Re: Brexit Anyone? : Mon Jun 27, 2016 8:03 pm  

Roy Haggerty wrote:

Not necessarily from Europe. British firms are also cancelling orders because they're expecting a big downturn, and so are hoarding cash. Anyway, one firm was logistics, the other in construction. On a separate note, my estate agent issued a profit warning, because they know the London housing market is due a collapse now the vote is Brexit. Negative equity all round. Cheers Nigel.

It's happening fast. That's just one man's anecdote, of course, but I'd be very surprised if I was the only one who was hearing of these experiences already, given the carnage in the financial markets. And we're only two trading days in, like I said.

How does your estate agent ' know ' the market is due a collapse ?

And why issue a warning ?

Re: Brexit Anyone? : Mon Jun 27, 2016 8:07 pm  

crumpledshorts wrote:

We have a minimum age to vote, the referendum shows we should also have a maximum. Nobody under 50 who works voted to leave. Those wanting a free ride and to bitch about "the geeeermans" did.

Disgusted in England

I guess that's sarcasm? If not, what a load of rubbish.

I am sick of BBC / Guardian / etc suggesting all Leave votes were thick, poor, Northerners. They conveniently ignore all the well off folk who did. People for example in the affluent Home Counties who work in London and often run or own businesses there.

Older people have more experience and so their votes should count double if you want to be silly.

Already Australia and New Zealand have said they want to sign a free trade agreement with UK. If and when India and China do, then you will realise how stupid being tied to EU was.

I do not consider my family very stupid and the 4 of us who voted all voted leave. One campaigned for it. He is in his 20's and works. My daughter is a student (not one of thickos who are moaning) and she did. Between the two kids they have 24 grade A / A* GCSE, a hatful of A levels, the eldest has two degrees from a decent university (including a first), has only been working a few years and earns more than twice the national average. Even the wife and I have degrees from decent universities. The kids are not racists either - one has a Polish girlfriend, the other a Chinese boyfriend. How do you explain all that if your proposition was at all serious?

Re: Brexit Anyone? : Mon Jun 27, 2016 8:36 pm  

GUBRATS wrote:

How does your estate agent ' know ' the market is due a collapse ?

And why issue a warning ?

Mate, you'd have to ask Foxtons for why they did - I don't work for them - but that's what they did.

Talking to their local branch manager, his line was that the London market (at the top end), has been largely driven by foreign buyers - Chinese, Arab, Russian money, buying London property as an investment, not to live in. Basically, when interest rates are nearly zero, and dividends are low, London property was both incredibly safe (unlike shares, it won't go down), and also promised high yields of up to 10% a year. It's an odd concept, but London housing was one of the country's most valuable exports in terms of earing foreign currency. Funny old world we live in.

These buyers were pulling out of contracts as early as March when the referendum came into view. If remain, the money would start to come back in, and that then drives the rest of the market. But Brexit, and the devaluation of the pound, means that not only might you take a very quick hit on the value of your investment as soon as you convert it to pounds, but there's a good chance the yields are over, as the market prices will stick or fall once interest rates rise (as now seems almost inevitable).

Re: Brexit Anyone? : Mon Jun 27, 2016 8:50 pm  

http://s.mlkshk-cdn.com/r/18ZZS

http://s.mlkshk-cdn.com/r/18ZZS

Re: Brexit Anyone? : Mon Jun 27, 2016 8:57 pm  

Roy Haggerty wrote:

Mate, you'd have to ask Foxtons for why they did - I don't work for them - but that's what they did.

Talking to their local branch manager, his line was that the London market (at the top end), has been largely driven by foreign buyers - Chinese, Arab, Russian money, buying London property as an investment, not to live in. Basically, when interest rates are nearly zero, and dividends are low, London property was both incredibly safe (unlike shares, it won't go down), and also promised high yields of up to 10% a year. It's an odd concept, but London housing was one of the country's most valuable exports in terms of earing foreign currency. Funny old world we live in.

These buyers were pulling out of contracts as early as March when the referendum came into view. If remain, the money would start to come back in, and that then drives the rest of the market. But Brexit, and the devaluation of the pound, means that not only might you take a very quick hit on the value of your investment as soon as you convert it to pounds, but there's a good chance the yields are over, as the market prices will stick or fall once interest rates rise (as now seems almost inevitable).

My heart bleeds for them , so we are talking about the slimeballs of the slimeball industry having to drink a slightly less expensive Champagne and hang onto their Porsches a year longer

Re: Brexit Anyone? : Mon Jun 27, 2016 8:57 pm  

Roy Haggerty wrote:

I don't know what the picture's like up North

Still feeling the fallout from 2008 in some areas.

Re: Brexit Anyone? : Mon Jun 27, 2016 8:59 pm  

King Street Cat wrote:

Still feeling the fallout from 2008 in some areas.

Yes. Which makes it all the more remarkable that plenty of folks seem to have decided that wasn't hard enough, so voted for an even bigger financial disaster.

Re: Brexit Anyone? : Mon Jun 27, 2016 9:00 pm  

King Street Cat wrote:

I don't get all the vitriol aimed at the voters. If you're looking for someone to blame, blame Cameron for being so out of touch and arrogant that he thought the remain outcome was a guaranteed certainty. The anger of the nation has been brewing for an age and the EU referendum was the perfect way to vent it. Anyone with half a clue could see a vote to leave coming a mile off.

Yep but we could take it back much further than Dave, don't forget Tony & his cronies.

For me, it's not the fact he thought we'd stay in the E.U. but that he even offered the country a referendum in the first place.

I know he feared mass defections to UKIP, but a referendum jeez - asked the Germans how that one went.

On a personal level I'm gutted because it hampers my plan to retire to Europe, but when I see the disenfranchised believing there's going to be a golden dawn, where all this spare cash the country is saving in E.U. subs will be coming back to a town near you - sigh.

Re: Brexit Anyone? : Mon Jun 27, 2016 9:02 pm  

Roy Haggerty wrote:

Mate, you'd have to ask Foxtons for why they did - I don't work for them - but that's what they did.

So they've deliberately ' talked down ' their own future performance ? , sounds to me like a plan to make more money from nervous sellers , I'd trust an estate agent as much as a double glazing salesman and that's been my industry for nearly 30 years

Re: Brexit Anyone? : Mon Jun 27, 2016 9:09 pm  

King Street Cat wrote:

Still feeling the fallout from 2008 in some areas.

How that one wasn't predicted when our banks were giving out 105% mortgages