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MSE News: Nationwide: House prices slip back
Former_MSE_Helen
Posts: 2,382 Forumite
"House prices fell 0.4% in September, although the housing market remains relatively stable, says Nationwide ..."
Read the full story:
Nationwide: House prices slip back
This thread is not in the 'discuss house prices and economy board' as that is only open to those logged into the forum so anyone coming from the news story may not be able to see it.
Nationwide: House prices slip back
This thread is not in the 'discuss house prices and economy board' as that is only open to those logged into the forum so anyone coming from the news story may not be able to see it.
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Comments
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Gardner adds: "House prices are still fairly high relative to people's incomes, at least by historic standards. There are also signs of supply constraints in the rental market.
Is this report for real, wages and house prices :mad: lets see adverage house price in excess of £160000 right so by old money 3.5 x your wage of what most earn min wage £6.19 x by adverage 40 hours = £12875 p/year so the mortgage on that is approx £45000. that will be a shed then.
It makes me wan't to scream the one's at the top are so out of touch and are desperate to try and stop the housing market from collapse :cool:.0 -
Revolution is like a diesel engine, you have to compress the mixture hard enough to cause the ignition. Living conditions are obviously not hard enough yet to cause a spontaneous proletarian uprising. The politicians just have to make life bearable to prevent ignition.0
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This article from MoneyWeek on the prospects for sterling has some interesting comments on UK house prices.It sounds on the surface as though central banks in Britain and the US are grappling with similar problems. They want their freshly minted money to flow through to homeowners, individuals, and businesses. But those greedy banks are using it to boost their profits instead. Who could have guessed such a thing would happen?
However, there’s a critical difference between the situation in the US and the situation over here.
In the US, mortgage rates are already cheap. In fact, the average rate on a 30-year fix (they have those in the US) hit a record low of 3.4% this week. Yes, it would be lower “if banks passed on the full drop in their funding costs,” as the FT notes. But it’s still a pretty impressive deal by anyone’s standards.
More to the point, house prices have also been allowed to fall. By most measures, prices are now at or below fair value. So the US housing market is already well-positioned for a recovery. It doesn’t actually need QE infinity to recover. There may not be a fresh housing boom any time soon, but nor is a second devastating crash a huge threat.
That means the banks are free to use QE infinity to boost their own profits. And the more profit the banks make, the healthier their balance sheets will be. The healthier the banks feel, the more inclined they’ll be to lend.
In Britain on the other hand, the only thing that’s keeping the housing market afloat is the constant intervention of politicians and the Bank of England. Our entire political system currently seems bent on recreating another housing bubble.
First we had Nick Clegg’s stupid idea about raiding pensions to pay for deposits. Now Ed Balls is talking about how he’d use (as-yet-unrealised) profits from selling off 4G licences to fund a stamp duty tax break. The horrible truth is that our politicians understand only too well that the average British voter’s view of how the economy is doing, boils down to whether or not their house rose in value last month or not.0 -
Lets hope they continue to fall till they are are affordable again.
In most of the country they are crashing, with London stalling could this be the end of the housing London bubble.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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In most of the country they are crashing
Lol, clearly you live on a different planet to the rest of us brit! :rotfl:
The clue was in the quote from Nationwide... "the housing market remains relatively stable."Every generation blames the one before...
Mike + The Mechanics - The Living Years0 -
MobileSaver wrote: »The clue was in the quote from Nationwide... "the housing market remains relatively stable."
I think with the averages it is steadily falling, the report shows you that.
http://www.nationwide.co.uk/hpi/historical/Sep_2012.pdf
What it doesn't show is the regional break down. We know with the figures being averaged that lots of areas are falling than more than 0.4% per month and they have been falling even when the monthly average was positive.
The house price crash is alive in many parts of the UK, lets hope the South and London catch up.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Gardner adds: "House prices are still fairly high relative to people's incomes, at least by historic standards. There are also signs of supply constraints in the rental market.
Is this report for real, wages and house prices :mad: lets see adverage house price in excess of £160000 right so by old money 3.5 x your wage of what most earn min wage £6.19 x by adverage 40 hours = £12875 p/year so the mortgage on that is approx £45000. that will be a shed then.
It makes me wan't to scream the one's at the top are so out of touch and are desperate to try and stop the housing market from collapse :cool:.
They might be a lot more than 3.5x minimum wage but then they always have been. According to both Halifax and Nationwide the long term average is just over 4x average salary (male fulltime) it is now about 5x according to Nationwide and 4.3x on Halifax. So high but not quite as high in relation to the past as is often made out.0 -
The house price crash is alive in many parts of the UK
You previously claimed house prices would fall by 50% by the middle of 2012 - you were wrong and have zero credibility. You just spout the same old nonsense about what you would like to happen in your fantasy world, it has nothing to do with the real world.
The Nationwide says "the housing market remains relatively stable", you say "in most of the country they are crashing". At best you are wrong again, at worst you are simply lying and making things up for your own gain. Your own signature has the Land Registry figures proving that house prices are doing anything but crashing - you really are a plonker. :rotfl:Every generation blames the one before...
Mike + The Mechanics - The Living Years0 -
MobileSaver wrote: »Lol, clearly you live on a different planet to the rest of us brit! :rotfl:
The clue was in the quote from Nationwide... "the housing market remains relatively stable."
The average price in Northern Ireland is down nearly 10% in the past 12 months alone (15% for Belfast), 60% since 2007. Of course N.I. is on another planet, just like Wales and Scotland.0 -
saverbuyer wrote: »The average price in Northern Ireland is down nearly 10% in the past 12 months alone
Just to be clear, you are trying to extrapolate from an area that accounts for 1.5% of UK house sales to prove that the Nationwide is wrong and that in fact the UK housing market is crashing after all? :rotfl:Every generation blames the one before...
Mike + The Mechanics - The Living Years0
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