south morocco Posted September 26, 2008 Share Posted September 26, 2008 Topical question,I really notice food prices up in tesco,although eveything else is ok unless i cant find work(building trade) has it hit you yet? Link to comment Share on other sites More sharing options...
stawberry2 Posted September 26, 2008 Share Posted September 26, 2008 Aye hit us here 2, my brother has been paid off (landscape gardener) my mate (building site) my man (landscape gardener) people don`t have the money anymore. Food prices are going up and by god cheep meals ,:ie stovies, stew, tatttie soup, not that cheep anymore Link to comment Share on other sites More sharing options...
The Old Tolbooth Posted September 26, 2008 Share Posted September 26, 2008 Food prices are a disgrace right now and I honestly reckon that that the supermarkets are profiteering from the rise in fuel prices as a result, it stinks! Link to comment Share on other sites More sharing options...
stawberry2 Posted September 26, 2008 Share Posted September 26, 2008 The mount of milk my family goes through, i be better buying a cow Link to comment Share on other sites More sharing options...
davemclaren Posted September 26, 2008 Share Posted September 26, 2008 Aye hit us here 2, my brother has been paid off (landscape gardener) my mate (building site) my man (landscape gardener) people don`t have the money anymore. Food prices are going up and by god cheep meals ,:ie stovies, stew, tatttie soup, not that cheep anymore I think a lot of people might think it's just those working in financial services that are affected but it's a lot wider than that, as illustrated by your post.. Link to comment Share on other sites More sharing options...
south morocco Posted September 26, 2008 Author Share Posted September 26, 2008 I think a lot of people might think it's just those working in financial services that are affected but it's a lot wider than that, as illustrated by your post.. thats right dave,its certainly stretching through every angle of the economy Link to comment Share on other sites More sharing options...
stawberry2 Posted September 26, 2008 Share Posted September 26, 2008 I think a lot of people might think it's just those working in financial services that are affected but it's a lot wider than that, as illustrated by your post.. Every one of us has family coming telling us we paid off, how can we help? I know that if l don`t find work between school hours, i`m ogood Link to comment Share on other sites More sharing options...
The Doctor Posted September 26, 2008 Share Posted September 26, 2008 Credit Crunch? I applied for an Egg card last week, I'm going to do some balance transferring. I didn't specify how much credit I wanted, they gave me 5K, nae bother. It took about 12 minutes. Frightening. Link to comment Share on other sites More sharing options...
davemclaren Posted September 26, 2008 Share Posted September 26, 2008 Credit Crunch? I applied for an Egg card last week, I'm going to do some balance transferring. I didn't specify how much credit I wanted, they gave me 5K, nae bother. It took about 12 minutes. Frightening. Remember to take account of the charge. They might offer 0% for 6 months but with a 2.5% transfer charge that's effectively 5% annual they are charging you. Still cheaper than a bank loan or overdraft though. Link to comment Share on other sites More sharing options...
The Doctor Posted September 26, 2008 Share Posted September 26, 2008 Remember to take account of the charge. They might offer 0% for 6 months but with a 2.5% transfer charge that's effectively 5% annual they are charging you. Still cheaper than a bank loan or overdraft though. 0% until December 2009! I didn't notice what the transfer charge was, but it's paying off 1K @ 29.9%, 2K @ 16.9% and almost 1K of overdraft. It's still the right thing to do and if it's not paid off by the end of next year, I'll find another card and be a credit card whore! Link to comment Share on other sites More sharing options...
Chad Sexington Posted September 26, 2008 Share Posted September 26, 2008 We shop at Lidll's and Farmfood's now. Does that count? Link to comment Share on other sites More sharing options...
davemclaren Posted September 26, 2008 Share Posted September 26, 2008 0% until December 2009! I didn't notice what the transfer charge was, but it's paying off 1K @ 29.9%, 2K @ 16.9% and almost 1K of overdraft. It's still the right thing to do and if it's not paid off by the end of next year, I'll find another card and be a credit card whore! I was a 0% whore for years prior to transfer charges coming in. Also be aware that every new card you open makes a mark on your credit history and too many can make lenders nervous. However, with the rates you are currently paying I don't blame you for moving your debt. Please note that this is not financial advice. Link to comment Share on other sites More sharing options...
