collapsed and the mainstream media alleges the government is ‘assaulting’ JP Morgan with all the fines for the bank’s many criminal activities. In the second half, Max interviews Professor Steve Keen about banking and leverage five years after the collapse of Lehman Brothers.

Posted by khards @ 10:59 AM 0 Comments

Moneyweek Now Bullish On UK Property

Moneyweek: Take advantage of Osborne’s boom

Chancellor George Osborne seems determined to stoke a pre-election house price boom. The coalition has launched two separate schemes that are both designed to push up mortgage lending in the UK. Potential homebuyers with a small deposit are now much more likely to get a mortgage. That in turn is already driving house prices higher.

Posted by khards @ 10:49 AM 20 Comments

George Osborne pre-election house price boom is bad for the country.

MoneyWeek: Take advantage of Osborne’s boom while it lasts

George Osborne wants a pre-election house price boom. That's bad for the country, but there are profits to be made in the short term, says MoneyWeek's Ed Bowsher.

Posted by martingreen @ 10:25 AM 0 Comments

Ramping propaganda from the ministry of money printers.

The Weston Mercury: House prices on the rise again

Becky Parker, Reporter: Zoopla statistics show the rise in Weston is much slower, at just 1.06 per cent in a year. Prices in the wider Somerset region have risen by 1.56 per cent annually. Despite the slow rise, some estate agents are pleased with the progress being made. The average house price in Weston is £200,000 and the average rent stands at £701 per calendar month.

Posted by khards @ 09:22 AM 1 Comments

Why makes up this propaganda?

IBtimes: Rents Soar to 11-Year High Despite House Price Dip

Average rents have surged to an 11-year high as they increased by 11% annually. Across the UK, tenant demand was strong with new registrations up 2% on July and 11% on August 2012. In London the number of tenants has grown by 5% on the month. "The London picture is very similar, with the number of people looking to rent increasing by 5% on month, but the number of new properties available decreasing by 1%. "As a result of this, competition rents in London grew by 2% on month and activity levels in the capital have been phenomenal, with new tenancies agreed rising by 12% both on month and annually."

Posted by khards @ 09:19 AM 2 Comments


FT: Immigration drives DOWN house prices, says study.

Immigration drives down house prices, according to startling new economic research. Dr Braakmann’s research identified two reasons for the effect: local people move out of an area as immigrants move in and migrants tend to live in more crowded housing conditions, meaning they take up less space.

Posted by khards @ 09:17 AM 1 Comments

Monday, September 23, 2013


BBC: Landlords with West Bromwich face tracker mortgage rise

Thousands of UK landlords are facing a rise in the interest rate charged on their tracker mortgages despite no change in the Bank of England rate. Some 6,700 landlords who hold buy-to-let tracker mortgages with the West Bromwich Building Society face a two percentage point rise on 1 December.

Posted by mark wadsworth @ 04:27 PM 5 Comments

Southend council seizing private property.

Echo News: Southend Council leader: "We'll take over empty homes"

EMPTY homes could soon be seized by Southend Council after just six months to ease the authority’s housing waiting list. Residents in Roedean Gardens, Southchurch, have been lobbying hard about a bungalow which has been derelict for two years. Perhaps the delusional owners are wating for prices to rise? And why is this legal?

Posted by khards @ 03:12 PM 2 Comments

Deals available for 75% LTV borrowers with £500 cashback Accord announces three mortgages with zero completion fess

Accord has launched three new mortgage products that boast zero completion fees.

Posted by jim @ 12:41 PM 1 Comments

100 Trillion Pound Notes?

Infowars: Quantitative Easing Worked For The Weimar Republic For A Little While Too

There is a reason why every fiat currency in the history of the world has eventually failed. At some point, those issuing fiat currencies always find themselves giving in to the temptation to wildly print more money. Sometimes, the motivation for doing this is good. When an economy is really struggling, those that have been entrusted with the management of that economy can easily fall for the lie that things would be better if people just had “more money”. Like the Weimar Republic, the U.S. economy is also struggling and like the Weimar Republic, the U.S. government is absolutely drowning in debt. Just like the Weimar Republic, our money supply is beginning to grow at an exponential pace. So far, complete and total disaster has not struck, so most people think that everything is ok

Posted by khards @ 12:30 PM 11 Comments

I love London but it does suck the life out of the rest of the country

Graniard: UK growth? Make London independent to mend the north-south divide

Alternatively, make London raise its own revenue and stop the roundabout of sending welfare up North then taxing it to send it back South to pay for London's exquisite infrastructure. But apparently Localism means only local decisions, not local taxation to the Tories

Posted by mombers @ 11:48 AM 8 Comments

12% increase in mortgage lending throughout July 2013

Property Buyer Blog: Gross mortgage lending rises by 12% in July 2013

The latest figures from the Council of Mortgage Lenders have shown that gross mortgage lending in the UK has risen by 12% to £16.7 billion in July of this year. This is compared with £14.9 billion seen in June of this year and it is also a rise of 29% when compared with last July’s figures. A significant growth was seen in the number of first time buyers obtaining a mortgage throughout July but total home owner house purchase lending also continued to grow.

Posted by joel desvignes @ 08:54 AM 0 Comments

Sunday, September 22, 2013

Bribing us with our own money

Telegraph: Start worrying – estate agents are looking happy

When a fire is raging, it is not always the best idea to throw on more fuel. But the Government’s Help to Buy Scheme is doing exactly that, a policy so weighted towards encouraging sub-prime lending that house builders are selling the packages as state guaranteed discounts. It remains difficult to understand how a supply problem – not enough houses – can be solved by a demand-enducing policy that could result in £130bn of government-guaranteed mortgages. What we do know is that rates of house building are stubbornly unresponsive to house price increases. The argument that higher demand will necessarily lead to higher supply is undermined by the fact that any increase in supply is likely to be insufficient to keep prices under control.

Posted by quiet guy @ 05:27 PM 8 Comments

Can we outspend Greece, yes we can!

BBC: Ed Miliband dismisses £27.9bn spending plan 'black hole'

"A poll of Labour councillors for the BBC's Sunday Politics found that one in three did not think Mr Miliband is doing a good job".

Posted by alan @ 03:35 PM 1 Comments

Why is the BBC telling us something we have known about for years

BBC: How the Bank of England inadvertently stymied savers

With none of the big four listed in the best 'Easy Access Accounts' and with 'a basic rate taxpayer needing to find an account paying 3.38%, and a higher rate taxpayer needing a rate of at least 4.5%' to arguably match inflation. Ironically the BBC reckons that 'savers are not making the necessary sacrifices now to help meet their expectations for the future'. Pointless really.

Posted by enuii @ 12:06 PM 4 Comments

Saturday, September 21, 2013

Brilliant summing up of the UK property Ponzi scheme

YouTube - RT News: Keiser Report: Housing Bubble Ponzi (E499)

Rare these days for somebody to tell it like it is. Ignoring the loud suit this bloke really does know his stuff and doesn't mind telling everybody! Pass this one around to anybody who's worried about the fraudsters running our country.

Posted by george @ 07:07 PM 0 Comments

To fifty pounds an hour

Guardian: Ed Miliband: Labour will increase national minimum wage

and we're all minted! Hurrah! I didn't post, but on the BBC news there was a description about G Brown being ready to deploy troops at street level to maintain order when the cash machines stopped working. Thank god for New Labour and their wondrous thinking!

Posted by stillthinking @ 12:56 PM 2 Comments


BBC: Estate agent Foxtons valued at £649m

Can you short the housing bubble by selling Foxton shares ?

Posted by stillthinking @ 07:08 AM 2 Comments

Friday, September 20, 2013

Oh noes not building homes

The Enquirer: The Enquirer

PLANS to build 750 homes on greenbelt land have been rejected by Basildon Council. Proposals to build 750 new homes, a new neighbourhood centre, primary school, health centre and retail space on greenbelt land were rejected by Basildon Council’s Development Control and Traffic Management Committee at a packed meeting on Tuesday night. The committee received 227 objections, 5,169 signatures on a paper petition against the development as well as 618 names on an e-petition and 34 flyers as residents joined forces to campaign against the plans for the 29.5 hectare site purchased by Nottinghamshire County Council for a reported £4.2million as an investment for its pension fund.

Posted by khards @ 04:24 PM 11 Comments

Must block building at every turn.

