The daily wearing down of the McBroon Government credibility has reached a critical point for the over-50s and pensioners as they absorb revelations about ministers putting their digital TV subscriptions on their expenses paid by taxpayers.
The Prime Minister gets his football for free and the Home Secretary get bills for blue movies (and the kitchen sink) paid for, according to the latest media revelations.
At the time Scotland’s biggest building society collapsed, alongside those of the other local banks adding to the loss of the long-held reputation of the Scots for fiscal prudence.
The McBroons seem to be heading for further loss of street cred when the G20 bandwagon arrives in London, amid demonstrations and anticipated refusal of some European countries to throw away more tax payers cash on the banking and government follies that are at the root of the current recession.
They know the McBroons are living beyond their means, having already brought the UK to its worst fiscal state and now wanting to save their own skins by sharing out the blame on Germany, France and Spain - who are faring light years better.
Best of the bunch is Spain, where todate, just one minor bank has been bailed out by the Bank of Spain causing the first big drop in banking share prices. But because the country has more financial controls than any other, the banks there are not exposed to the toxic debts prevalent in so many other countries with inferior fiscal governance.
Their shares may have dipped but their credibility remains high. There are still generous mortgages to help Brits, other north Europeans and Russians snap-up the amazing property bargains and it is likely that Spain’s property market will recover soonest as a result.
In the longer term the country offers greater governance credibility, lower cost of living and UK pensions can be collected from the local bank on the way back from the beach or a round of golf.
So over 50s may consider that buying a bargain property while they are available as a smart move that offers a blue skies climate, laid-back lifestyle and culture that are going to be good for fulltime living.
30 March 2009
28 March 2009
Spanish property and the Ides of March
Crikey, it’s got to be serious for the jet-setting McBroon when George Sorus, the financial guru who made a billion dollars from betting against the pound in 1992’s Black Monday, says Britain may have to go cap in hand for an IMF bail-out.
Mr Soros said that Gordon Brown might have to go begging for billions of pounds in international aid after an auction of UK government bonds issue failed for the first time in 14 years, ringing alarm bells about Britain’s ability to fund its growing debts. The Governor of the Bank of England had issued a similar warning earlier.
This follows doubts about the recovery of the UK property market and planned demonstrations during the G20 Summit in London. Beware the Ides of March, the future is looking bleak as a result of the economy mismanagement.
Over 50s and pensioners are the most at risk from a prolonged recession and many are considering their futures in foreign climes such as Spain. Inquiries in February reached 300,000 for Spanish property alone – 20 percent higher month on month than last year. The living in Spain package is now sun, sand, sangria and fiscal security.
There has never been a better time to buy a property in Spain, with a rising number of distressed sales and Spanish bank repossessions. Spain is selling 100s of properties a day to Russians and north Europeans who have seen the writing on the wall so far as their national economies are concerned. Many Brits have been holding back, hoping for further price drops.
They won’t get better than the half price bargains available right now, some with generous mortgages.
Mr Soros said that Gordon Brown might have to go begging for billions of pounds in international aid after an auction of UK government bonds issue failed for the first time in 14 years, ringing alarm bells about Britain’s ability to fund its growing debts. The Governor of the Bank of England had issued a similar warning earlier.
This follows doubts about the recovery of the UK property market and planned demonstrations during the G20 Summit in London. Beware the Ides of March, the future is looking bleak as a result of the economy mismanagement.
Over 50s and pensioners are the most at risk from a prolonged recession and many are considering their futures in foreign climes such as Spain. Inquiries in February reached 300,000 for Spanish property alone – 20 percent higher month on month than last year. The living in Spain package is now sun, sand, sangria and fiscal security.
There has never been a better time to buy a property in Spain, with a rising number of distressed sales and Spanish bank repossessions. Spain is selling 100s of properties a day to Russians and north Europeans who have seen the writing on the wall so far as their national economies are concerned. Many Brits have been holding back, hoping for further price drops.
They won’t get better than the half price bargains available right now, some with generous mortgages.
23 March 2009
Air Miles for Ministers amid gloom
While McBroon Government Ministers build up their Air Miles points to convince other countries that Britain didn’t start the world financial collapse and their ideas on the solutions are to help all countries beat the recession, the gloom continues at home.
