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Latest Finance News related to Housing Boom

If home ownership continues to shrink, the retirement system is in trouble | Greg Jericho image
....This is all a heady mix for the Reserve Bank as it attempts to fine-tune the economy though interest rate movements. It would love to be able to keep interest rates stable (raising them before wages start rising would bring with it a very big credit crunch) and it does not want to lower them because it would hate to set off another housing boom, especially in Sydney. ...
House sales have fallen by nearly a third in some parts of UK, says Lloyds image
....“The recovery in the housing market has stumbled during the past year with sales declining in all regions,” said Andy Mason of Lloyds Bank. “Despite record low interest rates and government schemes, such as Help to Buy, sales remain significantly below the levels seen at the height of the last housing boom. ...
Property owners' £2.3tn windfall 'has created huge inequality gap' image
Source : Guardian [Read Article] Tuesday 20th of June 2017 05:01:01 AM
....Between 1993 and 2012-14, the average property wealth gain for those born in the 1950s was £80,000. This was more than double the £35,000 windfall for those born in the 1970s, because the smaller percentage of those who managed to become homeowners benefited only from the later years of the housing boom. ...
Why help to buy is no help at all to the economy | Jeffrey Frankel image
Source : Guardian [Read Article] Tuesday 30th of May 2017 09:54:25 AM
.... Under heavy pressure from Congress, that requirement was gutted in 2014. Ironically, the encouragement of housing debt in the US doesn’t even succeed in raising homeownership rates relative to other countries: even at the peak of the housing boom, the subsidies drove up the price of housing more than the quantity. ...
Zero house price inflation is to be welcomed not feared | Larry Elliott image
....The prospect now is a period in which house price inflation hovers around zero, but this is to be welcomed rather than feared. All the major recessions in the economy over the past four decades have come after unsustainable housing booms; the periods when the economy has rebalanced towards manufacturing and investment, such as the mid 1990s, have been when house price inflation has been weak. ...
Is there a housing bubble or isn't there? | Greg Jericho image
Source : Guardian [Read Article] Wednesday 5th of April 2017 02:00:07 PM
.... But once the RBA’s cuts to interest rates began to fully take hold, we set off again at a furious pace. But while the growth of debt over the past three years is not too out of step with what we saw in the 1990s, and much less than during the super housing boom in the very early 2000s, the key, as Lowe noted, is that debt is at “an already high level”. ...
How one council is beating Britain's housing crisis image
Source : Guardian [Read Article] Saturday 25th of March 2017 07:00:02 AM
....SHC is a partnership between Sheffield council, housebuilder Keepmoat and Great Places Housing Group, which will manage the affordable rented homes. It wants to restore publicly funded housing to areas that thrived during the 1950s public-sector housing boom but suffered when the steel and coal industries went into decline and unemployment rose in the 1970s and 80s. ...
Chinese manufacturing sector expands for fifth consecutive month image
Source : Guardian [Read Article] Sunday 1st of January 2017 03:12:29 PM
....7, and the start of 2016 saw global markets spooked by worries of a severe slowdown in the world’s second largest economy, but since then it has been slowly recovering. A housing boom in the second half of 2016 and a government spending spree on infrastructure have helped boost prices for commodities, from cement to steel, giving the country’s manufacturing sector a much-needed lift. ...
Wolfgang Streeck: ‘Look at London – it’s a second Rome. This is what an empire looks like’ image
.... British workers are suffering their most severe pay squeeze in at least seven decades. And even though politicians and the policymakers have pulled on every lever – cuts, investment, housing boom, hundreds of billions pumped into the markets – still the engine refuses to purr. ...
The London borough with a '50-year waiting list' for council houses image
Source : Guardian [Read Article] Wednesday 19th of October 2016 07:01:01 AM
....Government figures show Barking and Dagenham is in the top 10 most-deprived boroughs in England. But at the same time, the London housing boom has seen local property prices rocket by almost 40% since 2008. ...

Britons fear home demolitions in Spain after bulldozers move on 214 flats and chalets
 image
....Bulldozers have begun demolishing 214 homes that were illegally built on Spain’s northern coastline of Cantabria. The flats, apartments and chalets  on a mountain called el Alto del Cuco were built at the height of the Spanish housing boom in 2004 when townhalls frequently reclassified protected land to allow construction. ...
Interest rate cuts: talk is cheap, Glenn Stevens may soon have to act | Greg Jericho image
....The bank would be happy with this – growth in housing prices is good, but not if it is so strong that it may lead to a bubble. And that’s the problem with cutting rates to help lower the value of our dollar – it could start up the housing boom again. ...
