December 2013 Archive

Monday, December 30, 2013

"Recovery"

MSN News: Real value of earnings 'down 14%'

"The real value of average earnings has fallen by almost 14% since the recession five years ago...The figure is higher in some parts of the UK, at more than 20% in London"

Posted by rumble @ 09:28 PM 4 Comments

Couldn't afford to, maybe?

Reuters: Britons less inclined to pay down mortgage debt

"Britons were less inclined to use savings to pay down mortgage debt in the third quarter, data showed on Monday, adding to signs of improving consumer confidence as house prices rise and the job market recovers". This is one side of the spin, anyway.

Posted by alan @ 03:45 PM 0 Comments

Investors look to postgraduate students

Planet Property: Investors look to postgraduate students

Unis are chasing overseas students because they pa higher fees - which has created a boom in demand for postgrad accommodation ...

Posted by the planet @ 12:46 PM 0 Comments

Drug-fuelled housing market running out of drugs

Mark Hanson: Housing bubble 2; same as housing bubble 1, only different actors

The Fed is virtually the only buyer of MBSs, using income from maturing bonds to buy more of the same. Now UST yields and mortgage rates are rising, so what's in store? This article shows how the US house market fundamentals ('real affordability') are looking worse but successive stimuli have kept it alive. Are there any more stimuli once the cash-buyer speculators leave? Gist of the argument is in the section "The stimulus-induced housing market pumps and subsequent “reset” periods 2003-2013" Bubble 1 depended on exotic/liar loans, bubble 2 on all-cash buyers. What now?

Posted by icarus @ 12:37 PM 0 Comments

House prices rose by 4.4% over 2013

Planet Property: House prices rose by 4.4% over 2013

UK house prices rose by 4.4% in 2013 thanks to resurgent demand and a lack of supply of new homes, according to Hometrack. They expect the momentum to spill over into 2014 ....

Posted by the planet @ 12:33 PM 0 Comments

Saturday, December 28, 2013

Welfare without the state?

Huffington Post: The Way We Help People Does Not Help People

Yours truly arguing that welfare would be more effective and cheaper without state involvement ...

Posted by frizzers @ 08:14 AM 17 Comments

Friday, December 27, 2013

Over 3%, now

Reuters: Ten-year gilt yields rise

"Ten-year gilt yields hit their highest since July 2011 on Friday, playing catch-up with Treasuries as investors bet faster growth in the UK and the United States would lead to earlier interest rate rises than previously assumed".

Posted by alan @ 03:30 PM 12 Comments

Hamptons predict house price rise of 6% in 2014

Planet Property: Hamptons predict house price rise of 6% in 2014

No surprise there - but their assessment of the downside is interesting

Posted by the planet @ 11:18 AM 0 Comments

Brickies wages expected to rise by 50%

Planet Property: Brickies wages expected to rise by 50%

Bricklayers’ wages are expected to rise by 50% by next summer, says a leading contractor ... thanks to George Osborne, the brickies' mate ...

Posted by the planet @ 10:54 AM 2 Comments

Thursday, December 26, 2013

The comments are worth a read.

Greenbeltsos: Save The Cambridge Greenbelt

The Green Belt around Cambridge and nearby villages (Fulbourn, Histon & Impington, Sawston, Comberton) is under threat. Cambridge City Council and South Cambridgeshire District Council have included building on green belt sites in the draft Local Plan. If the councils’ draft Local Plans go ahead then hundreds of houses will be built in the green belt Once some of the greenbelt is gone it is gone forever and it will be easier and easier to build on what remains. __Time to get the diggers out and demolish the NIMBYs houses___

Posted by khards @ 06:42 PM 2 Comments

The penny is dropping

Grauniad: House prices boom is fuelled by in-work poor

"More people are working (a record 30 million are now in work in the UK) but far too many are on near-minimum wages, and a painfully high proportion of their income now goes on rent. We're creating a country where the property price furnace is sustained by ever more low-wage workers in supermarkets and call centres, their employers effectively subsidised by tax credits, who pay ever higher rents to landlords, who also sucker in billions from the housing benefit budget. It's corporate welfare on a colossal scale."

Posted by pete green @ 03:02 PM 0 Comments

Wednesday, December 25, 2013

Another GS drone.

Bloomberg: Goldman Sachs’s Glen Appointed New York City Deputy Mayor

Alicia Glen, head of urban investment for Goldman Sachs Group Inc. (GS), was named deputy mayor for housing and economic development by New York Mayor-elect Bill de Blasio.

Posted by novice pete @ 09:30 PM 1 Comments

Warning: All bubbles come to an end.

RT: ‘Hope to be bankrupt for Christmas’

The Central Bank of Ireland figures, released on November 28, show Julia could be one of at least 141,520 homeowners in arrears on their residential mortgage loans. That means roughly 20 percent of Irish mortgagees are living in fear of losing their homes. Julia Godsill, a Dubliner, can hardly hold back her tears, “I ended up with a cash offer for 500,000. This was in 2011. And I was delighted. But the banks refused to accept the offer because the mortgage was 800,000 climbing with arrears. They preferred to bring me to court, and repossess the house instead.” “I’m hoping to be bankrupt for Christmas. [Laughs.] I know it’s mad. And the reason why I’m hoping to be bankrupt for Christmas is that I can start again. Let me become what I was before.”

Posted by khards @ 12:15 PM 2 Comments

Tuesday, December 24, 2013

Volume of sales UP

BBC: UK home sales up 24%, says HMRC

"The number of homes being sold in the UK has risen by 24% over the last year, according to HM Revenue and Customs. The transaction figures from HMRC cover the first complete month that phase two of the government's Help to Buy scheme was in operation. The continuation of Help to Buy has been questioned by senior figures, including the Business Secretary, Vince Cable".

Posted by alan @ 05:29 PM 0 Comments

Monday, December 23, 2013

Why it pays to be uncompetitive.

Michael Hudson: Trade advantage replaced by rent extraction

Hudson on form. He says 75% of family budgets go on housing, debt service, taxes and medical care. No longer does the price of grain/bread determine the price of labour (as in Ricardo). Relevant now is a rent theory of international trade instead of a cost of production theory of international trade competitiveness. The 1% make capital gains and interest by owning land and lending money. 'Economies of scale' now means the ability to control the market and extort economic rent. Every country is trying to be high cost (and uncompetitive) because being high cost means that somebody can borrow money against expensive assets and leave somebody else holding the bag, And now when bankruptcy looms the 1% (bondholders) are first in line for payment, ahead of depositors and pension funds.

Posted by icarus @ 07:12 PM 5 Comments

Up, up, and away...

