March 2014 Archive

Sunday, March 30, 2014

Blow, blow, blow....... pop!

Evening Standard: London living through biggest house price bubble ever

Since when did bricks become so expensive? And why are construction workers demanding such ridiculously high wages? Oh wait... it's a land bubble, not a house bubble. Feudalism lives.

Posted by pete green @ 05:54 PM 16 Comments

Familiar causes of a bubble and burst

Wikipedia: Irish property bubble burst

Interesting points relative to London particularly is the role.of the media to create a frenzy.. Absence of central bank intervention and the fact that the bubble just burst in its own time a.d prices Now still 56% less than before....frighteningly similar to London/parts of uk imo...anyone who is negative 'Should commit suicide' is perhaps the most repulsive thing I have ever heard....and said just before the whole Thing collapsed....no recovery with near zero interest rates is also interesting

Posted by taffee @ 10:11 AM 1 Comments

Saturday, March 29, 2014

Nottingham house price are booming

Nottingham Post: Signs of hope as house prices start to recover?

HOUSE prices in Nottingham are up five per cent in a year, according to estate agent William H Brown. Make that six per cent, says online agency Rightmove. Hyson Green is an area of Nottingham,It is the second most popular shopping area after the city centre. Since 2006 Hyson Green has seen a larger rise in development and direct international investment than any other area of Nottingham. According to new research Hyson Green has the fastest GDP growth in Nottingham Hyson Green offers higher rental yields than other locations in the UK, according to a new survey. The best rental level in the country is in Hyson Green Nottingham where average yields this year are 10.9%, up 1.13% year on year , according to a poll.The UK average of 6.4% for other buy-to-let property

Posted by property hotspot @ 11:31 PM 0 Comments

Apparently only a few niche loonies want a Land Value Tax....

Grauniad: Labour vows to take on land hoarders as part of plan to ease housing crisis

Ed Milliband is keen on a land tax apparently: "Miliband also signalled common ground with the Lib Dems. He is also keen on a land tax – which Lib Dem cabinet minister Vince Cable last week signalled his support for."

Posted by pete green @ 06:24 PM 7 Comments

MPs troughing again

Guardian: Miller makes million

HPI is the big earner of our times and paying tax on it is like so yesterday don't you know.

Posted by chrisch @ 05:04 PM 1 Comments

Something intelligent written about houses

FT: Don’t believe everything you hear about house prices

An antidote to estate agents' crap

Posted by letthemfall @ 01:50 PM 0 Comments

Friday, March 28, 2014

Living beyond our means (and buying tat)

Sky: The £22bn Current Account Deficit Mystery

Sky says, "The current account balance is one of those economic numbers that tends to linger in the backdrop these days. In the era of the Gold Standard and Bretton Woods system, when a country’s economic policy was largely determined by its balance with the rest of the world, this measure of one’s international ledger was all-important. These days, other numbers - GDP, inflation, unemployment – tend to hog the headlines. But, the current account matters! It is the comprehensive measure of how much a country is sucking in from overseas". "According to IMF figures, Britain’s current account deficit for 2013 as a whole (4.4% of GDP) was greater than in any other developed economy (including Greece, Cyprus etc)". Maybe our only recovery is in retail spending on German cars & tat?

Posted by alan @ 02:40 PM 3 Comments

No revelations but good to see in MSM

Telegraph: Why Britain should adopt Singapore's approach to affordable housing

All of a sudden, everything seems to be going George Osborne’s way. In defiance of the sceptics, growth has returned, and despite the absence of extravagant “giveaways”, it is hard to recall a Budget as well received as the one Mr Osborne announced last week. If simply giving people the freedom to spend their pension savings as they see fit can have such a positive impact on the Government’s poll ratings, the Chancellor should plainly be doing much more of the same. So where else should he be turning his attention? Unfortunately, the most obvious candidate for supply-side, deregulatory reform is the one that chancellors of all political hues, including Mr Osborne, run scared of – housing.

Posted by quiet guy @ 02:21 PM 2 Comments

No mention of the council tax freeze or business rates not expected to double...

Torygraph: HMRC is addicted to property

"Comment: Tax raised from property and property transactions is expected to double or more over the next five years, a report by the OBR states" Council tax and business rates are excluded - these are not expected to grow nearly as fast. So not sure what the point of the article is? property in the UK is undertaxed, especially residential...

Posted by mombers @ 11:32 AM 1 Comments

Lib Dem NIMBYs

Your Local Guardian: Tories say Edward Davey "scaremongering" over Chessington homes plan

Lib Dem MP Edward Davey scarmonering over new home in Chessington

Posted by timothya @ 10:25 AM 0 Comments

Thursday, March 27, 2014

Property of the week

BBC: Oatridge Gardens 'sinkhole': Nearby house up for sale

Sterling Estate Agents is advertising the detached house in Masons Road, with no mention of the hole, which is less than 50m (164ft) away.

Posted by alan @ 12:40 PM 0 Comments

Merryn suggests selling up and moving to Wiltshire

MoneyWeek: Now could be the perfect time for Londoners to sell up

If you fancy trading your poky terrace for a country manor, do it now before the property price-gap narrows.

Posted by andrew.williams @ 09:57 AM 10 Comments

Doing the same things over again

Telegraph: Housing boom could turn to bust

The same issues that caused the credit debt crisis are being revisited so the chances Are credit crunch 2 is around the corner...tell us something we don't know

Posted by taffee @ 06:26 AM 8 Comments

Tuesday, March 25, 2014

Believe it or not

Sky: Falling Fuel Costs Help Inflation Dip To 1.7%

"The Office for National Statistics (ONS) said the Consumer Prices Index (CPI) measure dipped for the fifth month in a row - supporting hopes that the real-terms decline in pay is coming to an end".

Posted by alan @ 07:09 PM 4 Comments

Monday, March 24, 2014

Is this what it's all about?

Grauniad: Access to pensions a 'get-out-of-jail-free card for interest-only mortgage holders'

Interest-only mortgage holders face an average shortfall of £71,000, and are could use their pension pot to pay it off.

Posted by montesquieu @ 05:01 PM 9 Comments

MoneyWeek looks at how the property market will be in trouble after the general election.

MoneyWeek: Why the property market could be in trouble after the 2015 election

Britain’s booming housing market looks likely to face a tougher time next year. Matthew Partridge looks at what’s on the horizon for house prices.

