[Politics] The Labour Government

[Is it PotG?]

Curtailing of the right to buy. Probably a good idea?

Rayner suggests tenants will not be able to buy new council homes

Angela Rayner told the BBC restrictions would be placed on new social homes in England.

www.bbc.co.uk

Pity Pottymouth never got the chance to benefit from the scheme.

Ah, hold on………..

 

[Hugo Rune]

Curtailing of the right to buy. Probably a good idea?

Rayner suggests tenants will not be able to buy new council homes

Angela Rayner told the BBC restrictions would be placed on new social homes in England.

www.bbc.co.uk

Indeed.

I wonder how many former council owned properties have found their way to now being student HMO’s in Brighton? I’d wager it’s a lot! Meanwhile, young Brighton families are moving out of the city in their droves to find affordable housing. Get ready for another round of primary school closures.

 

[chip]

Could always rent Starmer's house or one of the Chancellor's properties (sorry it's on the Mail, also available on New York Times):

Keir Starmer renting out mortgage-free family home worth £2m

Documents last night revealed for the first time that the Prime Minister is the 'owner of [a] let family home'. He has owned a property in Kentish Town for 20 years and paid off the mortgage last year.

www.dailymail.co.uk

Not working people by their own definition

 

[BrickTamland]

Could always rent Starmer's house or one of the Chancellor's properties (sorry it's on the Mail, also available on New York Times):

Keir Starmer renting out mortgage-free family home worth £2m

Documents last night revealed for the first time that the Prime Minister is the 'owner of [a] let family home'. He has owned a property in Kentish Town for 20 years and paid off the mortgage last year.

www.dailymail.co.uk

Not working people by their own definition

Not sure the PM would be anyone’s definition of an ordinary working person.

Must try harder!

 

[Chicken Run]

Curtailing of the right to buy. Probably a good idea?

Rayner suggests tenants will not be able to buy new council homes

Angela Rayner told the BBC restrictions would be placed on new social homes in England.

www.bbc.co.uk

Im completely with the Deputy PM on this, should have done it back in 97

 

[KZNSeagull]

Curtailing of the right to buy. Probably a good idea?

Rayner suggests tenants will not be able to buy new council homes

Angela Rayner told the BBC restrictions would be placed on new social homes in England.

www.bbc.co.uk

Seems a bit harsh to me. Just another nail in the coffin of the young becoming home owners? It's not the policy of right to buy that has caused the shortage, it is the lack of building replacements surely?

 

[chip]

Not sure the PM would be anyone’s definition of an ordinary working person.

Must try harder!

I never said ordinary and I'm not really trying, it just seemed to fit with the housing theme. I'm mostly ambivalent to whatever party is in power. The article did make me smile though as it described Sunak as so rich he didn't need to rent out his Yorkshire pad as if this were a virtuous quality for a PM.

 

[Giraffe]

Just the start I fear.

Unemployment rises as pay growth slows again

The rate of unemployment stood at 4.3% in the three months to September, up from 4% the previous quarter.

www.bbc.com

 

[Bodian]

Just the start I fear.

Unemployment rises as pay growth slows again

The rate of unemployment stood at 4.3% in the three months to September, up from 4% the previous quarter.

www.bbc.com

But - from that article:

• pay is still rising faster than inflation
• the ONS's Labour Force Survey, which produces the data on jobs in the UK, has had a smaller number of respondents over the past year than normal, prompting concerns over its reliability.

And also it relates to June/July/August. The general election was on 4 July - so there's nothing to show whether this increase happened before or after Labour got into Government.

 

[Is it PotG?]

Santander and other banks increase price of mortgage deals despite base rate cut
Experts have said further mortgage rate increases could be ahead.

Nothing to do with that fabulous non-inflationary budget.

 

[abc]

All these rich hobby farmers crying in their soup IHT is coming for them

Yeah, the thousands of small farmers working every hour god sends to produce food for us are just pursuing a hobby. Get a grip.

 

[A1X]

But - from that article:

• pay is still rising faster than inflation
• the ONS's Labour Force Survey, which produces the data on jobs in the UK, has had a smaller number of respondents over the past year than normal, prompting concerns over its reliability.

And also it relates to June/July/August. The general election was on 4 July - so there's nothing to show whether this increase happened before or after Labour got into Government.

Pfft, you can’t expect people to actually read things, much easier to see a headline and knee jerk to that

 

[Guinness Boy]

Santander and other banks increase price of mortgage deals despite base rate cut
Experts have said further mortgage rate increases could be ahead.

Nothing to do with that fabulous non-inflationary budget.

Correct.

Unusually insightful.

 

[Bodian]

Santander and other banks increase price of mortgage deals despite base rate cut
Experts have said further mortgage rate increases could be ahead.

Nothing to do with that fabulous non-inflationary budget.

Day after the base rate fall I had an email from the building society reducing the interest rate on my small ISA though!

