EU referendum, brexit and the aftermath

stick any spare cash under a mattress.

With our current incomes we could scrape by with interest rate up t0 ~8% but as you say, the bigger threat is maintaining your income. Its not exactly panic stations but it has been a long time since either of us have had worries like this.

don't know wot u lot r worryin abhat

wiv no forrinz stealing ar jobz thingz wul be betta

Interest rates going up in the short term seem highly unlikely.

In the worst case scenario you could probably cover your mortgage via AirBnB.

oh, wait a minute, have we just royally fucked ourselves?

all them TRATIORS talking GREAT btitton down. Crisis wot crisis lol. all still got jobs hadnt u

I know! I don't like beer :'(

I'll stick with the status quo, thanks

I tried it. The main thing I remember was they kept setting the roof on fire. EVERY DAY.

So Theresa May is a fan of Ottolenghi cookbooks and therefore a dangerous liberal. Who would have guessed!

http://blogs.spectator.co.uk/2016/07/theresa-mays-ottolenghi-revelation-gobsmacking/

Not that I want to show my age and the fact that I grew up in a Sun Reading household.

But I struggle each time I see Theresa Mays name.

.... So is it really bad that I find that rather reassuring?

oi! 'yotam', if that is even your real name. SLING YER RAS EL HANOUT!

https://twitter.com/patrickwintour/status/750292604982624260

I confronted Yotam Ottolenghi yesterday. I asked him to explain za'atar. He said "You'll have to use turnips now". A mealy mouthed reply.

Sumo asked: Can rents go down?

My 1965 edition of Megarry and Wade's 'Law of Real Property' states that '....rents are, in the long term, typically 10% per annum of the capital value'*.

That was then, but although much has changed I'm sure that rental value will always be linked to capital value, so yes, rents may well fall.

I've often thought about that 10% rule, and it seems to me that this is what has happened:

In 1965 (and earlier) the property market was pretty stable, with price increases more or less limited to general inflation. Mortgage lenders were cautious - for example they were reluctant to lend on anything slightly unconventional or take a woman's income into account. A suburban three bedroom house was around the £5,000 mark, a basic home about half that. Then in the early 70's came the 'Barber Boom' when caution was thrown to the wind and prices rocketed. By 1973 the most basic two up two down was £10,000, but the oil crisis in late '73 brought everything to a full .

Since then we've had violent cycles of property speculation because, it seems, many people want to play the housing market as a casino.

Because of the expectation of profit on capital, landlords have been prepared to take much less than that 10%: they were expecting to make a capital gain and, in any case, the tenants have been stretched to find 3% of the absurdly high prices being paid.

If we really have brexit all bets will be off. There may be no expectation of capital appreciation and if sterling gets into real trouble we can expect to see higher interest rates, which may screw the buy to let merchants.

It seems very unlikely to me that the recent London property boom can go on now. Whether rents actually fall in nominal terms will depend on how much inflation we have. Some one above suggests putting spare cash under the mattress - probably a good idea, but make sure your money isn't in sterling.

*I'm quoting M&W from memory, so I may not be completely accurate but I am certain the 10% figure is correct.

As a bloody foreigner living in NI I don't get that ref :)

I think the leopard print stiletto's and furcoats have set off the nightmare ... O_o

Oh dear.

“We have acted to safeguard the interests of all our investors by suspending dealing in the fund with immediate effect.

“Suspension of dealing will give Aviva Investors greater control in managing cashflows and conducting orderly asset sales in order to meet our obligations to investors wishing to redeem their holdings.”

George Osborne's London property market Ponzi scheme hits buffers.

We had an opportunity after 2008, to decide that property would not be a one-way bet.

I find that when I do a Google image search for Teresa May it often thinks I'm looking for the wrong person.

What has been seen cannot be unseen.

IMDB one? ;)

Sounds more fun than the Tory one TBF :p

wales now would vote to stay in. a little late http://www.independent.co.uk/news/uk/politics/wales-has-changed-its-mind-over-brexit-and-would-now-vote-to-stay-in-the-eu-poll-finds-a7120246.html

the tide is turning
we might still be europeans yet

#remaIN