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Debate House Prices
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Land reg, up 0.8% December
ruggedtoast
Posts: 9,819 Forumite
I am surprised this hasnt been posted already. Maybe it has. I am exceptionally unobservant.
This hasnt gone down well over on hpc.co.uk
Hard pressed renters must be losing the will to live by now I would have thought.
Oh well, as long as houses are on the rise and wealthy pensioners are receiving billions of pounds in benefits then all is right with the world.
This hasnt gone down well over on hpc.co.uk
Land Registry @LandRegGov
Our December HPI shows a monthly increase of 0.8%. Average house price in England & Wales at £162,080. Full HPI out Tue 29 Jan #opendata
Hard pressed renters must be losing the will to live by now I would have thought.
Oh well, as long as houses are on the rise and wealthy pensioners are receiving billions of pounds in benefits then all is right with the world.
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Comments
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Bash bash bash.....:rotfl:
HPC gang 2013 off to bad start.......
Prices are going to rise big time this year.
Mortgage companies going to start fighting for business soon..
Told you before. We like making money...All this doom and gloom aint putting Range Rovers and wide screen TV's in peoples houses....Get the MEW'ing back.....
It's coming because we demand it.We love Sarah O Grady0 -
+1.4% YoY as well.
The price rises are accelerating.
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
ruggedtoast wrote: »Hard pressed renters must be losing the will to live by now I would have thought..
Shame mortgage rationing is still forcing millions of them to rent instead of buying then.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
The gates will open soon enough and we will see loads all going to buy a house - prices will rise for sure, I am foaming at the mouth thinking if seeing property rise0
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HAMISH_MCTAVISH wrote: »+1.4% YoY as well.
The price rises are accelerating.
Is that 1.4% inflation-adjusted or are you saying that house prices fell in real terms?0 -
Is that 1.4% inflation-adjusted or are you saying that house prices fell in real terms?
I'm saying that houses got more expensive, AND the price of most other goods rose even more.
How does that constitute a "fall", or help prospective buyers?“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
You appear to be responding to something I didn't say? I was asking for clarification on whether there was a real-terms increase or decrease in house prices. I presume from your response that the 1.4% isn't inflation adjusted therefore in real terms house prices fell.
Personally I think 1%-ish movement in either direction is meaningless noise as I've mentioned before. Still worth being clear in what we're talking about though.0 -
You appear to be responding to something I didn't say? I was asking for clarification on whether there was a real-terms increase or decrease in house prices. I presume from your response that the 1.4% isn't inflation adjusted therefore in real terms house prices fell.
Personally I think 1%-ish movement in either direction is meaningless noise as I've mentioned before. Still worth being clear in what we're talking about though.
I don't much agree with the terminology of "real terms", whether it be falls or rises.
House prices rose. Other things rose more.
There were no falls in price.
To suggest otherwise is misleading.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Adjusting for inflation isn't terminology, it's (very) basic economics.
An interesting article here illustrating the very real falls in real-term house values since the peak:
http://www.cityam.com/latest-news/allister-heath/outside-prime-london-house-prices-are-falling-back-earth
The average home in Britain sold for £163,910 in the third quarter, according to Nationwide. That is 11 per cent below the all time high reached at the height of the boom, when the average home was changing hands for £184,131 in the third quarter of 2007. But these figures are in nominal terms. Since then, inflation has substantially eroded the purchasing power of the pound.
The inflation-adjusted figures reveal that the peak to trough real terms decline has now reached around 24.2 per cent. Average house prices are back in real terms to levels last seen in the first quarter of 2003. In other words, all of the gains incurred over the past nine years have been completely wiped out. For most people in Britain, housing has been a poor investment over the past decade.
BTW don't make the mistake of thinking I am rooting for house prices to fall. In general I think sky-high house prices are a disaster however I try to manage my own finances so that I'm fairly neutral whichever way housing goes, I wouldn't fancy spending my life fretting over fractional increases or decreases in property value. And certainly wouldn't want to be cacking my pants over large changes either way.0 -
An interesting article .
Not really.
It's Alister Heath, a fairly notorious property bear, and he's wrong on so many levels.
Prices remain 10% below peak, not 24%.
You don't buy houses with some fictional, made-up, inflation adjusted currency.
You don't go to a vendor and say, "Despite the house next door selling for 10% less than peak last week, I'd like to pay you 24% less than peak, because I read somewhere that 'real terms falls' were that level".
In the current context, "real terms falls" means that houses stayed expensive, AND the cost of everything else went up as well.
It's of no help to those who deferred purchase hoping for falls, it's of no hindrance to those who bought in recent years (particularly as their mortgage will have "fallen" by an equal amount in "real terms") so it just seems a completely pointless measure.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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