November 2014 Archive

Sunday, November 30, 2014

"young" move to cheaper areas

Guardian: Young in record exodus

shock horror....whos gonna buy all the overpriced rabbit hutches...I thought they said there was a never ending stream of willing buyers...bearing in mind over 25% of all mortgage money is held in londons bubble we should all be fairly worried

Posted by taffee @ 10:07 AM 11 Comments

Saturday, November 29, 2014

Where can you learn how to speculate like this?

Guardian: Battersea power station home prices ‘defying all logic’

"A flat that was sold in the spring for £1m is now on sale for £1.5m – and it hasn’t been built yet"

Posted by alan @ 09:14 PM 2 Comments

OK - I admit I'm amazed by the analysis

Mail: South London house prices surging by up to 28%

"Land Registry figures for October show Lambeth property prices soar 27.9% y-o-y, while Southwark and Lewisham surge 27.8% and 25.9% respectively". The Mail's expert said of the future: "Many people may also be deterred from buying houses because they look pricey in a number of areas after recent sharp rises." O really! So if you are looking for a property try the west. Wales has "seen the slowest annual growth in house prices, with a 2.0 per cent increase".

Posted by alan @ 08:52 PM 1 Comments

Friday, November 28, 2014

The Telegraph is really surprising me these days. Not thes sorts of articles you'd expect from them!

Torygraph: The cost of renting in your 20s? £66,800

"Comment: 'Generation Rent' is in denial about the eye-watering sums they are paying to landlords, says Katie Morley" The number of young people who are insulated from the giant sucking sound of the housing market black hole through their parents must be diminishing fast if even this paper is admitting the absurdly unfair position young people are in.

Posted by mombers @ 01:50 PM 19 Comments

No need to ban fees or regulate the market - this is no sign of an utter lack of competition

Torygraph: 'Letting agent charged £1,260 to change two names – then evicted us'

Such a gulf between the cost of production and what is charged to consumers would not be tolerated in any other market. No tenancy agreement costs £1260 - in fact the agent says that 'He said that in most cases tenants agreed to the fee and that their contract would be amended “within minutes”.' And no house costs £3600/month to maintain, insure and amortise building costs. This is price gouging of the worst kind.

Posted by mombers @ 01:20 PM 0 Comments

Will a change in rules affect House Prices?

SKY: Cameron Sets Out EU Migrant Crackdown Plans

"The PM wants to restrict tax credits, child benefit, and access to social housing to migrants who have lived here for four years". Few pople outside of the Labour front bench will deny the impact of large scale immigration on House Prices. Changing the rules and putting in restrictions could make the UK a less attractive place for immigrants.

Posted by alan @ 12:25 PM 9 Comments

Must be true if it's the BBC :-)

BBC News: Housing market 'continues to soften', Nationwide says

The annual pace of house price growth has slowed for the third consecutive month, according to the UK's second biggest mortgage lender. Nationwide said house price inflation fell to 8.5%% in November on an annual basis, down from 9.0% in October. Prices rose by 0.3% in November from the month before, compared with an increase of 0.5% in October. The increase took the average price of a property up to £189,388, Nationwide said. "Housing market activity levels have remained relatively weak in recent months."

Posted by khards @ 07:40 AM 25 Comments

Thursday, November 27, 2014

But the Scots were told OIL was their ace in the hole

Guardian: Oil price plunges after Opec split keeps output steady

"Opec’s likely decision not to cut quotas prompts slump in Brent crude price and calls for North Sea tax breaks to "save jobs"". Well, bite the bullet chaps, it's all in aid of helping our American masters to antagonise Russia. Look on the bright side - it gives us a bit more time to evaluate this fracking phenomenon before it messes up everyone's drinking water. When the water supply gets screwed, the benefits of a room with a good view of the Thames sharply diminish.

