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Home loan approvals down again in late February as Mexican Standoff deepens
Home loan approvals worth NZ$710.5 million were granted by banks in the week to February 19, which was down 25% from the equivalent week a year ago, Reserve Bank data shows. Approvals in the 13 weeks to February 19 were down 12.6% from the same period a year ago, which was an acceleration in the fall from the 8.7% decline seen for the 13 weeks to February 12, the data shows. This data suggests banks are being more cautious about lending to home buyers and/or home buyers are being more cautious about buying. The Mexican Standoff in the housing market is solidly in place as listings rise sharply while sales volumes are down sharply. Banks face growing international regulatory restrictions on their ability to leverage shareholder capital and a tightening of Reserve Bank rules on their ability to find cheap short term funds offshore.
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That's 2897 home loans in
That's 2897 home loans in one week at the median price assuming 70% gearing!
Seems like a large amount of loan activity - doesn't it?
The Bank Manager Here's the
The Bank Manager
Here's the details from the RBNZ of what is in and out. Essentially it includes loans moving from one bank to the other and refinancings where the security changed, so there's a fair amount of double up.
The key is what it's doing vs a year ago. It's down a lot.
http://rbnz.govt.nz/statistics/monfin/c16/description.html
"Exclusions
Own customer refinance
The "˜rolling over' of a fixed rate loan, and its subsequent refinancing, is excluded.
Business borrowing where the security is the owner's home
Business borrowing of this type tends to use specialist products or specific lending channels, and is not included.
The underlying value of a loan being "topped up"
When a loan is topped up with extra borrowing, only the topped up portion is included.
Inclusions
Refinance of other banks customers
If a loan is refinanced using a different bank, it is included as a new approval. A key future enhancement to the approvals series will be working with responding banks to remove these loans in particular.
Any loan where the security changes
If a borrower sells the property the loan is secured against and purchases another, a new loan is documented, and included as a new approval.
Any loan where the liability holder changes
If an existing mortgage held by an individual is incorporated into a family trust or other special purpose vehicle, new loan documentation needs to be drawn up and is therefore included as a new approval."
cheers
Bernard
<blockquote> Seems like a large
Yes. It does.
Someone else questioned a year or so ago as to whether this was new loans only. Or a combination of people shifting banks to refinance as their fixed term loans came due, re-newing fixed term loans with the same bank, or a loan for a new purchase.
I cannot recall whether that was clarified. But I would be interested to know. Don't know how you differntiate between a loan considered new by a bank because you have just purchased property and want to take a brand new loan out. Or considered new because you want to move from one bank to another.
thanks BH - very interesting
thanks BH - very interesting stuff
I notice that the data on the Reserve Bank site is "experimental" - what's that mean?
The fact that these figures
The fact that these figures contain loans from borrowers changing banks or ownership structure really means that they don't really tell us anything. Without breaking the stats down how can we tell if it is buyers buying less or vendors changing ownership structure or banks?
Really a bit of a waste of time statistic isn't it Bernard?
Dang. Bernard gave me the
Dang. Bernard gave me the reply while I was typing....
@we are stuffed: I dont
@we are stuffed: I dont see it as a waste of time as its a trend on like for like data, putting it togther with other data and information tells a story, but you can ignore it if you so choose. You could break it down but sometimes the numbers get so small month by month that you cant get any value anyway you lose the strategic view (car traffic accidents statistics are a classic IMHO)....I dont see it as mattering to much unless there was say a change in Govn legislation or an event that caused or was expected to cause a big shift in some part of the data. Thats one of the rubs of NZ being so small, our stats are less "smoothed" that say the USA....
In that graph there is
In that graph there is a regular spaced looking dip....any idea what that is?
Christmas.
Christmas.
Re: the data is a
Re: the data is a waste of time. I suggest you look back over the data set in the past few years. I think you'll find its a pretty good fit for what the housing market has been doing - thus in mid/late 2008 the data was weak - as was the housing market.
Then lending activity picked up in early 2009 - as did the housing market.