Posted by andrew.williams @ 10:34 AM 2 Comments

Sunday, March 23, 2014

People who own multiple houses are working hard to drive prices up higher

The Guardian: George Osborne's 'brilliant' budget could turn out to be a dud

Chris Huhne describes a number of recent UK government policies that set out to increase house prices. Ideally the government would only interfere in the housing market to improve supply. Instead they are acting to drive up prices and exacerbate inequality.

Posted by pmatthews @ 11:46 PM 3 Comments

Time

Mises.org: Economics in one lesson

Time to read a proper book about economics!

Posted by stillthinking @ 03:40 AM 93 Comments

Saturday, March 22, 2014

Watch out boomers, we're after your 'hard-earned' paper profits!

Zerohedge: IMF's Property Tax Hike Proposal Comes True With UK Imposing "Mansion Tax" As Soon As This Year

We summed this up as follows: "if you are buying a house, enjoy the low mortgage (for now... and don't forget - if and when the time comes to sell, the buyer better be able to afford your selling price and the monthly mortgage payment should the 30 Year mortgage rise from the current 4.2% to 6%, 7% or much higher, which all those who forecast an improving economy hope happens), but what will really determine the affordability of that piece of property you have your eyes set on, are the property taxes. Because they are about to skyrocket." Sure enough, a week later the Telegraph reports that UK Treasury officials have begun work on a mansion tax that could be levied as soon as next year, citing a Cabinet minister.

Posted by khards @ 05:17 PM 13 Comments

Hysteria!

Express: House prices to soar again as pension changes fuel increase of 30 per cent

An army of so-called “silver investors” will be spurred by new freedoms announced in the Budget this week. But brokers warned that a rush for mortgages could see house buying reaching unprecedented levels, pushing up property prices by 30 per cent.

Posted by hpwatcher @ 08:30 AM 14 Comments

Friday, March 21, 2014

Another bubbled bubble

Money News: Warning stocks will collapse by 50% in 2014

article suggest that according to the Warren Buffet indicator that markets could crash by 50% this year. I do wonder whether dear old Putin is being lined up as a scape goat. If only he would invade eastern Ukraine, leading to interventions, a European energy crisis and a banking crises, a worldwide asset collapse could then be blamed on him ( as no one could have seen it coming) and the international financial vultures could then sweep up assets at cheap prices and re set the cycle for the next time around.

Posted by britishblue @ 04:06 PM 13 Comments

Crash coming ?

Bloomberg: Lloyds Banker Sees Big Losses Ahead for London Luxury Homes

Lloyds Banking Group Plc (LLOY) plans to avoid funding the development of projects in London’s luxury-home market, where it sees losses ahead for investors, according to the lender’s head of corporate real estate. “I’m worried about high-end residential, which is where I think people will next lose significant amounts of money,” John Feeney said in an interview. “A lot of people are buying into the ‘London can only go one way’ story and that fills me with grave concern. So, I feel like the market needs a correction.”

Posted by mark @ 03:33 PM 0 Comments

A blast from the past, that was then, this is now...

BBC (January 2011): Minister Grant Shapps wants 'stable' house prices

People should no longer see property as an investment for retirement, Housing Minister Grant Shapps has said. In an interview with the Observer, the Conservative minister said he wanted government policies to usher in a new age of "house price stability". He suggests the government could help limit further house price rises by encouraging the building of more homes. Mr Shapps said it was "horrendous" that house price growth had outstripped earnings since the 1990s. "This government absolutely supports peoples' aspiration to own a home," he said. "But we also believe that (property) should be primarily thought of as a place to be your home."

Posted by mark wadsworth @ 11:25 AM 3 Comments

Borrowing costs

Reuters: UK 30-year debt tumbles after annual budget unveils pension changes

To get somebody to set aside money for thirty years needs 3.49% annual interest. Went up because Osbourne stopped the requirement to buy an annuity so they lost forced buyers.

Posted by stillthinking @ 03:25 AM 2 Comments

Thursday, March 20, 2014

TWTR says they've just "bailed in".

Tax News: Ukraine Parliament To Consider 25% Deposit Tax

New tax on deposits - Cyprus style bail-in. (Welcome to the EU).

Posted by alan @ 06:29 PM 3 Comments

Offer cheap cash, and someone will always take it.....

Mail: Budget's Help to Buy extension to give housing market further boost as mortgage lending jumps 43%

Continuing confidence in the housing market saw mortgage lenders report their strongest February since 2008 today - a trend which is likely to be sustained after the extension to Help to Buy in yesterday's Budget. Figures showed a 43 per cent annual leap in gross lending as banks and building societies handed out loans worth £15.2billion last month, compared to £10.6billion in February 2013, the Council of Mortgage Lenders said. Despite the significant year-on-year increase, mortgage lending in February was 6 per cent lower than January's £16.1billion. But economists said the month-on-month drop was down to the data being not seasonally adjusted and to February typically being a quiet month.

Posted by hpwatcher @ 01:57 PM 15 Comments

HMRC Fear mongering...

Telegraph: Did you spot this? Budget gives HMRC power to raid your bank account – like Wonga

“The Government will modernise and strengthen HMRC’s debt collection powers to recover financial assets from the bank accounts of debtors who owe over £1,000 of tax.” "Crucially, there’s no safeguard built into this system – there’s no evidence of appeal process." To repeat, if HMRC decide you owe them cash, they just take it, and there’s no mechanism to get it back or challenge their decision. You just wake up one morning, check your bank account, and find the money's gone.

Posted by tom101 @ 01:27 PM 2 Comments

A fun little game for all.

ShackOrMansion: Crack Shack or Mansion?

We aim to discover what 1 million dollars will buy you in Vancouver, Canada and whether your mansion will be distinguishable from a Crack Shack. Instructions: Select Crack Shack or Million Dollar Mansion. (Someone whould make one of there for London :)

Posted by khards @ 12:11 PM 1 Comments

Rates are going up in the US

Bbc: Yellen signals end of cheap money era

Interest rates are going one way and that is up and fed chairperson is Preparing the markets for that day...where US goes we follow...think it's going to Be nasty but near zero rates and qe have to end sometime

Posted by taffee @ 10:55 AM 7 Comments

House prices can't ignore world events or currency speculation

Telegraph: Britain’s false recovery is a credit mirage, unlike real recovery in the US

"The UK has a current account deficit running at more than 5pc of GDP, the worst in a quarter of a century and by far the worst of the G7". "David Bloom, from HSBC, says sterling is all of a sudden the “least ugly” currency in a world where even the Japanese and the Swiss are holding down their exchange rates. “There is nowhere else to go,” he said". I feel I must ask why anyone in Britain should innovate or work hard when "sit on your bottom" speculation seems to be the preferred option?