Only a Game Posted September 27, 2008 Share Posted September 27, 2008 Brother in law (house building trade) made redundant 3 months ago and cant get a job. Staff leaving at my current place are not being replaced. 50% reduction in my own department in the last month (2 left and not being replaced) ?15 feckin quid to drive to Dundee and back the other day Big family food shop was averaging ?120 a fortnight last year, now ?170. Gas and Electric prices going through the roof Couple of friends in a little bit of debt and cant get credit, even from banks they have been with for donkeys years. And this is just the start of it !!! Link to comment Share on other sites More sharing options...
Nucky Thompson Posted September 27, 2008 Share Posted September 27, 2008 Aye hit us here 2, my brother has been paid off (landscape gardener) my mate (building site) my man (landscape gardener) people don`t have the money anymore. Food prices are going up and by god cheep meals ,:ie stovies, stew, tatttie soup, not that cheep anymore Landscape gardening is a seasonal job and it's coming near to the end of the season so that's maybe why they were let go. Link to comment Share on other sites More sharing options...
Munch Posted September 27, 2008 Share Posted September 27, 2008 My lawyer who has worked with the firm i use and has been there 18 years and was a partner, got made redundant, and he got no redundancy as he was a partner, he also sold his house for 25k less than the fixed price. At the same firm they told me come the end of October they will be left with 13 staff, they had 35 at there Christmas party last year. Another firm of estate agents told me yesterday they are on a 2 day week job sharing. I also know of foreign builder who were renting 2 flats in Edinburgh and have been here for 3 years up sticks and went home last month as work has stopped on the site they were working on. Anything related to the housing market has been hammered, and i suspect it will get a lot worse. Link to comment Share on other sites More sharing options...
coppercrutch Posted September 27, 2008 Share Posted September 27, 2008 My lawyer who has worked with the firm i use and has been there 18 years and was a partner, got made redundant, and he got no redundancy as he was a partner, he also sold his house for 25k less than the fixed price. At the same firm they told me come the end of October they will be left with 13 staff, they had 35 at there Christmas party last year. Another firm of estate agents told me yesterday they are on a 2 day week job sharing. I also know of foreign builder who were renting 2 flats in Edinburgh and have been here for 3 years up sticks and went home last month as work has stopped on the site they were working on. Anything related to the housing market has been hammered, and i suspect it will get a lot worse. What !! Many of the foreign workers heading home leaving a glut of rental property ?!! Many people that can't sell deciding to 'just rent it out instead'. ?!! All of this resulting in rents more likely to fall than rise ?!! http://edinburghnews.scotsman.com/edinburgh/Flooded-property-market-set-to.4512350.jp#3255652 Whoever could have predicted this. Almost Everything that is related to property is goosed for the next few years at the very least. At least the media and 'experts' are finally waking up to this reality. As for people waiting to sell their houses until the markets 'pick up' - this is such a false economy IMO. Waiting a few years till the market stops dropping. Then waiting another few years until prices get back to 2007 levels that you want. You will have some numpties waiting for 5-10 years when they could just bit ethe bullet just now and get out !! Anyway credit crunch has not affected me hugely yet. Still got work - don't know for how long though !! As for credit I don't have any. So a crunch is no big deal for me in direct terms. It will impact on all areas of the economy however - so I will be sure to suffer because of selfish greedy idiots. Oh well - just got to get on with it. I may **** off abroad for a few years. Link to comment Share on other sites More sharing options...