Since late 2009 the data has been weakening again - and January was very weak - just what we have seen with the housing market.
Its actually been a pretty good fit thusfar........
Bernard has used this graph
Bernard has used this graph before and I agree at first glance its as clear as a mud pie. THen once you realize that the big dip represents Christmas and New Year when there are very few sales and that the bumps either side are seasonal peaks, spring and summer, it starts to make some sense. However the monthly seasonal variations are so dramatic that they almost engulf the trend. A better way to display seasonal housing date so that the trends are more discernible would be to compare directly yearly quarters or months with one another on a bar chart.
At any rate there was obviously a peak in the summer of 2007 and a significant drop in summer 2008. The summer of 2009 is hard gauge because of the huge spike in approvals late summer 09. Once the march data is in the major trend will be much clearer. My guess is that approvals will continue lower.
The huge bump in March
The huge bump in March 09 is where everybody who could jumped on to a fixed rate at cyclical lows.
like reading tea leaves.
like reading tea leaves.
@We are stuffed: similar to
@We are stuffed: similar to most economic data analysis then....ie ignore the so called pros especially those who have an interest in the situation/outcome....Ive yet to see anyone consistantly and acceptably accurately forecast whats going on....except maybe the contrarians....ie those opposed to those who say the world is fixed now start spending/borrowing again please....on either the right who say there is nothing wrong with their brand of
capitalismfascism or the left who seem to be mostly riding the coat tails ofcapitalismfascism as its (apparantly to them) to the advantage of their constituants.... So we seem to be stuck on the "growth will fix things" course because there is no other viable alternative economic strategy that voters who have been lied to for generations will accept...conclusion 1 to 2 decades of pain....paying debt down on a shrinking crippled economy....considerable social and political upheaval.....regards
Right ......... Just got the
Right ......... Just got the sniff of a deal on the table for big brother to help us out.... apparently... were gonna build a shit load of prisions right along the transpower grid and Aussie's gonna send us all thier convicts to look after for the duration of sentence( with the exception of corporate thieves as that is not illegal here) ...anyhoo how will that aid us you screech...?
1...Immigration will rise dramatically
2...building consents for prisions and half way houses will go through the roof.
3...Most all of the unemployed will become prision warders
4...light sentence crims will be enslaved as cheap farm/forest/orchard labor under the guise of rehabilitation( tee hee)
5...most annoying mal contents(pensioners/buisness people/exporters/and disillusioned voters can bugger off to the land of minerals and more provided they have no prision record) and seep at night with the door open.........nice.
Wer'e on to you Simon Paua...............Will it float......they all float down here!!
Christov - great plan, any
Christov - great plan, any surplus voltage can be channeled through the prisons to keep the inmates quiet.
Re "they all float down here!!" - indeed, flushing them away is the hard part.
Trev thats just the tip
Trev thats just the tip of the icey slice....... Air NZ run permanent shuttle flights courtesy of the Aust.Gumnut..... no more wasting gas on long haul..! no more empty seats..! take em out and make em stand.
Food production will struggle to meet demand/ no complaints about malomine in the milk........ there's a train a comin n it's time ta git some gravy.
Trev .....Surplus voltage..? every exercise
Trev .....Surplus voltage..? every exercise yard will be decked out with a min of 5000 bikes wired to the grid....... and exercise .."will be compulsory"
So just what are Harcourts
So just what are Harcourts talking about?
Sean.....? you mean Harcourts know
Sean.....? you mean Harcourts know about this..? K rist the leak is bigger than I imagined.
I know - do real
I know - do real estate industry types breath a different mixture than mortals?
of course Sean.... when you
of course Sean.... when you exhale as much horses$%t as they do you must have acess to an inexaustable supply...... I think they call them weekly team meetings where you stand around a pile and inhale deeply from the Holy bong of Guido...
Bernard I have done a
Bernard
I have done a huge ammount of reserch into past property corrections and indeed into what has happened in the usa to quality family homes....
