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MSE News: Nationwide says house prices at 2008 levels
Former_MSE_Natasha
Posts: 672 Forumite
This is the discussion thread for the following MSE News Story:
"House prices rose by 0.9% during September, the fifth successive monthly increase, according to Nationwide Building Society.
The mortgage lender says typical values are now at exactly the same level as September 2008 ..."
"House prices rose by 0.9% during September, the fifth successive monthly increase, according to Nationwide Building Society.
The mortgage lender says typical values are now at exactly the same level as September 2008 ..."
Read the full story:
Nationwide: house prices at 2008 levels
Nationwide: house prices at 2008 levels
ps. The thread had started before the news story was published so we've merged the threads to prevent duplication. Thanks to Dan: for the original post.
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Comments
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Oh dear. What a disaster this year has been, it looks like 2009 will finish higher then 2008.
http://www.nationwide.co.uk/hpi/historical/Sep_2009.pdf0 -
And front page news on the BBC:
House Prices 'back to 2008 level'
UK house prices have now recovered to the same level as a year ago, according to the latest Nationwide figures. The average price of a home last month was equal to September 2008, it said.
The building society said that UK house prices rose by 0.9% in September compared with August, the fifth consecutive monthly increase.
Nationwide said the price rises suggested that the worst of the recession was over. But it warned the rate of price increases may now slow.
http://news.bbc.co.uk/1/hi/business/8286028.stm0 -
Monthly data is just noise.
Wait for the unemployment figures to hit.
It's going to be a long, hard winter.
I only look at Land Registry stats.
This is a sign that the housing market is back to normal. Get in now before it's too late.
You bears have missed the boat.
You can't compare anything at this level of transactions.
Wait until interest rates rise.
Etc. Etc. Etc.
I'm still sticking my complex, financial theory that people love houses, they are still a bit cheaper now than they have been for a while, hence these rises.0 -
Monthly data is just noise.
Wait for the unemployment figures to hit.
It's going to be a long, hard winter.
I only look at Land Registry stats.
This is a sign that the housing market is back to normal. Get in now before it's too late.
You bears have missed the boat.
You can't compare anything at this level of transactions.
Wait until interest rates rise.
Etc. Etc. Etc.
I'm still sticking my complex, financial theory that people love houses, they are still a bit cheaper now than they have been for a while, hence these rises.
HOUSE!:beer::beer:In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
Mind your eye.....
Martin Gahbauer, Nationwide's chief economist, said the latest rise in home
prices was consistent with improvements in a broad range of economic indicators that suggest the most intense period of the recession has passed.
"However, given that the housing market still faces considerable headwinds in the form of high unemployment, restrictive credit conditions and an impending withdrawal of the stamp duty holiday, it would be surprising to see house prices continuing to increase at the very strong rate seen in recent months," he said in a statement.
Gahbauer said one reason to be cautious about the outlook for house prices was that sales remained well below normal levels. Recent market indicators show house prices have been supported by a combination of pent-up demand and a shortage of property for sale on the market.
The downturn in housing turnover over the last two years has prompted many home movers to let their old properties out rather than sell, creating many so-called accidental landlords, he said. Consequently, house prices have risen but rents are lower than where they started the year.
"Over recent months the increase in accidental landlords seems to have tapered off, which may indicate that some of this elevated rental supply is returning to the sales market, with possible negative implications for house prices," he said.Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
(MSE Andrea says ok!)0 -
:beer:0 -
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And front page news on the BBC:
House Prices 'back to 2008 level'
Woo Hoo.:j
Year on Year positive on the first major national index.
(some of the regional ones already went YoY positive last month)
:beer:
*the "woo hoo" is not something I'd normally say, but seeing as how Graham keeps crediting me with it I thought I'd try one on for size.“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 -
I still don't understand the fixation with MOM figures (on both sides).
I'd rather stay out of the baiting and concentrate on YOY LR figures for my area.
why don't the rest of yez do the same?0
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