Expressandstar: Villagers say no to Pattingham homes scheme

Villagers have voted against building 19 affordable homes on greenbelt land in Pattingham by more than four to one in a poll. The question posed to villagers was ‘Should we build social housing on protected agricultural green belt land in Pattingham?’

Posted by khards @ 04:22 PM 2 Comments

More NIMBY's

Thisissurreytoday: 'Community divided' over plan to build 34 homes on green belt

A REJECTED proposal to build 34 homes on green-belt land has "divided a community", according to councillors. Developer Paul Hunt has already seen two bids to build on the land at Kiln Lane in Brockham refused, and an appeal for the first plan was dismissed by a Government inspector in May. Speaking at the meeting, councillor Paul Potter (Lib Dem) who represents Brockham, Betchworth and Buckland said the series of proposals had taken its toll on the community.

Posted by khards @ 04:21 PM 0 Comments

Skipton cuts rates by up to 0.20% Skipton BS cuts mortgage rates for 80 & 85% LTV borrowers

The Skipton Building Society has cut rates on its two and three-year fixed rate mortgages by up to 0.20 per cent. The rate reductions are available for borrowers with a loan-to-value (LTV) ratio of 80 and 85 per cent.

Posted by ben @ 02:48 PM 0 Comments

More great news for the Lords of Land

Telegraph: Cost of renting on the rise again

Rent increases.....Same bull, same solutions, different day

Posted by tom101 @ 09:13 AM 24 Comments

Thursday, September 19, 2013

Great summing up of the Osborne ponzi scheme

YouTube: Keiser Report - Housing Bubble Ponzi

Brilliant news article summing up the political measures taking place right now to ensure the Conservatives are elected in 2015. Namely the Osborne Ponzi Fannie Mae replica and BOE collusion

Posted by george @ 09:54 PM 6 Comments

Pretcher on uk banks/asset bubbles

Keiser report: Robert pretcher on asset bubbles

this guy predicted 2007 crash and 1987 crash and 2009 bull markets>interest rates are on the way up and uk banks are zombie and also 22 leading indicators measure near high or new highs of optimism

Posted by taffee @ 01:01 PM 5 Comments

75% of bedroom tax tenants in Barrow now in arrears

Planet Property Blog: A third of council tenants hit by bedroom tax now in arrears

Over 50,000 tenants fallen behind…Nearly one in three council housing tenants affected by the bedroom tax have fallen behind on their rent since its introduction earlier this year, according to new figures released today by False Economy.

Posted by property addict @ 11:20 AM 0 Comments

Converted 12th century castle short-listed for Sterling Prize

Planet Property: Converted 12th century castle short-listed for Sterling Prize

A beautiful conversion of a Norman ruin has been short-listed for the Sterling Prize. And the good news is, you can come to stay. Urban Splash's renovation of the modernist Park Hill estate in Sheffield is also in the final six.

Posted by the planet @ 10:58 AM 0 Comments

Recovery has reached escape velocity.

BBC: UK retail sales in surprise August fall

How about we adjust there figures for population growth and inflation? Retail sales volumes fell 0.9% in August according to the Office for National Statistics (ONS) - a surprise for analysts who had expected a rise of around 0.4%. The retail sector accounts for around 6% of the UK economy. (The government another 50%) The economy grew by 0.7% in the second quarter of the year, according to the latest estimates. Earlier this month, the OECD, an international organisation, said it now expected the UK to grow by 1.5% this year, up from the 0.8% growth it previously forecast. Food sales fell by 2.7% in August compared with July. Last week supermarket Morrisons said higher levels of spending in London were not reflected in other areas.

Posted by khards @ 10:57 AM 1 Comments

You can build anywhere you like but not in my view.

North Devon Journal: Northam town councillors refuse 132 home planning application in Westward Ho!

A PLANNING application for 132 homes in Westward Ho! has been criticised as being “fraudulent” and “barmy” by Northam town councillors. Nearly 20 members of the public against the development attended the meeting and five of them addressed the councillors. Steve Calland, the chairman of the Westward Ho! Resident’s Association, who is also part of the subcommittee dealing with the proposed development, explained why people had objected so strongly. He said the density of the development was the main issue, along with the roads surrounding the site being unable to cope with extra demand. He added: “Why are we being subjected to a density greater than anywhere else in the area?

Posted by khards @ 10:21 AM 1 Comments

Nimbys self entitlement alive and well, this time led by MP Jeremy Wright.

Leamington Observer: Protest at Southam's Holy Well site to block homes plan Read more: Protest at Southam's Holy Well site to block homes plan

Mr Wright joined residents for a 'protest picnic' on the the field adjacent to the historic monument where Redrow Homes hope to build up to 85 homes. At the gathering, Mr Wright said: "This is about setting and landscape. Make no mistake about it, if permission is given to build on this field, then these other fields around will also be in danger. Developers Redrow have said the wooden copse around the well would be maintained with green space provided, and that 35 per cent of the properties would be affordable houses. They plan to submit their application later this year. However, campaigners believe there is no need for the development.

Posted by khards @ 10:18 AM 4 Comments

Nimbys of the week, lead by Peterborough MP Stewart Jackson.

Peterborough Today: Residents protest at plans for new homes near Gunthorpe estate

Protester Ian Crutchfield, of Beadle Way, said: “The issue is nothing to do with the fact that the plans are for social housing - we’re not protesting against that “We’re just disappointed that nobody has asked for our views, we only found out about this development by accident, it’s not really good enough. Mr Crutchfield added: “The other issue we have is that there simply aren’t the facilities in the area to support a development this large. We don’t have shops, bus services or schools nearby, there simply isn’t the infrastructure.” Stewart Jackson, MP, said: “These people are angry and their concerns are understandable. I will be attending the planning meeting.”

Posted by khards @ 10:16 AM 0 Comments

10 unscientific signs that the housing market might be overheating

Planet Property: 10 unscientific signs that the housing market might be overheating

Is it booming? Is it not? The folks over at Planet Property are worried by the signs ... George Osborne's new hair-cut,, BBC commissioning policy afraid, people, be very afraid.

Posted by planet @ 10:15 AM 0 Comments

Please make me chaste, but not yet (St Augustine).

Telegraph: QE has become little more than a confidence trick

"The US Federal Reserve has lost its nerve and left the punch bowl at the party table". From comments "QE is merely an updated version of the medieval practice of coin clipping. Similarly, it defers the Government's chance of going bankrupt by degrading the wealth of the citizens (rumproller)".

Posted by alan @ 09:33 AM 4 Comments

Good News

Telegraph: Brickies' pay goes through the roof as Help to Buy kick-starts property market

Actual real good news. Housebuilding seems to be gearing up.

Posted by stillthinking @ 04:45 AM 5 Comments

Wednesday, September 18, 2013

Scotiabank economist Alan Clarke exposes the political reason behind Help To Buy.

BBC Propaganda Machine: Cake maker on food inflation: The prices keep going up

Listen at 2:20 - Help to buy is OK because without it and real wages falling we would all feel worse off. Food price inflation rose from 3.9% to 4.1% in August, despite the consumer price index falling to 2.7%. BBC Breakfast heard from baker Zara Neild who said the cost of her ingredients had gone up, but she had not increased the price of her cakes because of competition. Scotiabank economist Alan Clarke explains how food prices have been increasing at an average rate of 5%, while fruit and vegetable costs are rising by 10% and says "You save money by eating cake!". He put it down to "wars, crises, droughts, lots of rain - it all adds up and it's pushing food up". Goes onto say that Help to Buy is to create a feel good factor because real wages are in decline.

Posted by khards @ 09:44 PM 2 Comments

'Rate rises threaten crash in every asset'

Telegraph: One for the bears

The value of almost all investments, including shares, bonds and PROPERTY, could fall if investors believe that interest rates are about to return to normal, a senior fund manager has warned.

Posted by mountain goat @ 05:43 PM 6 Comments

Boris Johnson claims British economy has had its 'Costa Concordia moment'

Guardian: Politician doing what he is good at

He is clever with words isn't he! He said he had "no inclination to hand back the wheel to the people who were on the bridge when it ran aground". I assume he means Labour but who really had their hands on the wheel of the UK economy when it "ran aground"?