Familly homes are not traded for $, they are purchased for quality of life issues and for school zones etc, During the last crash I wanted to buy a quality familly home on 800 sq m in the St Helliors/Glendowie area, basically nothing of quality moved... the famillies just didnt sell, we watched mortgage sales in many other areas, mainly prop inverstors going down but the investors never really purchased the top familly suburbs as the yields where too low...
so given that kiwis have a reluctance to sell a house for less then they paid, in fact rarely do so unless forced by the bank, I doubt the increased listings are going to impoact familly homes that much, it didnt last tiome, rather sales fell....
maybe at the lower end if banks force sales it will sell off, but rates are low and tenenants get gummint help with rent at the low end so only the overleveraged will be forced to sell again.
I also think that hoiuses are too expensive in Auckland, but I fail to see why everyone will suddenly accept 25% lower offers when they did not last time....
your thoughts on this?
as you say its a standoff... it doesnt alwasy turn into a gunfight....
Hey almost forgot to mention
Hey almost forgot to mention the Aust.Govt. pays for all of this..... even the inmates on a pilgramage....holy smokes all those Aussie $ just pouring in ... oh Lordy Lordy !!
A thought for you, interested.
A thought for you, interested.
Time has passed since the last stand-off, and those who stayed- put are that much older now. If one sees the horizon approaching, and uncertainty as to what may/may not happen with prices in the meantime, there may well be an incentive to down-size to a smaller home if the family has departed. 10+ years ago I was concerned about the school zone; not any more- rather the upkeep of a now too- large home, and the weather!
interested, you might be right,
interested,
you might be right, but maybe not. Either way, no point in buying a nice house in a nice suburb when the best case scenario is muted gains that dont outstrip[ the additional ownership costs. And the worst case scenario??? Well there are plenty of nice family homes in the US, Ireland, Spain, UK, japan etc that have taken big hits. we might be different, but we might not be as well. Who knows what black swan is out there? The only certainty is the bigger the debt the bigger the risk - its never been more risky than now so past history is not a good guide.
interested, and nick's point re
interested,
and nick's point re boomers shoudl be taken heed of. Many of the nice family homes in St Heleirs/glendowie are no longer owned by families but by empty nester boomers. They are perhaps more likely to take their retirement fund house money and run than a 40 year old with family who decides to stick it out.
This might be nit picking
This might be nit picking but IMHO it highlights NZ inc's problem. We extroplate nonsense as statistics.
"Business borrowing where the security is the owner's home"
So since last year when the banks and RBNZ said that this type of borrowing is not captured, banks didn't care, i.e. a business not being the business of rental properties. Have they now all of a sudden improved there data collection, I think not.
As always in NZ decisions are made on gut feel and not solid information, by so called experts.
And unfortunately the following equation appears: average quality information + high salaries paid to cone heads does not equal high quality decision making, even though we have quality and high in 2 of the parameters, they are misconstrued.
Jimmy.....said...They are perhaps more likely
Jimmy.....said...They are perhaps more likely to take their retirement fund house money and run than a 40 year old with family who decides to stick it out.
I think you just may be right there Jimmy.....! I got a coupla couples weighing it up as we speak.
What is so attractive about
What is so attractive about StH/Glen anyway?
No decent schools unless you want to ferry the brats across town in your Lexus SUV.
And also you will need extra dosh to keep up with them over the fence.
More visits to the hairdo for weekly blonding ans I hear the bikini waxes are expensive as well.
jimmy using your login if
jimmy using your login if house porices go no where fopr the next 10 years i would be better renting, i disagree, i have been renting after selling in 2007, my mortgage payments are a lot smaller then my rent was for the same suburb....
thuis there is little risk
I HAVE TO LIVE SOMEWHERE and have two kids aged 2 and 3.. so will be here for a long time....
if rates go up it would indicate less uncertaincy thus solid prices...., i dont see rents going down in my sub urb they are going up....
guys i used to be an investor and owned 5 homes.... i think its a rotten time to invest here, but you have to live somewhere and if you plan to stay in akl long term, why not take advantage of the low rates and pay off a home, for gods sakes if you get to 60 and have no house you are in for v hard times ahead....