Even the Daily Mail group, the McBroons’ greatest critic, is feeling the pinch and firing 1,000 people just hours after exposing another Minister for having his nose in the home expenses trough. The newspaper had earlier had its say on the poacher turned gamekeeper, Lord Milner, who was hoodwinked by Sir Fred the Shred and his cronies at Royal Bank of Scotland.
So no changes for the better for the country’s over 50s trying to plan for their retirement futures, or even changes for the worse, as the Tories appear to be U-turning on their promise to scrap the death tax for all leaving less than a million pounds.
This confusion and uncertainty is driving more people towards a move to Spain, sensibly-run and in a better financial state than McBroon battered Britain. The British Ambassador to Spain Denise Holt appeared positive about the new property safeguards now introduced when she appeared on BBC Breakfast TV this morning.
She warned Brits planning to move to Spain to take professional advice, learn the language and join the local Age Concern branch. There are plenty of opportunities to do just that on the Google top ranked website for Spain or read the Ambassador’s blog
Even the Daily Mail group, the McBroons’ greatest critic, is feeling the pinch and firing 1,000 people just hours after exposing another Minister for having his nose in the home expenses trough. The newspaper had earlier had its say on the poacher turned gamekeeper, Lord Milner, who was hoodwinked by Sir Fred the Shred and his cronies at Royal Bank of Scotland.
So no changes for the better for the country’s over 50s trying to plan for their retirement futures, or even changes for the worse, as the Tories appear to be U-turning on their promise to scrap the death tax for all leaving less than a million pounds.
This confusion and uncertainty is driving more people towards a move to Spain, sensibly-run and in a better financial state than McBroon battered Britain. The British Ambassador to Spain Denise Holt appeared positive about the new property safeguards now introduced when she appeared on BBC Breakfast TV this morning.
She warned Brits planning to move to Spain to take professional advice, learn the language and join the local Age Concern branch. There are plenty of opportunities to do just that on the Google top ranked website for Spain or read the Ambassador’s blog
16 March 2009
Cleaned out stables, property sanity?
As house prices in the UK soared annually for more than a decade, confident house-owners re-invested their “profits” from their homes into a place bigger and better, taking on greater financial commitments and working harder to meet the repayments, like mice on a treadmill.
It’s not worked, cue the current credit crunch and economic crisis that has seen property markets collapse in the UK and some other countries, like Spain…
Mortgage interest rates have dropped from 18% to the present zero percent, so isn’t it time to restore some sanity to the property market where house prices were growing at 10% a year in some parts of the UK and are now in reverse gear.
Measuring the family worth against the value of the family home and going on a spending spree on the strength of the assumed selling price has proved to be disastrous and a big factor of the current economic crisis.
The reckless mortgage banks are going to be reigned in by Governments, even when they start lending again on any scale, and this probably means a minimum deposit of 25% for all buyers, a good benchmark on whether the planned house purchase is really affordable.
If interest rates can be kept really low, this means lower mortgage repayments and increased spending power to help revive the economy and replace the lost jobs.
Sounds simple and should work, remembering the current recession was caused by reckless banks doing dodgy deals they didn’t really understand and the s0-called light-touch regulators letting them get away with it.
If the G20 Ministers decide to start from economic ground zero and begin cleaning out the Augean stables of the guilty banks and regulators that could be the signal for house-owners to follow suit. A house that is a home rather than a wealth generator, as recognised by families in America and most European countries, would result in more disposable income and a better lifestyle for Brits.
And if they do want to buy another property in the UK or a tempting second home in a sunshine state like Spain, the prices would likewise be lower and not driven ever higher as in the last decade. They are plenty of well-built, key ready bargains in Spain at prices on average 25% lower than the peak of two years ago.
Long may that remain the case, long might sanity be maintained as a result?
The BBC have good economic coverage listen to the latest.
It’s not worked, cue the current credit crunch and economic crisis that has seen property markets collapse in the UK and some other countries, like Spain…
Mortgage interest rates have dropped from 18% to the present zero percent, so isn’t it time to restore some sanity to the property market where house prices were growing at 10% a year in some parts of the UK and are now in reverse gear.
Measuring the family worth against the value of the family home and going on a spending spree on the strength of the assumed selling price has proved to be disastrous and a big factor of the current economic crisis.
