Get ready for 0.25% base interest rate rise tomorrow, says Nationwide

first_imgHome » News » Agencies & People » Get ready for 0.25% base interest rate rise tomorrow, says Nationwide previous nextAgencies & PeopleGet ready for 0.25% base interest rate rise tomorrow, says NationwideBut lender claims any ill effects on property market will be limited due to record low in number of variable rate mortgage holders.Nigel Lewis1st August 201801,069 Views Nationwide says it expects the base interest rate to increase by a quarter of a percent tomorrow when the Bank of England’s Monetary Policy Committee meets.But the lender says the widely-expected hike from 0.5% to 0.75% is unlikely to adversely influence the economy or the property market, and claims its impact is likely to be modest.“This is partly because only a relatively small proportion of borrowers will be directly impacted by the change,” says Robert Gardner, Nationwide’s Chief Economist (pictured, below).“The vast majority of new mortgages have been extended on fixed interest rates [and] the share of outstanding mortgages on variable interest rates – and which are therefore likely to see an increase in payments if Bank Rate is increased – has fallen to its lowest level on record, at c35%, down from a peak of 70% in 2001.”The prediction by Nationwide comes as the lender reveals that house prices are rising  by 2.5% annually, pushing up the average house price to £217,000, better than the 1% annual rise it predicted in January.Base interest rateMark Readings of online estate agency House Network says: “We have had a surprisingly strong July; traditionally with the start of the school holidays and the good weather we see the market cool [and] with the World Cup thrown into the mix we were anticipating a slow month.“Maybe the feel-good factor of both the success of the England football team and the heatwave has had a positive impact on the housing market.”Jonathan Hopper, MD of Garrington Property Finders (pictured, right), says: “It’s tempting to see such a meandering market as the fruit of a cautious consensus. Instead it’s a by-product of the collision of three conflicting forces; pent-up demand, low supply and patchy confidence.” Mark Readings Garrington Property Finders Jonathan Hopper Nationwide house network Robert Gardner August 1, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

Edible nut pricing

first_imgAlmonds: There are two strong and opposing forces at work on almond pricing: the new Californian crop looks set to be by far the largest ever, and may come in at over 900,000mt; and demand for almonds is certain to rise globally, for no other reason than prices at current levels remain extremely good value in comparison with other nut products.Walnuts: A recent estimate on the new Californian crop has confounded previous hopes for a large US supply into 2012. The estimate is for 485,000 short tons vs 503,000 short tons this current crop, which will fill no-one with any confidence that an increase in global demand will be catered for. On the up side, China looks set to deliver a larger new crop.Cashews: Unexpectedly high prices look, in the short term, to have seriously damaged demand. US buying interest has dropped (year-on-year) since May. And a weaker euro against the dollar is pushing imported replacement prices yet higher into Europe.Pecans: Prolonged drought has continued across the southern US states and is seems likely that the 2011-12 crop will struggle to exceed the latest US new crop of 277m lb. Mexico is also suffering from drought and looks unlikely to exceed 100m lb.Brazils: With so few origin options and with such strong domestic demand there is every chance that supply will simply run out at some point before the start of the new season next May/June.l Based on information provided by RM Curtis.last_img read more

New Market.

