November 2017 Archive

Friday, November 24, 2017

Empty Homes spike in London commuter belt

BBC Busines: Empty Homes spike in London commuter belt

"Buy-to-leave" investors were active in those areas, experts said. The government gave councils new powers to charge a 100% council tax premium on empty homes in Wednesday's budget Are they going to enforce it?

Posted by magnifico @ 11:29 AM 19 Comments

And here we have the evidence just a few hours after the budget FFS

Thursday, November 23, 2017

Budget Commentary

Notayesmanseconomics's Blog: UK house prices get ramped one more time

Yesterday we got the conformation we expected that the UK establishment cannot stop itself from meddling in the housing market with the intention of pushing house prices up. The various readings that the house price was turning highlighted by actual falls in the London area was always going to focus their minds.

Posted by quiet guy @ 08:36 PM 0 Comments

Life copies satire copies life

Daily Mash: House prices increase by precisely the amount of stamp duty cut

THE price of homes for first-time buyers has gone up by exactly what they are set to save after yesterday’s cut in stamp duty. Prospective first-time buyers of a £280,000 London flat, set to save £4,000 in stamp duty, will now find that the flat costs £284,000. Estate agent Carolyn Ryan said: “I’ve just finished changing all the prices in the windows. “It took two hours actually, so unfortunately we will have to pass that on to buyers as an extra £200 admin fee.”

Posted by mombers @ 02:04 PM 2 Comments

Wednesday, November 15, 2017

Put your life on hold for a mere five years and you too could be stuck in a studio!

Torygraph: Does estate agency's claim that millennials could save £33k in five years 'by quitting coffee and takeways' add up?

The maths is so wrong it's just dishonest - suggesting that food is free if it isn't takeaway, etc. But the real problem is if every renter cut their spending to the bone to save to sacrifice to the housing gods, the economy would absolutely crash. When the money saved does hit the housing market after 5/10/20 years, it will simply push up prices. No meaningful economic activity occurs when the price of a home goes up (without this being the result of repairs or capital investment)

Posted by mombers @ 05:35 PM 3 Comments

Thursday, November 9, 2017

Latest Rics housing figures report

RICS (The Royal Institution of Chartered Surveyors): October 2017: UK Residential Market Survey

Demand backdrop continues to deteriorate. • National price indicator turns fat with sentiment still downbeat in London and the South East • Subdued sales trends now being reported across most regions • 70% of respondents report sales prices are coming in below asking prices for homes valued at £1m+

Posted by peter hedditch @ 11:20 AM 0 Comments

"Stuttering Housing Market"

BBC: House price falls now widespread, say surveyors

House prices are now falling in four areas of the country, according to the latest report from chartered surveyors.The Royal Institution of Chartered Surveyors (RICS) has said that prices are declining in London, the South East, East Anglia and north-east England.The RICS report on the housing market is gloomy overall, citing fewer buyers and sellers, as well as falling sales.The surveyors thought the short-term outlook for prices was even more negative.When asked what they thought would happen to house prices over the next three months, a majority reported falling values in London, the South East, East Anglia, the South West, the North East and the West Midlands. RICS said that last week's rise in base rates was one factor behind the "stuttering" market.

Posted by jack c @ 09:40 AM 4 Comments

Monday, November 6, 2017

Forget rates rise, expect another crash

Jack Rasmus: China shifts policy, predicts Minsky Moment of global financial instability

The Fed knows that raising rates will boost the $ and threaten US offshore profits, the US construction sector and debt-based consumer spending. So any rise will be token and insignificant. Capital incomes are protected monetarily and fiscally by the state in the US, Europe and Japan It comes to an end when Trump's tax cuts (part of the reason for global growth) play out and when China - the engine of global growth - reins in its own bubbles. Expect another financial crash in late 2018 or 2019.

Posted by icarus @ 07:45 PM 7 Comments

Saturday, November 4, 2017

"fear of a falling market"

FT Adviser: Mortgage deals wrecked by spike in down-valuations

Brokers are being hit by a wave of downvaluations on residential and rental properties that have led to borrowers missing out on mortgage deals.According to mortgage advisers surveyors are making significant mark-downs on the value of properties compared to the agents’ prices,

Posted by jack c @ 04:48 PM 1 Comments

Thursday, November 2, 2017

Mortgage deals wrecked by spike in down-valuations

Ft Advisor: Mortgage deals wrecked by spike in down-valuations

Brokers are being hit by a wave of downvaluations on residential and rental properties that have led to borrowers missing out on mortgage deals.

Posted by tim @ 11:41 AM 0 Comments

Wednesday, November 1, 2017

Cornered and out of ammo

Independent: Bank of England: As a first interest-rate hike in more than a decade looms, here's what experts expect

For the first time in more than a decade, the Bank of England is widely expected to raise interest rates on Thursday. But whatever decision the Monetary Policy Committee makes, it’s unlikely to be an easy one. Wage growth is stagnating, household budgets are tight and Brexit negotiations are casting a shadow over economic growth prospects.

Posted by quiet guy @ 09:15 PM 1 Comments

London leads the charge in property deflation

London Evening Standard: Golden Age of Soaring Property Prices is Over

Andrew Burrell, JLL’s head of economics, said low pay increases, interest rate hikes, and, in London, less demand from Europeans after Brexit, meant “an end to the Golden Age for house prices” and “a return to the pre-1970 era of stability.”

Posted by monkeypuzzle @ 05:22 PM 0 Comments

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