Posted by mountain goat @ 05:34 PM 2 Comments

Real-time property propaganda

This Is Money: The London boroughs where house prices are actually FALLING

The comparison shows that some boroughs have seen three years of static house prices, or even falls, while residents also struggle with some of the highest Council Tax bills in the capital. The cheapest homes are to be found in Newham where average prices have fallen 0.51 per cent in the last three years. The average semi-detached property in the London 2012 borough costs just under £250,000, more in line with the national average.

Posted by khards @ 04:35 PM 2 Comments

They wouldn't do that. Would they?

Counterpunch: Financial Terrorism

Evidence that Bernanke and Paulson deliberately blew up the financial system in 2008 by (1) draining liquidity from the system and causing big strains in interbank lending and in the commercial paper and money markets and, of course, (2) deliberately sinking Lehman and causing panic in the cat's cradle of its counterparties. They did this in order to frighten legislators and herd them into sanctioning the $700bn (and more later) TARP bailout.

Posted by icarus @ 10:36 AM 16 Comments

Growth Busted.

Prime Economics: GDP - transforming public spending reductions into "growth"

It’s strange but true that the “growth” in UK GDP [1] between the 4th Quarter of 2011 and the 2nd Quarter of 2013 is almost exactly equal to the increase in general government consumption. If there had been no (statistical) increase in government consumption, there would have been no increase in GDP. For explanation, read on!

Posted by khards @ 10:00 AM 24 Comments

For sale: Swarovski House designed by David Adjaye

Planet Property: For sale: Swarovski House designed by David Adjaye

A remodelled Victorian house designed by acclaimed (st)architect David Adjaye has just come onto the market ... Adjaye has since designed homes for Ewen Mcgregor, Alexander McQueen, and Jake & Dino Chapman

Posted by the planet @ 08:00 AM 1 Comments

Expats feel the heat as house prices fall and inflation rises

Planet Property: Expats feel the heat as house prices fall and inflation rises

A place in the sun gets difficult as inflation, exchange rates and falling house prices hammer British expatriates - especially those living in European countries

Posted by the planet @ 07:56 AM 1 Comments

Tuesday, September 17, 2013

Two sides to the coin

Daily Telegraph: My grovelling apology to Herr Schäuble

An amusing piece by Ambrose, that puts the spinners in Europe into perspective. The world is not as we know it.

Posted by britishblue @ 06:25 PM 1 Comments

House prices need to be stabilised, not capped

The Conversation: House prices need to be stabilised, not capped

Even modest real house price growth might not be a good idea, writes Kenneth Gibb, Professor of Housing Economics at Glasgow University. What if, after accounting for inflation, we stopped house prices from rising at all?

Posted by stephen khan @ 05:08 PM 0 Comments

A little less spin..

Left Foot Forward: Today’s inflation figures: most people ‘getting poorer very quickly’

Yet again inflation has outpaced wages as figures realeased today by the Office for National Statistics show the Consumer Price Index at 2.7 per cent. Despite the fact that CPI inflation is down from July’s figure of 2.8 per cent, the figure is still well above the government’s 2 per cent target – as well as above increases in average pay. The Retail Price Index (RPI) also rose 3.3 per cent in August, an increase of 0.2 per cent after rising by 3.1 per cent in July. Wages in the UK have seen one of the largest falls in the European Union during the economic downturn. Hourly wages have fallen 5.5 per cent since mid-2010 once inflation is factored in. Average pay (excluding bonuses) rose by just 1.1 per cent over the three months to June 2013 compared to a year earlier.

Posted by khards @ 04:17 PM 1 Comments


Telegraph: Inflation pressure eases on households

Households have been promised a long-overdue improvement in living standards after inflation eased in August, taking some of the pressure off family finances. The consumer prices index (CPI) dipped to 2.7pc, from 2.8pc in July, taking it below the Bank of England’s own forecasts and putting inflation on course to hit 2pc at the end of the year, economists said. :D

Posted by khards @ 04:13 PM 3 Comments

Useful guides for viewings and moving home from Tesco

Every Little Helps site: Moving home checklists

Not just one but two helpful guides for those who are viewing, and then moving properties. For those who weren't aware Tesco Bank are also in the business of providing mortgages these days. Head to their Every Little Helps section for useful downloads relating to a number of their different products, from mortgages to loans and car insurance.

Posted by adam @ 03:55 PM 0 Comments

Detroit is full of opportunity for investors

Yahoo Finance: Surprise! Detroit among the best housing markets to invest in

Detroit "is an enigma in itself" says Tim Rood of Collingwood Group. Detroit is labeled a Top 5 hottest housing market. Low foreclosure rates, tighter inventory, and higher home prices all hint at a healthier market. Yahoo Web Search Trends say Detroit is "the number one most searched for area when it comes to real estate by volume".

Posted by steve marlow @ 03:38 PM 0 Comments

Generation Rent say they didn't want to buy anyway...

Planet Property Blog: Owning a first home 'isn't that big of a deal'

Ageing Generation Rent unmoved by Help to Buy… While a new survey conducted by LV=, has shown that the average age of a first-time buyer has now leapt to 36-years, 44% of young respondents (aged 20 to 35) have said that said that they’re happy to rent in the longterm.

Posted by nicolette @ 01:11 PM 0 Comments

By this time next year...

BBC: English house prices at record high, ONS figures show

Overall, the ONS said UK house prices were 3.3% higher in July 2013 than a year ago, up from 3.1% last month. But large rises in London and the South East are distorting the figures for the whole country. Excluding London and the South East, prices in the rest of the UK only rose by 0.8% in the year to date, and prices are falling in Scotland and Wales.

Posted by mark wadsworth @ 10:18 AM 34 Comments

Monday, September 16, 2013

Self entitled rentiers at it again.

Bolton News: Landlord attacked his tenants with 'blunt weapon' over rent arrears

A SOLICITOR who championed the cause of domestic violence victims has been jailed for five years for an attack on two people in Bolton. Sultan Mahmood, aged 37, of Handsworth Wood Road, Birmingham, appeared alongside his uncle, Mohammed Nazir, 46, of Lavender Road, Farnworth, who was also jailed for five years at Bolton Crown Court yesterday. Defence barrister for Mahmood, Nadeem Aullybocus, said his client had spent 10 years becoming a solicitor but had shown a “total lack of judgement” on the night of the attack. At the time he was having financial difficulties.

Posted by khards @ 10:41 PM 0 Comments

Sniff Sniff, whats that smell?

This Is Money: Property website triples house price growth forecast for 2013 to 6%

House prices will grow by six per cent this year, according to a prominent property website - a tripling its original forecast for 2013. The house price estimate is in line with others already released this month: Halifax said average house prices had risen by 5.4 per cent year on year at the start of September. Mr Clegg told the BBC 'We’re just giving creditworthy customers the ability to borrow money to get their feet on the first rung of the property ladder.' Asking prices in London are up 8.2 per cent on a year ago, Rightmove said today, while in the West Midlands they have increased by 6.8 per cent, in the South East by 5.6 per cent and in Wales by 3.8 per cent annually.

Posted by khards @ 01:42 PM 8 Comments

8 terrible truths: Georgian properties

Planet Property: 8 terrible truths: Georgian properties

A BBC poll says Georgian is the nation’s favourite style of property. But before you buy one you need to understand what you’re getting into

Posted by the planet @ 01:18 PM 0 Comments

Buy Buy Buy, This time next year we'll be millionaires.

Coventry Telegraph: Recovery is now ‘truly’ underway for the property market

The figures showed that the number of potential buyers looking to enter the market grew substantially as 81 per cent more chartered surveyors in the West Midlands reported an increase in demand. The figures for potential sellers showed a substantial increase while the number of homes sold in the region also climbed with 63 per cent more surveyors reporting a rise in newly agreed sales. Then, just a few days ago, the Halifax’s house price index for August revealed that prices increased for the seventh straight consecutive month, and the annual rate of growth was faster than in July, when prices rose 4.6 per cent year-on-year.

Posted by khards @ 11:32 AM 0 Comments

Everything great fantastic, stay positive!

Telegraph: BIS veteran says global credit excess worse than pre-Lehman

"2007 all over again, but even worse," Bank of International Settlements former Chief economist.

Posted by stillthinking @ 11:32 AM 1 Comments

Meanwhile back in 2007.