Posted by alan @ 10:14 AM 1 Comments

Whole factory converted into stunning home

Planet Property: Whole factory converted into stunning home

Now here’s a bit of a rare one: a whole factory building (shoes) converted into a single home ... in London is would cost millions; in Northamptonshire , £400k.

Posted by the planet @ 10:12 AM 0 Comments

Sub-prime London begins.

Zerohedge: The Music Just Ended:

One of the primary drivers of the real estate bubble in the past several years, particularly in the ultra-luxury segment, were mega wealthy Chinese buyers, seeking to park their cash into the safety of offshore real estate where it was deemed inaccessible to mainland regulators and overseers, tracking just where the Chinese record credit bubble would end up. However, while the impact of Chinese buying in the US has been tangible, it has paled in comparison with the epic Chinese buying frenzy in other offshore metropolitan centers like London and Hong Kong. Presenting Exhibit A: Cash-strapped Chinese are scrambling to sell their luxury homes in Hong Kong, and some are knocking up to a fifth off the price for a quick sale, as a liquidity crunch looms on the mainland.

Posted by khards @ 09:32 AM 4 Comments

Wednesday, March 19, 2014

HPC cancelled BTL through the roof

Guardian: Annuities scrapped

How many pensions now to be in bricks and mortar...

Posted by chrisch @ 01:48 PM 6 Comments

Of course, those low life tenants who put so much pressure on local services won't mind paying...

Daily Mail: Councils should charge for bin collections - even if it's painful for homeowners, says Lib Dem minister

Councils should charge residents for bin collections and other services - even if it is ‘painful’ for them, a Government minster suggested yesterday. Education minister David Laws insisted local authorities should be encouraged to ‘take responsibility for themselves’ and ensure they are less dependent on funding from central government. A third of councils in England now charge to collect garden waste - with one of the highest fees found in Kingston-upon-Thames, south-west London, where it is £75 a year for green wheelie bins.

Posted by mark wadsworth @ 09:50 AM 23 Comments

New £1 coin, but will the budget offer any change?

SKY: Budget 2014~New £1 Coin Is Blast From The Past

As a numismatist, I thought the threepence was a nice, solid chunky coin. As for the budget, we must wait a few hours....!

Posted by alan @ 09:01 AM 1 Comments

Carney warns of risks at the hand of his own policies

Carney warns of risks: Carney warns of borrowing risks

I just cannot believe this guy can be for real...the risk comes from super low interest rates as decided by him and his puppets...but don't worry the risk won't be addressed Anytime soon?????

Posted by taffee @ 07:39 AM 3 Comments

Tuesday, March 18, 2014

The BOE sides with positive money

The Guardian: The truth is out: money is just an IOU, and the banks are rolling in it

In the modern economy, most money takes the form of bank deposits. But how those bank deposits are created is often misunderstood: the principal way is through commercial banks making loans. Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.

Posted by underscored @ 07:02 PM 3 Comments

I build my extension first so somehow my private property rights trump yours?

Torygraph: Woman claims £100,000 wiped off house value after neighbour's extension leaves her with brick wall view

"Mrs Coughlan first redesigned her home with a large loft and roof conversion and installed a new kitchen on the top floor. But a few years later her neighbour built his own extension which was just 24 ins from Helen's new window." The view from her loft conversion is blocked by... someone else's loft conversion! Build Nothing Anywhere Near Anything

Posted by mombers @ 03:50 PM 7 Comments

And nary a Poor Widow In A Mansion in sight

Daily Mail: Mansion tax 'could trigger huge crash in property prices': Owners' lobby group claim that 'economically illiterate' levy is just politics of envy

A powerful new lobbying group containing dozens of the country’s super-rich – and backed by a Tory MP – has been set up to thwart moves to introduce a mansion tax. The secretive outfit hopes to overturn public support for the proposed levy on multi-million-pound homes by arguing that it is ‘economically illiterate’ and would trigger a devastating crash in property prices. The new lobbying group, organised by a property mogul who operates in some of the capital’s most exclusive areas, was discreetly launched last November at a meeting in a West End restaurant attended by 65 of the richest people in the UK – including Russian oligarchs and multi-millionaires from the Middle East.

Posted by mark wadsworth @ 10:25 AM 11 Comments

Credit crunch mark 2 on its way?

Telegraph: Looming property default in china

Credit crunch mark 2 on the way and this time it will be epic affecting credit and property Prices in the uk for sure...google china property and credit bubble and its scary stuff

Posted by taffee @ 07:19 AM 5 Comments

Monday, March 17, 2014

Mayfair's most expensive flat revealed

Wetherell.co.uk/: MAYFAIR'S MOST EXPENSIVE FLAT

£18 million ultra-prime apartment (No. 4) at 18 Grosvenor Square is the most expensive apartment ever released onto the Mayfair market: through selling agents Wetherell.The apartment at Grosvenor Square is for sale on a 109 year lease. Service charge of £20,019 per annum, Stamp Duty Payable of £1,260,000 at 7%. Providing 3,509 sqft of living space, the fourth floor, four bedroom apartment, provides panoramic views over London'€™s largest and oldest garden square. Grosvenor Square has seen significant capital value uplift and in the last three years has overtaken rivals Eaton and Cadogan Square to become London'€™s most valuable residential square.

Posted by tanja korobka @ 06:17 PM 1 Comments

Government policies still working as intended.

Rightmove: New record asking price as the country gets moving

Mar HPI +1.6% +6.8% £255,962 Feb HPI +3.3% +6.9% £251,964 - Average asking prices of property coming to market hit new record high of £255,962, up 1.6% (+£3,998) on last month and 6.8% (+£16,251) on last year - New all-time high beats the previous peak of £253,658 set in July 2013 by 0.9% £2,304 - In spite of prime London slowdown, the capital also sets a new record of £552,530 - up 1.5% (+£8,298) on previous high achieved in October 2013 - Country gets moving – recovery in property supply to help meet buyer demand as more sellers are enticed to market - total of 114,996 new properties advertised in the last four weeks, up 3.4% on last month and up 8.7% on last year - Flood-hit South East and South West lag behind the spring seller rush - The Chancellor to tinker with tax rates?

