tag:blogger.com,1999:blog-29618513.post1162915323698632308..comments2023-09-13T09:59:36.013+01:00Comments on snowflake5: Trends in Personal Lendingsnowflake5http://www.blogger.com/profile/14700425293614182769noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-29618513.post-49804344818482593452008-10-20T20:51:00.000+01:002008-10-20T20:51:00.000+01:00I agree that people shouldn't move house every yea...I agree that people shouldn't move house every year. Nobody said they should. <BR/><BR/>HIPS of course was meant to lower the cost of moving since the plan was for the survey commissioned by the seller was to replace that done by the buyer. Of course as was obvious when the idea was floated the mortgage companies were going to insist on surveys for their valuation purposes so it was just an extraAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-29618513.post-46227591291395074902008-10-19T17:03:00.000+01:002008-10-19T17:03:00.000+01:00HIPs were actually primarily introduced for green ...HIPs were actually primarily introduced for green reasons - energy ratings etc.And the government made this clear at the time.<BR/><BR/>But all transaction costs help slow down the market. <BR/><BR/>Most home buyers start off sensible and work out an amount to borrow they can afford. Then they are taken round houses, told that they have to bid up or lose the house, they fall in love with the snowflake5https://www.blogger.com/profile/14700425293614182769noreply@blogger.comtag:blogger.com,1999:blog-29618513.post-24919531849672738062008-10-19T07:48:00.000+01:002008-10-19T07:48:00.000+01:00Interesting you claim HIPS was an attempt to slow ...Interesting you claim HIPS was an attempt to slow the housing market when the government introduced it as a way to make buying and selling houses easier. Either you are wrong in their intention and why they introduced HIPS ended up slowing the market unintentionally (for which the government can therefore be hardly given any credit for) or they were lying as to the reasons for brining HIPS in Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-29618513.post-931243860376646032008-10-18T02:33:00.000+01:002008-10-18T02:33:00.000+01:00Devonchap - I accept that pressure groups and medi...Devonchap - I accept that pressure groups and media will try to pressure the govt to be light on repossessions.<BR/><BR/>What <I>I</I> am trying to point out is the government's actual record in resisting these siren voices. They've appointed a new head of Northern Rock, tasked him to get the org back on it's feet and repay the £3bn the govt lent it, and have left him to get on with it and make snowflake5https://www.blogger.com/profile/14700425293614182769noreply@blogger.comtag:blogger.com,1999:blog-29618513.post-2250185435738695802008-10-17T23:14:00.000+01:002008-10-17T23:14:00.000+01:00I didn't say the government would use their influe...I didn't say the government would use their influence to prevent repossessions, just they might. It is your blind prejudice of my position being displayed here, not mine.<BR/><BR/>We have seen just this week pressure groups decrying Northern Rock for the number of repossessions it is carrying out, forgetting that since Northern Rock had a more "sub-prime" mortgage book then many other lenders it Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-29618513.post-23070558555061614402008-10-17T19:09:00.000+01:002008-10-17T19:09:00.000+01:00devonchap - some of the lending since 1994 has und...devonchap - some of the lending since 1994 has undoubtedly been imprudent - and before people try to blame the government, I would like to point out that credit controls were abolished by the Tories, and it was up to lenders to make sure they were managing their risk properly. <BR/><BR/>It's notable that even in the current crisis, companies like Barclays think that the govt requirements to raisesnowflake5https://www.blogger.com/profile/14700425293614182769noreply@blogger.comtag:blogger.com,1999:blog-29618513.post-36494263572104472592008-10-17T12:31:00.000+01:002008-10-17T12:31:00.000+01:00So are you suggesting that we had imprudent lendin...So are you suggesting that we had imprudent lending over the last 10 years?<BR/><BR/>This is an intersting link. Especially worrying is the increase in mortgage arrears which lept in 2006 (the latest figures they have). With the durnturn in the economy and the banks keen to get their cash we could see a horrible rise in repossessions. Alternatively the government uses its new control over banks Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-29618513.post-90461767504780161502008-10-16T22:37:00.000+01:002008-10-16T22:37:00.000+01:00It hasn't actually collapsed though, has it? It's ...It hasn't actually collapsed though, has it? It's just not growing much. As, presumably, there is a degree to which debats are paid off then a 4 - 5% annual growth rate seems ok. 10% growth isn't though!Anonymousnoreply@blogger.com