Three reasons Australia's economy is so resilient – shopping, housing and, yes, mining image
.... The spending by householders more than made up for the drop in investment in the mining sector and other industries. The housing boom has also been helping to keep the economy ticking over. ...
Londoners need a 266pc pay rise to buy a house image
Source : Telegraph [Read Article] Tuesday 23rd of February 2016 05:30:19 AM
.... Figures from the Council of Mortgage Lenders (CML) showed that 58pc mortgages taken out by first-time buyers in 2015 were longer than the traditional 25 years. This is far higher than the level at the height of the housing boom in 2007, when the figure was 42pc. ...
Warning as homebuyers stretch to get on and up the housing ladder image
Source : Guardian [Read Article] Monday 22nd of February 2016 04:13:36 PM
....Data from the CML shows that in the second half of the year 58% of first-time buyers took out mortgages that were beyond the traditional 25-year term. At the peak of the last housing boom in 2007, the figures was 42%. ...
Growth in spending is the slowest in two years – not a great sign for the economy | Greg Jericho image
....6% in volume at least provides some counter to the gloom of the 0% spending growth in current dollars. The figures, however, also provide some signs that the housing boom is on the wane. ...
Bank of England and interest rates: always crashing in the same car image
Source : Guardian [Read Article] Thursday 4th of February 2016 01:30:05 PM
.... Finally, the prospect of 0. 5% interest rates extending into an eighth and perhaps a ninth year risks stoking up a housing boom. ...
Glass half empty: the latest figures make it hard to be optimistic about the economy | Greg Jericho image
....While there was a sharp increase in the approvals of apartments in seasonally adjusted terms, that measure is very erratic, whereas in trend terms, monthly apartment building approvals have fallen for nine straight months. This won’t flow through construction activity for a while, but it does signal a pretty strong pause in the housing boom:. ...
Apartment building is booming, so betting on a rate cut isn't as safe as houses image
....2% on the June quarter and marked the ninth consecutive quarter of positive growth in trend terms. As with most of the housing boom since 2012, the growth is mostly coming via the building of apartments and other non-house residential buildings – blocks of flats, attached townhouses, semi-detached houses, etc. ...
Should we be worried by economic warnings of a bear in the China shop? | George Magnus image
.... It is stifling enterprise and initiative, and undoubtedly compromising economic activity, including for example the luxury goods sector, as companies such as Burberry and Prada can testify. The main shift going on in the economy is the wilting of the housing boom, which led the economy to rapid growth in 2000-2011. ...
Don't get too excited about the cooling housing market – the cost of loans is skyrocketing | Greg Jericho image
....In November 2013, the value of housing finance was 26% higher than it had been a year earlier with the value of investor housing finance a whopping 38% higher. The speed of growth wasn’t as high as occurred during the housing boom of the early 2000s when annual investor finance grew by over 40% for nearly three straight years, but it was still fast enough to cause some concerns. ...
UK buyers need to save for up to 24 years to get on housing ladder image
Source : Guardian [Read Article] Sunday 20th of December 2015 01:03:43 PM
....But Resolution’s chief economist, Matt Whittaker, warned that help to buy may simply boost house prices, lifting them further out of the reach of lower-income households. “To the extent that these schemes have stoked demand and so propped up house prices in recent years, they have served to make homeownership even less attainable for many, while increasing the gains flowing to older homeowners who have been the main beneficiaries of the sustained housing boom,” he said. ...
Federal Reserve ends Hamlet-like indecision over interest rates image
Source : Guardian [Read Article] Wednesday 16th of December 2015 07:44:04 PM
.... Financial markets would have been spooked had it talked about a “measured” increase in interest rates, because that would have suggested a repetition of the last cycle of US monetary tightening between 2004 and 2006, when there were 17 separate quarter-point jumps in the cost of borrowing. The drip-drip approach eventually killed off the housing boom and prompted the sub-prime mortgage crisis. ...
Buyers in England and Wales benefiting from stamp duty changes image
Source : Guardian [Read Article] Monday 7th of December 2015 12:01:02 AM
....5bn in stamp duty, Halifax said, comfortably more than the previous record of £6. 7bn in the housing boom of 2007-08. ...
Australia's GDP up 0.9% over quarter – great headline but not the full story| Greg Jericho image
....2%, clearly we’re indulging in more family-friendly recreation. The housing boom continues – at least on the east coast. ...