Posted by alan @ 07:58 PM 2 Comments

Let's see how far she gets with this one

The Scotsman: Nicola Sturgeon to crack down on major landowners

Enforced land sales, land to benefit 'the many not the few', a more progressive land transaction tax to hit expensive properties, intervention where the scale of landownership or the conduct of the landlord are barriers to 'sustainable development', landownership and values to be 'more transparent' and owners to be 'more accountable', ending of business rates exemption for deerstalking and shooting estates and more land in community ownership. A landowners' group says “Large landowners in Scotland have subsidised communities and the people who live in that land for a long, long time, If you remove them (landowners) from the equation, we’ve got a real potential for land abandonment" Comment from Sutherland "Dukes/Lords without a trace of a Scottish accent own almost all the land here"

Posted by icarus @ 07:07 PM 3 Comments

BOE rate rise scam

Uk.investing: UK 3yr bonds break support

So, we have it. Oil prices heading towards $60 and it appears to be structural, with OPEC's control fo the market shattered. Deflation sets in with increased competition and rates must go negative, adjusting to the new reality, that productive capacity is exceeding demand now, and so rates must be negative to drive any investment. My prediction still stands. Soon as BOE are forced to admit that inflation will not reach 2% within the projection timescale, we are on the verge of that with the last inflation report, it will become lear that the next move for rates will be DOWN, initially to 0.25%, but deflationary headwinds in Europe will have them with negative rates already (due there in part to ineptitude multiplying global deflationary forces), and Britain will be forced to follow.

Posted by libertas @ 12:53 PM 19 Comments

Avvin a spot of bovver are we?

Telegraph: UK faces £34bn bill for black hole in EU budget

"EU accused of financial mismanagement after auditors find huge black hole in the Brussels budget". "David Cameron will be legally obliged to make up a share of a shortfall of £259 billion by 2020 with liabilities for the Treasury estimated at £33.7bn, calculated at the usual rate of Britain’s EU contributions". No worries Camo, just give 'em a bit more austerity. Someone will find you a cushy well paid job when you leave - just like Tony Bliar. Sadly, this may confirm the government's intentions to devalue the currency after the election - in which case House Prices and PMs could rise. Plenty of ads for repossesed houses on the HPC screen - does someone know something?

Posted by alan @ 11:49 AM 3 Comments

Wednesday, November 26, 2014

Europe - No longer Fertile & Vibrant says the Pope

BBC: Juncker reveals giant EU investment plan

"European Commission President Jean-Claude Juncker has given details of a €315bn investment plan to kick-start Europe's economy. At the heart of his five-year agenda is a new €21bn fund, which would be used as seed money, to entice private backers to "pitch in" most of the rest. Only €8bn of the original money would come from the EU budget itself". Meanwhile, the details that have emerged in the so-called Luxleaks documents have put Mr Juncker in an uncomfortable position - but who cares, as long as the cronies get their cash and the proles get more austerity - so what? If anyone complains, give them a free Kim Kardashian app....

Posted by alan @ 10:30 AM 8 Comments

The Recovery - Latest

Telegraph: UK GDP growth powered by consumer spending as business investment contracts

"Economists raise concerns about rebalancing as growth figures show UK expansion powered by higher consumer and government spending, while business investment contracts" ."The UK economy grew by 0.7pc between July and September, following growth of 0.9pc in the second quarter, the Office for National Statistics (ONS) confirmed".

Posted by alan @ 10:19 AM 1 Comments

Tuesday, November 25, 2014

George Clooney look-alike

Telegraph: BoE will raise interest rates despite euro gloom, says Mark Carney

Carney needs an academy award for acting. In 2009, Cooney was included in Time's annual Time 100 as one of the "Most Influential People in the World." Alas, Mark Carney can't seem to make up his mind what's what. The Guardian recently advised him to say as little as possible to avoid more confusion - but he's not happy with a walk on part. To help him, Google has reminded us that stocks of Ouija Boards are all but depleted in advance of Black Friday. Maybe the MPC are still trying to find another way forward?

Posted by alan @ 06:51 PM 6 Comments

What’s Keeping Millennials at Home?