Posted by khards @ 12:09 PM 10 Comments

Whodathunkit, some common sense creeping in?

Citywire: Mortgage lending to tighten within months

The regulator’s new affordability rules will mean a mortgage deal on offer now may not be available in just three months. The Mortgage Market Review (MMR) started in 2009 and set out to reform the mortgage market in the wake of the financial crisis to ensure that borrowers were only taking on what they could afford to pay back. At the height of the property boom in 2007 it is now clear that people were overburdening themselves with property debt, including taking out interest-only mortgages where they were not paying back the capital, and after the crash many were left in negative equity – paying off mortgages that exceed the value of the property. The Financial Conduct Authority (FCA) has placed a deadline of April 2014 for lenders to shape up.

Posted by a saver @ 11:09 AM 1 Comments

Help to Buy scheme aids mortgage recover

Quick Move Now: Help to Buy scheme aids mortgage recovery

- 50% increase in the proportion of properties bought using mortgages in the first two months of 2014 - Help to Buy scheme funding is thought to be largely responsible for this - Other influences are an increase in general market confidence and the availability of low interest buy-to-let mortgages

Posted by donna rourke-houguez @ 11:01 AM 0 Comments

Sunday, March 16, 2014

Here come the election "bribes"

Bloomberg: U.K.’s Osborne to Boost Home Building, Extend Help-to-Buy

"George Osborne said he will extend the Help-to-Buy program for newly built homes until 2020, and announced plans for a garden city outside London to spur Britain’s housing supply". This seems to be an election promise. For the last election the Conservatives said they would not sell off bits of the NHS and would reduce borrowing by the state - and lied.

Posted by alan @ 05:50 PM 17 Comments

New Garden City

BBC News: 15,000-home garden city to be built at Ebbsfleet

George has announced that a new a garden city with an initial 15,000 homes will be built at Ebbsfleet in Kent.

Posted by joshy @ 12:00 PM 1 Comments

Fraud

Kaiser Report: Spider’s Web of Debt

Interesting because apparently Detroit will have an opportunity at least, of settling for zero with the banks due to the fraudulent nature of the deals, which was to fill pension funds with loss makers. This would put the loss onto the main banks but also establish a precedent. Also mentions that as the lights will literally go out, there will inevitably be political involvement not on the side of the banks. Does anybody remember the loss by Hammersmith council in the UK? Same situation. The proposal is that the valuations of an over-valued market are currently being pushed in pension funds prior to a share price collapse i.e. the shift to equities by pension funds is inevitably going to lead to substantial losses. Sorry I go in a comment.

Posted by stillthinking @ 04:26 AM 3 Comments

Saturday, March 15, 2014

Nimbys shoot themselves in foot

BBC: Food bus row 'cost village millions'

A row over a refreshments bus led to a seaside village losing a multi-million pound trust fund, it has emerged. Gillian Goddard had intended to leave her shares in a 750 acre estate around Bantham in Devon to the village after her death. But she was "very upset" over local objections to the estate's decision to let a food bus use the beach car park, her widower revealed. As a result, Mrs Goddard dropped her plans before she died last November.

Posted by stuartking @ 10:49 AM 5 Comments

Friday, March 14, 2014

National land bank call

Guardian: Six budget 2014 announcements to make Britain's recovery more durable

The British economic recovery remains unbalanced – too driven by a credit and house price boomlet subsidised by the government's Help to Buy scheme. By raising prices of homes, especially in London and the south-east, Help to Buy defeats the purpose of extending access to housing.

Posted by stuartking @ 11:35 PM 1 Comments

Helen Marshall is NIMBY of the week!

Oxford Mail: It is vital we protect green belts for future generations [who will have nowhere to live]

Last week, figures were published suggesting that Oxfordshire needs to build a staggering 100,000 houses by 2031, an increase of nearly 40 per cent in under 20 years. For Oxford, the proposed increase is 28,000 houses – the size of Didcot. This equates to roughly a 50 per cent rise in Oxford’s permanent population. Green belts were created specifically to prevent the urban sprawl and ribbon development that has so damaged the environment elsewhere [Evidence?]. The essence is its permanence. You cannot contain urban sprawl if you keep loosening the belt every time Oxford feels like sprawling. The plans would unlikely solve the problem of affordable housing but would lead to a poorer environment for everyone.[Really?]

Posted by khards @ 11:24 AM 10 Comments

Thursday, March 13, 2014

A daft threat to house prices

BBC: Chancel repair liability: The ancient law that could hit house prices

An ancient law which can force homeowners to pay for their local church's repairs is blighting properties and depressing house sales, say campaigners. But what is chancel repair liability and what is the best way to deal with it?

Posted by mountain goat @ 04:10 PM 9 Comments

Introducing .MAP by GroundSure: a new mapping service for architects

The Architects Journal: Introducing a new digital mapping service for architects

Dan Montagnani, managing director of GroundSure, introduces .MAP By GroundSure, GroundSure’s mapping service tailored to architects’ needs. .MAP By GroundSure is a new mapping tool designed for Architects and Surveyors to quickly browse and buy planning maps and reports. It uses the latest technology so it fits the needs of a modern, dynamic Building Professionals practise, overcoming the usual frustrations reported in the market.

Posted by steve @ 03:40 PM 0 Comments

Don't expect anything to be paid for by Boomers or landowners...

Torygraph: UK faces 'crippling' tax rises and spending cuts to fund pensions and healthcare

"Britain faces tax rises within two years equivalent years to more than 17pc of GDP, says Institute of Economic Affairs" “We have never been in a situation like this before. It is quite possible that we will not find our way through without serious social breakdown and/or mass emigration of the most mobile and productive people,” said Mr Booth." Land is not mobile but then again neither are pensioners so expect a futile attempt to pay for this c*ck up to be made via taxing the productive economy...