Harmless commodity crash accelerates as dollar soars  image
Source : Telegraph [Read Article] Monday 23rd of November 2015 07:49:46 PM
.... Copper prices fell below $4,500 a tonne on the London Metal Exchange for the first time since May 2009, hit by rising inventories in China and warnings from brokers in Shanghai. Prices have fallen 32pc this year, and 55pc from their peak in 2011 when China’s housing boom was on fire. ...
Rented homes are desperately needed, so why are landlords demonised? image
Source : Telegraph [Read Article] Sunday 15th of November 2015 08:18:51 AM
.... . With many buy-to-let properties having been purchased at the peak of the most recent housing boom, the prospect of any significant capital gains having been made between then and now are poor. ...
ANZ pays $13m to customers who missed out on bonus interest image
Source : Guardian [Read Article] Thursday 12th of November 2015 01:07:53 AM
....On Thursday the Australian Securities and Investments Commission (Asic) said the bank was compensating about 200,000 holders of Progress Saver accounts. Related: The banks get a rap over the knuckles from the RBA as the housing boom continues | Greg Jericho. ...
Bank of England should have seen signs of global economic weakness image
Source : Guardian [Read Article] Friday 6th of November 2015 02:06:30 PM
.... The Treasury should stand alongside Carney with measures to calm asset bubbles that he said he feared could accompany a longer period of low rates, especially in housing. But George Osborne’s abdication of responsibility for spurring the next housing boom and bust is a separate debate. ...
Banks face falling profits, rising costs and branch closures, report warns image
....Australia’s big four banks face a mounting threat from falling profits and rising costs which could result in reduced dividends and branch closures in coming years, a report has said. After nearly 20 years of stellar growth on the back of the mining and housing booms, the banks must tackle the challenges or see their grip on lending and financial services loosened by upstart disruptive competitors, the consultancy KPMG warned in the report. ...
Average UK house price rises to nearly £197,000 image
Source : Guardian [Read Article] Thursday 29th of October 2015 08:50:55 AM
....A mortgage price war over recent months was helping buyers by keeping down the monthly cost of owning a home, Gardner said. Although average prices are £10,763 higher than their previous peak, reached during the housing boom of the early 2000s, the amount of money needed each month to repay a home loan has not increased. ...
Barclays settles $325m legal battle over crisis-era mortgage securities image
Source : Telegraph [Read Article] Monday 19th of October 2015 04:55:10 PM
. Barclays has paid $325m to settle two fraud cases brought after the residential mortgage-backed securities (RMBS) it sold during the housing boom went sour. ...
Comparing recessions is hard, but Britain has coped better this time image
Source : Guardian [Read Article] Sunday 18th of October 2015 10:50:42 AM
.... Nor, given that the pair repeatedly clashed when they were on the MPC together and have not exactly buried the hatchet since, is it that surprising that they are talking past each other. Blanchflower is absolutely right when he says that it has taken the economy longer to recover from the most recent downturn than it did from any of the other major recessions of the 20th century: the one that came shortly after the end of the first world war, the Great Depression, the stagflation of the mid-1970s, the manufacturing wipe out of the early 1980s, and the housing boom-bust of the early 1990s. ...
'We love these companies because they are dull' image
Source : Telegraph [Read Article] Thursday 8th of October 2015 06:52:43 AM
.... . The return on capital has held up because land prices have remained benign, unlike in previous housing booms, and the cost of labour and bricks has moderated, which has actually improved the return on capital. ...
Split in property prices widens image
Source : BBC [Read Article] Monday 28th of September 2015 09:39:06 AM
....7% increase in London. The city is home to a large buy-to-let market, and on Friday the Bank of England warned that mortgage lending in this area had the potential to "amplify" a housing boom-and-bust, and risk stability in the UK economy as a whole. ...
Bank concerns over buy-to-let boom image
Source : BBC [Read Article] Friday 25th of September 2015 09:06:38 AM
....The growing buy-to-let property market in the UK could post a threat to wider financial stability, a Bank of England committee has said. Buy-to-let mortgage lending had the potential to "amplify" a housing boom and bust, the Bank's Financial Stability Committee (FPC) concluded. ...
Investors have reignited the fire under Sydney and Melbourne house prices image
Source : Guardian [Read Article] Friday 25th of September 2015 02:16:18 AM
....The latest residential housing price figures released this week by the ABS show that after a brief respite, the housing market has again caught fire in Sydney and Melbourne. In the latter part of 2014 and early stages of 2015 there was some evidence that the housing boom was cooling off. ...
UK house sales 'highest for 18 months' image
Source : BBC [Read Article] Tuesday 22nd of September 2015 10:09:59 AM
....It is the third month in a row that sales of more than 100,000 were recorded. The total is still well below monthly sales of nearly 150,000 seen during the housing boom in 2006. ...