Independent: House prices to continue surge

House prices are set to increase far faster than first thought, according to Britain’s biggest online property site. Rightmove, which advertises thousands of properties across the UK, said it was uprating its forecast for annual house price inflation from 4.5 per cent to 6 per cent with a vigorous autumn in the UK property market expected. The decision will add further weight to the argument of Business Secretary Vince Cable that the UK property market could be in danger of overheating and that interest rates may have to rise sooner rather than later.

Posted by khards @ 11:28 AM 0 Comments

Things that make you go hmmm.

Ibtimes: UK House Prices Fall in September

UK home prices fell by 1.5% on the month in September, said Rightmove, despite a number of mortgage-market stimulus schemes fuelling a surge in demand for a constrained supply. The average asking price also fell 1.5%. City of Westminster saw the highest monthly fall in home prices at 7.4%, followed by Camden at 5%, Brent at 3.5%, Kensington and Chelsea at 3.3% and Greenwich at 3.1%

Posted by khards @ 09:32 AM 2 Comments

Good old vinnce promotes LVT

The Telegraph: Vince Cable backs land tax for home owners

First they ignore you, then they laugh at you, then they fight you, then you win.

Posted by pete green @ 08:22 AM 6 Comments

Sunday, September 15, 2013

Wall St - The week ahead

Reuters: Fed may taper without causing market tantrum

"Months of anticipation will come to an end this week when the Federal Reserve finally says whether it will start to rein in its massive stimulus of the economy, which has flooded financial markets with some $2.75 trillion over the past five years, supercharging returns on everything from stocks to junk bonds". "The Fed needs to move from being aggressively stimulative to merely very stimulative," said Leo Grohowski at BNY Mellon Wealth Management in New York". Meanwhile, Lena Komileva, chief economist at G+ Economics in London said "I suspect the resolution to international tensions over Syria will continue to undercut back defensive long positions in the U.S. dollar and gold".

Posted by alan @ 07:53 PM 0 Comments

Missed opportunity

Guardian: Clegg and Alexander reject Cable's warning over Help to Buy

"Nick Clegg and Danny Alexander have dismissed a call by their Liberal Democrat colleague Vince Cable to restrict the second phase of the government's Help to Buy mortgage scheme to areas of the country with depressed property prices". Alexander told Sky News: "We are a million miles away from a housing bubble in this country. Right now the problem we face in the housing market is we are not building enough new homes..". Clegg said on the Andrew Marr Show on BBC1: "You can't set a national policy, neither the government nor the Bank of England, based only on what happens in Kensington and Chelsea"

Posted by alan @ 07:44 PM 12 Comments

Saturday, September 14, 2013

Debt till death

Guardian: Longer mortgage terms help to reinflate housing bubble

How we scoffed in the late 1980s when Japanese salarymen, so desperate to quit their tiny apartments and buy a home during the bubble years, signed up for 100-year mortgages. How else could anyone afford the otherwise colossal monthly payments? But who's laughing now? In yet more evidence of a British housing market bubble it has emerged that the traditional 25-year mortgage is being consigned to history. Figures from LSL, the UK's second biggest estate agency chain, with brands such as Your Move and Reeds Rains, suggest first-time buyers are now, on average, taking out mortgages with terms of 27-30 years.

Posted by quiet guy @ 11:04 AM 4 Comments

No early repayment charges on range of products Santander launches new Freedom mortgage range

Santander has launched a new Freedom mortgage range which allows customers to choose the right type of mortgage for their needs.

Posted by ben @ 10:24 AM 0 Comments

Its all here

Toronto condo bubble: Ultimate guide to housing bubbles

Country by country the basic horror story ..

Posted by cumulus @ 08:12 AM 0 Comments

Friday, September 13, 2013

Recovery is on, everything is fixed!

Zerohedge: Everything's Fixed, Everything's Great

Much to the amazement of doom-and-gloomers, everything's been fixed and as a result, everything's great. The list is impressive: China: fixed. Japan: fixed. Europe: fixed. U.S. healthcare: fixed. Africa: fixed. Mideast: well, not fixed, but no worse than a month ago, and that qualifies as fixed. Let's scroll through a brief summary of everything that's been fixed. 1. China's economy 2. Japan 3. Europe 4. The U.S. healthcare system 5. America 6. The UK

Posted by khards @ 07:05 PM 12 Comments

Grab yer shotgun ... 18,746-acre grouse moor for sale!

Planet Property: Grab yer shotgun ... 18,746-acre grouse moor for sale!

Fancy slipping on the old Musto jacket, whistling the lads into the back of the Land Rover, and heading to Scotland to give it both barrels? Now's yer chance - the lease on the 18,000-acre Leadhills Grouse Moors is on the market

Posted by the planet @ 06:19 PM 0 Comments

For sale: remarkable Berkshire house inspired by Gaudí

Planet Property: For sale: remarkable Berkshire house inspired by Gaudí

Well, Gaudi mixed with Moroccan .... It's largely successful ... though we're not too sure about the classical-looking Jacuzzi and swimming pool

Posted by the planet @ 05:14 PM 0 Comments

Very low first-time buyer rate but fee is £1,545 Chelsea BS offers 2-year fix for FTB's at 3.54%

Under a new product launched by Chelsea Building Society, borrowers will only need a ten per cent deposit. The new two-year fixed rate mortgage which launched today (September 13th) offers a best buy rate of 3.54 per cent

Posted by ben @ 10:43 AM 3 Comments

Available to 65% LTV borrowers at 1.99% N&P launches new 2-year fixed-rate mortgage

Norwich & Peterborough Building Society (N&P) has launched a new two-year fixed-rate mortgage today (September 13th), with a best buy rate of 1.99 per cent.

Posted by ben @ 10:41 AM 7 Comments

Rics urged Bank of England to implement new scheme Rics: 5% house price rise cap could stop house price bubble

The Royal Institution of Chartered Surveyors (Rics) has suggested that the Bank of England introduce a cap on how much house prices can rise each year, to stop a potential house price bubble.

Posted by ben @ 10:38 AM 0 Comments

A resurgent property bubble is bringing panic-buying to the real estate business in both London

The Guardian: Housing market obsession grips capitals anew

I just got back to the US after two weeks in London, where the property bubble is so hysterical, so much worse than New York's, that people talk about neighbourhoods falling like bits of France in the war. Clapton's gone; King's Cross has gone – even that nasty bit of the Caledonian Road where people used to totter about at 9am sipping White Lightning. Tottenham (rebranded "South Tottenham"), which just got a Waitrose supermarket, might be reaching a tipping-point. Or it might take another 10 years – who knows in this climate, where anything over one bedroom and under £500,000 is presented as an eye-popping bargain?

Posted by khards @ 09:43 AM 1 Comments

'zombie' Liabilities At 1 Percent Of Gdp?

Reuters: UK recovery may be kiss of death for some 'zombie' firms

So how many 'undead' businesses are there? R3's estimates are based on surveys of business owners. It says the "zombie count" - firms able to pay only the interest on their debt - has declined to just over 100,000 from a peak around 160,000 in November 2012. But it says more than 200,000 UK companies - nearly 8 percent of the total - are in acute distress, either negotiating with creditors or struggling to pay due debts. R3 estimates that at least 497,000 people are employed by "zombie businesses", and 1.3 million by acutely distressed ones. That adds up to about 4.4 percent of the British workforce.

Posted by khards @ 09:03 AM 1 Comments

Price setting.

BBC: Bank of England must limit house price booms, says Rics

Institute of Chartered Surveyors suggests that house price increases should be capped at 5%. However, if you are going to define what are essentially land value price increases in the UK, then its hard to see how this can be viewed differently from an inflation target, and clearly the surveyors do not see or anticipate any release of additional land for residential use. The dog that didn't bark is, as usual, the non-compulsory cash savers.

Posted by stillthinking @ 03:09 AM 53 Comments

Thursday, September 12, 2013

Credit crunch for EU small business in Italy and Spain.

Telegraph: Eurozone industrial slump dashes hopes of strong recovery

"Industrial output fell sharply". "Production slid by 1.5pc from a month earlier, with a shock fall of 2.3pc in Germany and 8.7pc in Ireland where pharmaceutical output appears to have buckled. The biggest drops were in large capital goods and consumer durables, a clear sign that "imported" monetary tightening from the US is squeezing credit. Borrowing costs have jumped by some 70 basis points across the world since the US Federal Reserve began to talk of winding down stimulus, with knock-on effects though the eurozone". Italy faces a HPC as the oldies sell up & exit the housing market (Zerohedge/Bloomberg). Unemplyment up in the south - again. Not sure how many more bailouts Greece needs :-(

Posted by alan @ 07:59 PM 23 Comments

Estate agent dilemma

Bbc jeremy vine: Estate agents

First EA cant afford to buy a house, second EA (Robert Reed) tells him why !!!