 

[Is it PotG?]

Day after the base rate fall I had an email from the building society reducing the interest rate on my small ISA though!

Who'd have thunk it?

https://www.thisismoney.co.uk/money...-mortgages-costs-RISING-Bank-England-cut.html

 

[Bodian]

Who'd have thunk it?

https://www.thisismoney.co.uk/money...-mortgages-costs-RISING-Bank-England-cut.html

Long-Term Funding Costs:​

Mortgage lenders rely not only on short-term borrowing costs but also on long-term funding markets, which can be volatile and are influenced by global economic conditions. In recent months, the cost of securing funding over long-term periods has remained relatively high. Bond yields, a common benchmark for long-term funding, are still elevated due to inflationary pressures and uncertainties in global financial markets. This means banks like HSBC are facing higher costs to fund longer-term fixed-rate mortgages, leading them to increase customer rates.

HSBC Mortgage Rates Increase Despite Base Rate Drop: Here’s Why | Oportfolio

HSBC mortgage rates have taken a huge leap upwards today as the lender announces rate increases for residential and buy-to-let borrowers.

oportfolio.co.uk

A number of major lenders are increasing the cost of fixed rate mortgage deals, following a similar move by Santander (see stories below), as competitive deals are causing a rush of business, writes Jo Thornhill.

Nick Mendes at broker John Charcol said that today’s move from Santander was to control business volumes arising from these highly competitive deals: “Santander had recently reduced its rates and had already priced in the latest Bank Rate reduction, while other lenders, such as Halifax, were increasing costs.

“Santander has no doubt seen a surge in applications from clients looking to secure current rates, putting pressure on its service levels.”

https://www.forbes.com/uk/advisor/mortgages/2024/11/12/mortgage-updates/

 

[Is it PotG?]

Long-Term Funding Costs:​

Mortgage lenders rely not only on short-term borrowing costs but also on long-term funding markets, which can be volatile and are influenced by global economic conditions. In recent months, the cost of securing funding over long-term periods has remained relatively high. Bond yields, a common benchmark for long-term funding, are still elevated due to inflationary pressures and uncertainties in global financial markets. This means banks like HSBC are facing higher costs to fund longer-term fixed-rate mortgages, leading them to increase customer rates.

HSBC Mortgage Rates Increase Despite Base Rate Drop: Here’s Why | Oportfolio

HSBC mortgage rates have taken a huge leap upwards today as the lender announces rate increases for residential and buy-to-let borrowers.

oportfolio.co.uk

A number of major lenders are increasing the cost of fixed rate mortgage deals, following a similar move by Santander (see stories below), as competitive deals are causing a rush of business, writes Jo Thornhill.

Nick Mendes at broker John Charcol said that today’s move from Santander was to control business volumes arising from these highly competitive deals: “Santander had recently reduced its rates and had already priced in the latest Bank Rate reduction, while other lenders, such as Halifax, were increasing costs.

“Santander has no doubt seen a surge in applications from clients looking to secure current rates, putting pressure on its service levels.”

https://www.forbes.com/uk/advisor/mortgages/2024/11/12/mortgage-updates/

An increase then?

 

[Bodian]

An increase then?

Yes - but not specifically related to the actions of the Labour Government. Which is what this thread is about.

 

[Is it PotG?]

Yes - but not specifically related to the actions of the Labour Government. Which is what this thread is about.

Mortgage brokers believe this is likely due to the rising cost of funding as a result of heightened inflation expectations after the Labour Budget and Trump election win.

Rohit Kohli, director at The Mortgage Stop told news agency, Newspage: 'Many borrowers will be left scratching their heads as to why, less than a week after the Bank of England cut the base rate by 0.25 per cent, lenders like TSB are increasing fixed rates.

'The markets are still feeling the aftershocks of the Labour Budget. Although it wasn’t as disastrous as the mini-Budget, the longer-term cost of borrowing continues to rise.

'Gilt yields and swap rates are reacting not only to budgetary policy but also to geopolitical uncertainties, including Trump’s re-election to the White House. Anyone holding out for big cuts in interest rates is taking a gamble for now.

 

[Bodian]

Mortgage brokers believe this is likely due to the rising cost of funding as a result of heightened inflation expectations after the Labour Budget and Trump election win.

Rohit Kohli, director at The Mortgage Stop told news agency, Newspage: 'Many borrowers will be left scratching their heads as to why, less than a week after the Bank of England cut the base rate by 0.25 per cent, lenders like TSB are increasing fixed rates.

'The markets are still feeling the aftershocks of the Labour Budget. Although it wasn’t as disastrous as the mini-Budget, the longer-term cost of borrowing continues to rise.

'Gilt yields and swap rates are reacting not only to budgetary policy but also to geopolitical uncertainties, including Trump’s re-election to the White House. Anyone holding out for big cuts in interest rates is taking a gamble for now.

Yes - you read the last sentence did you?