Strong UK housing market delivers record year for Galliford Try  image
Source : Telegraph [Read Article] Wednesday 16th of September 2015 07:31:02 AM
.... . Unlike its rivals, the company made no mention of the Government's Help To Buy scheme in its results, which has been credited for driving the housing boom. ...
Habitat plans large expansion to tap into home improvement boom  image
Source : Telegraph [Read Article] Saturday 5th of September 2015 05:45:29 PM
.... Habitat has spent £1m revamping its flagship Tottenham Court Road store. Britain’s housing boom has prompted a surge in home improvements, and Homebase’s tie-up with Habitat is seen as one way to boost sales of soft furnishings. ...
Searching questions for Tony Abbott if turmoil on stock markets gets worse image
.... Bank stocks have also fallen sharply. Investors are betting that the Australian housing boom is over which will see loan growth slow. ...
Stop blaming baby boomers for everything image
Source : Telegraph [Read Article] Tuesday 18th of August 2015 05:35:39 AM
.... . Moreover, the baby boomer generation may well have made money from the housing boom but is using much of it to help their children on to the property ladder. ...
Are we stuck in a 'new normal' of low wages growth? | Greg Jericho image
Source : Guardian [Read Article] Thursday 13th of August 2015 06:12:28 AM
....One aspect that certainly points to the level of spare capacity in the economy is the very weak growth of wages in the construction sector:. Despite the housing boom in Sydney and some other capital cities, the decline in construction work in the mining sector has meant that construction workers are not exactly scarce. ...
This bull market will end with a bang, but not just yet image
Source : Telegraph [Read Article] Saturday 8th of August 2015 05:00:14 PM
.... Maturing bull markets end with burst bubbles. The dotcom mania killed the 1990s bull; the 2003-07 rally ended when the housing boom hit the buffers. ...
Cracking China just got harder for Airbnb as rival Tujia lands $300m funding image
.... . Rapid economic growth, urbanisation and low borrowing costs triggered a housing boom in China that has left the country with more than 50 million vacant properties, making it a prime market for a home rentals service. ...
Apartment building spree: will it lead to a glut, or transform the way we live? image
....2% higher:. And while this is not unexpected, given the recent housing boom has been largely driven by investors, it would be wrong to think it was all about Sydney. ...
Australian banks told to hold billions more dollars against home loan risk image
....The Australian Prudential Regulation Authority (Apra) says it will increase the average risk weighting for home loans from about 16% to at least 25% from 1 July 2016. Related: The housing boom's not over, but there's good news for hopeful buyers | Greg Jericho. ...
Dublin, Lisbon and Madrid have beaten the bailout. That’s no comfort to Athens image
....However, some economists argue that has only worked because, ultimately, the debt burdens of Ireland, Portugal and Spain were manageable, while – as the IMF’s Christine Lagarde made clear again on Friday – Greece’s is “categorically” not. Dhaval Joshi of consultancy BCA says: “There’s a big similarity between Ireland, Spain, Portugal – and ultimately the UK and the US: the problem was the property sector, and a credit boom linked to a housing boom. ...
Business confidence nears two-year high as services take up mining slack image
....“The big picture is still one where the domestic economy is struggling to offset the impact of sharply lower mining investment,” Glenn said. But lower interest rates and a sagging Aussie dollar, paired with the housing boom and a post-budget kick in confidence, appeared to have boosted business outcomes, he said. ...
Hundreds of flats in Canary Wharf development sell in less than five hours image
....The east London skyscraper has “a comprehensive array of elite lifestyle facilities” and boasts it is an “all-private tower” – meaning it has no apartments set aside as affordable social housing. And it has just proved that reports of the death of the capital’s housing boom may have been exaggerated. ...
The housing boom's not over, but there's good news for hopeful buyers | Greg Jericho image
. Since the Reserve Bank (RBA) began cutting interest rates in November 2011, the housing boom has taken off. ...
UK house prices slip in June, says Nationwide image
Source : Guardian [Read Article] Thursday 2nd of July 2015 07:26:25 AM
....8% in Wales and by 1% in Scotland. Despite the strong growth in Northern Ireland, Nationwide said house prices there were still around 45% below their 2007 peak; in contrast, in London, prices are now 39% higher than during the last housing boom. ...
Homebuyers' stamp duty bill soars by £1.5billion in a YEAR  image
Source : Daily Express [Read Article] Friday 12th of June 2015 10:40:00 AM
.... The amount that the Government has reaped from the tax has steadily increased in recent years and now comfortably surpasses the £6. 2billion paid at the height of the last housing boom in March 2008. ...