MISH'S Global Economic Trend Analysis: Fed "Mystified" Why Millennials Still Live at Home

Bearish blog comment on a Fed study and analysis of housing trends of American young adults. I suspect the stats are similar in the UK and many parts of the world.

Posted by mountain goat @ 03:42 PM 0 Comments

Life under Tory policy

Guardian: Revenge evictions: ‘An electrician said our shower was unsafe. The landlord’s response was to evict

What next ? Bring back the mills and pits ? "More and more tenants are being evicted – often unfairly – new figures show. But pressure is growing for change"

Posted by doomwatch @ 01:25 PM 8 Comments

Is Nationwide a safer home for savers?

BBC: Mortgage lending falls almost £1bn at Nationwide

"There is concern that the rules are prompting lenders to restrict mortgages to anyone who will still be paying off their loans into retirement". "Nationwide also said it had increased deposit balances by £3.5bn as the number of members with a Loyalty Saver account reached almost one million". Quick question: Is Nationwide safer than the main big banks?

Posted by alan @ 09:25 AM 13 Comments

Sunday, November 23, 2014

Black Swan rising?

Reuters: China ready to cut rates again on fears of deflation

"China's leadership and central bank are ready to cut interest rates again and also loosen lending restrictions, concerned that falling prices could trigger a surge in debt defaults, business failures and job losses, said sources involved in policy-making". "Many Chinese economists had been calling for bolder policy actions, as recent data showed the economy losing more steam in the fourth quarter and consumer price inflation falling. Full-year growth is on track to undershoot the government’s 7.5 percent target and mark the weakest expansion in 24 years". If true, this will hit the UK and EU.

Posted by alan @ 07:23 PM 10 Comments

Saturday, November 22, 2014

Something is very wrong

Department for Communities and Local Government: House Building: September Quarter 2014, England

Free markets generally respond to demand and rising prices with innovation and supply. Except when it comes to buidling houses it seems. Compare completions for housebuilding with prices over a similar period: http://www.theguardian.com/business/2014/nov/20/britain-net-worth-rises. This is where I found the DCLG report: http://www.insidehousing.co.uk/home/blogs/stuttering-starts/7006963.blog

Posted by quiet guy @ 12:23 PM 2 Comments

Friday, November 21, 2014

What was that about a recovery?

Mail: Blow for George Osborne as government borrowing RISES sending the country's debt pile to £1.5 TRILLION

Borrowing increased by £3.7 billion in the 12 months to October UK's debt pile has now hit £1.5 trillion up £150 billion in just a year Debt now represents 79.5 per cent of Britain's entire economic output

Posted by hpwatcher @ 10:03 PM 2 Comments

Another prop for a stalling property market

Portfolio Adviser: China’s surprise rate cut sends shares soaring

China has cut interest rates for the first time in over two years in an effort to drive economic growth. The People’s Bank of China cut the one-year deposit rate by 25 basis points and one-year benchmark lending rates by 40 basis points, representing a surprise turnaround in policy. Stalls in factory growth and the property market have contributed to the slowest rate of economic expansion that China has experienced in nearly a quarter of a century. The FTSE 100 is trading up 76 points (1.14%) at 6754, largely due to the move by China.

Posted by jack c @ 04:27 PM 10 Comments

Thursday, November 20, 2014

US pension fund buys London estate.

Guardian: New Era estate scandal: families at the mercy of international speculators

Homes across London have turned into an international asset class and their residents now live in financial instruments

Posted by mountain goat @ 11:31 AM 7 Comments

Bought house at market top, now living well beyond their means

Mail: Just because I live in a £1m house doesn't mean I'm not on the breadline

''While our mortgage repayment is fixed at £2,000, factor in bills, food, loans and the general upkeep of four growing boys and it adds up to more than £4,000.'' - Like most of UK, this family think have a god given entitlement to whatever they want!

Posted by hpwatcher @ 06:41 AM 19 Comments

Tuesday, November 18, 2014

Poor Milliband - Off on the wrong foot AGAIN!