Posted by mombers @ 11:35 AM 14 Comments

Bear nibbles

Max Keiser: Bank Of England Warns Of Dangers Of Rising House Prices – “Temporary Self-Fulfilling Prophecy”

The speed UK property prices are surging at is “approaching madness”, analysts have warned, after UK data showed house prices jumped 2.4% in February alone, the biggest monthly increase in five years. According to the Halifax House Price Index, prices also surged 7.9% year on year to an average of £179,872. This marks the strongest price gains since October 2007, prior to the global financial crisis. Speaking to the Telegraph, Oliver Atkinson, said in parts of Britain “the momentum is approaching madness, as price rises continue to accelerate” Interest rates will rise six fold by 2017, the Bank of England Governor Mark Carney said yesterday. The increase to more “normal” levels is likely to plunge many borrowers into financial difficulty

Posted by khards @ 09:51 AM 0 Comments

They're panicking already! Quick George, more subsidies!

BBC: 'Pent-up' housing market demand dying down, RICS says

"The "furore" in the UK housing market is dying down because a recent surge in demand is "gradually exhausting itself", according to surveyors. The increase in would-be buyers was at its lowest point in almost a year during February, the Royal Institution of Chartered Surveyors (RICS) said. Better mortgage deals have helped absorb some of the "pent-up demand", the trade body added." So there's still been an increase in buyers but that's not good enough, they want everything in the land market to increase exponentially, for ever.

Posted by mark wadsworth @ 07:42 AM 10 Comments

Wednesday, March 12, 2014

We are worthy....

Daily Telegraph: Buy-to-let landlords accused of 'revenge evictions'

A study suggests 213,000 people have been served with an eviction notice because they complained to their landlord... Comment section with the usual hollow threats and justifications

Posted by tom101 @ 05:39 PM 6 Comments

Thats nice

Torygraph: David Cameron confirms foreign nanny has become UK citizen

Not related to housing . Cameron's Nepali nanny gets British citizenship as she is "those who want to work hard and get on". I could mention that people accept low wages to get into the UK but thats probably not necessary. I will mention the fact that when I come back to the UK in about three weeks my wife's (extremely expensive) indefinite leave to remain will be revoked because we have been out of the country for three months over two years. Having left in the first place in fear of the NHS and staying out while the youngster went through his first 6 months getting vaccinations. I guess me and my wife don't really want to work hard and get on, as much as Cameron's low paid domestic help.

Posted by stillthinking @ 12:05 PM 5 Comments

Tuesday, March 11, 2014

One can only wonder why

Telegraph: Interest rates could rise sixfold in three years

Mark Carney gave forward guidance that Interest rates will rise six-fold by 2017 as Britain’s economy overheats for some strange reason. Comments section as ever is set to provide much entertainment.

Posted by enuii @ 10:37 PM 4 Comments

China shadow banking evaporates

Telegraph: Market holds breath over china

'China accounts for half of the $30 trillion increase in world debt over the 5 years'...says it all really...china is the elephant in the room and dont forget Everyone is connected and affected by everything else

Posted by taffee @ 09:04 AM 7 Comments

Monday, March 10, 2014

Milking a happy electorate

Telegraph: The housing market is booming, but don't expect the Tories to do anything about it

You might have thought that by now the UK would have learned its lesson; plainly not. In fact, the big takeaway from the last bust has been precisely the reverse; just sit tight, and with a helping hand from the Government and the Bank of England, the housing market will always eventually come storming back. In preparing for next week’s Budget, Chancellor George Osborne is unlikely to be much concerned with the long-term consequences of another runaway housing market. Instead, he will be focused like a laser on what might revive his dwindling election prospects.

Posted by quiet guy @ 10:59 PM 9 Comments

The building boom continues.

Epsom Guardian: Hundreds of homes proposed for swathes of greenbelt

Landowners have proposed building hundreds of homes on swathes of greenbelt land. Ten potential development sites, nine of which fall in the greenbelt, have been put forward for assessment and scrutiny by the people of Ashtead as Mole Valley Council develops its housing plan. Ashtead Community Vision (ACV), the working group of Ashtead Neighbourhood Forum, has assessed the sites and is now holding a public consultation.The public consultation runs until Sunday April 6. Comment on the sites at ashteadcommunityvision.org.uk.

Posted by khards @ 09:34 PM 0 Comments

Is that NIMBYs, marching over the hill or is it a Monster, is it a Monster

CityAM: Sorry greenbelt: London has a housing crisis and needs to build out and up

IF YOU think London’s housing crisis is bad, house prices are too high, or rents are extortionate, you ain’t seen nothing yet. The capital’s population is forecast to increase by a further 1m by 2021, yet only 18,380 new homes were built in 2012-13. while we advocate a policy of “brownfield first” – building on previously used land – it’s unlikely that this alone will provide enough land for the number of new homes London needs. Greenbelt land will have to be considered. This means it’s time we put a myth to bed: greenbelt is not all parkland where deer graze serenely, surrounded by wooded copses. Portions of the greenbelt are forgotten, unloved scrubland that would be considerably improved if thoughtfully developed.

Posted by khards @ 09:30 PM 0 Comments

Sold the family silver, now we're selling the souls

New York Times: London’s Laundry Business

LONDON — THE city has changed. The buses are still dirty, the people are still passive-aggressive, but something about London has changed. You can see signs of it everywhere. The townhouses in the capital’s poshest districts are empty; they have been sold to Russian oligarchs and Qatari princes.

Posted by stuartking @ 06:12 PM 3 Comments

Depression almost over

BBC News: UK economy to hit pre-recession peak by summer, BCC says

Warren Buffet said at the start of the recession that a recession isn't over until the economy surpasses previous highs. Seems fair, even if it's not exactly a literal interpretation of the word "recession". That said, after 6 years, it's hard to argue that this has been anything but a depression, even if the double dip's been revised away. Either way, it's almost over.

Posted by reticent @ 12:31 PM 2 Comments

Sunday, March 9, 2014

Well.....could it ??

The west is right where Russia wants it - vulnerable to hyperinflation!

Infowars: Economist Warns of Collapse Risk: “Will Not Allow Life to Continue As We Know It”

If Russia were to begin unloading US Dollars it would almost instantly lead to a collapse of not only our financial markets, but our entire way of life. And while Russia alone may not have the economic power to single-handedly crush the U.S. economy, if their trading partners and allies like China got into the mix, coupled with front-running investors who may suspect the move is about to happen, it could well be a blood bath on a global scale. In 2008 the Fed and the federal government spend every penny they could, anything they could create or anything they could guarantee. They did everything they could possibly do to keep the system from crashing. They guaranteed all bank accounts. So, they saved the system, but now what they did has not borne fruit. We have not seen a recovery!

Posted by khards @ 09:32 AM 13 Comments

No NIMBY's were burn in the making of this article.