The reckless mortgage banks are going to be reigned in by Governments, even when they start lending again on any scale, and this probably means a minimum deposit of 25% for all buyers, a good benchmark on whether the planned house purchase is really affordable.
If interest rates can be kept really low, this means lower mortgage repayments and increased spending power to help revive the economy and replace the lost jobs.
Sounds simple and should work, remembering the current recession was caused by reckless banks doing dodgy deals they didn’t really understand and the s0-called light-touch regulators letting them get away with it.
If the G20 Ministers decide to start from economic ground zero and begin cleaning out the Augean stables of the guilty banks and regulators that could be the signal for house-owners to follow suit. A house that is a home rather than a wealth generator, as recognised by families in America and most European countries, would result in more disposable income and a better lifestyle for Brits.
And if they do want to buy another property in the UK or a tempting second home in a sunshine state like Spain, the prices would likewise be lower and not driven ever higher as in the last decade. They are plenty of well-built, key ready bargains in Spain at prices on average 25% lower than the peak of two years ago.
Long may that remain the case, long might sanity be maintained as a result?
The BBC have good economic coverage listen to the latest.
15 March 2009
Sussex G20 summit points to Spain
The world finance ministers summit in Sussex called by the UK’s McBroon Government wasn’t much of a confidence builder as many of the G20 delegates paid lip service only to a “new deal” communal approach to solving threats to our fiscal wellbeing.
There was loads of jaw-jaw, but little likelihood of changes in the international law-law, to end the current crisis and prevent another with the setting up of a world-wide regulator to watch over the ongoing antics of the bankers and failed regulators, the SFA in the UK and SEC in the US.
So at street level it’s every man for himself then, as the current McBroon efforts don’t seem to be working terribly well with few people feeling any degree of confidence in their own financial futures. If interest-free mortgages and printing billions of extra pounds doesn’t get the system going we may have the twin evils of “Inflation” or “Deflation” to deal with as jobs, pensions and savings flush down the pan.
Some experts say the former sends the price of goods soaring, buying power crashing and deters investment and saving.
With deflation, shops prices come down, spending power goes up, but jobs, shares and house prices goes down. Think Great Depression in the Thirties and Japan in the Nineties.
The pundits, like our political masters know not which way the dice will fall in the great gamble at the troubled McBroon Casino.
Whichever way it goes, the worst hit are likely to be people in their Fifties thinking about retirement as annuity rates crash and share holdings weaken because the FT Index is way down and showing little sign of early recovery.
Pensioners may benefit from lower mortgage debt, but lower interest rates does not help them make ends meet. In fact the Institute of Fiscal Studies (IFS) reckons they spend more of their budget on food and heating, items that continue to increase in price.
So what to do and where to go for the over-50s?
Think about moving to Spain for British winters or even fulltime, as the cost of living is a third less than the UK and the sun shines 300 days of the year. Medicare is as good as the UK and the healthier lifestyle may mean you need less of it? The Spanish Government have managed their economy better and have billions put away for the rainy season that is upon us.
Property prices have crashed and 1,000 people a day buy a home in Spain, more than in the UK, even in the good times. There are some excellent Spanish bank repossessions in stable residential areas close to the beach and a good road and rail system means the wonderful Spanish culture can be explored if sitting on the terrace becomes too boring.
You can keep up with the latest economic news back home in Blighty as you read the day’s Telegraph or Daily Mail on the train or under a shady poolside palm tree.
There was loads of jaw-jaw, but little likelihood of changes in the international law-law, to end the current crisis and prevent another with the setting up of a world-wide regulator to watch over the ongoing antics of the bankers and failed regulators, the SFA in the UK and SEC in the US.
So at street level it’s every man for himself then, as the current McBroon efforts don’t seem to be working terribly well with few people feeling any degree of confidence in their own financial futures. If interest-free mortgages and printing billions of extra pounds doesn’t get the system going we may have the twin evils of “Inflation” or “Deflation” to deal with as jobs, pensions and savings flush down the pan.
Some experts say the former sends the price of goods soaring, buying power crashing and deters investment and saving.
With deflation, shops prices come down, spending power goes up, but jobs, shares and house prices goes down. Think Great Depression in the Thirties and Japan in the Nineties.
The pundits, like our political masters know not which way the dice will fall in the great gamble at the troubled McBroon Casino.