Midloth_Iain Posted September 27, 2008 Share Posted September 27, 2008 One very large investment company in central Edinburgh we do work for are about to go under, The bank is refusing to bail them out. They bought approx 250 properties (at an average of ?250k each - New Town) over the last 5 years and have been trying to offload 50 of them for the last year without success, currently only able to let them out instead. As a contractor, we were lucky we got prior warning of their impending demise from a 3rd party and thankfully have been paid most of what we are owed, however I know of 3 other contractors and many subcontractors who, despite having been warned, are still taking new work from them and will no doubt be in big trouble when they fold. We have laid off 3 men in the last 9 months, it looks like more will follow soon Another hike in fuel prices will be a disaster Link to comment Share on other sites More sharing options...
coppercrutch Posted September 27, 2008 Share Posted September 27, 2008 One very large investment company in central Edinburgh we do work for are about to go under, The bank is refusing to bail them out. They bought approx 250 properties (at an average of ?250k each - New Town) over the last 5 years and have been trying to offload 50 of them for the last year without success, currently only able to let them out instead. As a contractor, we were lucky we got prior warning of their impending demise from a 3rd party and thankfully have been paid most of what we are owed, however I know of 3 other contractors and many subcontractors who, despite having been warned, are still taking new work from them and will no doubt be in big trouble when they fold. We have laid off 3 men in the last 9 months, it looks like more will follow soon Another hike in fuel prices will be a disaster If we are talking about the same company I predicted this about 6 months ago..... Talked about in some detail in a certain thread.............. Are the words 'green' 'big' and 'signs' relevant per chance.... Link to comment Share on other sites More sharing options...
Midloth_Iain Posted September 27, 2008 Share Posted September 27, 2008 If we are talking about the same company I predicted this about 6 months ago..... Talked about in some detail in a certain thread.............. Are the words 'green' 'big' and 'signs' relevant per chance.... Not sure CC - H _ _ _ _ _ _ _ , most of their investment originates from China & Hong Kong I believe. Link to comment Share on other sites More sharing options...
coppercrutch Posted September 27, 2008 Share Posted September 27, 2008 Not sure CC - H _ _ _ _ _ _ _ , most of their investment originates from China & Hong Kong I believe. They are part or wholly owned by a certain very well known rental agency owner. STAFF PARK THEIR ****ING CARS ON DUNDAS ST AND DON'T GET TICKETS... This is great news if true. This chump was given space in the Scotsman to give his 'expert' advice on property. He was telling people to hang on and don't sell no matter what. Just what was he doing at the same time ? Selling his entire Edinburgh portfolio (by the looks of it) that was owned by a sister company. I took the pic below back in April coz I was shocked at how many properties were up for sale near my work. I wonder if the signs in the photo are the same as the company in question....Sure we will find out soon enough if what you say comes to fruition. I also sent this story through to a contact at the Daily Mail to see if they would run with it. Clearly they were not interested. Maybe they will be now !! Link to comment Share on other sites More sharing options...
letsalllaughathobos Posted September 27, 2008 Share Posted September 27, 2008 well im not so sure im a roofer and i am busier than i have ever been. with alot of big mony developments getting done alot more work in the pipeline. i have men working 7 days a week. i am also very sorry to here about the others here who are losing there jobsit must be very tough times. mabye i have one of these trades of which people will always need. i have been told of a number of big contractors down south closing due to the credit crunch. give it time something will happen,(it will have to for others in that possition). Link to comment Share on other sites More sharing options...
Wattie Posted September 27, 2008 Share Posted September 27, 2008 I only moved out of the folks' place in the summer. I shop in Lidl and sold my car as it was too expensive a luxury (although I live on the bus route to work, so it's not a problem). So I haven't really been badly affected by the credit crunch. Working in the pharma industry is pretty secure just now - jobs galore. I'm doing something of a "coppercrutch" and biding my time before buying a property. Trying to put as much away as possible in the meantime, I reckon 12-18 months and I will look to buy. Link to comment Share on other sites More sharing options...