BBC: Sheffield green belt fire station plans defended

More than 200 people [NIMBYS] have signed an online petition against the proposals, calling for them to be built on brownfield land instead. But South Yorkshire's chief fire officer James Courtney said the sites were chosen to provide the best possible response times. If approved the stations would be constructed by the middle of 2015. The new stations, off the A57 Sheffield Parkway next to Bowden Housestead Woodland and in the Moor Valley, would replace three existing stations - Darnall, Mansfield Road and Mosborough. "The old stations date back to the 50s and 60s and were provided for a risk that no longer exists because the risk has moved."

Posted by khards @ 08:53 AM 1 Comments

Saturday, March 8, 2014

Don't worry Greece's banks need another 15 billion euro

Guardian: Osborne faces £20bn black hole in UK public finances, says report

Austerity may last until 2020 and chancellor may have to make further cuts to welfare, local government and police, claims FT. But don't worry, inflation and house prices are going UP! It makes me proud to know Dave is prepared to lend those poor Ukrainians lots of cheap cash.

Posted by alan @ 06:29 PM 1 Comments

Inflation

Telegraph: Inflation History Table

Inflation of common items over 40 years. With gold tacked on the end. There seems to be a meme at the moment about quite how much inflation the UK has had as a boiled frog so to speak.

Posted by stillthinking @ 03:30 AM 4 Comments

Friday, March 7, 2014

Rents are rising below inflation, therefore the investment bubble is built on sand!

ONS: Index of Private Housing Rental Prices, September to December 2013 results and development update

In the 12 months to December 2013 private rental prices paid by tenants in Great Britain rose by 1.0%, down from a 1.1% increase in the 12 months to November 2013. In the 12 months to December 2013 private rental prices grew by 1.0% in England, 1.3% in Scotland and 1.2% in Wales. In the 12 months to December 2013 rental prices increased in all the English regions, with rental prices paid increasing the most in London (1.6%) and the South East (1.0%).

Posted by khards @ 11:31 PM 0 Comments

Jonathan hilights the wage deflation issue.

JonathanDaviswm: Big picture long term change from AEI above RPI to AEI below RPI

I have been saying for several years that the game changer would be soon and then, from 2008, I have been saying we are seeing the game changing. This is yet more evidence that whatever those above the age of 50 or so experienced for ‘ever’ from the 70s through to the 2000s is over and – ever so gradually – reversing. Whatever the baby boomers experienced is NOT what their kids are experiencing or will experience. I think this chart is so crucial to the potentially ‘moving-into-a-depression’ thesis.

Posted by khards @ 07:45 PM 5 Comments

Good summary of the current situation.

RT: Starved & evicted: Britain’s poor now treated worse than animals

Though it looks good to some on paper, Britain’s housing bubble results from a housing oligopoly controlled by just a handful of massive firms of whom Barratt, Taylor Wimpey, Persimmon, Berkeley, Bellway, Redrow, Galliford Try, Bovis, Crest Nicholson are the biggest. With an oligopoly on place you can be sure buying a house bears no relation whatsoever to the cost of building one. The average three bedroom council house has two main ingredients in cost: materials, and labor. A rough estimate of the bricks, wood, tiles, plasterboard, windows, doors and other fittings that go into a house is 7,500 pounds and taking man hours of labor at 10 pounds an hour brings that up to a build cost of 15,000 pounds. Spread over the lifetime of a house of 200 years, this works out at 2 pounds a week.

Posted by khards @ 05:22 PM 0 Comments

The only way is up, baby for you and me now...Buy, Buy Buy!

Zerohedge: Forget Russians! A Small London Flat Will Cost $50 Million By 2050

While Canada may have bitten the hand that feeds it real-estate bubble, one of London's biggest real-estate investors says that even if sanctions were imposed against the Russian oligarchs, London property prices will continue to soar. The average London "flat" could fetch GBP36 million by the middle of the century, and is therefore a bargain now, Hugh Best advises clients. His reasoning is impecable, "the average price in prime central London is now £1.5m, and has been growing at 9% a year, which we think is firmly sustainable. They have been growing at that level for 40 years and we see no reason for that to change." With two-thirds of new homes in London sold to investors, they are all driving up prices and "the Russians are only a part of it... and the Ukrainians might come...

Posted by khards @ 09:49 AM 6 Comments

Monetary policy after the collapse of Osbrown

Telegraph: After Osbrown: the Coalition has picked up where Gordon Brown left off

Article contains an interesting link to a paper with a history of UK monetary policy as practised by various administrations. So Douglas Carlswell the author that the recent policies of Osbourne and Brown are the same, and that they will shortly be clearly demonstrated to be total failures with a discussion of what may be next. Made me think that possibly Carney/Osbourne are already moving away the lever of interest rates and to (surprisingly) take Carney at his word he may indeed intent to use other measures to the blunt trauma of lifting borrowing costs. In which case state involvement with finance will inevitably increase further than the existing Funding for Lending/Help to Buy. Unfortunately this means that interest rates won't allow price discovery or resource allocatino.

Posted by stillthinking @ 07:12 AM 16 Comments

Thursday, March 6, 2014

FLS pumped 42 billion into UK housing - results in artificial house price increases

Telegraph: UK house price growth 'approaching madness'

The speed UK property prices are rising at is “approaching madness”, analysts have warned, after data showed house prices jumped 2.4pc in February, the biggest monthly increase in five years. The rise, revealed in the latest Halifax House Price Index, outstripped analysts’ expectations of a 0.7pc rise, renewing fears of a house price bubble. House prices advanced 7.9pc on an year-on-year basis, the figures showed, taking the average price across the UK to £179,872 and marking the strongest annual uplift since October 2007.

Posted by hpwatcher @ 08:12 PM 5 Comments

The homebuyer's guide to house surveys

TurnKey Mortgages: The homebuyer's guide to house surveys

You’ve found a property you like and have applied for a mortgage - great! But before you sign on the dotted line, make sure you get the property thoroughly checked out to avoid any surprises (and expensive repairs) later on.

Posted by amelia @ 03:37 PM 0 Comments

Online estate agents versus high street estate agents

TurnKey Mortgages: Online estate agents versus high street estate agents

The number of ways to sell your home has increased considerably over the last five or so years, mainly because of new online platforms and agencies that allow you to sell property yourself. While there are some noticeable advantages of using an online-only estate agent, high street agents have their benefits too. We take a look at the pros and cons of both to find out the best way to sell your property hassle-free.