Posted by waitingtobuy @ 06:01 PM 0 Comments

All going to plan.

Shelter: Rising homelessness points to welfare reform blowback

The homelessness statistics are out again, and once again show a steady increase in the number of families losing their home. Nearly three in ten (27%) households accepted as homeless between April and June lost their home because their landlord simply decided to stop letting it to them. These issues are increasingly problematic for those at the sharp end of the market. The loss of a private tenancy (AST) is the number one cause of homelessness and has been since late 2011.

Posted by khards @ 12:50 PM 6 Comments

'Real estate' jobs boost

Planet Property Blog: Nearly one in four new jobs is in property

Are we tuning into an nation of estate agents? Stats from the Office of National Statistics have shown that the number of jobs in the property sector is at the highest since records began, having risen by 77,000 compared with the same period last year.

Posted by property addict @ 12:09 PM 0 Comments

Despite 41% increase in FTB's over past 12 months CML says house price bubble concerns are premature

The increased activity in the UK property market continued in July as first-time buyer numbers went up by 41 per cent on last year.

Posted by ben @ 11:57 AM 0 Comments

Your all in it together!

Metro: Homeless families living in B&Bs reaches ten-year high

The number of families living in B&B accommodation after losing their home has reached a ten-year high. At the end of June, there were 56,210 households in temporary accommodation – a nine per cent increase. Of these, 43,090 included dependent children or a pregnant woman. ‘Homelessness has no place in the 21st century and I am determined to ensure we return to the good old days, when it was more than double what it is today,

Posted by khards @ 11:47 AM 7 Comments

Coalition tensions run high over Help to Buy Cable warns Help to Buy could create house price bubble

Vince Cable has warned of the dangers of a house price bubble being created by the coalition government’s Help to Buy Scheme.

Posted by ben @ 11:11 AM 0 Comments

Wednesday, September 11, 2013

Estate agent jobs

Telegraph: Strong jobs market helped by rising house prices

"Unemployment dropped to 7.7pc, from 7.8pc in the three months to April, as 80,000 jobs were created over the period." ..... "Some 25,000 new estate agent jobs were created in the three months to June, taking the industry’s workforce to 241,000". So Carney might raise interest rates following his rule because.. we have lots of estate agent jobs selling houses to people without a deposit who avail themselves of a generous government guarantee. ??

Posted by stillthinking @ 06:46 PM 30 Comments

Banks conning savers to fix at low rates!

Msn money: Longer-term fixed rate savings rates rising

Savers have seen their interest rates nosedive over the past few years, due to a combination of factors. But is there some light at the end of the tunnel? A low Bank of England Base Rate and cheap borrowing via the Government’s Funding for Lending scheme has led banks and building societies to turn their banks on savers’ money by cutting their interest rates. And while rates on instant access savings accounts are still low, with the top best buy down from 2.85% last October to 1.75% now, rates on longer-term fixed rate accounts are rising after a summer slump

Posted by waitingtobuy @ 03:30 PM 0 Comments

Debt issuance

WSJ: Verizon Plans Largest Debt Sale Ever

There are a number of companies selling debt at the moment, enough debt to shift prices. The article suggests that for many its now or never. Some of the companies don't even need to borrow money, they have funds, but borrowing is currently so so cheap. They need to get the debt out of the door before the tapering, but Bernanke might be swallowing a little on the hard side with this kind of caper, then raise rates, then there is capital flight from the emerging markets, they respond by dumping treasuries in defence, then Bernanke has to tighten even more. A kind of reverse leveraged monetary tightening. Meanwhile the UK economy leaps ahead.

Posted by stillthinking @ 03:15 PM 0 Comments

Younger People Preferring to Rent Over Buying a Property

Property Buyer Blog: More Young People Renting Property Instead of Buying Property

Owning a property in the UK is not of high importance to young people when compared to previous years new research has shown. Young people are no longer in a rush to buy their first home and 42% of people under 35 are happy to continue renting for the next ten years. Additionally, 52% of under 35s currently live in a home which is not owned by them.

Posted by joel desvignes @ 01:06 PM 2 Comments

RICS says house prices rising at fastest pace for 7 years House price rise brings more sellers to market

A rise in house prices has led to more homeowners putting their properties up for sale, according to a new report by the Royal Institution of Chartered Surveyors (Rics).

Posted by ben @ 11:52 AM 1 Comments

10 modernist council blocks in London

Planet Property: 10 modernist council blocks in London

£500k to live in an ex-council block?! Well, it seems not all ex-council properties are created equal. Some, designed by acclaimed modernist architects, have acquired iconic status and price tags to match

Posted by the planet @ 11:52 AM 1 Comments

What is going on!

Market Oracle: Final Warning UK House Prices Boom Imminent!

Nadeem sees a house price boom, off the back of relaxed planning regulations and help to buy. He predicts it will lead to a house price crash, but not for two more Parliaments. A decade away. He says, get on the train now. I say, I wish that we would see a boom in industrial output instead!

Posted by libertas @ 01:23 AM 8 Comments

Tuesday, September 10, 2013

Maybe we could all club together and buy it?

Evening Standard (MBVNIF): Repossessed: £5.25m one bedroom flat at luxury block One Hyde Park

London’s most expensive luxury apartment block has suffered its first repossession. A £5.25 million one bedroom flat at the Candy brothers’ One Hyde Park is being offered for sale by receivers. The “entry level” flat on the fourth floor of the Knightsbridge development is being sold by agents Strutt & Parker They told London’s prime property agents, ‘We are now appointed by the Receivers to find a buyer quickly for the property and hope that one of your buyers may benefit from being able to move quickly?’

Posted by mark wadsworth @ 04:05 PM 2 Comments

Debt and economic performance

Financial Times: UK gets wrong kind of economic recovery

Because this is from the FT, you will have to register with their website to read the article. Columnist John Plender writes about the relationship between the UK economic improvements and the housing market. Plender's thesis is that UK economy is beholden to property price inflation. Consumers are more willing to spend when prices rise and banks are more willing to lend against property collateral to small businesses. Also, Plender asserts that consumer spending due to property price rises tends to steer economic activity away from the tradable sector which has less scope for efficiency and innovation improvements i.e. the wrong kind of economic recovery.

Posted by quiet guy @ 02:34 PM 14 Comments

Greenbelt myth is the driving force behind housing crisis

Pieria: Greenbelt myth is the driving force behind housing crisis

"What a strange place the UK is – when the most important thing Britons spend money on becomes even less affordable, it’s received as good news. Because that is what “confidence returns to the housing market” really means. Young people will have to wait even longer to get any house at all, never mind a decent house with a bit of garden. Yet further house price inflation is always sold as good economic news. When it comes to houses and planning this is just one manifestation of the disconnect between reality and perception."

Posted by m @ 11:39 AM 0 Comments

Monday, September 9, 2013

Market forces require assistance from the government

BBC News: 95pc mortgages 'not weapons of mass destruction', Chancellor George Osborne says

George Osborne has used a speech in which he hailed the wider recovery of the UK economy to fight back at critics of his housing policies ... Most controversial of all has been Help to Buy, whereby the Government underwrites high loan-to-value mortgages ... But the Chancellor said on Monday that the average loan-to-value (LTV) ratio for first-time homebuyers had fallen from 90pc to 80pc. “That is why the Government’s Help to Buy scheme is a sensible, time-limited and necessary financial intervention to fix a specific financial problem: the dramatic reduction in the availability of high LTV mortgages," he said.

Posted by quiet guy @ 10:39 PM 8 Comments

What kind of UK emerge from the recession?

Manchester evening news: Thousands of jobs are being created each year by luring new businesses to Greater Manchester

3000 jobs from inward investment in a recession year is not too shabby. These are good quality skilled jobs. This kind of thing probably doesn't make it out of the local press (bad news sells better, yet another unproductive-dinosaur factory closing etc). I suspect other cities, especially Oxford and Cambridge could boast the same or better since their names alone are global brands attractive to R&D companies, see for example Cambridge Science Park or Oxford AHSN partners and affiliates to see the global companies I mean.