first_imgResearchers have found a new niche market for Georgia farmers:selling ornamentals to florists.For the past year and a half, Amy Carter has been attendingfloral seminars and visiting Georgia wholesale florists and trendyAtlanta flower shops.A research coordinator with the University of Georgia Collegeof Agricultural and Environmental Sciences, she’s been assessingthe industry’s opinion on Georgia-grown ornamentals.While conducting tours on the Coastal Plain Experiment Stationin Tifton, Ga., Carter and her colleagues, including lead scientistJohn Ruter, stumbled on the idea of selling winged elm branchesand other Georgia ornamentalsThe Garden Club Ladies Love It”Every time the garden club ladies visit, they just ‘ooh’and ‘ah’ over the winged elm trees and say how wonderful theywould look in floral arrangements,” Carter said. “Afterhearing so many comments, well, we finally took the hint.”Carter was determined to find a way for Georgia farmers toenter this type of speciality market. She works alongside UGAresearchers in Tifton who are constantly searching for new cropsand new markets for Georgia farmers.”We focus on finding crops farmers can grow in their off-seasonsand crops they can grow on unproductive land where they can’tgrow the more traditional row crops, such as cotton or peanutsor corn,” Carter said.To determine whether there is a market for winged elm, Carterhas been surveying Georgia florists shop by shop. The branchescompare to those of the curly willow tree, a nonnative plant floristsuse.”I just walk into a flower shop and ask, ‘what do youthink of this?'” she said. “And all the florists I’vetalk to have said they’d love to use it in arrangements and dishgardens. Then they immediately ask where they can buy some.”Sold By The BundleAfter searching over hundreds of floral Web pages, Carter determinedthe winged elm branches could easily sell for $8 to $10 a 10-stembundle. Using these figures, an acre of 1,900 plants would gross$11,000 in a year after just one year in the field, she said.”I was also amazed to see that florists pay $6 for a bunchof millet heads,” she said. “And as far as I could tell,there are no Georgia suppliers for them or any other dried orpreserved floral product. I did find a wholesaler in Albany thatbuys grapevine wreaths and cedar roping this time of year froma Georgia grower.”Carter said the selling price of the winged elm branches isbased on the length of the stem.The next step of the project is for UGA researchers to developproduction methods and work with Georgia farmers to plant wingedelm on farm plots.”You have to consider what the farmer is dealing within his other crops and how easily this would be adaptable,”Carter said. “We want to introduce them to something newand make it as painless as possible. I would really love to seeGeorgia farmers as excited about this new crop as I am.”Native Grass Turns Heads, TooWinged elm isn’t Carter’s only new crop project. She’s alsolooking into marketing muhly grass, a native grass.”It’s just gorgeous,” Carter said. “In October,it has a pinkish purple flowering head that just catches the sunlight.In south Georgia, you notice it growing in low areas along theroadsides.”Like winged elm, muhly grass already has a fan club in Tifton.”We planted some here, and in the fall it’s everyone’sfavorite,” she said. And you guessed it. Carter bundled itup and hit the florist’s trail.”It’s definitely another one people just go crazy over,”she said. “They’re already asking, ‘What is that and wherecan I get some?'”last_img read more

Bernstein analysts say Mountain Valley, Atlantic Coast pipeline projects may not get finished

first_imgBernstein analysts say Mountain Valley, Atlantic Coast pipeline projects may not get finished FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Even with 10 Bcf/d of new pipeline capacity added in the past 15 months, Appalachia’s pipeline buildout may be finished, putting the completion of late comers such as the EQM Midstream Partners LP-led Mountain Valley Pipeline LLC project and the Dominion Energy Inc.-led Atlantic Coast Pipeline LLC project in doubt, analysts at the investment management company Sanford C. Bernstein & Co. LLC told clients Jan. 24.“We had anticipated that building through [North Carolina and Virginia] would be difficult,” Bernstein’s midstream analyst Jean Ann Salisbury said in a research note. “The perfect combo of no major recent new pipelines and no state upstream benefit usually leads to problems —just ask [Williams Cos. Inc.’s Constitution Pipeline Co. LLC].”The costs of the 2-Bcf/d Mountain Valley pipeline and the 1.5-Bcf/d Atlantic Coast pipeline have grown to $4.6 billion and $7 billion, respectively, Bernstein said. These increases may force the operators to charge too high a tariff and make them uncompetitive, according to the firm.“This translates to $1.30-$2.60/MMBtu, almost certainly more than the cost differential to source from another basin,” Bernstein said. “To us this suggests that we are nearing the end of the buildout period, and even that possibly only one of these projects will ultimately get done.”Bernstein said that while producers in the dry gas portion of the Marcellus and Utica shales in northeast Pennsylvania will begin to bump up against a cap on takeaway capacity sometime this year, producers in the southwest portions of Appalachia have lots of running room. With capacity currently available out of both Appalachian regions, producers can look forward to better price realizations, Bernstein said, which is good for companies such as Cabot Oil & Gas Corp., Range Resources Corp. and Southwestern Energy Co. However, Bernstein said, there is a danger that the more Marcellus gas is on the national market, the further national prices will fall.More ($): Appalachian pipeline buildout looks to be ending, Bernstein analyst sayslast_img read more