Guardian: Myleene Klass ‘goes full Paxman’ on Ed Miliband over mansion tax

Singer tells the Labour leader his ‘disturbing’ plan to impose a levy on £2m-plus homes would hit ‘little grannies’. She was supported by fellow guest, former ambassador Sir Christopher Meyer, who said: “You’re going to screw me royally.” Following the spat, bookmaker Coral gave odds of 5-1 that Klass would become the next presenter of the BBC’s Newsnight, 20-1 she would become a Tory MP, and 33-1 that she would become a Labour one :-)

Posted by alan @ 08:46 PM 18 Comments

What will they do once rates are cut?!

Telegraph: Don’t expect an interest rate rise until 2016, says HSBC

What they won't expect is the cut to 0.25% once inflation is below 1% for longer than the bankster's capital bases can tolerate. Also, government like high prices because they can tax the prices of most things, so they try to not allow deflation.

Posted by libertas @ 12:32 AM 38 Comments

Monday, November 17, 2014

What an incredibly sad day for UK politics

Telegraph: House prices will go down if you vote Ukip

"Conservative candidate Kelly Tolhurst says homeowners fear a win for Ukip because it will tarnish the area" . "The danger is if you vote Ukip, the value of your house will go down," said Charles Walker, the Con MP for Broxbourne, who was campaigning in the town this afternoon". ( I don't care if you like UKIP or not - this isn't the way to encourage people to vote on the issues of this country). The article goes on to give house prices in the area. FFS!

Posted by alan @ 06:11 PM 16 Comments

Time to wake up

BBC: Rising housing costs will push millions into poverty

The charity's report says that by 2040, people who rent will be more than twice as likely to be living in poverty than homeowners. Its chief executive says leaders should build more affordable housing. In a statement, Julia Unwin said: "These stark findings are a wake-up call for political leaders. After decades of failing to build enough, those in power have a responsibility to act now to build more genuinely affordable homes. The charity predicts that by 2040, 2.5 million less people will be living in social housing. It says six million private renters - that's half of all private renters- will be living in poverty.

Posted by flashman @ 02:19 PM 17 Comments

-20% Annualised

This Is Money: Fresh signs of cooling housing market as asking prices fall 1.7% in November

Rightmove said house prices fell 1.7 per cent month-on month compared with October as sellers compete to attract buyers during the quieter winter months, although the average sale figure for the UK was up 8.5 per cent on a year earlier at £267,127. Read more: http://www.thisismoney.co.uk/money/markets/article-2836703/Fresh-signs-cooling-housing-market-Rightmove-reports-1-7-fall-asking-prices-November-growth-seen-paused.html#ixzz3JJbBhMRs Follow us: @MailOnline on Twitter | DailyMail on Facebook

Posted by khards @ 09:07 AM 5 Comments

Cameron prepares the sheeple

Dailymail: Second global crash is looming

Telling us something we already know.....thing is they have been spinning the 'recovery' to People encouraging people to take out debt on overpriced property and loans and credit Cards on the premise we are off to to races again...which we are not otherwise we wouldn't Have emergency rates and props

Posted by taffee @ 06:54 AM 16 Comments

Sunday, November 16, 2014

Worst cuts - yet to come

Mail: Trust in our 'political elite'? I'd rather be led by garden gnomes

Mr Osborne is actually deepening Britain’s debt every second. Whoever is Chancellor at the end of next May must make budget cuts at double the present rate, to meet existing austerity targets.

Posted by hpwatcher @ 09:23 AM 5 Comments

Saturday, November 15, 2014

Anyone surprised?

Telepraph: House prices in surprise fall in October

House prices across the UK fell by 0.4pc in October, according to an index compiled by mortgage lender Halifax.

Posted by hpwatcher @ 12:32 PM 3 Comments

UK borrowing even more than last year

Mail: 'Savage cuts'? You ain't seen nothing yet

But the truth is that the UK’s debt is far worse than it was when the Coalition took over. Despite all Chancellor George Osborne’s efforts to reduce spending, we are borrowing even more than last year — and because earnings are low, so too are tax revenues, making it harder to pay the interest on those debts without borrowing more.