Posted by mountain goat @ 04:57 PM 7 Comments

Zoopla, worth estimated £1.3bn, considers stock flotation

Planet Property: Zoopla, worth estimated £1.3bn, considers stock flotation

The six-year-old property website would, reports suggest, be valued at up to £1.3 billion and if floated could net its foudner Alex Chesterman £100 million from the share sale.

Posted by the planet @ 11:33 AM 2 Comments

Wkye Castle for sale: eccentric folly with colourful history overlooking Chesil Beach

Planet Property: Wkye Castle for sale: eccentric folly with colourful history overlooking Chesil Beach

Folly for sale: three words that might refer to the market as a whole but in this case they refer to a building on the Dorset coast that English Heritage describe as "eccentric.

Posted by the planet @ 11:29 AM 0 Comments

The Dictionary of Debt

Micheal Hudson Blog: D is for Debt

In an effort to understand debt, beyond the neo-classical consensus, we should expand our vocabulary a little.

Posted by pete green @ 08:02 AM 30 Comments


Mail: Bond yield increas will swell UK debt

I post this not because of the main point of the article, which is that debt servicing costs are going up, but because this has the same misrepresentation that I see all over the media. Namely "Bond yields have risen as investors bet that the revival in the UK economy will force the Bank of England to raise interest rates sooner than expected.", which you can read pretty much everywhere. This is entirely the -opposite- of the truth, yields would rise because the market does -not- think rates are going up so they want a higher yield for holding sterling. It is entirely about face reasoning. If the market thought that Carney raising rates tomorrow morning yields would fall. The other way round. Anyway you see this everywhere for some reason.

Posted by stillthinking @ 05:51 AM 9 Comments

Sunday, September 8, 2013

I very nearly cried when I read this (Laughing)

Telegraph: Banks squeeze interest-only mortgage borrowers

Millions of borrowers are being forced to pay more or sell their home by banks’ hardline attitude to interest-only mortgages.

Posted by wdbeast @ 12:53 PM 7 Comments

Recovery or fantasy

International Business Times: Disappointing UK Industrial Production Data 'Some Relief' for Mark Carney

"Both production and manufacturing output dropped on the year in July" . So really there is a very strong case that the recovery in the UK is nothing more than pretense and wishful thinking. Strange to imagine that doing more and more of everything that has been so bad for the UK would somehow go all the way round the circle and come good in the end. The UK is overpriced, the government actively holds prices up, the BoE has abandoned any hope of sound money and has become reliably deceitful. There don't seem to be any tax break announcements for new businesses and there doesn't seem to be any plan to stop relying on debt driven imports.

Posted by stillthinking @ 12:52 PM 4 Comments

Going into debt for foreign goods

FT: UK trade deficit widens to the biggest in a year

Perhaps this points the lie at the UK authorities persistent view that all can be fixed by boosting demand. I wonder if our buoyant recovery is actually some kind of horribly misunderstood inflection point.

Posted by stillthinking @ 06:37 AM 0 Comments

Rates aren't rising.

Independent: Markets blow Carney a raspberry as we enter an age of repression

"Anyone who did act on his forward guidance would have lost a bundle of money" because enough people think he is not going to raise rates, and if he is not going to do that, then gilts yields are going to have to rise to compensate people for holding sterling. Article lays out some of the issues and concludes that financial repression will continue, in the form not just of the low base rate but also through the regulatory framework. Saving won't be worth it at 3%. My own quote on Mervyn "Anyone who did act on his inflation targeting remit would have lost a bundle of money". They are both bundle of money losers!

Posted by stillthinking @ 05:13 AM 0 Comments

Saturday, September 7, 2013

Going off

Guardian: Quantitative easing is past its due date

Is the Federal Reserve's stimulus working to help the economy, or is it hurting?

Posted by dill @ 04:29 PM 4 Comments

Heard that line before?

Guardian: Tony Abbott declares Australian election victory for Coalition

New prime minister says 'Australia is again open for business' and promises to govern for all as Kevin Rudd concedes defeat.

Posted by dill @ 04:24 PM 0 Comments

Bred to be consumers for the capitalist minority

Daily Mail: Living on the edge: More than a third of UK families have NO financial safety net

A survey from Legal & General found that 35 per cent of British families have no financial safety net in place to cope with a sudden loss of income. It also found that almost two-thirds (60 per cent) do not hope to get any financial help from family and friends, and almost half (48 per cent) have no protection insurance, suggesting that many households are living more in hope than security.

Posted by dill @ 03:46 PM 1 Comments

Mortgaging our children's futures

The Scotsman: We ain’t got the recession licked yet

An awful lot of people have been through some very hard times since the great crash of 2008. Those of us with young adult offspring know, first hand, just how hard it has been for many of them to make their way in the world. If getting back to normal simply means a fresh dose of boom and bling – another incipient housing bubble, even more lavishly rewarded celebrity footballers and the like – it’s a betrayal of all their futures. The deficit may be down. GDP may be up. But our collective indebtedness, at an individual, household, corporate and government level, remains stubbornly vast. We have already mortgaged their futures, as we struggle to redeem it.

Posted by stuartking @ 12:22 PM 1 Comments

Trust him?

BBBC news: Markets or Mark Carney: Which matters most?

Ever since the Bank started the whole QE experiment, back in 2009, it has highlighted falls in government bond yields as evidence that it is working. But that was then. Now the government's cost of borrowing is rising. Sharply.

Posted by tick tock @ 10:29 AM 0 Comments

Friday, September 6, 2013

More bull for the bulls

Telegraph: Uplift for Britain's housing market as prices spiral up in 'virtuous circle'

"Property values are rising at their fastest rate for three years and first-time buyers are at a six-year high, new figures reveal, creating a “virtuous circle” which has given banks and building societies more freedom to lend at the current historically low interest rates. The result is a “contagious” confidence in the housing market, which will have a knock-on effect for the wider economy, according to industry experts."

Posted by hpwatcher @ 11:04 PM 51 Comments

Don't waste a good crisis

Reuters: Poland reduces public debt through pension funds overhaul

While most of the west is fixated on Syria (and the average US citizen is trying to find out where Damascus is) Poland has pounced on private pension assets. "Poland said on Wednesday it will transfer to the state many of the assets held by private pension funds, slashing public debt but putting in doubt the future of the multi-billion-euro funds, many of them foreign-owned". "Poland has a hybrid pension system at the moment; mandatory contributions are made into both the state pension vehicle, known as ZUS, and the private funds, which are collectively known by the Polish acronym OFE". (IMHO Sovereign Debt in itself is not a bad thing. It's when it gets unsustainable that the push becomes a shove).

Posted by alan @ 10:36 PM 3 Comments

Modernist classic: Trellick tower flats for sale

Planet Property: Modernist classic: Trellick tower flats for sale

Two very tasty flats for sale in Trellick Tower. Designed by Erno Goldfinger, the man Ian Fleming named his Bond villain after. £385k for a two-bed flat - pretty amazing for an ex-council property...they don't make em like this any more, that's for sure.

Posted by the planet @ 05:32 PM 0 Comments

2007 prices not until 2023

Money: House price will not recover till 2023

Don't believe the media they are always wrong. If I had bought in 2008 I would have paid 25% less for my house!

Posted by nickyg @ 01:36 PM 0 Comments

Median earnings falling since mid 2000s

Resolution Foundation: Low Pay Britain

Report interesting in the light of discussion of the nature of the recovery. Median wages in the UK have been falling since 2007. see p10-11. but based on OBR projections (for what those are worth) median earnings are not projected to recover by 2016. Figures are in real terms. When RPI is used to adjust for inflation rather than GDP, median earnings were falling since 2006-7 ie before the crash. Since these are for wage earners, they don't reflect changing incomes because of movements into / out of unemployment. But long term unemployment has not been falling. Does a recovery coupled with increased inequality mean most people are not benefiting? How much can the housing market be inflated on the back of this?

Posted by nickb @ 12:34 PM 31 Comments


Telegraph: Plunge in Geneva property prices amid uncertainty over tax

Wealthy expats are buying fewer upmarket properties in Geneva due to fears that long-standing tax breaks may be axed.

Posted by dill @ 11:46 AM 1 Comments

Halifax HPI shows house price growth accelerating House prices up 5.4% in last year

UK house prices have shot up by 5.4 per cent over the last year, the biggest annual increase for three years, according to the latest Halifax house price index.

