You can too!

Telegraph: I own most of my street

Unusually, Mr Windsor did not remortgage his existing properties in order to buy subsequent ones. He saved the required deposits while working so that he wasn’t heavily leveraged. What are you wIting for - I hear that Enfield is ripe for the plucking.

Posted by debtserf @ 10:02 AM 7 Comments

Friday, Jul 31, 2015

Backdoor economic prop hits £1000 per household

This is Money: PPI bill soars to £27bn as scandal costs banks £1,000 for every family in Britain

Britain's biggest banks have racked up a bill of almost £27billion for PPI,the equivalent of almost £1,000 for every household in the UK. Lloyds as an exaple has 7,000 staff handling cases, with a quarter of complaints come from customers who never took out a PPI policy and two-thirds coming from ‘no win, no fee’ claims management companies. What will the next back-door economic stimulus scheme be, anyone got any ideas.

Posted by enuii @ 10:42 PM 6 Comments

Thursday, Jul 30, 2015

“London is the world centre for washing money

The Evening Standard: How to keep dirty money out of property in the UK

“It should be self-evident that London is the world centre for washing money, because there is no logical reason for any normal person to pay those crazy prices. “What other reason could there be? Not only is it the easiest place on Earth to launder money, but you get bragging rights thrown in as a bonus.” [...] by bringing estate agents into line, by requiring them to comply with standards that apply as a matter of course elsewhere, the buying and selling of property could be made a lot cleaner. And sanity would be restored to the property market. Who knows? Local people may be able to buy property again. Perish the thought.

Posted by sneaker @ 10:45 AM 7 Comments

Wednesday, Jul 29, 2015

Enfield has the third fastest house price increase in the UK.

Guardian: House prices in England and Wales hit record high

"Even within the capital, the 33 London boroughs have experienced varying fortunes. In Newham, prices are up 16% over the year, with Hillingdon and ENFIELD close behind at 15.2% and 15.1% respectively." (This is prior to any sales being registered since TFL took over services to Enfield Town and Cheshunt via Seven Sisters, putting Tottenham, Enfield and Edmonton on the tube map for the first time, expect the new Overground areas to move towards 20% house price growth, playing catch up to other better known areas).

Posted by libertas @ 03:51 AM 33 Comments

Tuesday, Jul 28, 2015

Living space is a commodity

Guardian: David Cameron vows to fight against 'dirty money' in UK property market

I am heartened that our PM speaks but WTF! You couldn't make this stuff up. "One in 10 properties in the City of Westminster, central London, are estimated to be owned by companies registered in an offshore secrecy jurisdiction, according to Transparency International figures provided by Downing Street, while £120bn worth of properties in England and Wales are owned offshore." Only the little people think property is for living in.

Posted by quiet guy @ 01:47 AM 4 Comments

Saturday, Jul 25, 2015

Grinding Down the Renters

Notayesmanseconomics's Blog: UK house prices and rents are becoming ever more unaffordable

Another dissection of the Bank of England's role in the property market. 'Thus we see that house prices in real terms were increasing by 5/6% more than wages in annualised terms meaning that real wages in this area are falling considerably. Here we come to a very difficult area for the Bank of England as it was its Funding for (Mortgage) Lending Scheme or FLS which put a light under house prices via lower mortgage rates. This began in July 2012 so the majority of the current Monetary Policy Committee have skin in this particular game which is perhaps why house price rises are not at the forefront of their thinking at least according to the official records! I have never understood why making houses more expensive for first time buyers is regularly reported as “Help” for them.'

Posted by quiet guy @ 02:09 PM 0 Comments

Ello' ello' ello' what's all this going on ere then ?

BBC: Foreign criminals 'driving up UK house prices'

Foreign criminals are laundering billions of pounds through the purchase of expensive properties, which is pushing up house prices in the UK, the National Crime Agency has said. Its economic crime command director, Donald Toon, told the Times that London prices had been "skewed" as a result. He said prices were being artificially driven up by criminals "who want to sequester their assets here in the UK".

Posted by jack c @ 10:41 AM 4 Comments

Friday, Jul 24, 2015

A temporary rise until the economy goes down again?

Telegraph: End of cheap mortgage boom as big banks raise rates

Stampede for fixed mortgages expected as Barclays and Santander increase rates and borrowers scramble to beat the winter Bank of England rate rise. Banks and building societies will begin to withdraw their best mortgage deals next week as home owners scramble to beat the rise in interest rates this winter.

Posted by hpwatcher @ 10:23 PM 12 Comments

Friday, Jul 17, 2015

The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis And And The

Investment Watch Blog: Full Blown Global Debt Crisis

There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment. As you are about to see, there are 24 nations that are currently facing a full-blown debt crisis, and there are 14 more that are rapidly heading toward one. Right now, the debt to GDP ratio for the entire planet is up to an all-time record high of 286 percent, and globally there is approximately 200 TRILLION dollars of debt on the books.

Posted by lvmreader @ 11:02 AM 25 Comments

Thursday, Jul 16, 2015

Deposits dominate?

Liberty Street Economics: How Sensitive Is Housing Demand to Down Payment Requirements and Mortgage Rates?

Liberty Street Economics seems to be a blog for the Federal Reserve Bank of New York. The article explains some American research that suggests that property buyers are more influenced by deposit requirements than interest rates: "The price of available financing (that is, the mortgage rate) may play a less important role than commonly thought." Long term blog readers may recall some statistical investigation by another contributor to this site who found that the correlation between UK house prices and interest rates was surprisingly low. The implications are also significant w.r.t. UK government policy. Deposit boosting schemes such as 'Help to Buy' may affect the market more than ZIRP. Hat tip to 'northshore' on the forums.

Posted by quiet guy @ 11:55 PM 9 Comments

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