Guardian: House prices to rise by 8% in 2014, says Halifax

"House prices will end 2014 between 4% and 8% higher than they start the year, but it is "too early to talk of a housing bubble"...The lender has reported a 7% increase in prices in the first 11 months of 2013...the widening divide between activity in London and the rest of the country, with most house price indices showing headline rates of price inflation being driven by double digit increases in the capital."

Posted by rumble @ 04:56 PM 1 Comments

So here it is "Merry Christmas" everybody's having fun (Slade)

Telegraph: Homeowners remortgage to fund Christmas

Gross remortgage lending jumps 24pc as owners use homes to funds festive spree.... "Look to the future now, it's only just begun..." (whatever happened to Noddy H?).

Posted by alan @ 02:36 PM 2 Comments

Sunday, December 22, 2013

Bubble? What bubble?

Daily Telegraph: House prices down 5pc

UK house prices have fallen significantly when inflation is taken into account, countering claims of a bubble

Posted by jono2000 @ 02:19 PM 1 Comments

Not bubbly enough yet

Telegraph: Bank of England warning on housing bubble as prices rise

One of the Bank of England’s most senior figures has warned homebuyers that there will be a clampdown on house purchases if there is any evidence that increasing prices are spiralling out of control. Andrew Bailey, deputy governor of the Bank and the man charged with ensuring financial stability in the UK, said the housing market was one of the key issues for 2014. He said controls could include strengthening the tests potential buyers have to go through before they are offered a mortgage and increasing the amount of capital banks have to hold against household lending.

Posted by quiet guy @ 10:42 AM 1 Comments

Saturday, December 21, 2013

The vocabulary of madness and idiocy returns

MSN.co.uk: UK property winners and losers 2013

"...average house price growth of 7.4%" I'm completely dumbfounded. Where is the "growth" here? There are laws against estate-agents not-describing property correctly, why is there not a law preventing "journalists" not describing economics correctly? Ahh.. I have just seen the answer. Look for the link that says "Looking for a mortgage? Check your credit rating first" it is actually just a big advert.

Posted by james fells @ 09:20 PM 0 Comments

Friday, December 20, 2013

Fun in 2014?

Guardian: UK deficit jumps to 24 year high – ONS

"Dealing a blow to chancellor George Osborne's push for a Britain that can "pay its way" in the world, the gap – Britain's trade deficit, plus the losses UK plc makes on its overseas ventures – ballooned to £21bn in the three months to September from a deficit of £6bn in the previous quarter."

Posted by rumble @ 06:25 PM 0 Comments

Christmas NIMBY of the week.

Get Surrey: 'The green belt is not yours to give away' (It's not theirs either!)

Alice Jefferies, 15, addressed the chamber, arguing it is premature to assume the need for building on the green belt when no home building target has been set. “I was born in this borough and have lived in the attractive hamlet of Ockham all my life and I’m speaking to you tonight as a representative of the next generation. The green belt is not yours to give away – not now, not ever. “It seems to me this very attractive countryside, which many of us call home, is being treated as if it’s a commodity. It’s not. The original purpose of the green belt was to provide a green ‘safety net’ to prevent Greater London spreading unchecked.

Posted by khards @ 04:47 PM 6 Comments

Gotcha

BBC: Deutsche Bank pays 1.4bn euros to settle US lawsuit

Germany's biggest lender, Deutsche Bank, will pay 1.4bn euros ($1.9bn; £1.2bn) to settle a lawsuit with the US Federal Housing Finance Agency (FHFA). It broke " state and federal laws when it sold financial products backed by mortgage loans". Another Bankster mortgage loan fraud...move along, nothing to see here...

Posted by alan @ 03:19 PM 1 Comments

Buy to let rents rising at twice the rate of wages

Property Tax for Landlords: Buy to let rents rising at twice the rate of wages

Buy to let rents have risen at twice the rate of wages in the past 12 months, according to new research. An annual increase of 1.6% in buy to let rents outperformed wage s inflation of 0.8% during the year, says LSL Property Services – owners of letting agent brands Your Move and Reeds Rains.

Posted by steve sims @ 01:37 PM 0 Comments

Cut to AA+ from AAA

Reuters: EU disputes S&P rating cut

Quelle Surprise !

Posted by alan @ 10:55 AM 0 Comments

Bank of England reveals many struggling with payments in nequity

Mail: One in six has a mortgage four times their salary

"Yesterday the Council of Mortgage Lenders said mortgage lending jumped to its highest monthly total last month for six years". All aboard the Debt Train...

Posted by alan @ 10:51 AM 2 Comments

Rising Interest Rates Are Threat to Housing Market

Property Buyer Blog: Rising interest rates biggest risk to housing market according to consumers

Inflating interest rates on mortgages are the biggest risk to the UK housing market according to a recent report. The last Property Tracker report of 2013 from the Building Societies Association has shown that 27% of people surveyed stated that the rise in interest rates is their biggest concern for the New Year and many are now sceptical about buying property for this reason.

Posted by joel desvignes @ 10:13 AM 1 Comments

Mortgage Misery For Millions If Rates Go Up

Sky News: Mortgage Misery For Millions If Rates Go Up

Around four million families would not have enough cash to pay their mortgage if interest rates rose to barely half the rate they were before the crisis, according to Bank of England research.

Posted by nh @ 07:56 AM 0 Comments

Festive viewings & how they could get you a better bargain

HowToHomeBuy: Top Tips For Festive Viewings

Survey results released in the past week from Move With Us have shown that 60% of estate agents think it is twice as difficult to sell a property during the Christmas season. Not hugely surprising – after all, who really wants to be looking at properties when you could be out Christmas shopping and preparing for the festivities. However, there are some potential advantages for the buyer looking at property during the festive season …

Posted by amie gramlick @ 07:51 AM 0 Comments

Thursday, December 19, 2013

Tax cheats must sell property to avoid jail

Property Tax for Landlords: Property Tax for Landlords

A tax cheating couple who failed to declare £250,000 of income and lied to raise a £90,000 mortgage to buy a council house must sell their home and an investment property within six months to avoid an extra 18 months in jail

Posted by steve sims @ 05:12 PM 0 Comments

Don't they know it's Christmas - La, La, La

Mirror: Watch Iain Duncan Smith SNEAK OUT of food banks debate as Tories LAUGH at stories of starving families

Work and Pensions Secretary IDS had already ducked questions in the Commons by choosing not to speak, instead putting forward his deputy Esther McVey. Tory cynicism towards housing reflecting in the debate about food banks. The new mantra "Victimise and demonise the poorer classes".

Posted by alan @ 01:14 PM 13 Comments

The "bail-in" approaches. Beware Co-Co bonds.