Posted by hpwatcher @ 12:20 PM 3 Comments

House sales volume hits a 7 year high

Bloomberg: U.K. October House Prices Rise 0.7% as Sales Hit Seven-Year High

At last some house price news that is not London centric. It's the rest of the country that is driving this 7 year high in sales volumes. We were told that MMR and worries about rate rises were curtailing the market, then this news comes in. If this happens under the shadow of MMR and rate worries then there must be some big forces at play. Increasing private sector wages probably has something to do with it but the main driver is almost certainly population growth. People need to trade up because of growing families and first time buyers, immigrants and btlers are eager to buy what they sell. If this news dismays you (as it should) then get behind the campaign to build more. If you are priced out, then a mass building program is the only thing that will save you from the rent trap

Posted by flashman @ 10:20 AM 9 Comments

Now this is what a *bubble* really looks like...

FT: S&P 500 hits record close for 41st time in 2014

Like clockwork, the S&P 500 has struck a new closing record high. The benchmark index continued a four-week streak on Friday, ending the week 0.3 per cent higher to close at 2,039.82, a new record, as upbeat earnings and better-than-expected retail sales kept stocks near recent highs.

Posted by hpwatcher @ 01:44 AM 6 Comments

Friday, November 14, 2014

Boris helps Chinese builders who then give Tories cash

RT: Corrupt arrangement - Boris brokered £1bn deal with unethical Chinese firm

"The project has over 3 million sq feet of newly built office space, 845 residents apartments and leisure facilities. It is said to be the biggest Chinese property investment in Britain"."The C4 News investigation uncovered an unethically intimate relationship between ABP and London & Partners – the Mayor’s taxpayer funded organization founded to entice lucrative foreign investment to London. Of particular note is the fact that London & Partners have shared office space with ABP in China for over nineteen months. The suspected role of Xuelin Black, an Anglo-Chinese businesswoman and wife of Home Office minister Lord Michael Bates, in the business arrangement also raises awkward questions". (I grew up in this area where families live in garages, it needs social housing, not fraud)

Posted by alan @ 09:21 PM 1 Comments

Inflation to fall further as commodity prices dip

BBC: Brent crude oil price falls below $80 a barrel

The price of Brent crude oil has fallen $3.60 - 4.4% - to $77.52, its lowest level for four years. The benchmark US crude oil price is also at a four-year low, after losing $2.57 to close at $74.28. Gold has also dipped, despite the Russians stockpiling the yellow metal. However, news that ISIS plans to link their new currency to Gold may mean the recent causes of Gold's weakness is cut say the Twitter pundits. It can't be long before the Coalition claim the benefits for lower prices coming through to the consumer.

Posted by alan @ 11:52 AM 11 Comments

Thursday, November 13, 2014

Mansion tax is blamed

Sky: Mansion Tax Fear Hits H P Growth

"UK house price growth has reached a 17-month low with the prospect of a looming 'mansion tax' contributing to price falls in London, a closely-watched survey has found". (Sky clearly has a different angle on House Prices than the BBC). "..the move was driven by the worst price falls in London for four years and it could be partly explained by Labour's plans to tax the owners of properties worth more than £2m - the majority of them in the capital, where average prices are now well above £500,000". (I thought it was the Lib-Dems who thought of it first - what a cheek). Meanwhile UKIP has condemned the Mansion Tax on their website as "pure populism" (ie: clearly something UKIP would never be caught aiming for).

Posted by alan @ 09:02 PM 5 Comments

Mortgage rules are blamed

BBC: Housing market dip only temporary, says RICS

"Demand from new buyers slowed for the fourth consecutive month in October, the Royal Institution of Chartered Surveyors (Rics) said. Sales also declined during the month in all but a few regions of England and Wales, Rics said".