Posted by ben @ 09:58 AM 0 Comments

FTB's up 45% in last 12 months Lack of supply could hit rise in first-time buyers, warns LSL

A new report by LSL Property Services reveals that a big rise in the number of first-time buyers has helped boost the UK property market over the past year.

Posted by ben @ 09:27 AM 2 Comments

Quelle surprise

LBG: Halifax House Price Index

Annual change +5.4% Quarterly change +2.1% Monthly change +0.4% Average Price £170,231

Posted by dill @ 08:33 AM 26 Comments


Guardian: Shared ownership flaws reveal void in young people's housing options

Generation Rent deserves better than this impractical substitute for home ownership.

Posted by dill @ 08:26 AM 0 Comments

Nothing like a pending UN visit to focus the mind

Telegraph: People who fight planning reforms are 'stopping children growing tall' says Michael Gove

The Education secretary said the reforms which have been pushed through to encourage more building were “social justice changes”.

Posted by dill @ 07:58 AM 0 Comments

Thursday, September 5, 2013

Expensive UK University tuition, another contrarian indicator?

Zero Hedge: JP Morgan to stop making (US) student loans

Related to the other article, JP Morgue is probably ditching loans because they see major defaults if rates continue to rise. Again, did Britain get in on the game of plunging students up to £50k in debt for tuition that was once free, at the point where student loans become increasing expensive to service, as rates rise higher? Could we see a horrific collapse in the University sector as a result, with many of the Polytechnics going under, or having to go through major re-organization? Incidentally, how are these debt laden graduates supposed to purchase houses!!

Posted by libertas @ 10:41 PM 1 Comments

Highest since Aug 2011

Bloomberg: 10 yr Gilt Yields, touch above 3%.

Did Osborne pick the bottom of the bond market by ploughing tax payer money into mortgages, just like how Brown picked the low in the gold market in the yr 2000 by selling Britain's reserves? If rates keep rising on long yielding bonds, mortgage rates will rise. However, is capital flight from Continental Europe plus, the "recovery" sufficient to keep house prices rising or stable as rates slowly go upwards? Also, is this a turn in the 30yr fall in rates or will it turn back down towards negative rates? These are the questions, the answer to which reveal where house prices are heading

Posted by libertas @ 10:35 PM 0 Comments


Telegraph: Nick Boles: Tories must not defend 'privileges of comfortable elite' who oppose countryside development

The Tories must not defend “the privileges of a comfortable elite” who oppose development in the countryside, Nick Boles has indicated, as he warned that the Conservatives could lose the next election if they do not build enough new homes.

Posted by dill @ 05:46 PM 4 Comments

King left at the right time

Telegraph: Markets pile pressure on Carney after rates held

Both Government borrowing costs and sterling spiked after the Bank held rates at 0.5pc and maintained the £375bn quantitative easing (QE) programme, and decided against issuing a statement to try to bring markets into line. It was the first time since Mark Carney took over as Governor in July that the announcement was not accompanied by a broader comment, despite the challenge posed to his credibility by the markets’ bet against “forward guidance” over the past month. While the Bank signalled that there would no move in rates until late 2016, markets now believe the first rate rise will come in mid-2015 in light of the UK’s rapidly improving economic prospects.

Posted by quiet guy @ 05:43 PM 5 Comments

Ftbs leave the country

Telegraph: Uk young buyers seek bargains abroad

anyone who thinks this is not unfolding like japan scenario is being proved wrong,population fell to 1950s levels as young left the country,deflation caught hold and properties dropped 90% in Tokyo and barely recovered in 20 years stocks dropped 75%

Posted by taffee @ 02:36 PM 17 Comments

Give me two for

No bursting bubble yet? Savills infographic with predictions for whole country

Planet Property Blog: Savills predict over 25% rise in 5 years

Savills says, 'it is becoming clear that the current conditions in the UK housing market are unlikely to be a temporary phenomenon.'

Posted by property addict @ 12:04 PM 3 Comments

Very cool Art Deco petrol station conversion for sale

Planet Property: Very cool Art Deco petrol station conversion for sale

Now here's something you don't see very often - a petrol station conversion. And in this case a very cool one - listed, Art Deco, and beautiful. Looks like Miami ... but it's in West Sussex. Mind you, £285k for two-bed flat seems a bit rich .... and lord only knows what the anti-fracking brigade in Balcombe will make of the restored Shell pumps.

Posted by the planet @ 11:12 AM 0 Comments

Create your own Grand Design: 10 derelict cinemas for sale

Planet Property: Create your own Grand Design: 10 derelict cinemas for sale

A new series of Grand Designs has started and opened with a couple renovating a dilapidated cinema. The end result was pretty cool (provided you like concrete) ... so here are ten derelict cinemas currently for sale.

Posted by the planet @ 10:03 AM 0 Comments

On the frontline

WSJ: BOE’s Haldane: ‘New Powers Make Us Guardian of Future Generations’ Prospects’

Powerful new tools to rein in credit booms will help protect younger generations from their parents’ short-sightedness, a senior Bank of England official said Wednesday, in a spirited defense of central banks’ widening influence.

Posted by dill @ 07:17 AM 17 Comments

When housing profits go to heaven

Telegraph: Elderly care crisis claims a million family homes

I wonder if this has any impact on equity withdrawal....if for example you are fairly lucid but will need physical assistance, why not have one last binge spend before confiscation.

Posted by stillthinking @ 01:24 AM 1 Comments

Wednesday, September 4, 2013

"...unprecedented inspection ..."

Guardian: Bedroom tax investigated by UN housing official

Raquel Rolnik [special rapporteur on housing] on two-week tour of UK cities to assess general housing policy as well as impact of bedroom tax on human rights.

Posted by dill @ 05:17 PM 3 Comments

More of the same but with bells on

BBC NEWS: UK services sector growth at six-year high

"It also showed that backlogs of work are running at the highest level in more than 13 years". "The UK service sector turned in another stellar performance in August"."Moreover, the sector's recovery, which has been evident since the start of the year, has legs."

Posted by flashman @ 12:26 PM 17 Comments

Increase in House Prices Could Put Help-To-Buy Scheme Under Threat

Property Buyer Blog: Rising house prices may threaten Help to Buy scheme

Mortgage brokers and intermediary lenders are concerned the Help to Buy Scheme could be under threat due to increasing house prices. Two thirds of mortgage brokers feel the rise in house prices could be the downfall of the Help to Buy Scheme according to a survey by the Mortgage Lenders Association.

Posted by joel desvignes @ 10:29 AM 0 Comments

Mansion tax could affect 775,000 homes over 25 Years

Planet Property: Mansion tax could affect 775,000 homes over 25 Years

So says Knight Frank - but the figure is a statistical projection based on the threshold price for a mansion remaining unchanged. In reality, the current suggested threshold of £2m will catch 55,000 homes. mostly in the SE. But here's an interesting stat: 10% of the 'mansions' are one and two bed flats.

Posted by the planet @ 09:40 AM 0 Comments

Tangible growth - Manufacturing and Construction

BBC NEWS: OECD raises UK growth forecast

"output and new orders rising at their fastest rate for 19 years". "the PMI survey for the manufacturing sector found the strongest growth in activity for two and a half years. " cited the UK, North America and Japan as places where activity was expanding at encouraging rates". "Recent data and surveys have pointed to an acceleration in the UK's economic recovery". "A steep upturn in civil engineering activity suggested that public sector demand has joined residential building as a key driver of construction output growth during August."

Posted by flashman @ 09:31 AM 60 Comments

Britain’s narrowest? One-bed house 7’6″ wide for sale for £192k

Planet Property: Britain’s narrowest? One-bed house 7’6″ wide for sale for £192k

Very narrow house seeks skinny buyer who wants to live in a corridor. Is this the narrowest house in Britain?

Posted by the planet @ 08:55 AM 2 Comments

Tuesday, September 3, 2013

The mansion tax: a patently bad tax that won’t just hit the ‘rich’

MoneyWeek: The mansion tax: a patently bad tax that won’t just hit the ‘rich’

Merryn Somerset Webb, from MoneyWeek, blog post about how The mansion tax is a patently bad tax that won’t just hit the ‘rich’

Posted by martingreen @ 05:31 PM 2 Comments

The price of living above the shop - £1.5 million

Planet Property Blog: Flat above Hackney shop for £1.5 million

Once upon a time living above the shop was not exactly chic. But today, in the capital’s excitable market, you can pay the price of a grand estate elsewhere for a humble flat above a shop in North London.