BBC: Eurozone ministers agree banking deal

Gunnar Hökmark, the lead negotiator for the parliamentary side, said: “We now have a strong bail-in system which sends a clear message that bank shareholders and creditors will be the ones to bear the losses on rainy days, not taxpayers." says Mish " Details show the alleged rainy-day fund is a pathetic €12.5bn of joint funds not available until 2020, even though 128 banks covered in the agreement have an aggregate balance sheet somewhere between €26 trillion and €27 trillion". (Hint: read the small print).

Posted by alan @ 11:14 AM 0 Comments

Rents and house prices set to soar by over 35%

Planet Property: Rents and house prices set to soar by over 35%

So says the National Housing Federation. This will cost taxpayers a fortune in housing benefit and make it well nigh impossible for many to keep a roof over their heads. Happy days!

Posted by the planet @ 10:45 AM 0 Comments

RICS predict 8% price rise next year

Planet Property: RICS predict 8% price rise next year

House prices in the UK will see an increase of 8% over the course of next year while the cost of renting a home should rise by a further 2%.

Posted by the planet @ 10:23 AM 0 Comments

RICS suggests house prices to go up by an average of 8% in 2014

Myfinances.co.uk: House prices to go up by 8% in 2014 as demand outpaces supply

The Royal Institution of Chartered Surveyors (RICS) believes UK house prices will rise by an average of eight per cent in 2014, due in part to a lack of supply of properties for sale. RICS said the imbalance between supply and demand remains the biggest obstacle facing the residential property market.

Posted by ben @ 09:53 AM 0 Comments

Wednesday, December 18, 2013

Any chance of a crash over? These guys seem to think so :( A whole generation to miss out :(

Telegraph: House prices: What will happen in 2014?

Off the back of impressive growth in 2013, we look at what the experts think will happen to house prices in the next 12 months

Posted by david20040_0 @ 10:28 PM 0 Comments

Total employment at record high

BBC News: UK unemployment rate at lowest since 2009

Unemployment is at 7.4% - its lowest level since 2009, and employment is at a record high, but pay only growing at 0.8%.

Posted by paulm @ 05:12 PM 6 Comments

Wage deflation caused by low interest rates increasing pension costs?

Conservative Home: Never mind the excuses: Here’s the real reason why wages are falling

By Peter Franklin: “Real wages are still falling, on average, and nobody seems to know what to do about it. Even though the economy is growing, millions are seeing their incomes depressed by low nominal pay rises and highish inflation. “The primary driver of higher pension costs in the national accounts – and hence the pressure on wages in recent years – has actually been the dwindling final salary pension schemes: costs to today’s workers have exploded, benefiting older workers still in the schemes and especially people who are already retired. Workers as a whole are paying a steep price – but only a minority are benefiting.” Once again, it is younger people getting the rough end of the deal – just as they have on house prices, tuition fees and the national debt.

Posted by khards @ 01:05 PM 3 Comments

Unemployment & Inflation fall

BBC: UK inflation rate falls to four-year low in November

Inflation fell yesterday. Unemployment fell today. Lack of interest apparrent... Or maybe everyones out shopping, getting those retail sales figures up?

Posted by alan @ 10:11 AM 2 Comments

OFT misses opportunity to protect sellers from rogue quick house sale companies

Quick Move Now: OFT misses opportunity to protect sellers from rogue quick house sale companies

Quick Move Now, the UK’s leading home buyer, is disappointed at the announcement from the Office of Fair Trading (OFT), stating that it will not be taking any further action over the quick house sale industry. Despite calls from the public, from the property industry and from the quick sale industry itself, the OFT has decided not to hold any companies to account.

Posted by donna rourke-houguez @ 09:54 AM 0 Comments

Why buyers thinking about Help To Buy should hold off for now

HowToHomeBuy News: Help To Buy - Why It Still Makes Sense To Hold Off

Buyers thinking about applying for 95% LTV mortgages should hold off until the early stages of the New Year, when more lenders will be launching their products, competition will increase and buyers are likely to get a better rate deal

Posted by amie gramlick @ 09:51 AM 0 Comments

Government spending going up

Tuesday, December 17, 2013

Property - The Only Way To Riches (Buy quick before you miss the boat)

Daily Mail: Number of property millionaires jumps by a third to 400,000 in a year after surge in house prices

Nearly 93,000 more home-owners have become ‘property millionaires’ in Britain over the last year, research from a website has found. The total number of homes valued at £1 million plus by Zoopla.co.uk this month has grown by almost one third (31 per cent) compared with a year ago to reach 393,127. Zoopla said that continued strong demand for prime residential property throughout 2013 has created 92,985 more property millionaires in Britain over the past 12 months.

Posted by khards @ 08:15 PM 8 Comments

Booming again? Any hope of a crash over?

Daily Mail: House prices soar by 5.5% in a year to a new record high as London surges by 12% well ahead the rest of the country

Prices rise by 5.5% in the year to October, up from 3.8% in September London prices surge by 12%, but in the North East values rose by just 0.8% Prices in England now higher than pre-crash peaks but rest of UK still lags

Posted by david20040_0 @ 07:42 PM 0 Comments

Monday, December 16, 2013

Time to buy shares in IKEA ?

Mail: Build a home in four HOURS: £10,500 flat pack house

Dr Mike Page has created the QB2 ‘cube house’, which is 10ft (3m) tall and 13ft (4m) wide and can sleep up to two people. He says the house is as easy to build as 'an Ikea Billy bookcase' and takes just four hours to erect.

Posted by alan @ 03:32 PM 3 Comments

The number of foreign landlords with UK property passes two million mark

Planet Property: The number of foreign landlords with UK property passes two million mark

According to accountancy firm UHY Hacker Young, the number of foreign landlords investing in UK property has now passed the two million mark and is up by 6% over the past year. In the last five years the number of foreign landlords has risen by 39%, up from 1.46 m in 2006/07.

Posted by the planet @ 02:08 PM 1 Comments

Brigitte Bardot’s Paris apartment for sale

Planet Property: Brigitte Bardot’s Paris apartment for sale

And very nice it is too ....

Posted by the planet @ 02:07 PM 0 Comments

3D printer can build a house in 24 hours

Planet Property: 3D printer can build a house in 24 hours

Amazing 3D concrete printer can knock out a 2,500-square-foot home in a single day. The answer to our housing woes? Maybe. But a lot of builders will be out of a job ....

Posted by the planet @ 01:19 PM 1 Comments

Even Danny Blanchflower thinks this is a bad thing

Bloomberg: Cameron Hometown Booms as Easy Finance Raises Prices

Cameron’s efforts to spur the economy by supporting mortgage lending are fuelling price increases across the country, prompting buyers to extend their credit and leaving them vulnerable to interest-rate increases. People purchasing a first home in the U.K. are borrowing 3.4x their annual income on average, matching the record set in August 2007. “It’s very dangerous to boost house prices, given they already start from an unsustainable level based on price-to-earnings ratios,” David Blanchflower, a former member of the Bank of England’s Monetary Policy Committee, said. “There are no signs of wages rising, so buyers beware as interest rises eventually will come.”

