January 2016 Archive

Saturday, January 30, 2016

And the government is all in, full house boom retard

Friday, January 29, 2016

Competitive devaluation

BBC News: Japan adopts negative interest rate....

I thought I'd post this to pre-empt you-know-who. Countries are using QE/ZIRP/NIRP to devalue their currencies to maintain their share of a diminishing export pie and to support asset prices - the Yen fell and shares rose after the NIRP announcement. As for business investment, well it will take some time (decades?) for NIRP to feed through into that.

Posted by icarus @ 08:22 AM 22 Comments

Thursday, January 28, 2016

Fewer than one in 10 invested it in property

Daily Mail: One in five who cashed in pension have spent every penny

A third of those who spent their cash used it to improve their home One in five spent theirs on a big one-off purchase like a car or a holiday Two in five saved it, and fewer than one in 10 invested it in property

Posted by peter_2008 @ 01:02 PM 2 Comments

Tuesday, January 26, 2016

Ship it in before April 1st and then ? Tumbleweed ? MIRAS 2?

Evening Standard: Bank boss alarm at 'buy to let' housing boom

He said “heightened scrutiny” of the market had begun in response to the expansion of loans to landlords. Answering questions from MPs about potential risks to the economy, Mr Carney  said: “We think developments in the buy-to-let market have warranted heightened scrutiny and have done so for some time.

Posted by techieman @ 10:23 PM 5 Comments

Monday, January 25, 2016

Self Certification Mortgages make a highly popular return !

Money Marketing: Controversial self-cert lender suspends lending

Controversial new lender selfcert.co.uk has suspended lending for three months, citing a “severe backlog” of consumer interest.The lender launched on Monday, though its website crashed on Tuesday and has only relaunched today.The new website says: “We have ceased taking new applications until further notice, this will be at least 3 months.“We are currently working through a severe backlog of people that have registered an interest in these products.“Although we started on Monday the 18th of January. People have been contacting us since reports of the products returning first appeared in Novermber 2015.”The start-up is backed by private equity investors and is based in the Czech Republic.

Posted by jack c @ 03:43 PM 9 Comments

Market forces destroy Socialist plan for one parent families

Telegraph: Shut out: where singletons and one wage families can still afford to buy

A wet dream of our Socialist rulers from the Fabian Socialists of wreaking the family unit so that mothers become dependent on the state with children being raised by the state is being destroyed by a total failure of said Socialists to build enough rabbit hutch flats for the total destruction of the family unit in Britain caused by taxing parents to the point where they cannot sustain a family unit and subsidising single parents to the point where marriage is disincentivised. Meanwhile, they abolish child benefit because it discriminates against same sex marriages. These morons have no bounds and so it is no surprise that single parent families and single households are getting priced out. Hopefully these market forces reverse this awful trend, pushing families back together.

Posted by libertas @ 01:26 PM 5 Comments

Tuesday, January 19, 2016

One for Libby

Telegraph: Mark Carney rules out imminent interest rate rise

Mark Carney, the Governor of the Bank of England, has admitted that interest rates are likely to remain at their historic lows for longer than expected, as the central bank's forecasts for rising inflation have unravelled.

Posted by hpwatcher @ 04:16 PM 22 Comments

Thursday, January 14, 2016

2008 coming back to the future part V

Money CNN: Falling oil means rising foreclosures

Plummeting oil prices are wreaking havoc on stock markets, and they're also causing problems for some housing markets.

Posted by mark @ 10:06 AM 23 Comments

Wednesday, January 13, 2016

5 different views by 5 different economic experts

The Guardian: Is RBS Right to Forecast Doom and Gloom for the Global Economy?

The general view seems to be that things are not as bad as RBS suggests. Of course RBS has first hand experience of financial disaster so perhaps they are being more cautious than others?

Posted by cyril @ 08:54 AM 6 Comments

Tuesday, January 12, 2016

This is what I said negative rates will do

Zero Hedge: You Know Negative Interest Rates Are "Bad" When...

the Swiss canton of Zug is asking its citizens to delay paying their taxes for as long as possible. Why? Negative interest rates. The cantonal government doesn’t want to take in a pile of cash, only to end up paying the bank interest on all the tax revenue. Interest rates in Switzerland are among the lowest in the world; the official policy rate set by the Swiss National Bank is MINUS 0.75%. The same will happen here soon as banks capitulate and realise rates must fall into this technologically driven deflationary period we are just entering. But the flip side of this is that folk will have more cash and yet in places like London, no more space to build a house.