Posted by property addict @ 11:15 AM 0 Comments

General election commentary

Mindful Money: Shaun Richards: Of house price bubbles in London and house price collapses in Northern Ireland

The UK looks set to repeat its traditional pre-election economic cycle which involves the incumbent government pumping up credit in the housing market. To this campaign the past Bank of England Governor made an offering of the Funding for (Mortgage) Lending Scheme and the new Governor has offered up “forward guidance” (for mortgage rates) and more recently this. The Bank of England will reduce the level of required liquid asset holdings. The effect will be to lower total required holdings by £90 billion, once all eight major banks and building societies meet the capital threshold. That will help to underpin the supply of (mortgage) credit…. But this time will be different!

Posted by quiet guy @ 09:08 AM 1 Comments

Rigging the market

Introducer Today: Help to Buy will ruin the housing market

Makes the point, already made elsewhere, that price increases from those who qualify for the scheme affect the restraints from affordability for those who don't qualify i.e. instead of increasing demand and purchases and driving home building, the effect could be to change the composition of purchasers to those with a smaller slice of equity.

Posted by stillthinking @ 07:04 AM 1 Comments

Monday, September 2, 2013

The Big Bond Sale

Telegraph: India pushes 'shock and awe’ currency plan to save BRICS

“It is going to happen in a matter of days rather than weeks, Brazil and India can start the move,” said Dipak Dasgupta, a top Indian official. Mr Dasgputa told Reuters that China, Brazil, India, Turkey, Russia and South Africa have all been squeezed as the US Federal Reserve prepares to tighten monetary policy. Joint action would give emerging markets greater firepower, allowing them to deploy their combined $8.7 trillion (£5.6 trillion) of reserves and crush “speculators”, rather than being picked off one by one.

Posted by khards @ 03:10 PM 4 Comments

Must be another conspiracy theory.

Guardian: Comment is free Another financial crisis looms if rich countries can't kick their addiction to cash injection

Just as people started to think that things were getting calmer – if not exactly brighter – in the rich countries, things have become decidedly slower and more volatile in the so-called "emerging market" economies... QE has become the weapon of choice by these governments because it is the only way in which recovery – however slow and anaemic – could be generated without changing the economic model that has served the rich and powerful so well in the past three decades. This model is propelled by a continuous generation of asset bubbles, fuelled by complex and opaque financial instruments created by highly leveraged banks and other financial institutions. Given all this, it is not a big surprise that those who benefit from the status quo have persisted with QE.

Posted by khards @ 03:03 PM 1 Comments

FLS = keeping interest rates low and increasing mortgage lending & debt

FT: Net lending to UK business continues to fall

"Lending conditions to UK households have eased (HOUSEHOLDS TAKING GREATER LEVELS OF DEBT) but businesses are still not borrowing, according to the latest quarterly data on the Bank of England’s Funding for Lending Scheme. Figures for the second quarter showed that the 41 banks participating in the scheme, which together make up more than 80 per cent of all lending to households and businesses, expanded their loan books by £1.6bn.......But net lending, a measure of loans minus any repayments, to companies was still contracting."

Posted by hpwatcher @ 01:22 PM 2 Comments

National Empty Homes loan fund launched

Planet Property: National Empty Homes loan fund launched

An new scheme aimed at bringing some of England’s 710,000 empty homes back into use is launching today ... it will provide loans of up to £15,000 to owners of empty properties to help bring them back into affordable use.

Posted by the planet @ 10:52 AM 1 Comments

Back to black - award-winning renovation of 1950 house for sale

Planet Property: Back to black - award-winning renovation of 1950 house for sale

£835,000 for a two-bed terrace in Peckham? We leave you to decide whether the quality of the design justifies the price tag....

Posted by the planet @ 10:41 AM 0 Comments

Spectacular house on private Thames island for sale

Planet Property: Spectacular house on private Thames island for sale

A vast 11-bedroom mansion on a private Thames island is for sale - it was built by Richard D'Oyly Carte, hotel owner, impresario and and producer of the Gilbert and Sullivan operas. He kept a crocodile in the garden - which was inspired by the settings of the Mikado and were planted with trees from Kew Gardens.

Posted by the planet @ 10:19 AM 0 Comments

Classic article..

Daily Mail: Neighbours' fury at council's decision to move homeless people into B&B next door

An elderly couple endured a seven year 'nightmare' when a council broke its own planning laws and filled a B&B next door to their house with homeless people. The Wisbeys, who likened their ordeal to 'living in a war zone', say Cambridge City Council ignored their complaints for years before finally launching an investigation and apologising to the pensioners. Moving would have meant selling their three-bedroom semi detached home in Cambridge for a fraction of the £300,000 it is worth. Police were called to the B&B on average three times a month said retired van driver Norman, 71, and his wife Mavis, a 69-year-old retired laboratory assistant.

Posted by khards @ 10:13 AM 7 Comments

David Blanchflower

Independent: House prices are booming again but the bust that’s bound to follow will cost us dear

A rise in rates would inevitably cause an immediate and deep house price crash

Posted by dill @ 08:00 AM 6 Comments

The problem

City AM: UK lenders pay £1bn for Iceland banks’ collapse

The problem with these guarantees is that they don't come out of a safety fund, but are only transfers. So "For Icesave alone the payouts cost the government £3.5bn, and protected 230,000 savers" means that each of the 30 million workers in the UK paid 100 pounds each to the 230,000 savers. So its not really a guarantee for most of the public, more of a liability. In fact as everybody knows, the payout are worse and more than this. Stop somebody who works in the street, and the government guarantee is a forced liability with no return i.e. not great at all.

Posted by stillthinking @ 04:31 AM 1 Comments

Sunday, September 1, 2013

Meanwhile over in Ireland

Irish Independent: Big majority against banks getting tougher on arrears

Irish Sunday Independent finds 71% of people polled are vehemently opposed to banks repossessing the homes of distressed mortgage-holders. The findings come as amidst claims from the bailed-out banks, including AIB and Bank of Ireland, that there has been a significant increase in mortgage holders seeking to strategically default on their loans with arrears climbing for the 16th quarter in a row. Quarter-on-quarter the number of accounts in arrears of more than 720 days are up by 11.3 per cent. Quite bizarrely the poll also reveals that the Irish public are even unwilling to tolerate moves to repossess investment or buy-to-let properties whose mortgages are in distress.

Posted by enuii @ 09:54 PM 6 Comments

A divided society

The Guardian: Two-tier workforce condemning millions to low-paid jobs, study warns

The article demonstrates how the 'recovery' is for some and not for others.It explains how a greater percentage of Britain's youth are increasingly receiving lower paid jobs than they did in the past against a current of increased living costs. This is true even in London. If I advertise a modest job, that 10 years ago would have got a few replies, I will get hundreds apply including a high proportion of student debt laden graduates. This is a social time bomb. Not just here but also in continental Europe.But the youth who don't vote grow up, get older and vote and the older voters die. If even rent becomes unaffordable for the masses, we may well see a massive swing to the left in the next 30 years with a government voted in that has a manifesto of creating millions of new low cost homes

Posted by britishblue @ 09:50 PM 2 Comments

No comments from Sibly yet, perhaps he is on holiday?

Express: Joy for homeowners - House prices up by £500 a month

HOUSE prices have ­rocketed nearly £500 a month as the summer revival of the market sizzles on. The average home now costs £170,514 – an increase of 3.5 per cent from £164,729 last August, according to the biggest building society in Britain, Nationwide. Mortgage lending is at its highest for more than five years, Bank of England figures reveal. Property experts believe this “rising tide” of lending is lifting and strengthening the market. They say the absence of the traditional seasonal lull is down to Government initiatives to improve mortgage lending and help would-be buyers.

Posted by khards @ 07:51 PM 2 Comments

Osborne says outside of central London there is no boom

Reuters: Osborne says no housing boom in Britain

(Reuters) - Britain is not experiencing a runaway increase in house prices, despite concerns that government schemes are helping buyers fuel another property bubble, chancellor said on Sunday.

Posted by james tennant @ 12:06 PM 0 Comments

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