Tuesday, December 10, 2013

Ghost of Christmas yet to come

'Warp speed' risk for UK house prices but hiking rates off radar

No rise in IRs anytime soon. What does Carney actually do apart from speaking engagements where he says he won't be doing much for a while?

Posted by alan @ 02:55 PM (2224 views)
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8 thoughts on “Ghost of Christmas yet to come

  • “If there is not a meaningful increase in new homes, the likelihood is that prices, and for that matter rents, will continue to push upwards, making the cost of shelter ever more unaffordable,” said Simon Rubinsohn, RICS’s chief economist.

    “However, it [RICS] saw a possible ceiling for prices which might peak during 2014 or 2015 due to new affordability rules, squeezed incomes, and verification checks on would-be borrowers.”

    So are borrowers incomes not being verified via bank statements and tax returns?

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  • “So are borrowers incomes not being verified via bank statements and tax returns?” Come off it khards if you do that you end up with a non existent mortgage client bank like me !

    However looming on he horizon……………………….. “Concerning the Mortgage Market Review (MMR), which comes into force from next April and will place new obligations on lenders, the CML said it did not expect the “brakes to slam on” in the spring, though it anticipates “some wobbles” in the monthly pattern of lending figures at that time. “The new affordability rules are designed to lean against the irrational exuberance that has characterised previous housing market booms, and we should expect them to help prevent a full-blown housing boom developing over time,” the CML report read.

    Full article (at Warp speed) http://www.investmentweek.co.uk/investment-week/news/2318092/carney-will-act-to-dampen-warp-speed-housing-market

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  • What does Carney actually do…
    I’d say he bends over backwards to be as hypocritical as he can… From today’s Telegraph – “BoE Governor Mark Carney, speaking on PBS’s Charlie Rose show, said “kicking the can” on US tax and spending decisions “doesn’t do anything to fix the longer-term fiscal problems, entitlement, and other problems in the United States.”
    Can Kicking is one thing he’s got nailed.

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  • timmy t – fair bit of debate on here over the years on what the MPC actually do – I’m sure they have a lovely lunch in between whatever it is they get up to.

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  • Hi Jack C. Don’t forget the monthly ctrl-c… ctrl-v to produce the letter to the Chancellor. Then there’s the decision about what biscuits to have… busy busy busy…

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  • Hi TT, Mr Carney has one of those posh PDF converter things and simply changes the date on the last letter or the one before or the one before or…………..anyone from the last 36 months.

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  • Surely ctrl-c…. ctrl-v has been used on this site for a longer period of time….

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  • Sick of this MSM hype, been saying this since January but if you look on LR prices are not rising in any region outside of the SE and London, so if you are unfortunate enough to live there then i feel really sorry for you, but the rest of us its a different story i live in the wmids where prices are not going up at all.

    Record low IR’s, govt subsidy and prices not rising, why is that then? Its because the only thing that can drive prices outside of the foregin backed speculation in London is a rise in income and that just isn’t happening.

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