Whichever way it goes, the worst hit are likely to be people in their Fifties thinking about retirement as annuity rates crash and share holdings weaken because the FT Index is way down and showing little sign of early recovery.
Pensioners may benefit from lower mortgage debt, but lower interest rates does not help them make ends meet. In fact the Institute of Fiscal Studies (IFS) reckons they spend more of their budget on food and heating, items that continue to increase in price.
So what to do and where to go for the over-50s?
Think about moving to Spain for British winters or even fulltime, as the cost of living is a third less than the UK and the sun shines 300 days of the year. Medicare is as good as the UK and the healthier lifestyle may mean you need less of it? The Spanish Government have managed their economy better and have billions put away for the rainy season that is upon us.
Property prices have crashed and 1,000 people a day buy a home in Spain, more than in the UK, even in the good times. There are some excellent Spanish bank repossessions in stable residential areas close to the beach and a good road and rail system means the wonderful Spanish culture can be explored if sitting on the terrace becomes too boring.
You can keep up with the latest economic news back home in Blighty as you read the day’s Telegraph or Daily Mail on the train or under a shady poolside palm tree.
11 March 2009
Investors return to the Costa del Crook
There are signs of life returning to the Costa del Sol property market, where crooked mayors, lawyers and developers got their come-uppance for the decade when they were kings of the Costa, handing out planning licences and largesse and helping themselves to millions of graft euros in the process.
They are disgraced and/or jailed and the new central government installed council running Marbella has cleaned out the stables and is now restoring confidence in the market, where there are many distressed bargains for savvy investor buyers.
Things are also looking safer and better in these nearby troubled areas:
Alhaurín el Grande – Where the PP party is at the centre of the Troya case.
Estepona – Where the Socialists face the Astapa case.
Manilva – Ballena Blanca money laundering case affects the local PDEM party
Gaucín - Ex Partido Andalucista Mayor banned from public office for seven years.
Cómpeta - Where the PP ex Mayor has been banned for seven years.
Tolox and Ojén - Prosecutor wants to see both Mayors from the Partido Andalucista and PSOE Socialist party serve two years in prison.
Ronda – Merinos case the left wingers IU have complained about the PA.
La Viñuela – The Socialist Mayor faces a possible 18 months jail.
Sayalonga – The Socialist Mayor is charged.
The investors are returning and some are seeking multiple buys at knock-down prices and this can help kick start the market again. One group, who have been in touch, will buy packages of ten 2-bed apartments and packages of twenty 1-bed apartments in prime locations along the Costa.
Any banks or sellers with suitable bargains should contact the main brokers involved.
They have spotted the very real opportunities to buy “distressed” property at heavily discounted prices coupled with the lure of the sun, the golf and crystal blue water. However, it’s clear that these informed buyers will hold their “Caveat Emptor” banner high in the air – they will not be conned, ripped off or mislead by a dodgy Town Hall official – they will do their due dilligence to satisfy themselves that the victim culture has ended in the Costa del Sol.
They are disgraced and/or jailed and the new central government installed council running Marbella has cleaned out the stables and is now restoring confidence in the market, where there are many distressed bargains for savvy investor buyers.
Things are also looking safer and better in these nearby troubled areas:
Alhaurín el Grande – Where the PP party is at the centre of the Troya case.
Estepona – Where the Socialists face the Astapa case.
Manilva – Ballena Blanca money laundering case affects the local PDEM party
Gaucín - Ex Partido Andalucista Mayor banned from public office for seven years.
Cómpeta - Where the PP ex Mayor has been banned for seven years.
Tolox and Ojén - Prosecutor wants to see both Mayors from the Partido Andalucista and PSOE Socialist party serve two years in prison.
Ronda – Merinos case the left wingers IU have complained about the PA.
La Viñuela – The Socialist Mayor faces a possible 18 months jail.
Sayalonga – The Socialist Mayor is charged.
The investors are returning and some are seeking multiple buys at knock-down prices and this can help kick start the market again. One group, who have been in touch, will buy packages of ten 2-bed apartments and packages of twenty 1-bed apartments in prime locations along the Costa.
Any banks or sellers with suitable bargains should contact the main brokers involved.