Weekend Pick: Shenandoah Mountain 100

first_imgWhen Labor Day became an official national holiday to placate unions in 1894, few could have predicted it would become the spectacle it is today. Think about how far the world has come in the past 120 years: internal combustion engine, telephone, indoor plumbing, Twinkies, the return of Twinkies, etc. Plus, we finally have a point in time after which it is no longer acceptable to wear white. But there is one thing that has stayed the same throughout the history of Labor Day: Americans taking the first Monday of September to sit on their lazy butts, drink beer, eat barbeque, and not work. It may be because you work a physically taxing construction job, a mentally taxing IT job, or you are just depressed that Labor Day marks the end of Summer on most calendars.This is the American Way, and it’s a good way. Heck, it’s gotten us through over a century of first-September-Mondays so why stop now? I’ll tell you why: this country needs a change. We should be through with celebrating holidays by doing just the opposite of what the name suggests. No more blacking out on Memorial Day, no more not-being-the-leader-of-the-free-world on President’s Day, and no more sitting around over Labor Day weekend. This year, put some labor into that thing you love, whether it be hiking, fishing, kayaking, or mountain biking. A great way to get started in 2013 is at the Shenandoah Mountain 100.As the name suggests, the Shenandoah Mountain 100 is a 100-mile backcountry mountain bike race staged out of the Stokesville Campground outside Mt. Solon, Va. The race route snakes through the best trails in George Washington National Forest and includes nearly 14,000 feet of elevation gain. If you think you are up for the ride, online registration ends on Friday, August 30th, at 8pm so get online and sign up. For those not interested in pedaling 100 miles in a day, there are numerous volunteer opportunities. This is a great way to get involved in the race weekend without actually racing. Actually, it’s the only way: the campground is closed to non-racers and non-volunteers.The racers go off on Sunday morning, but the party starts on Friday at noon when the campground opens, and doesn’t end until Monday afternoon. If you have never been to a mountain bike festival or stage race, it is a good, good time, especially after the racing is done and the adult beverages start flowing.For more information on the race, and volunteering, visit the Shenandoah Mountain Touring website.View Larger Maplast_img read more

14 Nabbed in Suffolk Heroin Ring, DA Says

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A Holtsville couple accused of trafficking heroin from an alleged Brooklyn supplier to nearly a dozen dealers spanning Suffolk County were all rounded up this week after recently being indicted, authorities said.Kelly Mullen, 29, and her 57-year-old husband, Aaron Smith, the accused ringleaders, pleaded not guilty Wednesday to felony charges of operating as a major trafficker along with Miguel Vicente, the alleged supplier.“As many as five dealers a day came to this house, where five to 10 children live at any given time, to pick up their heroin,’ Suffolk District Attorney Tom Spota said. “When we arrived with a search warrant, there were bags of heroin scattered about, including heroin left next to the crib of Mullen and Smith’s daughter.”The bust was described as the biggest of its kind on eastern Long Island since more than 100 were rounded up in 2009, although several smaller rings have also been dismantled more recently, including one on the East End this winter.Prosecutors alleged that Vicente prepared kilos of the drug—which was later broken down into in tens of thousands of bags branded with the stamp “High Octane”—for street sales in Holbrook, Oakdale, Islip, Central Islip, Ronkonkoma, Shirley and Riverhead.Authorities also seized five ounces of powder and crack cocaine, $37,000 in cash, a $40,000 wristwatch and other jewelry when they executed search warrants on the suspects’ homes and cars.Spota added that Vicente, Mullen and Smith don’t use heroin themselves, but were motivated by greed.Bail for Vicente was set at $2.5 million cash or $7 million bond. Bail for Mullen and Smith was set at $1 million cash or $3 million bond, each. They face up to 25 years to life in prison on the trafficking charge.The trio and their alleged low-level dealers were all charged with conspiracy as well, and most were also charged with heroin possession. The couple was additionally charged with child endangerment.last_img read more