Posted by little professor @ 10:39 AM 1 Comments

"Profiteers" attacked by Ed

Guardian: Ed Miliband promises drive to double rate of housebuilding

"Labour leader attacks 'stick-in-the-mud councils' and accuses property developers of hoarding land to push up its value".

Posted by alan @ 09:00 AM 3 Comments

Nasty part implement two child policy

Daily Mail: Plan to cap benefits at two children

New mothers with three children would lose £700 in £5bn welfare crackdown. Parents with three children would lose out on £696 a year in plan.. Those earning less than £30k will also be denied credits worth £2,725. Proposed by Tory MP Nadhim Zahawi - recently appointed to No 10's policy board to come up with vote-winning policies.

Posted by khards @ 07:24 AM 14 Comments

Sunday, December 15, 2013

House Prices SOAR in London but falling EVERYWHERE else

Daily Mail: Great housing divide widens as prices in London soar by 40% while homes elsewhere tumble by 20%

House prices in London have risen by more than 40 per cent, says study Homes in City of Westminster have jumped by 43.2 per cent to £863,256 Meanwhile, cost of living in Wales, the Midlands and the north has fallen Comes amid concerns that soaring rents have led to rise in homelessness

Posted by david20040_0 @ 06:24 PM 2 Comments

Georgie boy's fails 11-plus - but doesn't want mummy to know

Independent on Sunday: Government hides risks of controversial Help to Buy scheme

Ministers are refusing to publish the Government’s own risk assessment into its flagship housing policy, it emerged last night – triggering suspicions that they are trying to cover up official warnings that the scheme will endanger the British economy. A string of independent housing experts have publicly warned that Help to Buy, launched by George Osborne in this year’s Budget to give people a lift on to the property ladder, will overheat the housing market and “detonate a bomb” under the British economy.

Posted by stuartking @ 03:18 PM 5 Comments

Opinion piece about global refinancing

Global Economic Intersection: Terminal Velocity 2013

Interesting article stating that growth is deliberately held at bay while the extreme debt stresses in the system are refinanced at rates lower than GDP growth and inflation. Suggests that Japan is now ready to start growing again, America has a period to go through before the refinancing is complete and that Bernanke is scared of any growth before the refinancing completes, and that the UK is playing a so far successful game of bluff. Bond holders are going along with the refinancing essentially.

Posted by stillthinking @ 09:41 AM 2 Comments

Saturday, December 14, 2013

Cameron's plan is working.

Guardian: Number of homeless in England has risen for 3 years in a row

Analysing official figures, it is found that visible forms of homelessness are up, with rough sleeping rising this year by 6% in England and 13% in London. This pushes the two-year increase in the capital to over 60%. One of the fastest-growing reasons for homelessness is when private tenancies come to an end, and people cannot find or afford an alternative, the report found. More people are having to be housed in temporary accommodation, including bed and breakfasts, and increasingly people are being sent outside their own area. Julia Unwin, chief executive of the Joseph Rowntree Foundation, who said homelessness was the "tragic consequence of failures in our housing system". "That means building the affordable homes this country desperately needs and providing a proper safety net."

Posted by khards @ 12:30 PM 9 Comments

Chinese investors

Zerohedge: China's Colonization Of London Hits Ludicrous Speed, And Now: It's Detroit's Turn

Article states that Chinese are heavy investors in the London property market, but given that the figure mentioned is 1 billion since 2010 that doesn't seem such a large amount. The Chinese have a tendency though it would seem to maintain the properties empty to hold their value, whether they would bother doing that with lavish housing benefit on offer for buildings which are in some cases 100s of years old, who knows.

Posted by stillthinking @ 04:56 AM 2 Comments

U.K. Housing Market Seen at Risk of Overheating

Bloomberg News: U.K. Housing Market Seen at Risk of Overheating

Bank of England Governor Mark Carney may be struggling to prevent Britain’s housing market from reaching what he calls “warp speed.”

Posted by peter rocker @ 01:34 AM 0 Comments

Friday, December 13, 2013

... but don't build in my back yard

Independent: Sudden rise in homelessness blamed on housing shortage and the 'bedroom tax'

The number of homeless people is rising sharply under the twin pressures of the shortage of housing and the impact of the Government's welfare reforms, according to a new study. The Government’s own latest statistics show that 57,530 households were in temporary accommodation on September 30, an eight per cent rise on a year earlier. Some 2,100 families with children were in emergency B&B accommodation, the highest figure for a decade. Some 113 social landlords issued a total of 99,904 notices seeking possession for rent arrears between April and November, a 26 per cent rise on the same period last year.

Posted by stuartking @ 11:42 PM 0 Comments

"open house" do they work

David Cantell: Cantell & Co

Are "open houses" for the benefit of the seller or the lazy Estate Agent?

Posted by david cantell @ 06:02 PM 0 Comments

What the Mortgage Market Review (MMR) means for you

TurnKey Mortgages: The Mortgage Market Review - what it means for you

When the Mortgage Market Review (MMR) comes into force in April 2014, there will be a number of changes to how mortgages applications are assessed. Find out what the MMR means for you.

Posted by ben @ 12:12 PM 0 Comments

More landlords turning down benefits claimants

TurnKey Landlords: More landlords turning down benefits claimants

Universal Credit has more than just a fiscal cost. Read about how tenants on benefits are struggling to find homes.

Posted by ben @ 11:28 AM 0 Comments

What the CGT changes mean for your investment

TurnKey Landlords: What the CGT changes mean for your investment

As part of the 2013 Autumn Budget, Chancellor George Osborne announced some changes to the CGT system. Find out what they mean for your BTL investment.

Posted by ben @ 11:27 AM 0 Comments

Increase in Property Prices by 7.7% in Novemebr

Property Buyer Blog: Property prices increase by 7.7% in three months to November

UK property prices have increased by 7.7% in the three months leading to November when compared with the previous quarter according to the latest house price index from Halifax. Prices were up 1.1% month on month making it the highest annual price rise in the UK since 2007. The average UK house price went up by £2000 over the course of four weeks taking the price to £174,910.

Posted by joel desvignes @ 09:12 AM 0 Comments

Osborne's numbers crunched

Huffington Post: UK Deficit At £185 Billion, Not £90 Billion As George Osborne Says, Warn MPs

Government figures used by George Osborne and coalition ministers on the size of Britain's budget deficit may be misleading, an influential committee of MPs has warned. The Public Accounts Committee's warning came as the newly-released whole government accounts report said the UK's deficit in 2011-2012 was £185 billion, not £90 billion.