barfoots auction yesterday, good bidding on 1.2 mil + homes...
sure you may get a 450k home for 300 under pressed mortgage sale, but there are a lot of cashed up people rready to pounce on riddell road seaside views....
if you are 60 years old and have a mill or two there is no point waiting for 12 years to buy your dream home, you could well be dead before settlement
i also see huge number of builders doing renovations in these suburbs, these are famillies who have dug in for the long haul, stay put and ENJOY your home...
you might get a crapper bargin this drop but there are so many of you waiting to pounce on a true quality house you will find only small % drops.....
it was this way in the uk 1990's with neg equity, in general famillies dug in and investors bailed.
re empty nesters in good suburbs, I know a top barfoots RE, she has a lot of buyers who have returned from the uk and are in high end rentals wanting to buy around 1.2 mil around 50 for one suburb alone, but they where unwilling to chase the market over nov/dec, they are still there, they want to own.
most of these buyewrs have 50% dep.... not going to be presuured on any drop.....
SO there you have it....
SO there you have it....
What's wrong with buying in a 'less popular' area - and sending the sprogs to the 'less popular school'? If you're not totally devoted to earning funds to pay for the house that you couldn't afford, you might end up with time to help the kids with their homework.
Home as an "investment"? An equity release mechanism?
Strange....
You end up in the ludicrous situation of expecting the house value to increase enough to cover the mortgage interest you pay to the bank.
@Interested: (1)Okay so your rent
@Interested:
(1)Okay so your rent is more now than the mortgage payments you were making before you sold in 2007. I'd suggets that you thus ended up with cash after the sale if that's the case. So do you calculate the inteset you recieve on you surplus funds? My guess is that at time of sale local interest rates were about 9% p.a.. Sure they're less now. But what about the cost of alternative application of funds in you calculations?
(2) I don't share oyur view that if rates ( interest?) rise that it removes uncertainty from the equation, rather the opposite.
(3) I don't agree that if "you get to 60 and don't own a house" so your a loser ( my words)! Rather a winner! I love the flexibilty of being able to move when I choose. I lived in Christchucrh last year; Auckland this year and will probably go to Maloolaba next. But that's just our choice. We've had several of 'dream houses' over time, and don't miss one a bit at the moment.
(4) I'll take your word for it re UK buyers here. My UK friends are going the other way, though! The sums for those that came 5+ years ago work well for them currency/price wise.
Oh, and re deposits? I don't need one, and am still not looking to buy/invest at the moment.
I guess we're all different.
.
.
Nicholas A......said..I love the flexibilty
Nicholas A......said..I love the flexibilty of being able to move when I choose. I lived in Christchucrh last year; Auckland this year and will probably go to Maloolaba next.
boy oh boy have you got that right..! for the most part people become enslaved to thier home and spend much of thier life servicing it's needs... not theirs... by the time the kids are grown and gone..(go on shoo ya bugger) inflexibility has set in and every day is groundhog day.
@Nicholas Point 4 - I
@Nicholas
Point 4 - I wish people would quantify how often this happens - we seem to have stats on everything else.
Given the upheaval/cost involved in emigrating, this is a serious move. It would be useful to have 'exit interviews' for all those who 'move on'.
What made them 'move on' again.
I remember people in the UK referring to members of their families who had 'tried NZ', and returned home.
Doesn't help the NZ brand much, but then maybe this doesn't matter.
Bernhard, you might get an
Bernhard, you might get an interview now with heatley or the new Minister of Housing
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10628418
Bernard is the new Minister
Bernard is the new Minister of Housing...
The cost of emigrating to
The cost of emigrating to NZ and setting up home, car, whiteware, fees etc was about 30,000 GBP...one way...I then forked out the same amount to return to UK.
Having written articles for emigration magazines, I can tell you that most brits like myself return to UK for one reason only, the whole boy racer situation, noise and lack of discipline and law and order, especially at night. I lived in an excellent area but was shocked into disbelief about the situation with kids barely old enough to be out of nappies being able to drive cars over 1000cc. Nuff said.