Broome County development agency votes ‘no’ on tax relief for proposed wind farm project

first_img(WBNG) — The board of the Broome County Industrial Development Agency, “The Agency”, voted against a $10.7 million tax relief for the proposed Bluestone Wind Farm in eastern Broome County. The vote was 5 to 3. Bluestone Wind LLC applied for a payment in lieu of a taxes grant that would have saved the company more than $10 million over 30 years. Bluestone could still seek out other forms of funding or the prject could be funded by the company itself. Initially, the project was expected to create more than 100 temporary jobs and seven full-time jobs. Those numbers fell to 70 temporary jobs and two full-time jobs. “We do have a required public hearing, and as well we always take comments from the community and any project and forward them to the board so I think it’s important to note that public comment and public opinion is something that is always a factor in every decision,” Duncan says. Executive Director of The Agency Stacey Duncan says public opinion always plays a role in these decisions. In addition to economic and public concerns, board members say preserving the natural beauty of the area and keeping its appeal to tourist is a reason they voted no on the releif.last_img read more

Owgeo Elks Lodge hosts antique and craft emporium

first_imgThis is the lodge’s first craft emporium. Organizers said they expanded the space that was originally made for the antique emporium to align with distancing guidelines and also fit in more vendors.  Organizer Anita Martin says it was important to the lodge to hold this event to bring in some added income due to some of their events getting canceled.  OWEGO (WBNG) — The Owego Elks 1039 held an antique and holiday craft emporium today. “It gives the crafters, the artisans, the direct salespeople an opportunity to sell their products for the holidays,” Martin said.center_img Martin also says the lodge has plans to hopefully do another craft emporium in the spring. The Lodge hosted 40 different vendors including different crafters, artisans, and direct sales companies. last_img read more

You’ve listed your home and the offers aren’t pouring in, should you drop your price?