Posted by stuartking @ 01:05 AM 2 Comments

Thursday, December 12, 2013

Come on Scotland - Let's make a break for it!

Wings Over Scotland: How Money Changed Everything

We all know there’s something strange about Britain. Germany and China have their factories, France and Japan their nuclear power plants. America has Google and Apple and the world’s largest navy. But how is it that Britain, a country that closed its mines and shuttered almost its entire manufacturing industry, is still a major world economy?

Posted by chapvan @ 11:40 PM 0 Comments

Britain's workers slowly sliding down the pan

BBC: Earnings rise slower than inflation for fifth year running

"In the year ending April 2013, the ONS said pre-tax pay reached £27,000 a year, an increase of 2.1% over 2012. However, inflation over the same period, as measured by the Consumer Prices Index (CPI), was 2.4%". (I'm sure the Tory faithful are elated that house prices are continually going up. I just wonder how the buyers will pay back the borrowing ~ even assuming IRs stay low).

Posted by alan @ 10:32 PM 2 Comments

You won't here this on the BBC propaganda channel!

RT: Soaring rents force Londoners to live in shipping containers

A London charity has imported steel containers from China and converted them into bargain basement homes, as part of a novel solution to try and solve homelessness amid soaring rents in the British capital. But as rents in London continue to soar, putting most flats and houses out of reach of many people on low incomes or benefits, these may be part of the solution. A mYpad costs just £75 a week - at 30% of the minimum wage, mYpad is affordable to those who need it most. While there are plans to build thirty more mYpads next year, this is not even a drop in the ocean. Unless Britain increases the rate at which it is building affordable, new homes, then by 2020 there will be a shortfall of 2 million homes in the UK.

Posted by khards @ 08:29 PM 4 Comments

15,000 NIMBY's take to the street.

Ilkley Gazette: Menston residents take to street for protest over greenbelt

One rambling boomer [Councillor Jackie Whiteley] said " I think you have your answer if 15,000 people have signed a petition on this subject.". A leading campaigner against green belt housing development in Wharfedale called on Bradford Council to ‘stop giving the fox[youth] the keys to the hen house’. Dr Steve Ellams, spoke on behalf of several groups and communities in the Wharfe and Aire valleys. He told the Council to stop the ‘rape of the countryside’ in the Bradford District. Val Slater (Lab), said: “There just aren’t enough brownfield sites to meet the projected need.”

Posted by khards @ 04:01 PM 3 Comments

I smell election in the distance

City AM: Deficit is £185bn not £90bn

Yes folks all is going well and the government has reduced the deficit so vote us back in again for more hard nosed austerity and booming house prices. Try not to look too hard under the bonnet - the old girl smokes a bit but I'm sure it just needs an oil change.

Posted by chrisch @ 12:10 PM 0 Comments

FTB, BTL and home owner mortgage lending all going up

Myfinances.co.uk: CML says property market growing in all areas in 2013

The latest figures for mortgage lending show a 24 per cent increase in the number of mortgage loans advanced to home-owners over the last 12 months. The CML found that the number of loans increased to first-time buyers, home-owners and buy-to-let landlords.

Posted by ben @ 11:08 AM 0 Comments

Self-build scheme to help meet needs of 'Generation Rent' (Anyone under 35)

Guardian: Coalition minister wants to give land to young to build own homes

Young people who cannot afford to buy somewhere to live should be handed plots of state-owned land so they can build homes of their own. Boles is declaring that young Britons want "the opportunity to get on and help themselves". Housebuilding remains at very low levels even though there has been an upturn in the past three months. The coalition is acutely aware that it needs to find a way to assure the so-called Generation Rent that, if they want, they will be able to purchase or custom-build a home of their own. Boles is proposing that, instead of renting in the open market or applying for council housing, young people should be able to "put yourself on the list for self-build".

Posted by khards @ 09:49 AM 14 Comments

Wednesday, December 11, 2013

Yes, borrow as much as you want for that Mortgage - everyone else is borrowing and indebted.....

Reuters: Ukraine seeks 20 bln euros in aid from EU, PM says

"Ukraine owes just under $4 billion in gas bills and debt repayments in the first three months of 2014, and after that may struggle to pay rising sums from dwindling reserves. He said 20 billion euros would help Ukraine's economy adapt to closer integration with the European Union and be compensation for potentially losing its large Russian market. Yanukovich has said his country needs $20 billion a year until 2017, and a total amount of $160 billion". (How long before the ECB decides to print? Meanwhile, send in the Greeks to give budgetting lessons).

Posted by alan @ 07:34 PM 3 Comments

People in the UK Looking to Rent For Longer

Property Buyer Blog: People in the UK renting for longer

An increase has been seen in the number of people renting in the UK for longer periods of time according to a residential research report from property group Savills. Renting privately does continue to be a short term solution to housing for the majority of UK residents but it appears that many are now renting for longer periods of time. The report shows that 4.3 million households were in the private rented sector in 2011 and the figure is expected to rise by a million over the next five years.

Posted by joel desvignes @ 01:10 PM 0 Comments

Research also highlights a 93 per cent probability of London currently being in a housing bubble

Mortgagestrategy.co.uk: UK has '77% risk of housing bubble'€™ as warnings on frothiness mount

There is a 77 per cent probability that the UK is in the midst of a housing bubble, according to academic research with London at significantly more risk than other regions.

Posted by andrew.williams @ 11:34 AM 2 Comments

Mortgage protection, and policies that you don't really need or are overpriced

Telegraph: Lloyds fined £28m for 'sell or be demoted' incentive plan

The FCA said the worst case it had seen was "evidence that one Lloyds staff member sold protection products to himself, his wife and a colleague to prevent himself from being demoted". "Customers have a right to expect better from our leading financial institutions and we expect firms to put customers first – but firms will never be able to do this if they incentivise their staff to do the opposite.” (Personally I think it's outrageous what these Capitalists are doing...oh, wait a bit...WE own it! )

Posted by alan @ 10:23 AM 1 Comments

US kicking the UK

Telegraph: Mark-Carney-US-kicking-the-can-over-budget-is-unhelpful

US treasury yields are on the up, and if US treasury yields are on the up then Carney might feel he doesn't have many options to keep UK interest rates down. The UK, and the world, has been a beneficiary of the low borrowing costs of the US, rather than solely of the BoE programme. Carney suggests reducing gov. expenditure because if the US is forced to taper then the UK can hardly continue monetizing with our own QE programme. But the US has no intention of getting government expenditure under responsible control and are politically committed to trying the government stimulus route. Carney is begging at an empty table.