I now realise I want to return to NZ....quite a common situation, a boomerang returning. I realise now that the boy racer and teenage drinking and partying situation is the one and only reason brits return to UK. In doing so you lose out on all the beautiful scenery and outdoor activities NZ has to offer. In UK youngsters have to have fully comprehensive insurance to drive and only a 1000 cc car max, and with insurance often over 5000GBP for their first year they are deterred. Hence very few UK youngsters can afford a car till they are 21 or so, and put a foot wrong and they won't ever get insurance again and therefore be able to drive. NZ could learn from this.
Now I intend to return and make a second attempt at being a kiwi and buy a home in an exceptionally quiet neighbourhood once the financial situation has improved. !!
Whoever has told you about brits queueing up to buy is talking total crap...sorry marketing ploy !!!!! cuckoss on their cloud again........cuckoo, cuckoo
How many times do I have to say that AKL house prices up close on 100% in 6 years, pommie ones down 30% along with a 50% drop in the exchange rate....the only poms coming (and buying) over are either very rich or very stupid with no financial savviness whatsovver. The tide is turning...and turning pretty quick right now........I'm getting excited for 2012 !!........
I recon Interested pretty close
I recon Interested pretty close to understanding the markets, and the changes in the markets..types of sellers and buyers..
I would not be surprised if the next lot of stats from QV etc show a drop in ave prices in many areas....folowing the stats coming out at the moment there is a big increase in listings and increase in sales...at 'discounted' rates
It appears a lot of 'family' type rentals hitting the market and selling ...even bailing out, and appears there are some long term investors picking these up, along with a smidgen of 1st home buyers.
With a lot of buyers picking these up, at discounted rates, plus with a higher equity in the asset we should also see smaller loans but more of them.
The market now is different to 6 months ago, which is different to the previous 18 months, which is different to very early 2008, which is different to the 2004 to end 2007
The market is still in a huge rectification process.
Therefore to use the stats to pick a trend is near to impossible other than the market will return to the long term 40yr trend over the next 2 to 5 yrs.
I couldn't help noticing the
I couldn't help noticing the 'Freudian Slip', Sue. Boomerang ....?
Boomerang.......from the big island...couldn't think
Boomerang.......from the big island...couldn't think of anything else......chuck a lump of greenstone and it goes plop.....
Sue If you don't mind
Sue
If you don't mind me asking, where in NZ did you live. I understand that Christchurch and the North Shore of Auckland have the problems you describe but in my experience it isn't prevalent but maybe I don't get out enough (I don't want to if that is normal).
I haven't experienced the boy racer issue in Wellington or in Auckland (central suburbs) when I lived there.
cheers
"Therefore to use the stats
"Therefore to use the stats to pick a trend is near to impossible other than the market will return to the long term 40yr trend over the next 2 to 5 yrs."
Steps - thats how I see it. Static house prices being eaten into by inflation bringing them back to long term averages. Without unemploment going mad there is no other way given the stickiness of house prices here. 20% inflation over 5 years + a 5% drop gives 25% drop in real value.
The answer is.... fully comprehensive
The answer is.... fully comprehensive insurance for boy racers....
OK, silly question, I yield.
Govt should ban all (non-factory)
Govt should ban all (non-factory) modified exhaust system, lowered suspension, tyres no more than 55 profile, no tinted window, no after maket spoiler and body kit, blow-off valve etc.. by then all boy racers will just have a "normal" car. That might be the end of boy racer culture.
Mike in Welly...I lived in
Mike in Welly...I lived in Snells Beach which was as quiet as you get, but I found the noisy car and teenage problem everywhere I went....after 40 years of silence in UK !!! Have to admit that North Auckland is certainly the most peaceful place I visited.....my book about my travels will hopefully be published soon !!!
Maybe if house prices dropped 50%....the youngsters would have the motivation at 16 or 18 years old to be saving all their money as a deposit for their first home by the time they are 20......far more sensible than V6's with bald tyres !!!! I bought my first home in UK at 19, albeit a one bedroom maisonette. Simply knowing that it is possible to own your own home at a young age as long as you study hard in the eves and work hard by day...well surely that is inspiration itself. With NZ house prices as they are, I think most teenagers see no hope of owning their own home...hence the partying etc.