They have spotted the very real opportunities to buy “distressed” property at heavily discounted prices coupled with the lure of the sun, the golf and crystal blue water. However, it’s clear that these informed buyers will hold their “Caveat Emptor” banner high in the air – they will not be conned, ripped off or mislead by a dodgy Town Hall official – they will do their due dilligence to satisfy themselves that the victim culture has ended in the Costa del Sol.
1 March 2009
Going's good for pensioners...
Every reduction in the Pound’s bank rate announced by the Bank of England is welcomed by mortgage borrowers struggling to pay today’s bills, but is unwelcome to pensioners struggling to pay today’s bills and those coming each week to the end of their lives…
The lowest bank rate for 50 years, maybe, but ironic to the only people in Britain who can remember it - because it doesn’t help them at all. They can’t live off the State pension, while their private pension or annuity depends on good numbers from public companies whose recessional profits are sinking fast.
Rip-off Britain, where everything seems to cost much more compared with America and G8 countries, is getting cheaper on the High Street as stores struggle to survive.
Come the end of the recession and the shop prices will go back up, along with VAT, National Insurance contributions, personal tax, green taxes, insurance premiums, motoring and travel costs. This will create an even bigger dilemma for pensioners, whose savings and pensions have already been decimated and when too old and too ill for much else, throw themselves on the mercy of the National Health or local authority care of the elderly services.
More pensioners than ever are looking at quitting unaffordable Britain and most of them are exploring prospects in Spain where the cost of living is one third lower, life is slower and diet is healthier with people living longer a result.
Motoring, housing and heating costs are nearly half those of the UK and amenities for oldsters are often better, specially in the new breed of activity resorts for the over 50s that combine health clinics, spa and slow sports with easy to run homes designed for immobility present or future. All this and 300 days of sunshine a year, cheap flights back to Blighty when necessary and UK state pension collectable in full from the nearest Spanish post office or bank.
2009 is looking like the best year yet to buy a nice house for retirement or semi retirement in Spain as the prices have sagged to the levels of five years ago and if you need a top-up mortgage, the bargain prices should ensure low, affordable repayments.
Downsize, sell-up completely or rent out the place in UK to produce cash to fund a Spanish purchase or pay the Euro mortgage. Many retirees thinking seriously about the prospect talk to these specialists who have 1,000s of suitable bargain “retirement” properties and helpful affiliates across Spain and good contacts with Spanish banks.
Look at your financial situation and if unconvinced on the viability of the UK, get out while the going’s good, enjoy sunnier days and a lifestyle that helps people live happier for longer.
The lowest bank rate for 50 years, maybe, but ironic to the only people in Britain who can remember it - because it doesn’t help them at all. They can’t live off the State pension, while their private pension or annuity depends on good numbers from public companies whose recessional profits are sinking fast.
Rip-off Britain, where everything seems to cost much more compared with America and G8 countries, is getting cheaper on the High Street as stores struggle to survive.
Come the end of the recession and the shop prices will go back up, along with VAT, National Insurance contributions, personal tax, green taxes, insurance premiums, motoring and travel costs. This will create an even bigger dilemma for pensioners, whose savings and pensions have already been decimated and when too old and too ill for much else, throw themselves on the mercy of the National Health or local authority care of the elderly services.
More pensioners than ever are looking at quitting unaffordable Britain and most of them are exploring prospects in Spain where the cost of living is one third lower, life is slower and diet is healthier with people living longer a result.
Motoring, housing and heating costs are nearly half those of the UK and amenities for oldsters are often better, specially in the new breed of activity resorts for the over 50s that combine health clinics, spa and slow sports with easy to run homes designed for immobility present or future. All this and 300 days of sunshine a year, cheap flights back to Blighty when necessary and UK state pension collectable in full from the nearest Spanish post office or bank.
2009 is looking like the best year yet to buy a nice house for retirement or semi retirement in Spain as the prices have sagged to the levels of five years ago and if you need a top-up mortgage, the bargain prices should ensure low, affordable repayments.
Downsize, sell-up completely or rent out the place in UK to produce cash to fund a Spanish purchase or pay the Euro mortgage. Many retirees thinking seriously about the prospect talk to these specialists who have 1,000s of suitable bargain “retirement” properties and helpful affiliates across Spain and good contacts with Spanish banks.
Look at your financial situation and if unconvinced on the viability of the UK, get out while the going’s good, enjoy sunnier days and a lifestyle that helps people live happier for longer.
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