Posted by alan @ 08:39 PM 1 Comments

Wednesday, November 12, 2014

The injustices of pay and inflation

BBC: Pay growth beats inflation

"Wages excluding bonuses rose by 1.3% in the year to September, beating the 1.2% Consumer Prices Index inflation rate". This is the first time in 5 years this has happened and explains why houses are unaffordable to the majority of young people wanting to get onto the housing ladder. Paul Kenny, general secretary of the GMB union, said: "Many of the new jobs are precarious and badly paid while the real value of take-home pay for the rest of the workforce is 13% below pre-recession levels." It's not hard to see why Anonymous call the past few years "a time of wealth transfer from the poor to the rich". The article contains charts which are bang on context, long timespan and easily understood without which no HPC thread could be called complete.

Posted by alan @ 08:37 PM 28 Comments

Fraud - all day, every day

Telegraph: Banks fined over £2bn

"Financial Conduct Authority and US and Swiss regulators fine banks over failings that saw traders make profits at customers' expense". Hardly a day goes by when some bank or other gets a fine - but nobody gets "nicked". (I think I need to go back on the tablets - I'm beginning to sound like Russell Brand). Comments disabled by The Telegraph.

Posted by alan @ 08:11 AM 10 Comments

Sunday, November 9, 2014

Bigger debt, bigger bust

FT: Britain and the cuts: Blow for Cameron as UK faces deeper cuts

George Osborne must cut deeper into the budgets of the army, police and courts as the annual savings needed to meet his austerity targets are set almost to double to £48bn, Financial Times analysis shows. As Britain hits the midway mark of its decade of planned austerity, the findings suggest that far from the cuts becoming lighter after 2015 – as the chancellor and prime minister David Cameron have suggested – they are poised to become much harsher for departments outside the protected areas of health, schools and overseas aid.

Posted by hpwatcher @ 10:04 PM 83 Comments

Can you trust land registry figures?

Dailymail: Where next for houseprices

So land registry figures don't include property that have not sold twice since 1995 WTF??????????

Posted by taffee @ 11:03 AM 8 Comments

Thursday, November 6, 2014

Nobody wants to post BoE decisions on this site anymore. Why?

BBC: UK interest rates remain at record low of 0.5%

We can't change the rates even if we wanted to. Today's other story is about how the ECB's former President Jean-Claude Trichet wrote to the Irish Finance Minister in November 2010. Lenihan had strict instructions on how to behave. Q. Does anyone believe a similar game is currently being played out between the Fed and the UK? A. Of course it is.

Posted by alan @ 07:42 PM 8 Comments

Surprise?

Telegraph: House prices in surprise fall in October (but not Enfield)

House prices across the UK fell by 0.4pc in October, according to an index compiled by mortgage lender Halifax. The dip came as a surprise to economists who had expected prices to continue on their upward trajectory to increase by 0.4pc. It dragged the three month average price rise to 0.8pc - its lowest in nearly two years.

Posted by hpwatcher @ 01:26 PM 6 Comments

Debt on wheels

Counterpunch: They're back

A plethora of subprime/liar, high-interest, long-duration loans @ LTV up to 133%, all packaged into questionable bonds sold to yield-hungry investors, mainly pension and insurance institutions, and rated safe by compliant ratings agencies. They're back, and this time the vehicle of choice is the automobile. Likely losers are borrowers and investors, likely winners are the perpetrators.

Posted by icarus @ 11:22 AM 3 Comments

Wednesday, November 5, 2014

Just wait till the * Bail-Ins * start

Telegraph: Interest rates are so low that Germans are paying to keep money in banks

"Low interest rates and quantitative easing have hit savers' returns since the financial crisis"... and other gems from our Sherlock Holmes reporting team on the Telegraph! It's not the fault of the Euro, of course..... (So expect Europe to carry on paying the price for this economic folly!) We could join in soon after Ed Milliband becomes our next PM in 2015... How about that :~(

Posted by alan @ 08:37 PM 1 Comments

Google earth shows plenty of room to build, but the law won't allow building on agricultural land.