Questor share tip: RPC shares for long term growth image
Source : Telegraph [Read Article] Tuesday 9th of June 2015 03:27:34 PM
.... . The FTSE 250-listed company is seeing higher sales from new products such as disposable coffee capsules and plastic paint containers, as the UK housing boom boosts DIY. ...
Cool summer weather freezes high street sales image
Source : Telegraph [Read Article] Monday 8th of June 2015 11:01:06 PM
.... . “As economists predict another housing boom for the second half of 2015, these trends could be set to continue. ...
Property cash buyers at 'record high' image
Source : BBC [Read Article] Wednesday 3rd of June 2015 06:23:24 AM
....". The actual number of cash buyers, rather than the proportion, has risen slightly since 2008, but has still not reached the peak seen during the housing boom of 2007. ...
Up 408pc in three years, but here's why you can STILL profit from housebuilders' shares image
.... . On the negative side, a runaway housing boom could trigger higher interest rates, to which builders’ share prices are extremely sensitive. ...
The budget to repair the (poll) damage done by the last budget – in graphs image
....5%. Now – on the back of the housing boom, with record low interest rates – it is expected to grow 6. ...
Once interest rates are on the move again, how fast will they rise? image
Source : Independent [Read Article] Thursday 30th of April 2015 12:01:24 AM
.... But in another 18 months’ time it is quite plausible that we will see the first rise in eurozone rates. The Bank of England duly follows? Stand back a bit from the detail of the Monetary Policy Committee, the hawks and doves, and ask yourself: should an economy growing decently, with a housing boom, and unemployment down below 6 per cent, keep interest rates near zero? That cannot be right. ...
China: the economic behemoth gives Australian mining a glimmer of hope image
....We’ll have to wait to see whether the rise in the iron ore price is just a dead cat bounce or the sign of the bottom having been reached, but certainly the Chinese residential housing market is in a much better place than it was nine to 12 months ago. Last year, I noted that China’s housing boom was certainly going off the boil. ...
Source : Independent [Read Article] Saturday 24th of January 2015 12:21:43 AM
....Before going any further, it’s worth recapping what S&P did to become the first ratings agency to get hit with a fine or a ban. While the US housing boom was in full swing, banks were busy bundling mortgages into packages that were fancily referred to as “mortgage-backed securities” and “collateralised debt obligations” – the idea being that a whole bunch of crap is a better investment than a single piece of crap. ...
Mortgage lending dip continues, says CML image
Source : BBC [Read Article] Thursday 18th of December 2014 10:15:20 AM
.... . It added that a "gentle trajectory" for the mortgage market would "calm" any concerns over the effect of a housing boom on the UK economy in general. ...
Mark Carney interview: ‘We need to keep to tradition. At the same time we need to modernise’ image
.... Now, low inflation has pushed the first rate increase out to next autumn at the earliest. Another key concern has been to make sure that the recent housing boom, especially in the south-east of England, doesn’t turn to bust. ...
George Osborne: I will not control housing market with ‘unfair, punitive’ stamp duty image
.... . Speaking on BBC Radio 5Live, he went on: “You don’t want unaffordable increases in house prices and housing booms that then lead to big crashes and we’ve now got lots more controls that we’ve brought in to try to avoid that, working with the Bank of England. ...
China blinks as economic downturn deepens  image
Source : Telegraph [Read Article] Friday 21st of November 2014 07:18:40 PM
.... China is uncomfortably close to deflation, made worse by the plunge in the Japanese yen, and by China’s quasi-peg to the soaring US dollar. The country is importing a contractionary policy at a time when its housing boom is already wilting, with prices down for the last six months. ...
Lending curbs 'not enough to stave off crisis' image
Source : Telegraph [Read Article] Saturday 1st of November 2014 08:30:44 PM
.... . "If we look at the housing boom in the run-up to 2008 and compare that with the housing boom of the 1980s, then by many measures, such as the rate of real price increases, this one was smaller than it was in the late '80s," he said. ...
Buy-to-let boom: one in five homes now owned by landlords image
Source : Telegraph [Read Article] Wednesday 22nd of October 2014 09:37:58 AM
.... . Buy-to-let became hugely popular in the housing boom of 2005-2007 when property investment “clubs” proliferated and thousands of investors bought newly-built flats without even viewing them. ...
House prices: the north-south divide is now wider than ever image
Source : Telegraph [Read Article] Tuesday 14th of October 2014 12:02:02 PM
.... The north has the furthest ground to travel, with average prices still 8. 3pc (or £13,400) below their housing boom high in March 2008. ...

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