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MSE News: House prices down 1.2% over year, says Halifax
Former_MSE_Helen
Posts: 2,382 Forumite
"House prices fell to £159,486 in September, representing a 1.2% fall on a year ago and a 0.4% drop month-on-month ..."
Read the full story:
House prices down 1.2% over year, says Halifax
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.
House prices down 1.2% over year, says Halifax
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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Great News, with Nationwide and Hometrack down as well. Shame Land Registry was breaking even rather than falling but it should go negative next month due to the data lag.
Falling house prices are good news for first time buyers, lets hope this housing bubble will really deflate now.
Average house prices have also fallen below the £160k barrier. :beer:
:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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What happened in the Iran/Contra affair?
Let's hire Oliver Norfth as consultant.
Secretly buy oil from Iran, for US$30 a barrel.
Sell it to BP for US$32, who refines it, then we tax the petrol and diesel in the normal way.
It will help with the deficit, reduce pump prices.
We'll just deny everything five years down the line,
when we have recovered, say they are building nuclear weapons, and tell Israel to invade Iran.0 -
Great News, with Nationwide and Hometrack down as well. Shame Land Registry was breaking even rather than falling but it should go negative next month due to the data lag.
Falling house prices are good news for first time buyers, lets hope this housing bubble will really deflate now.
Average house prices have also fallen below the £160k barrier. :beer:
I think Mervyn King should be retired and someone brought in to kick start the economy by increasing interest rates back up to at least 2%.
Very few new buyers are going to be able to buy any thing suitable to live in long term for the next 25 years if these prices hold.
All the talk about price recovery and so on... what do people think these houses are going to go up to?
The way things were going you'd need a mortgage for a garden shed. It just simply couldn't continue as average wages were way out of kilter with average house prices.
I know some places are selling as I've said on other threads but it's always someone with a large wad of capital maybe as a way of putting their kids through university without having to pay a landlord their university college loan fees. If you think about it, it makes sense.0 -
Great News, with Nationwide and Hometrack down as well. Shame Land Registry was breaking even rather than falling but it should go negative next month due to the data lag.
Falling house prices are good news for first time buyers, lets hope this housing bubble will really deflate now.
Average house prices have also fallen below the £160k barrier. :beer:
House prices have fallen - except for in London where they have risen 5% this year. So this news is no good for you, Brit.....:(
http://www.thisismoney.co.uk/money/mortgageshome/article-2209907/Land-Registry-House-prices-remain-unchanged-August.html0 -
breadlinebetty wrote: »House prices have fallen - except for in London where they have risen 5% this year. So this news is no good for you, Brit.....:(
Nor is it good for ordinary British people living in London trying to buy a home.
Rises in London are caused by foreign investors escaping the eurozone crisis.
The fact that you celebrate high house prices benefiting rich foreign investors on a BRITISH MONEY SAVING website baffles me.
Would you celebrate high food and fuel prices? No of course not. Housing/shelter is a basic human right just like food is.
We are currently in the process of buying a house and thankfully were we live house prices have dropped considerably, however once we have bought a house I will still celebrate drops in house prices because it means that my children and grand children won't be priced out of finding somewhere to live.
I have announced my vested interests (affordable shelter for my self and future generations) perhaps you should mention yours (I assume some kind of property portfolio).
And don't give me that clap trap of supply and demand/immigration, more houses have been built in the last 10 years than we have had than the immigration figures.
Perhaps you should watch this video about high house prices and why they mostly benefit banks rather than the ordinary people in Britain.
www>youtube>com/watch?v=Y4WmDoYJhnk
(replace > with .)
Ask yourself, how will your children and grand children afford a house in the future?0 -
I’m not sure you would feel the same if you were left with little or no equity and had no access to lower mortgage rates and unable to move. I personally think that a period of stagnation with real terms falls is the best way forward.
By the way prices have always been high in London in the 70s I had to move 35 miles out and commute.0 -
Doesn't matter what size typeface you use, that London figure is severely distorted by central London prices which are totally detached from the rest of the economy.
Take a look at real prices, in real areas of London where real people live. People are (eventually) reducing prices to get places shifted. This doesn't happen in a rising market.
Have wages in London gone up 5% this year, has mortgage lending gone up 5%?
No, http://www.moneyweek.com/news-and-charts/economic-indicators/inflation/05-wage-rises-inflation-indicator-00005, Looks like wages up 1.5% over the last year with inflation at 2.6%, so people are about 1% poorer.
And no, http://www.guardian.co.uk/business/2012/oct/02/bank-of-england-dats-shows-decline-mortgage-lending, mortgage lending down in August and down on last year and way down on the 2007 peak.
So where's the money coming from? Certainly not the real economy that we all have to live in.
That prices in one area are rising while they're declining elsewhere is indicative of a very worrying imbalance in our economy, both geographical and in terms of the actual businesses operating; not much manufacturing in the square mile.
If I were inclined to use large typefaces I'd be saying in big letters 'this is worrying'. But as Nick Ross (who recently sold his place in Notting Hill for £35 million) might say, don't have nightmares.0 -
This is an argument put forward a lot but in fact only a couple of boroughs have fallen either this month or this year even Tower Hamlets is up 4.1%.The_Earl_of_Streatham wrote: »Doesn't matter what size typeface you use, that London figure is severely distorted by central London prices which are totally detached from the rest of the economy.
Take a look at real prices, in real areas of London where real people live. People are (eventually) reducing prices to get places shifted. This doesn't happen in a rising market.
Have wages in London gone up 5% this year, has mortgage lending gone up 5%?
No, http://www.moneyweek.com/news-and-charts/economic-indicators/inflation/05-wage-rises-inflation-indicator-00005, Looks like wages up 1.5% over the last year with inflation at 2.6%, so people are about 1% poorer.
And no, http://www.guardian.co.uk/business/2012/oct/02/bank-of-england-dats-shows-decline-mortgage-lending, mortgage lending down in August and down on last year and way down on the 2007 peak.
So where's the money coming from? Certainly not the real economy that we all have to live in.
That prices in one area are rising while they're declining elsewhere is indicative of a very worrying imbalance in our economy, both geographical and in terms of the actual businesses operating; not much manufacturing in the square mile.
If I were inclined to use large typefaces I'd be saying in big letters 'this is worrying'. But as Nick Ross (who recently sold his place in Notting Hill for £35 million) might say, don't have nightmares.0 -
Rises in London are caused by foreign investors escaping the eurozone crisis.
I've seen this quoted by various HPC fanboys and am curious as to how much foreign investment there is - could you point me in the direction of reliable statistics on who is buying London property?The fact that you celebrate high house prices benefiting rich foreign investors
Do you not think the British selling to these foreign investors might also be benefiting?And don't give me that clap trap of supply and demand/immigration, more houses have been built in the last 10 years than we have had than the immigration figures.
The supply and demand issue is very real. As a nation we have changed our attitude to home life with more and more people choosing to live on their own, meaning they need their own house.
Similarly, more people want/need to live in London than anywhere else in the country which not surprisingly also affects supply and demand.Every generation blames the one before...
Mike + The Mechanics - The Living Years0 -
MobileSaver wrote: »The supply and demand issue is very real. As a nation we have changed our attitude to home life with more and more people choosing to live on their own, meaning they need their own house.
Similarly, more people want/need to live in London than anywhere else in the country which not surprisingly also affects supply and demand.
If it is supply and demand, why have rents not increased in line with purchase prices? Could it be that rents can't be leveraged and purchases can?0
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