BBC: Kirklees housing crisis: 'Children will have nowhere to live'

Kirklees Council is to decide whether to buy back houses sold under the Right to Buy scheme, in a bid to halt a growing social housing "crisis". The local authority has proposed bringing empty homes sold through the scheme back into use. Plans to build 400 council or affordable homes over the next four years will also be discussed at a council meeting on Wednesday. The council said, without changes, "our children will have nowhere to live". Right to Buy gave council and social housing tenants the chance to purchase their homes at a discounted price. Councillor Cathy Scott said the council needed to make some "bold" decisions. "We need to start building, buying back and making a better quality of life for the people of Kirklees."

Posted by khards @ 10:46 AM 8 Comments

"One economy (the financial one) thrives while the other economy (the real one) withers,"

Investment week: Global economy cannot live without QE

As the US Federal Reserve finally turns off the money printing presses, veteran investor Bill Gross has warned the global economy cannot survive without the support of quantitative easing. The bond manager (pictured) who recently left PIMCO to join Janus Capital, said the economy as it stands today needs an easy money supply to stay alive.

Posted by jack c @ 09:01 AM 8 Comments

Tuesday, November 4, 2014

Paying for a house out of earned income is a mug's game

Torygraph: Blame the bank of mum 'n' dad for sky high house prices

"The new report has found that 7.3m of homeowners - 33pc of households - own their property outright." To me what is interesting is that absent a mortgage or rent, there is no requirement to earn an income and hence pay tax for your housing, i.e. you can easily get a free ride. I have a number of friends who earn much less than me and hence pay less tax, but live in mansions paid for by unearned gifts from mom and pop. To quote Oliver Wendell Holmes, "Taxes are the price we pay for a civilized society" - but some of those enjoying the most civilisation are somehow exempt...

Posted by mombers @ 01:05 PM 26 Comments

Monday, November 3, 2014

C'mon you guys, you can all afford to BUY NOW

BBC: UK 'living wage' raised to £7.85 an hour

The UK "living wage" - an hourly rate based on the amount needed to cover the basic costs of living - has been raised by 20p to £7.85.

Posted by alan @ 05:38 PM 1 Comments

Sir Fergus Wilsondoing his bit for the people

The Guardian: Millionaire landlords Fergus and Judith Wilson begin evicting large families

But, in a bizarre twist, the Wilsons have begun evicting many of their eastern European tenants – because they are having too many children. “I have taken the decision to evict all families with more than two children and also three-generation households,” said Fergus Wilson ... Like many other landlords across Britain, Wilson has also taken the decision to reject anybody who is on a zero hours contract. “No landlord in his right mind will accept tenants who do not have a guaranteed wage. No rent insurer will accept them"

Posted by khards @ 03:18 PM 5 Comments

Average fees UP, says Which?

Telegraph: How 'sneaky' banks hid a sharp rise in mortgage fees

"Mortgage rates are falling – but fees have doubled since 2009, with banks using a bewildering array of 40 different levels to disguise the rises".

Posted by alan @ 09:57 AM 6 Comments

Sunday, November 2, 2014

An Englishman's home is his ATM

Money - msn: 'We will be mortgaged 'til we drop – and we're happy'

Older homeowners may be borrowing record sums against their homes – as reported by Telegraph Money earlier this week – but at least the cost of doing so is falling. That is not necessarily because the rates borrowers pay are going down. It is because more people taking out these types of loans are using “flexible” or “drawdown” deals, where they do not have to borrow all the money they may need at once.

Posted by novice pete @ 06:32 PM 1 Comments

Saturday, November 1, 2014

Keiser said this 2 years ago

Telegraph: History will surely see QE as a major mistake

Liam Halligan: "QE has boosted equity prices, while hammering ordinary savers and pensioners while handing a massive wealth transfer to bailed-out banks". "Far from forcing weak banks to come clean and fully disclose the true state of their rancid balance sheets, which would have been the proper way to run a capitalist economy, QE was extended again and again, drip-feeding zombiefied financial institutions, keeping them on life support. This was a major mistake". Last week the Japanese embarked on another blast of QE. This will not be their last, I forecast.

Posted by alan @ 08:10 PM 2 Comments

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