Posted by stillthinking @ 04:27 AM 1 Comments

Tuesday, December 10, 2013

Ghost of Christmas yet to come

Reuters: '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 8 Comments

Zoopla And Rightmove To Tighten Up Property Listing Guidelines

ABNewswire: UK Property Portals Crack Down On Private Sellers And Aggregators

The UK'€™s second biggest property sales portal -€“ Zoopla, has today announced its decision to crack down firmly on property listings that aren't from '€˜bona-fide estate or letting agents, offering a full range of agency services'€™.

Posted by david sessford @ 02:13 PM 0 Comments

As others see the UK

Bloomberg: London’s Lure to Foreign Property Buyers Seen Dimmed by Tax

"London’s status as a magnet for foreign property investment was burnished in the years after the financial crisis by an investor-friendly tax regime and the falling value of the pound. That may be changing". "Investors from the Middle East to Asia have been splurging on London homes, buying everything from multi million-pound mansions to apartments in Battersea and the City of London. That’s driving prices beyond the reach of many British buyers and sparking a development surge that’s increasingly dependent on non-U.K. investors buying homes before they’re completed". "The tax may also result in falling land values on the fringes of London’s prime areas as developers wait to see the tax’s effect". Oh NO!...quick, sell now!

Posted by alan @ 10:03 AM 0 Comments

Massive Interest Rate rise...NO

Mail: Home repossessions 'are set to soar again': Thousands could lose properties

Another non article by the Mail designed to gladden the hearts of its readers as Christmas approaches. Mr Pannell (CML) said the ‘vast majority’ of families will cope with ‘a slow but certain transition to more normal interest rates’, but the most vulnerable be crippled by a rise. (who are the vulnerable?...maybe those struggling families living beyond their means?). "(CML) said 59 per cent more agents predict prices ‘to continue their upward trend rather than fall back’. happy days for Homeys!

Posted by alan @ 09:20 AM 0 Comments

Pensioners forced to sell their mansions

Telegraph: Pensioners are being 'burgled' by insurers on annuities

"A scathing report calls for regulators to launch an unprecedented investigation into the "excessive" profits insurers are making from consumers dazed and confused by the retirement market ". Another day, another financial scam/con. Welcome to the UK. "Its report comes amid growing concern at the size of the savings gap in Britain. Figures last week revealed people are withdrawing money from savings accounts at the fastest rate for 40 years because of low returns offered by banks and building societies". (Maybe its because of the rubbish interest rates forced on us by Carney and the Fed).

Posted by alan @ 09:06 AM 5 Comments

RICS predicts house prices will go up by 5% in 2014

Myfinances.co.uk: House prices to surge as demand outstrips supply, says RICS

Chartered surveyors believe house prices are more likely to rise over the next three months than at any time for the last 14 years.

Posted by ben @ 08:53 AM 0 Comments

Monday, December 9, 2013

If you’re still tempted to buy into London's property bubble read this first

MoneyWeek: What Sir Isaac Newton can teach us about London'€™s ludicrous property price bubble

If you'€™re still tempted to buy into London's property bubble, bear in mind what happened to one of history'€™s most brilliant men.

Posted by andrew.williams @ 05:30 PM 0 Comments

Saturday, December 7, 2013

Student landlord puts toilet in kitchen

Yahoo Finance: Landlord ordered to demolish student house

An enterprising 68 year old 'property developer' in Cambridge built a shed in his garden to rent out to students, complete with a toilet in the middle of the kitchen ! The council has ordered him to demolish it but he is appealing against their decision, saying that he doesn't want to make his tenants homeless. This shows that his heart is in the right place, and he is not just another greedy, rent-seeking old git !

Posted by wealthcreator @ 02:48 PM 0 Comments

The Icelandic solution

The Journal: Iceland to write €24,000 off every household mortgage

As fas as I can determine, the headline is not a joke. "The Icelandic government has announced that it will write off household mortgage debt in order to kickstart the economy. Under the plan, every household in the country will have €24,000 worth of debt written off. The move was part of the election manifesto of the Progressive Party, led by Prime Minister Sigmundur David Gunnlaugsson." Let's see if any UK politicians will raise this idea. H/T to Frank Hovis on the forums.

Posted by quiet guy @ 12:25 PM 12 Comments

Keeping sterling higher and boosting domestic demand

Bloomberg: Posen Says U.K. House Price Bubble May Fuel Crisis in Sterling

The bubble is providing a wave of spending power in the UK while at the same time their sterling purchases act against the sterling devaluation and the much vaunted requirement for exports. House prices did fall for foreign purchasers by up to 40%, so they are looking at different charts in their own currencies. When it comes to an end, there will be a great deal of sterling washing around, and their won't be any concurrent support for sterling because the foreign buyers will eventually tap out. Not just for that reason but also as deliberate policy, sterling IMO is once again going to bear the weight of the crash. Carney won't raise rates. If he did he would clear the market and even more borrowing would take place, low rates stop the market clearing.

Posted by stillthinking @ 02:35 AM 4 Comments

Friday, December 6, 2013

Will no one rid me of this turbulent Governor?

Reuters: British economic governance encounters turbulence

Interesting piece suggesting that Carney and the BoE may, against all expectation, be growing a backbone and pushing back against Osborne's economic electioneering. Bizarrely, it's by Anatole Kaletsky, but seems to be devoid of his usual obnoxious trolling.

Posted by captain tightwad @ 08:30 PM 0 Comments

It's the Economy, Stupid!

Telegraph: House prices across the UK are rising at nearly ten times average earnings

Halifax reveals house price inflation running at 7.7pc as low interest rates and Government schemes trigger a £37-a-day jump over past year.

Posted by alan @ 12:30 PM 14 Comments

November saw a 0.5% increase in UK house prices

Property Buyer Blog: UK house prices increased by 0.5% in November

UK house prices rose by 0.5% last month according to the latest index from Hometrack. The rise in demand as well as the decline in supply is thought to be responsible for the latest increase in property prices. Demand grew by approximately 3% over the last month while supply declined by 3.5% the data shows. The lack of supply has been putting pressure on house prices over the last year, with many financial experts suggesting a housing bubble could result.

Posted by joel desvignes @ 09:29 AM 0 Comments

NIMBY's of the week -

Nottingham Post: Tollerton protesters vow to fight 4,000 homes

PLANS for 4,000 homes on green-belt land near a Notts village will lead to "traffic chaos" and "urban sprawl", it is claimed. Members of action group Tollerton Against Backdoor Urbanisation attended a Rushcliffe Borough Council meeting to protest against plans to build the houses north of the village. The group concedes that more houses will have to be built in Rushcliffe to meet Government targets. Rushcliffe has been asked to find space for 13,150 new homes by 2028. Across Notts, the city must find room for 17,150 new homes, Gedling 7,250 and Broxtowe 6,150 over the next 15 years.