coppercrutch Posted September 27, 2008 Share Posted September 27, 2008 Not sure CC - H _ _ _ _ _ _ _ , most of their investment originates from China & Hong Kong I believe. You may want to have a read of post #514 from the below thread. http://www.hmfckickback.co.uk/showthread.php?t=7092&page=13 This was from back in April: --------------------------------------------------------------------------- For all of you still doubting Edinburgh is crashing I have the following for you: DJ Alexander is one of Edinburgh's largest letting/sales agencies. They are constantly talking up the Edinburgh market, usually through the Evening News and Scotsman. http://business.scotsman.com/mortgageandpropertynews/Housing-crisis-deepens-as-city.3953809.jp "David Alexander, head of letting agent DJ Alexander, said that first-time buyers were facing the most expensive mortgages in seven and a half years. He said: "The result is an increase in rental costs which is unprecedented in the 25-plus years in which I have been in this sector." The firm, which advertises more than 1400 flats in Edinburgh every year, predicts the average rent for a two-bedroom flat could surge to ?1200 by next year." Fine and dandy, you would of course expect these people to talk up things that affect their own income. But then let us delve deeper into this. What other interests does DJ Alexander have ? How about this. He is on the management team of 'Heritors'. An Edinburgh based property development/management company.. http://www.heritors.com/who_we_are.htm# Again no great surprise there. But then ask yourselves, have you not seen these Heritors for sale signs springing up all over town ? I have seen them all over the New Town. Strange that. Why would someone be telling you all is fine and dandy in the housing market, that it makes a good investment, and at the same time be selling their own properties.....I can't quite put my finger on it....... A few examples below. Details are from an online property site that lets you see who has bought what and at what price. Very very useful. "Ourproperty.co.uk" 44 Cumberland Street Edinburgh: Bought by Heritors 2 Ltd for ?300,000 on 27 Jan 2005. Bought from K Butcher. Now up for sale for offers over ?379,000 DJ Alexander 71 Cumberland Street Edinburgh: Bought by Heritors Ltd for ?349,000 on 29 Oct 2004. Bought from Grant Development Ltd. Now up for sale for offers over ?385,000 DJ Alexanders 19 (1F1 or 2F1) North West Circus Lane Edinburgh Bought by Heritors Ltd ?305,000 on 19 Nov 2004. Bought from A Milne Now up for sale for offers over ?375,000. DJ Alexander Now the interesting thing is that due to the YOY figures that people use prices can be falling for almost a year before the general public are ever aware. This of course leaves a nice little window for those 'in the know' to get out in front of the crowd. What I find very interesting is the prices these properties are up for.Considering these are in the most prestigious area of Edinburgh they don't seem to be planning to make a huge profit. A very clear sign they are just trying to get out as quick as possible. ESPC figures out on July 8ish... Edinburgh is crashing. Those in the know are telling us, but you have to dig to work it out. Excellent. ------------------------------------------------------------------------- Looks like even those 'in the know' couldn't get out in time... Greed destroys. Link to comment Share on other sites More sharing options...
coppercrutch Posted September 27, 2008 Share Posted September 27, 2008 I only moved out of the folks' place in the summer. I shop in Lidl and sold my car as it was too expensive a luxury (although I live on the bus route to work, so it's not a problem). So I haven't really been badly affected by the credit crunch. Working in the pharma industry is pretty secure just now - jobs galore. I'm doing something of a "coppercrutch" and biding my time before buying a property. Trying to put as much away as possible in the meantime, I reckon 12-18 months and I will look to buy. Good plan. I am waiting a lot longer though. The down lasted 4 years or so in the last 2 busts. This up has been much larger than any previously. I think 12-18 months to bottom out is being extremely optimistic. When these sort of things 'bottom out' they usually sit there for a good while. People don't tend to all of a sudden 'jump back in'. They are fearful having seen prices falling for years and don't want to catch a falling knife. Look what happened on the way up with the general public. Took about a year for people to accept that prices were falling. Will probably be the same at the bottom. Why wouldn't it ? When it looks like things have bottomed out just bide your time and make low offers. If you have a wedge you will be in the driving seat. Why not. All they can say is no. I am not even sure of I will buy a place after all this. Property just seems like a ****ing hassle !! Link to comment Share on other sites More sharing options...