On the renting versus owning
On the renting versus owning debate those on the owning side often say rents go up with inflation but mortgage payments stay the same what they fail to mention is that council rates, insurance, maintanance costs go up with inflation as well, but if you are a good tenant in a long term rental its very rare for your rent to increase and you usually pay the same rent year after year all while rates, insurance etc keep increasing because landlords are reluctant to ask for higher rents from existing tenants.
The simple fact is you never really own a home you still pay rent (interest) and you still have to sell and move out if you fall behind in payments. The only real difference is pride and ego but if you are not bothered about that then renting and having savings in the bank rather than owning and having a massive mortgage debt is by far the best option if you want financial security for your family in the current enviroment.
Sue - you can come
Sue - you can come back now because the world oldest boy racer, Jeremey Clarkson has finished his last show here and he's on his way home.
Yup, a petrol head. Ellectric
Yup, a petrol head.
Ellectric cars are much quieter I believe.
gingerbreadman Says: "Govt should ban
gingerbreadman Says:
"Govt should ban all (non-factory) modified exhaust system, lowered suspension, tyres no more than 55 profile, no tinted window, no after maket spoiler and body kit, blow-off valve etc.. by then all boy racers will just have a "normal" car. That might be the end of boy racer culture."
I have been in the 'boy racer' culture for 40 odd yrs now...there is no way anything like that would work....back in the '80s major legislation reform was undertaken with MANZ, NZHRA the vintage guys to stop unsafe cars being built and modified...and yes it works, but that still doesnt stop illegal boy racers doing illegal modifications.
And out of interest, most of the boy racer mods actually reduce the power of their cars simply because if they had 1/2 a brain they would die of confusion.
What a completely short sighted, ill informed , stupid statement.
Steptoe "I have been in
Steptoe "I have been in the "˜boy racer' culture for 40 odd yrs now"¦" so do you have 1/2 a brain ?
Ha...Jeremy Clarkson and co....gotta go
Ha...Jeremy Clarkson and co....gotta go on that Tornado Peppercorn class steam train he went on in UK before I come back to NZ !!!!
If I put pink stripes on my 20 year old mountain bike...will that make me a mid life crisis girl racer ????
Getting more excited by the day about the gradually changing property price scenario between UK and NZ......must get boogie board modified for noise and speed before return.....
Sue Where in the UK
Sue
Where in the UK do you live? My experience of the UK (lived there for 6 years, London, Manchester, Birmingham and Northampton) is that the boy racer phenom is well and truly entrenched in that part of the world. Essex is a classic example.
What a bunch of spoil
What a bunch of spoil sports! Don'y you remember being young and proud of your wheels? How many people have been killed by boy racers? Despite all the moral outrage, not many. How many boy racers have ripped off pensioners? Probably none. My jaffa V12 BMW goes much better with its suspension lowered 2 in and running on big wheels with low profile tyres. Hooha. V12's sound awesome at 5000rpm. Like a V8 on speed.
ps anybody got a cheap VW 1302s beetle. I want to restore and modify it with a Subaru engine.
I'm near Southampton...but by the
I'm near Southampton...but by the sea. Luckily I've always lived in good areas and wouldn't go near a town in the Uk if you paid me a million !!! Never seen or heard of any noisy cars or teenage parties anywhere I've lived..and I've lived at 16 addressses in the last 25 years, UK, USA and NZ. Inner cities of course...are the place where all the socialising goes on in UK...and no one in their right mind lives in a city.....grotty old buildings, so depressing.
That's a major diff here....teenagers socialise in cities in the nightclubs, not in residential areas. Can't have it perfect though...got the rose tinted spectacles off now.
UK house prices in my area have recovered half of what they lost the last 2 years, and rising steadily for the first time in 6 years.