Posted by khards @ 09:11 AM 2 Comments

Thursday, December 5, 2013

CGT changes in Autumn Budget

TurnKey Landlords: CGT changes in Autumn Budget

A list of measures outlined in the Chancellor's Autumn Budget 2013 as they relate to landlords and property owners.

Posted by ben @ 04:49 PM 0 Comments

What Osborne Should Have Said

Independent: Autumn Statement 2013: What George Osborne should have said...

"Our system of tax is too complicated. Our tax code is 11,000 pages long. That is too long. By about 10,990 pages I'd say. It makes blunders and fraud inevitable. But it's worse than that. Our system of tax is immoral, it is inconsistent and it creates inequality. So I am simplifying it. Here's how ...

Posted by frizzers @ 04:12 PM 2 Comments

P/E ratio with no E spells trouble

Counterpunch: The stock market bubble

US bubbles are as dangerous as they ever were and small investors are getting sucked in. Once the chickens get lured back into the henhouse the door slams shut and the fox fires up the stove for another big feed. Fancy buying a house, sir?

Posted by icarus @ 02:37 PM 9 Comments

Camerons housing policy working as intended.

MKweb: It's too cramped for Christmas for family of 4 in Milton Keynes bedsitt

A FAMILY of four that have been forced to live in a cramped bedsit for seven months don’t even have enough space to put up a Christmas tree. Paul Adams and his family were put into the North Tenth Street bedsit by Milton Keynes Council earlier this year while they waited for a suitable social housing property with two bedrooms. But despite several attempts by Mr Adams to get in touch with the council, he has heard nothing back and claims he knows of friends who have had their housing needs met before him, partner Carla Levitt and sons Rylan, four, and Kaden, eight months.

Posted by khards @ 11:00 AM 14 Comments

Wednesday, December 4, 2013

Looks like BTL will get even more popular after tomorrow

Telegraph: Autumn Statement 2013: millions to work longer for a pension as life expectancy rises

Another overhaul of state retirement system to be announced in Autumn Statement means that people now under 50 will have to work longer than they had previously thought, even just a year ago. Under rules to be unveiled on Thursday, the state pension age will vary according to average life expectancy. It will be set to ensure that people spend no more than a third of their expected lifespan drawing a pension. Treasury projections suggest this will save the state up to £400 billion over the next 50 years. The changes mean that the state pension age would rise to 68 will be brought forward to the mid 2030s, with another increase to 69 expected by the mid 2040s. For perspective £400BN = 8 x HS2. Comments section should be excellent.

Posted by enuii @ 11:09 PM 5 Comments

Public debt has risen 50% to gain 1.1% growth.

Zerohedge: How Has The UK Economy Performed Since The Coalition Came To Power?

The latest infographic outlines the changes in the economy since the coalition government formed in 2010. In 2010, the Chancellor projected that the coalition would slash the structural budget deficit to zero by 2016. Three years on, net public debt has risen as a consequence of the government’s measures to reduce the deficit. While there is some hope in the figures - and we are sure they will be projected in nothing but glowing glorious ways, Brits are drawing down savings at record rates to cover soaring costs of living and the UK's debt-load is surging.

Posted by khards @ 09:19 PM 3 Comments

Wrong kind of recovery

The Guardian: How UK wonder substance graphene can't and won't benefit UK

Graphene was developed in Manchester but the government's investment in applying it is typical 'Whitehall dilettantism of chucking some spare change at a new idea and hop(ing) it does some good'. Mirrored of course by piddling private sector investment in capacity in general. UK companies that might have funded the more fundamental research required to bring graphene to market have been 'broken apart by would-be corporate raiders and investment bankers and big-money lawyers'. And UK nanotech has become "three men, a dog, and a cabinet full of patents". We're left with just pharmaceuticals, aerospace, some areas of electronics and foreign-owned carmakers, Far better to rely on property and credit and the financial sector.

Posted by icarus @ 06:14 PM 1 Comments

Why not shoot a few "pour encourager les autres"

Reuters: EU Commission fines banks

"....also fined were JPMorgan and Citigroup". JPM always have their fingers in the till. Helped by Bliar, of course...... Whereas RBS Chairman Philip Hampton said the bank's board and new management team condemned the behaviour of individuals involved in rate rigging... Oh, how awful when you are found out. Never mind, Christmas bonus time is coming soon.

Posted by alan @ 04:44 PM 2 Comments

Quick, Hire a Stretched Limo

Telegraph: Spending like a drunken sailor; Britain's 50-year economic problem

Jeremy says: " Sorry to keep banging the table over the unbalanced nature of the UK economy in general, and the present "recovery" in particular, but the latest Office for National Statistics Economic Review, published on Wednesday, helpfully sets it all out in some detail, and pretty concerning reading it should make for policymakers too".

Posted by alan @ 04:38 PM 0 Comments

Home purchase conveyancing - contracts to completion

TurnKey Mortgages: Buying a house - the conveyancing process

Conveyancing is integral to the complex process of selling or buying a house. Read part two of our guide to the conveyancing process, which deals with the exchange of contracts and transaction completion.

Posted by ben @ 02:38 PM 0 Comments

Northern Irish Mortgage Lending On The Rise

Property Buyer Blog: Mortgage lending on the rise in Northern Ireland

The number of mortgages advanced in Northern Ireland has increased significantly over the third quarter of the year new data has shown. The data from the Council of Mortgage Lenders shows that the number of loans advanced has risen to its highest level since 2009. An increase in lending has been seen amongst first time buyers with a total of 1,600 loans advanced to this group in the third quarter of 2013. There has also been an increase in those remortgaging and those moving home.

Posted by joel desvignes @ 11:58 AM 0 Comments

Former popular Housing minister now making friends in the NHS

38degrees.org.uk: JEREMY HUNT IS TRYING TO CHANGE THE LAW

"But having been told twice that he acted illegally, he’s trying to change the law! [2] He wants to bring in a “hospital closure clause” to give him new legal powers to shut A&Es like Lewisham. If he gets this through, none of our hospitals will be safe from his meddling or closure."

Posted by doomwatch @ 10:27 AM 0 Comments

Capital gains tax on overseas buyers

Daily Telegraph: Middle class threatened by tax squeeze

This could be it folks. If they manage to close loop holes at the same time. If this is carried through there will be capital gains tax on overseas owners of Uk propertes. What we need is for them to announce it as taking place sometime in the future which give all the wealthy expats and overseas buyers time to offload their properties on the market, thus starting the cycle of excess supply and putting downward pressure on the market.