Midloth_Iain Posted September 27, 2008 Share Posted September 27, 2008 They are part or wholly owned by a certain very well known rental agency owner. STAFF PARK THEIR ****ING CARS ON DUNDAS ST AND DON'T GET TICKETS... This is great news if true. This chump was given space in the Scotsman to give his 'expert' advice on property. He was telling people to hang on and don't sell no matter what. Just what was he doing at the same time ? Selling his entire Edinburgh portfolio (by the looks of it) that was owned by a sister company. I took the pic below back in April coz I was shocked at how many properties were up for sale near my work. I wonder if the signs in the photo are the same as the company in question....Sure we will find out soon enough if what you say comes to fruition. I also sent this story through to a contact at the Daily Mail to see if they would run with it. Clearly they were not interested. Maybe they will be now !! David has an investment in Heritor's, his own company is very separate from them though. Didnt read that momentous thread - too much for the brain-cells to take in, but interesting observations CC Link to comment Share on other sites More sharing options...
coppercrutch Posted September 27, 2008 Share Posted September 27, 2008 David has an investment in Heritor's, his own company is very separate from them though. Didnt read that momentous thread - too much for the brain-cells to take in, but interesting observations CC Oh I know that. He is on their management team though. https://www.heritors.com/who_we_are.htm I just wonder how much is his investment in Heritors. If it is a big wedge then he could be set for as big hit. Would I be evil to think that is a good thing ? Nah - the guy has been ramping the market for years trying to get people to keep property artificially inflated. **** him and all who sail in him. Link to comment Share on other sites More sharing options...
davemclaren Posted September 27, 2008 Share Posted September 27, 2008 Oh I know that. He is on their management team though. https://www.heritors.com/who_we_are.htm I just wonder how much is his investment in Heritors. If it is a big wedge then he could be set for as big hit. Would I be evil to think that is a good thing ? Nah - the guy has been ramping the market for years trying to get people to keep property artificially inflated. **** him and all who sail in him. I suppose he could always move back in with his mum and dad. Anyway, I agree that holding off to sell is probably a pointless exercise unless you are prepared to hold off for 5 years or so taking into account inflation and any return to a 'decent' price. If you can afford the mortgage and have an adequate home for your needs then best just to stay put imo. Link to comment Share on other sites More sharing options...
coppercrutch Posted September 27, 2008 Share Posted September 27, 2008 I suppose he could always move back in with his mum and dad. Anyway, I agree that holding off to sell is probably a pointless exercise unless you are prepared to hold off for 5 years or so taking into account inflation and any return to a 'decent' price. If you can afford the mortgage and have an adequate home for your needs then best just to stay put imo. I am just ahead of the game Dave !!! It is amazing how many people that I work with/know have changed their tune recently. Used to be a combination of mocking and pity that I stayed at home at my age. Now I see a distinct hint of jealousy of my situation. I think you are right about staying put above. However many people don't have this luxury. Divorces, job relocations, deaths etc... Some people have to move. These sales will set the bar for other sales in the area. PS - Just had a good look through that old thread... If I wanted to give myself an even bigger head it would be too easy !! I have to say most of my comments back then are spot on.(With the exception of gold) I will hold back the desire to quote myself though. Well -until the end of the year when myself and Chip agreed to look back on our predictions..... Link to comment Share on other sites More sharing options...
davemclaren Posted September 27, 2008 Share Posted September 27, 2008 If I wanted to give myself an even bigger head it would be too easy !! I have to say most of my comments back then are spot on.(With the exception of gold) I will hold back the desire to quote myself though. Well -until the end of the year when myself and Chip agreed to look back on our predictions....[/i]. I'm drooling in anticipation already.... Link to comment Share on other sites More sharing options...
coppercrutch Posted September 27, 2008 Share Posted September 27, 2008 I'm drooling in anticipation already.... How exciting !! Well according to the ESPC figures: Edinburgh fall from peak is already at about 14% nominal and 20% real. Fits in with what I have been tracking in Gorgie and personal experience almost perfectly. I think my predictions of 30%+ real was way too conservative. I think 30% nominal is almost a certainty. Link to comment Share on other sites More sharing options...
Munch Posted September 27, 2008 Share Posted September 27, 2008 I got a mate who works as a delivery driver for Home base and Martin and Frost, he is 50% down in work compared to same stage last year, and his fuel bill is dearer than it was last year. He said Martin and Frost are on there knees, sales down 90%, and teetering on the brink of oblivion. Link to comment Share on other sites More sharing options...
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