With the amount of empty sections and developers gone under in North Auckland (Rodney), can't really see prices going up much for a long time. Probably some great bargains to be had. Pity building costs won't go down along with it, but cheap land is a good start !!!
Sue I think you'll find
Sue
I think you'll find the overwhelming majority of people in the world, live in towns/cities.
You are in lalaland if you think your buying power in NZ is going to increase over the next year. The UK is in chaos and given your history, it looks like waging war against someone is the only option left to you. Hang on, aren't you guys prodding that old Falklands chestnut again.....
stevek: Being a Jaffa should
stevek: Being a Jaffa should I keep an eye for a lowered BMW V12 running the red light?
Just the noise that bothers
Just the noise that bothers me. Get a decent decibel standard that has to meet WOF. I know they have one, but it's obviously too low.
Ever stayed in an apartment or hotel - on or near a boy racer curcuit in Mt Maunganui, Chch etc?
Sue, on the BBC News
Sue, on the BBC News recently, they mentioned that properties at Canary Wharf are on the increase and near their peak again. Is that the general trend in the UK?
Boy racers should be sentenced
Boy racers should be sentenced to drive in public for 12 months in a 1938 Austin Ten Cambridge or a Hillman Minx!
Alright there chaps...yes ha ha
Alright there chaps...yes ha ha ! now back to more serious matters
hey ! whats going on at the Beehive..?
The Beehive? yes, it's still
The Beehive? yes, it's still there and full of mis-behaving children
Careful with the cylinder linings
Careful with the cylinder linings in that beemer v12, stevek. Can be VERY expensive.
Yes possibly... but not on
Yes possibly... but not on the Bus of happiness and hope, why they may be at a town near you real soon folks er... I mean chaps.. so look out for the red letter getter.
gingerbreadman Says: "Steptoe “I have
gingerbreadman Says:
"Steptoe "I have been in the "˜boy racer' culture for 40 odd yrs now"¦" so do you have 1/2 a brain ?"
Well 40 yrs ago the term was not boy racer, rather got rodder...Hot rodders from back then now own large business, have collections of cars that would make your income look like a tax refund of someone on min wage
So what do you think.....and dont change feet this time.
you will note I did not insult you, but rather commented on you statement...
I was taught that violence (or insults) is when someone runs out of intellegence..it may pay to pick you debating skills up out of the gutter m8.
errrr...what the hell have cars
errrr...what the hell have cars got to do with mexican standoffs...
Dun no m8 but a
Dun no m8 but a Bradford would be far more suitable than a 38 Austin 10
Oh yeah thats right I own a couple those too...lol
Crazylekiwi...lalaland me...think not with my
Crazylekiwi...lalaland me...think not with my financial knowledge !!
Up over 100% in the last year with my funds, top 1 at 140% and lowest at about 85%, unfortunaltly you cant invest in these funds from NZ....but luckily I can keep mine for life in UK and still actively trade...albeit taxed !!!
Houses....the ones I follow day in day out in Gulf Harbour are down over 100,000 and sections plummetting.
Gingerbreadman ....UK houses...in 2004 I bought for 185, it rose to 230, then crashed in the space of 3 or 4 months to 160. In the last few months rocketed back up to 200+ and rising steadily as is most of the UK. No prospect in sight of interest rates being raised in UK.
The last part of the equation to move in the right direction is the pound, it fell from $3.63 in 2004 to $2.12 quite recently. Every now and then it perks up a bit.
The kiwi $ HAS to come down for exports
The GBP HAS to rise as it is the most worthless currency on earth at present !!
So two parts of the housing equation heading very steadily and surely in the right direction and likely to remain so...just waiting for that GBP to pay ball.
NZ property may just stagnate and not fall, but for UK property and the GBP the only way is up, houses here are as affordable as when I bought my first flat in 1987 !!!
I will never make up all I lost due to returning to UK...but at least in 2 or 3 years I think I will be able to put a basic brand new roof over my head again...albeit without the clifftop views !!!
What has this got to do with a Mexican Standoff.....nowt....but I have made a lot of my recent gains in Brazil....which is close to Mexico...init ?????
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