Latest news with #MikeJones
1News
24-06-2025
- Business
- 1News
Another major bank lowers house price expectations
Another major bank has revised down its forecast for how far house prices will increase this year. The first half of the year has been sluggish for the property market, with prices moving about half-a-percent, according to Cotality. ANZ revised its forecast down in May, and now BNZ says it, too, has lowered its expectations. Its chief economist Mike Jones said it now expected house prices would lift 2% to 4% over the calendar year, instead of the 5% to 7% it forecast previously. That would mean that prices would end the year about where they were in mid-2020. "We haven't changed any of our interest rate views. The Official Cash Rate and short-term mortgage rates are expected to fall a little further. We nevertheless still see the value in the mortgage fixing decision as tilted more toward longer fixed terms." ADVERTISEMENT Lower mortgage rates were creating activity in the housing market, but the recovery was "creaky and tentative," he said. Jones said while 15% more houses were selling than the same time last year, about in line with the long-term average, there was still a large number of homes available for sale. That meant buyers had a lot of choice and did not have to bid up prices to secure a property. "Unsold inventory remains around 10-year highs. Buyers have both more time and more choice. Recent local council property (de)valuations in Wellington and now Auckland just reinforce this tilt in the balance of market power." He said the excess inventory could take longer to work through than some people expected because of a "demand sag" in the middle of the year. The labour market was also weak and migration soft. Jones said he expected prices to lift 5% next year.
RNZ News
23-06-2025
- Business
- RNZ News
Another major bank lowers house price expectations
BNZ now expects house prices to lift 2-4 percent over the calendar year. Photo: RNZ / Alexander Robertson Another major bank has revised down its forecast for how far house prices will increase this year. The first half of the year has been sluggish for the property market, with prices moving about half-a-percent, according to Cotality. ANZ revised its forecast down in May, and now BNZ says it, too, has lowered its expectations. Its chief economist Mike Jones said it now expected house prices would lift 2 percent to 4 percent over the calendar year, instead of the 5 percent to 7 percent it forecast previously. That would mean that prices would end the year about where they were in mid-2020. "We haven't changed any of our interest rate views. The Official Cash Rate and short-term mortgage rates are expected to fall a little further. We nevertheless still see the value in the mortgage fixing decision as tilted more toward longer fixed terms." Lower mortgage rates were creating activity in the housing market but the recovery was "creaky and tentative", he said. Jones said while 15 percent more houses were selling than the same time last year, about in line with the long-term average, there was still a large number of homes available for sale. That meant buyers had a lot of choice and did not have to bid up prices to secure a property. "Unsold inventory remains around 10-year highs. Buyers have both more time and more choice. Recent local council property (de)valuations in Wellington and now Auckland just reinforce this tilt in the balance of market power." He said the excess inventory could take longer to work through than some people expected because of a "demand sag" in the middle of the year. The labour market was also weak and migration soft. Jones said he expected prices to lift 5 percent next year. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Rhyl Journal
23-06-2025
- Automotive
- Rhyl Journal
Rhyl: Almost 8,000 parking fines by council in last 2 years
On Thursday (June 26), the council's communities scrutiny committee will consider a report on its policies for designating parking restrictions, and how these are implemented and enforced. The report is now available to read on the council's website, as well as an appendix, which shows the number of PCNs issued by location from the council for 2023-24 and 2024-25. These comprise both on-street parking and council-run car park PCNs. Rhyl tops the list of most PCNs issued, with a total of 7,995 handed out by the council in this period. The overall number of PCNs issued was 14,648. The report has been compiled by the council's traffic and transportation manager, Mike Jones. It follows a request from the communities scrutiny committee to examine whether the council has 'effective policies and procedures in place for designating parking restrictions and for enforcement'. There are six staff members within the council's 'parking enforcement team' – this comprises one senior civil enforcement officer and five civil enforcement officers. The parking enforcement team is responsible for enforcing car parks as well as on-street parking restrictions through the issuing of PCNs. The levels of fine are set by central government. Mr Jones' report added: 'The parking enforcement team is a small team, responsible for covering the whole of the county, seven days a week. 'It's thus important that we maximise the officers' impact through deploying them in a range of locations across the county, whilst ensuring that enforcement doesn't follow a regular pattern. 'Parking restrictions are vital to ensure that parking is managed effectively, trying to keep roads safe use for all road users and ensuring a regular turnover of parking spaces to the benefit of local businesses. 'The cost of enforcement is typically similar to the revenue earned from issuing PCNs. 'It is important to note that the legislation does not permit us to set targets for enforcement officers in terms of numbers of PCNs issued. 'Any surplus income must be used for related services, such as car park maintenance.'
Yahoo
19-06-2025
- Sport
- Yahoo
Ex-Blues midfielder announces retirement from football
Former Carlisle United veteran midfielder Mike Jones has announced his retirement from football at 37-years-old. Jones, signed by Keith Curle in 2016, made 158 appearances and scored three goals for the Cumbrians. Advertisement The midfielder left Carlisle in May 2020 at the end of his deal after the league season was brought to an early close due to the coronavirus pandemic. Jones started his career by going through the youth ranks at Tranmere Rovers before signing his first professional contract in 2008. He has also played for Shrewsbury Town, Bury, Sheffield Wednesday, Crawley Town, Oldham Athletic, Barrow and Chesterfield, helping them win promotion from the National League in 2024. Jones, only featured in five games this campaign and was withdrawn from the Spireites' squad list for the rest of the League Two season, following surgery to his achilles. Advertisement In a post on X, he said: 'so the day has come to officially hang up the boots. 20 years of doing what I love most, what I dreamed of as a kid and what I worked so hard for. '623 professional appearances, 46 goals & 3 promotions. Blessed & grateful, time for the next chapter.'
RNZ News
18-06-2025
- Business
- RNZ News
One-year home loan rate falls - but should you take it?
Photo: RNZ Another bank has cut its one-year fixed term rate to 4.89 percent, the lowest advertised rate in the market. But should you take it? BNZ said on Wednesday morning it was cutting its one-year and six-month rates to 4.89 percent and 5.29 percent, respectively. Kiwibank is also offering a one-year rate at that level . BNZ chief economist Mike Jones said based on his forecasts, mortgage rates would be broadly the same or perhaps a little lower in 12 months' time. "But a year is a very long time, especially in the current environment where we are getting a new geopolitical event almost every week." He said Reserve Bank data seemed to show interest in the two-year rate, as a way to get some extra certainty. The main banks are all offering 4.95 percent for two years. "In March and April, demand for the two-year rate went from next to nothing to about a third of all fixing." Infometrics chief executive Brad Olsen said rates were likely to be about the same in a year's time, if people fixed for one year. The Reserve Bank did not expect rates to be increasing at that point. At present, its forecasts are for the official cash rate to fall to 2.85 percent in March next year before rising slightly to 3 percent the following year and remaining about there through 2028. Because the bank tends to move the rate in 25 basis point increments, this could in practice mean the rate stays on hold through that whole period. Olsen said the rate changes being announced by banks now were small and seemed to be about jockeying for position. He agreed with Jones that borrowers were fixing for one or two years now rather than floating or taking a six-month fix. He said that made sense in an environment where there was no current view that interest rates should increase, although there were questions about how much further they might fall given recent strength in food and energy prices. The drop in mortgage rates has made a significant difference to borrowers. A $500,000 home loan over 30 years at the peak rate of about 7 percent costs $717 a week. At 4.89 percent, that drops to $612. Someone who kept the payments the same when the rate dropped could take more than seven years off their loan term and save more than $120,000 in interest costs. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