Posted by libertas @ 11:10 PM 3 Comments

Predicting the unpredictable

Telegraph: Latest interest rates predictions: 'First rise in January 2017'

Bank Rate, at 0.5pc for more than six years, looks set to remain fixed until well into 2017, according to the financial markets. It could be far longer, as we explain below.

Posted by hpwatcher @ 02:18 PM 2 Comments

The real BTL agenda laid bare

This is money: Buy-to-let mortgage applications from limited companies more than double as landlords strive to beat tax hikes

And so it came to pass, Osbourne's "crack down" on BTL was simply a rouse to shift BTL investment from sole trader to Ltd. where normal tax breaks exist and funding for lending is available. Expect new business starts to soar. In the end, it is about forcing BTL into having to submit full accounts to HMRC. Hence, Osbourne's main concern was not housing, but tax evasion. The next boom? A boom in accountancy.

Posted by libertas @ 11:25 AM 5 Comments

Something about to hit the fan!

Telegraph: RBS cries sell everything!

Cash will be king as savers indirectly becomes worth more...panic looks like it's setting in

Posted by taffee @ 07:26 AM 15 Comments

Monday, January 11, 2016

Tiny fall in number of FTB in 2015

Mirror: First-time buyer numbers fall - £90,000 up front or you can't buy a home in some cities

Halifax estimated that around 310,000 FTBs in 2015, edging down by 0.5% from the 311,700 people who did so in 2014. The decline is partly due to the lack of supply of homes for buyers to choose from, the report suggested, i.e. people can't afford a house. London average deposit now £90k, but rest of the UK more like £20k according to pretty picture in the news article.

Posted by mountain goat @ 01:58 PM 2 Comments

Sunday, January 10, 2016

There may be trouble ahead

Telegraph: UK house price to crash as global asset prices unravel

"House prices have broken free from reality and defied gravity for far too long, but they are an asset like anything else, and there are six clear reasons a nasty correction looms in the coming year ."

Posted by wdbeast @ 02:46 PM 16 Comments

Blood on the streets ? Not quite?

Daily Mail: £85bn wiped off FTSE as pound plunges in the worst ever start to the year for the UK stock market

"The share slump in London has been echoed around the world with £1.6trillion wiped off global stocks this week."

Posted by techieman @ 08:27 AM 30 Comments

Tuesday, January 5, 2016

Number of buyers registered at estate agents up 20 per cent

Daily Mail: The property buying scrum is back! House hunters battle it out with 10 buyers for every property for sale as New Year frenzy begins

House hunters must be prepared to battle it out as latest figures show there are 10 buyers for each property for sale. The gap between the number of buyers and the number of properties for sale is growing and is fuelling the housing crisis, according to the National Association of Estate Agents. It comes just days after it warned house prices will soar 50 per cent to an average of £420,000 within 10 years.

Posted by libertas @ 11:11 PM 20 Comments

Tied to the EU, will we follow them down and rather than the Federal Reserve's rate rise?

Mortgage Strategy: Nationwide to cut 95% range by up to 40bps

Nationwide will cut rates on its 95 per cent LTV fixed rate mortgages by up to 40 basis points from tomorrow. Rates for the lender’s two-year fixes will be cut by 35 basis points. From tomorrow it will offer a 3.89 per cent product with a £999 fee and a 4.29 per cent product with no fee. Three-year 95 per cent LTV fixed rates will be reduced by 40 basis points to 4.39 per cent with a £999 fee and 4.69 per cent with no fee. Nationwide’s five-year fixed rates will be cut by 30 basis points to 4.69 per cent with a £999 fee and 4.89 per cent with no fee. Nationwide head of mortgages Henry Jordan says: “As part of Nationwide’s range of measures to help first time buyers on to the housing ladder, we are reducing rates for those with smaller deposits looking for competitive mortgage deals"

Posted by libertas @ 10:49 PM 2 Comments

Friday, January 1, 2016

Nudge nudge wink wink, say no more!

Reuters: FCA drops two more banking industry probes - The Times

The Financial Conduct Authority (FCA) has scrapped two more probes into the banking industry, The Times reported on Thursday, less than a day after the regulator dropped another review of Britain's banking culture.

Posted by novice pete @ 11:11 PM 13 Comments

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