Posted by amelia @ 03:36 PM 0 Comments

More progress. £115k is still £50k too much.

Shropshirestar: 21 plots of land in Telford open to self-build projects.

Buyers are being invited to let their imaginations run free on the 21 plots available on the vacant development space near Telford town centre. The land, being offered for sale by 360 Housing Partnership, will be sold with all the necessary infrastructure such as gas, drainage and pavements included in the plot purchase price, making it a tempting proposition for people wanting to build their own home. Each of the 21 remaining plots – two have already been sold next to one another beside a balancing lake on the site – will cost around £115,000, including all infrastructure and the cost of architects. Mr Blakemore said that for a four-bedroom house on the site, the system could end up saving around £60,000.

Posted by khards @ 02:12 PM 3 Comments

Stating the Bloomin' Obvious!

Bloomberg: U.K. Lacks Understanding of Help-to-Buy Investment, NAO Says

"The Department for Communities and Local Government hasn’t properly examined the impact of its 3.7 billion-pound Help-to-Buy investment, which may not benefit those most in need, the National Audit Office said". Sadly, nobody cares. Parliament is full of troughers and today's focus is trying to grab a piece of Ukraine. Similar situation there, Ashton knows the Kiev snipers were paid for by the people UK and EU support but prefers to keep quiet in public. Check out that phone call to Estonia chaps!

Posted by alan @ 10:54 AM 0 Comments

Carney engineered a 60% overvalued market

Zerohedge: Did canada just pop its housing bubble

Through zero rates and parking of foreign money Mark carney helped the Canadian housing bubble inflate....but is it about to burst...the Japan figures are interesting...it did zero rates And money printing for 20 odd years and now it's 39% undervalued

Posted by taffee @ 10:11 AM 1 Comments

The fraud at the heart of our economy

Independent: Inflation: The fraud at the heart of our economy that is destroying the middle class

There is a fraud at the heart of our economy. It is fraud that our leaders have chosen to ignore, if not actually perpetrate. It is a fraud that causes the wealth gap to widen. And it is a fraud that is destroying the middle class. That fraud is .... read on

Posted by frizzers @ 09:55 AM 2 Comments

What bubble?? (More fallout from FLS)

FT: UK house prices up 2.4% - in February - Halifax

UK house prices jumped 2.4 per cent in just one month, in one of the starker recent signs of how a domestic housing boom may be turning into a bubble. The jump in Halifax bank's monthly house price index for February was way ahead of the 0.7 per cent gain expected by economists polled by Reuters. That takes the average price to within touching distance of £180,000, at £179,872, in the eleventh monthly gain in the past twelve months.

Posted by hpwatcher @ 08:14 AM 41 Comments

Wednesday, March 5, 2014

Cloud cuckoo land, or just plain cuckoo?

Yahoo Finance: Wed 5 Mar 2014 20:35 - UK Markets are closed 11 graphs that explain the true insanity of London's housing market

There is London - and then there is the rest of the country. Yep, property in the capital is now so far removed from the rest of the UK, that it really must be considered as a market unto itself - so say estate agents. As prices continue to increase at more than double the pace of the rest of the UK, we take a close look at just what's happening to homes in the capital:

Posted by rental john @ 08:43 PM 0 Comments

Vid: 11bn Bailout package - How much will Greece contribute?

BBC: Barroso 'Ukraine must decide own future'

Full details tomorrow on the Ukraine Bailout - or is the EU buying it's way INTO Ukraine? Nations are getting deeper and deeper into debt. sooner or later it all goes sour. THe IMF has today recommended the EU issue Eurobonds and get stuck into QE. Watch European bank shares rise over the next few months! Forget FtBs and house building.

Posted by alan @ 05:37 PM 0 Comments

More progress.

BBC: A council in Oxfordshire has agreed to buy 462 acres of land where Up to 1,900 self-build properties are to be built

A council in Oxfordshire has agreed to buy 462 acres (187 hectares) of land where hundreds of people can build their own homes. Up to 1,900 self-build properties are to be built on the Ministry of Defence (MoD) site in Bicester, following the purchase by Cherwell District Council. The scheme, at Graven Hill, will include kit homes, group-build schemes and properties designed by the owners but built by contractors. Construction is due to begin in 2015. Council leader Barry Wood said it was believed to be the first large-scale self-build project of its kind in the country.

Posted by khards @ 09:53 AM 5 Comments

Estate agent fees -€“ are they worth it?

TurnKey Mortgages: Estate agent fees -€“ are they worth it?

Estate agents, like mothers-in-law, have suffered at the hands of comedians in years gone by, and whilst this trend has rightly fallen out of favour those struggling to sell a house are oft to ask ‘am I getting value for money from estate agent fees?’

Posted by amelia @ 09:41 AM 0 Comments

Got a house viewing? Most commonly overlooked checks

TurnKey Mortgages: Got a house viewing? Most commonly overlooked checks

If you’re looking to buy a property, whether it’s as an investment or because you’re searching for your dream house, you need to make the same checks. Only 20% of people pay for a professional survey despite the importance it plays in finding the right property. A survey may not tell you whether the house is right for you but when combined with a viewing is a great way to make sure you’re making the right choice.

Posted by amelia @ 09:40 AM 0 Comments

Tuesday, March 4, 2014

Another endorsement of Land Value Tax to Kick House building into gear

Grauniad: London housing crisis: tackling landbanking

"Meanwhile calls from across the political spectrum and elsewhere continue for the introduction of another measure to lessen landbanking - a land value tax, something both Darren Johnson and Stephen Knight strongly endorse. Conservatives might reflect that Winston Churchill was pretty keen on the idea too. Will Boris Johnson follow suit?" I expect Flashman will be joining the clamor to introduce Land Value tax to get Britain building houses again :)

Posted by pete green @ 04:28 PM 1 Comments

10 house valuation questions

TurnKey Mortgages: 10 house valuation questions

If you are selling your home then the house valuation is incredibly important. Make sure you don’t forget anything with these ten handy questions to ask your estate agent.

Posted by amelia @ 12:39 PM 0 Comments

Things to consider when buying a home

TurnKey Mortgages: Things to consider when buying a home

If you are buying a home, it is important to consider how you are going to pay for it, and what you'd do if your income was suddenly reduced through no fault of your own.