Posted by britishblue @ 09:01 AM 10 Comments

One for the BtL Brigade

WSJ: For Rent in Europe: Trendy Jeans, Washing Machines

"Rental, Secondhand Deals Shows How Companies Are Trying to Court Strapped Consumers". "The idea was to make high-quality jeans available to everybody," said Bert van Son, chief executive of Mud Jeans, which promises to recycle the used jeans into new pairs or sell them secondhand at the end of a lease. "In Europe, consumers are increasingly buying into the idea, as the uncertainty sown by high unemployment and government austerity measures drives them to think about longer-term ways to save money". What are we all waiting for..?

Posted by alan @ 08:49 AM 0 Comments

Tuesday, December 3, 2013

China Teapot

BBC News: David Cameron defends China trade mission

Just saw some fool on the BBC 6 O'clock news carrying a large teapot with a Union Flag on it. Is it only me who is thinking of the Stonehenge moment in the film Spinal Tap?

Posted by nickolarge @ 07:55 PM 3 Comments

Your pension savings are "their" assets.

Yahoo: Detroit eligible for Chapter 9 bankruptcy

Detroit is eligible to shed billions in debt in the largest public bankruptcy in U.S. history, a judge said Tuesday in a long-awaited decision that now shifts the case toward how the city will accomplish that task. Judge Rhodes' decision is a critical milestone. He said pensions, like any contract, can be cut, adding that a provision in the Michigan Constitution protecting public pensions isn't a bulletproof shield in a bankruptcy. Meanwhile the banksters and those responsible for the mess are sipping their iced drinks in a nice sunny place...... With the UK's level of debt we will have a hard job paying all those NHS and council pensions....I have an idea!!

Posted by alan @ 06:28 PM 1 Comments

Stamp duty suppressing thousands of house prices

TurnKey Mortgages: Stamp duty suppressing prices

The higher SDLT threshold of 3% forced some 19,600 sellers to lower their asking prices in 2012 - and stopped some 9,700 from selling altogether.

Posted by ben @ 04:50 PM 1 Comments

More houses being built at last

FTAdviser: Construction industry 'springing back to life'

Markit said housebuilding led the strong growth in the construction sector, registering the fastest growth in a decade.

Posted by mountain goat @ 11:06 AM 2 Comments

Drastic action to keep rate rises down

Manchester Ev News: Mayor of Salford to axe three assistant mayors as part of £25m council cuts

"The Manchester Evening News understands that up to four will go as Mayor, Ian Stewart, faces making £25m worth of savings in the next financial year. The elected Mayor of Salford is to cull some of his 13 assistant mayors as part of town hall cuts and the city’s budget for tourism could also be slashed". Oh No..... Troughers sacked - Whatever next? :-(

Posted by alan @ 09:49 AM 0 Comments

Worldwide currency race Should you price your house sale in Yuan?

Bloomberg: Yuan Passes Euro as Second-Most Used Trade-Finance Currency

China’s yuan overtook the euro to become the second-most used currency in global trade finance in 2013, according to the Society for Worldwide Interbank Financial Telecommunication.

Posted by alan @ 09:42 AM 1 Comments

Affordability, Affordability, Affordability

Independent: The real cost of the economic downturn to Britain's 'squeezed middle' revealed

The average income of a household has fallen from £37,900 to £32,600 ONS figures show

Posted by alan @ 09:04 AM 1 Comments

Savings rates rise...whatever next.....

The telegraph.: Savings recovery: new 2.35pc two-year deal

"Savings recovery: new 2.35pc two-year deal Rates continue to improve as commentators hail the 'end of stimulus' effect" Some recovery only half the inflation rate after tax. They have a LONG way to climb. And when saving rates are climbing what do we think mortgage rates will be doing.

Posted by thecountofnowhere @ 08:32 AM 0 Comments

Credit controls

Zerohedge: Ron Paul Rages "'Easy' Money Causes Hard Times"

"If the demand for lower interest rates is great enough and not accompanied by a call for sound currency — gold — the politicians will be “forced” to accommodate the demand by means of massive inflation of the money supply with strict credit controls and credit allocation." This stage has started to happen in the UK, there are now a number of programmes related to central bank or government allocation of credit. This line is at the end of Ron Pauls speech but I think what is unstated that these programmes and their unintended consequences require a continuous "whack a mole game" style of additional controls. As usual we will see how things turn out. UK record breaking sustainable lift off !.. growth is around 1%...

Posted by stillthinking @ 05:37 AM 2 Comments

Monday, December 2, 2013

Relax, the world hasn't gone to meltdown - yet!

Sky: RBS And NatWest IT Problems On Cyber Monday

RBS and NatWest are "urgently" trying to fix a computer glitch which left customers having their debit and credit cards declined in shops across the UK. Thousands of people have been venting their anger on Twitter after all the high street banks' systems went down on one of the busiest shopping days of the year. As well as bank cards, there are problems with RBS and NatWest's websites and smartphone apps. (it could be worse, folks...you could be signing for Obamacare). Or, if you like conspiracies, RBS and Natwest have now completed their exercise for a "bail-in" in case Osborne collapses the £ :-)

Posted by alan @ 10:31 PM 1 Comments

London waterways overcrowded due to boom in houseboats

Planet Property: London waterways overcrowded due to boom in houseboats

With house prices and rents rising to record levels in London, more people are turning to houseboat,s and waterways are becoming overcrowded - so says a new report

Posted by the planet @ 05:25 PM 0 Comments

A little light relief from the grimness of it all.

The Daily Mash: First-time buyers advised to not bother

Note to Mods: Just posted this cos I thought regular HPCers could do with a laugh. Please feel free to delete if you think this is inappropriate (and you are feeling sufficiently humourless).

Posted by grumpybob @ 12:19 PM 0 Comments

House Prices unaffordable? Just redefine "affordable"

Independent: 800,000 people ‘lifted’ out of fuel poverty – by redefining it

"The new definition, which could come into force before Christmas, will instantly reduce the percentage of fuel-poor households in England by nearly a third, from 15 per cent to 11 per cent, according to calculations by MPs on the cross-party Environmental Audit Committee. “The Government is shifting the goalposts on fuel poverty so that official statistics record far fewer households as fuel-poor,” said the committee’s chair, Joan Walley MP. (So, by re-definition, you can afford that over priced house after all - Tra-Da!)

Posted by alan @ 09:33 AM 1 Comments

Sunday, December 1, 2013

Who pays for this in the long run? MMnn..

Bloomberg: Iceland Reveals $1.25 Billion in Mortgage Cuts to Aid Recovery

"Never give a sucker an even break" ~ W C Fields.

Posted by alan @ 10:01 AM 2 Comments

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