first_imgSarah Hackett said price wasn’t always the problem.“I have seen many homes marketed poorly, so sometimes price isn’t always the problem.“It is important to do the work up front with your agent and educate yourself on the most recent sales and more importantly, know what is on the market and what is direct competition to your property. This should provide a list of comparable sales to give to your buyers.”Ms Hackett said it was important to present the home in the best possible light to achieve the best possible price.“If your property is listed at a price and you haven’t received an offer within the first six weeks it would be advised to go over the recent sales since the home has been listed and then re-evaluate the price,’’ she said.“This is no reason to panic but doing this with your agent will give you more market knowledge and information to pass onto prospective buyers. “After 90 days, it is recommended to reassess the strategy, marketing and price. It is time to make some changes. Send a clear message to the market place that you have shifted gears and you’re ready to sell.” If the offers don’t come rolling in, should you drop your asking price?YOU’VE listed your house for sale and the offers aren’t pouring in like you thought they would, should you ever drop your price?We’ve asked three of Brisbane’s top agents what they think: Matt Lancashire — Ray White New Farm “Unfortunately most agents think the first thing a vendor should do is drop their price if the property hasn’t sold quickly,’’ he said.“This is actually the last thing an agent should recommend. In my opinion there are only four actors as to why properties don’t sell.’’ Marketing. Many properties are under exposed because people don’t want to pay the cost of marketing. Exposure generates more inquiry and creates competition, which in turn will help push price. Presentation. Is the home looking its best? More than half of the properties we present to market have a furniture package. This is a crucial component to achieving a record price. The Agent. Has the agent done there job? Have they gone over and above with the activities or are they solely waiting on the buyers to come to them? The days of waiting on the buyer to come to you are gone. Agents need more accountability around the activities to generate inspections for their clients. You shouldn’t need to drop your price if you get it right at the start, according to Matt Lancashire. Price. Get it right at the start. Agents should present sellers with a list of recent comparable sales. If listing with a price, then it should reflect the most recent area sales, or be marketed without a price. It is crucial that both the agent and sellers expectations are inline.After all that Mr Lacashire said it a deal wasn’t done within 30 days and what buyers are prepared to offer is not in line with what the owners want, then it was important to assess if everything had been done and if the price needed to be reviewed. Joseph Lordi of Queensland Sotheby’s International Realty More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North2 hours agoNew apartments released at idyllic retirement community Samford Grove Presented by “Agents should pre-frame their vendors prior to launching the campaign about the potential need for a price reduction in the first few weeks,’’ he said.“If the market place is providing price feedback well below the advertised price or if the number of buyers through the open home are lower than average, we recommend to lower the price after the second or third week of open homes to avoid the property going stale in the market place and to maintain the momentum of the campaign.’’Mr Lordi said another option was to remove the price completely which in turn could build the inquiry level as well as the numbers through the open home.“Each case is also dependent on the price calibre of the property and the suburb the property is located in”. Sarah Hackett of Place Bulimba “There are two main reasons why a home has not sold. One, if the right person has not seen the property, which is to do with how well the agent markets the home. Or two, the buyers who are coming through do not believe it is good value compared to what else they are looking at. This obviously comes down to price,’’ she said.last_img read more

Oil giant BP laments impact of late AGM voting on investor engagement

first_imgOil giant BP has lamented the difficulty of engaging with its shareholders if voting intentions are only communicated immediately before or directly after an AGM.Emily Carey, head of governance, said the 2010 introduction of the UK Stewardship Code had seen many investors “stepping up and wanting more engagement”.But this engagement, she argued, also comes with a cost.“Interestingly, at the same, the votes are coming in later and later,” she said. “And also, disappointingly, we find that, if some investors aren’t voting with management, they don’t let us know until either the day of the meeting or the day afterwards, which makes engagement very difficult.” Failure to inform company management of intentions to oppose a shareholder resolution or abstain from voting is in breach of the Code, which says it is “good practice” to inform management of such a decision if a matter cannot be addressed through engagement.Carey, who was addressing a conference on engagement organised by the UK National Association of Pension Funds, spoke after the chairman of the Financial Reporting Council (FRC), Win Bischoff, warned against Stewardship Code signatories viewing it as a “tick-box” exercise.The former Lloyds Banking Group chairman said some signatories were “failing to properly comply with [the Code’s] requirements, or to adhere to the spirit of the principles”.“We see too often that managers have signed up to the Code just to ensure they are placed on owners’ shortlists,” he said.“It is obviously hard for us to know this conclusively, but the fact some signatories have failed regularly to update their statements implies that, for some, signing up is merely part of a tick-box process rather than a basis for good-quality engagement.“We need to find a fair, transparent means of encouraging managers to properly implement the Code.”Bischoff said the FRC had previously considered de-listing those signatories that failed to update statements on a yearly basis, something he said was “a drastic solution”.He later clarified that there was no intention on the part of the body to de-list those failing to file statements.During the same speech, the chairman also warned of the risk of European regulation on engagement.Discussing the proposed introduction of the Shareholder Rights Directive, he said: “If our principles-based system is found wanting, we will only have ourselves to blame if European legislation takes its place.”last_img read more