Posted by amelia @ 12:37 PM 0 Comments

Toxic cash pushed down interest rates, and added around 30k to the cost of a house in the SE

Mail: Banks and building societies given £42bn of cheap credit in past 18 months - but lending to small businesses still falls

Around £42billion of cheap money has been given to banks and building societies over the last 18 months, but lending to small firms continues to fall, the Bank of England said yesterday. One leading Lib Dem peer yesterday slammed the Bank’s Funding for Lending scheme as being ‘fatally flawed’ and said it has done ‘nothing’ to help small firms. Despite the massive handout, the Bank’s figures reveal small firms, dubbed the ‘engine room’ of Britain’s economy, are being starved of cash, nearly seven years since the crisis began.

Posted by hpwatcher @ 07:45 AM 16 Comments

Monday, March 3, 2014

Some common sense.

Telegraph: Let the living costs debate be radical

House prices have risen over and above inflation by about 3 per cent per annum in the last 40 years and housing now takes up around one third of the budget of the country’s poorest people. There is simply nowhere else in the Western world that compares with the UK in this respect. The knock-on effects of restrictive planning policies are huge: high business rents lead to higher childcare and food costs; the increased housing benefit bill leads to higher taxes for all of us; restrictions on business development lead to lower productivity and hence lower wage growth - economists at the LSE calculate that planning policies since 1980 have reduced retail productivity by 20%. Agriculture is 50 per cent more productive in New Zealand where farm support programmes have been eliminated

Posted by khards @ 05:41 PM 1 Comments

Homeownerist in chief bemoans drop in homeownership rates

City AM: The collapse in homeownership is a disaster for social cohesion

Somehow Germany and Switzerland get along just fine with much lower ownership rates. And Greece is a disaster with much higher ones...

Posted by mombers @ 03:07 PM 4 Comments

MoneyWeek describe 3 signs of the London property bubble

MoneyWeek: Three signs that the London housing market has gone mad

Everything points to London house prices being a massive bubble, says Matthew Partridge. Here, he outlines the three key signs that prove it.

Posted by andrew.williams @ 01:19 PM 7 Comments

Heading toward saturation point

BBC News: Mortgage approvals at their highest since late 2007

The number of new mortgages loans being approved for home buyers has reached its highest level for more than six years. The Bank of England says the number of mortgages approved, but not yet lent, was 76,947 in January. The figures suggest that sales will grow strongly in the coming months, which is likely to push prices higher. It was the largest number of approvals since November 2007, when the banking crisis was getting underway.

Posted by hpwatcher @ 12:11 PM 3 Comments

Scandalous, corrupt and incompetent system.

FT: Private rental surge hits benefits bill

Almost 4m households now live in privately rented homes, and a quarter of the tenants are subsidised by housing benefit, according to the annual English housing survey. Private renting is the second-largest tenure in England, behind home ownership. Under two-thirds of households now own their own home – down from 71 per cent a decade ago. The shift into renting is straining public sector finances with the housing benefit bill doubling in the past decade. The number of private tennants receiving the benefit has risen by two-thirds in the past five years, with 390,000 more households claiming. Private rented housing is the worst quality of all tenures, the survey found – a third of rented homes do not meet the “decent homes” standard set by the government.

Posted by khards @ 09:44 AM 7 Comments

Sunday, March 2, 2014

B2L Landlords are running on borrowed time.

Shelter: ‘Silent strugglers’ turn to risky borrowing to pay rent

Thousands of Brits are turning to payday loans to hide rent or mortgage problems, new research shows. The research, commissioned by Shelter, found that nearly one in five rent or mortgage payers has borrowed money to cover their housing costs. Alarmingly, two per cent – the equivalent of nearly a million people in Britain – said they had taken out a ‘payday’ loan to help pay the rent or mortgage.

Posted by khards @ 09:57 PM 5 Comments

Danish toy company to revolutionise affordable home building?

Daily Telegraph: Housebuilder creates first Lego bedroom

Weston Homes has created the world’s first Lego-themed children’s bedroom. The brightly-coloured room, which has been created entirely out of red, black, yellow and grey Lego bricks, is on show at the company’s marketing suite for its Silverbrook development of 73 family houses in the village of Markyate in Hertfordshire. As one of the comments says: "That bedroom is twice the size of the average "double master suite" that British house builders throw up these days." What does David "Noddy" Cameron think, I wonder

Posted by stuartking @ 08:41 PM 1 Comments

Mortgage Market Review Jitters

Telegraph: Mortgage drought could 'kill housing recovery stone-dead' next month

In April, new mortgage rules devised by the Financial Conduct Authority come into force. When applying new Mortgage Market Review rules, lenders will be expected to demonstrate that they have carried out more detailed affordability checks prior to giving a mortgage that at present. The overall effect is expected to be a reduction in the amount of money available for mortgage loans. I was amused to note not the Telegraph's assertion in the article that reducing credit to the mortgage market will "hold back wider economic revival."

Posted by quiet guy @ 09:34 AM 20 Comments

Saturday, March 1, 2014

500,000 'home owners' in negative equity

BBC News: Negative equity afflicts 'half a million households'

Nearly 500,000 households in the UK are still in negative equity, according to newly released figures. The situation makes it virtually impossible for homeowners to sell up and move - especially in parts of the country where house prices are falling.

Posted by joshy @ 11:05 PM 1 Comments

First-time buyers face regrets after stretching to get on the housing ladder

Money Advice Service: First-time buyers face regrets after stretching to get on the housing ladder

First-time buyers are stretching their budgets to the limit and beyond after falling in love with their dream home – but one in five wish they’d opted for a cheaper property. According to Money Advice Service research, three in four recent first-time buyers exceeded their budget to buy their new property, while four in five prospective buyers said they’d be willing to overspend. Half the first-time buyers who went over their limit said it was because they fell in love with their dream home. Another key reason - cited by one in three - was the desire to live in a favoured area. A lack of affordable properties was the main reason for one in four people ripping up their spending plan.

Posted by housesearch @ 10:36 PM 0 Comments

1 million people never seen a rate rise

Telegraph: 1 million people never seen a rate rise

This is the whole problem with Looney economics over the last 6 years....delusion People actually believe now that government will protect their bubbles...zombie households Zombie banks and zombie economy.....should equal huge fall in house prices when it all Hits home

Posted by taffee @ 08:01 AM 12 Comments

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