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Debate House Prices
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House prices 'see first double-digit fall'
Comments
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trulysaintly wrote: »The Halifax Index is based SOLELY on the mortgages that Halifax has approved - doesn't include information from other lenders, so isn't a good reflection of the whole market.....
I see the FT index is out today. -0.3%.This one includes ALL sales of course not just the ones that might have been made by a bank which rarely lends any more. more than 40% of UK homes are owned outright with no mortgage.
http://www.ft.com/cms/s/0/01a38174-64bd-11dd-af61-0000779fd18c.html
I'm afraid the figures from the Halifax and the Nationwide lack credibility.
Be warned, anyone who is relying on them.Trying to keep it simple...
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EdInvestor wrote: »I see the FT index is out today. -0.3%.This one includes ALL sales of course not just the ones that might have been made by a bank which rarely lends any more. more than 40% of UK homes are owned outright with no mortgage.
http://www.ft.com/cms/s/0/01a38174-64bd-11dd-af61-0000779fd18c.html
I'm afraid the figures from the Halifax and the Nationwide lack credibility.
Be warned, anyone who is relying on them.
It's based on LR figures so doesn't include distressed sales. As such it will always have an upward skew I would think.
All the house price indices have their flaws.0 -
That includes a lot of sound businesses, not just mad people that buy truffle infused baked beans on their Amex.
don't we all do that, sweetie darling?...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
trulysaintly wrote: »Just takes someone with balls the size of grapefruits to make it happen.
Just don't think Mr Eyebrows has them.
How do I know that lenders will come back at 95%? 10 years experience with two high street lenders...they will come back in, they just need a reason to.
Let's hope then that Darling doesn't have them. The last thing we need is a reinflated bubble!...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
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EdInvestor wrote: »I see the FT index is out today. -0.3%.This one includes ALL sales of course not just the ones that might have been made by a bank which rarely lends any more. more than 40% of UK homes are owned outright with no mortgage.
http://www.ft.com/cms/s/0/01a38174-64bd-11dd-af61-0000779fd18c.html
I'm afraid the figures from the Halifax and the Nationwide lack credibility.
Be warned, anyone who is relying on them.
problem is the people at the bottom of the ladder that who are the ones that borrow money are the ones that enable the people who own outright to move, if there is 20% less money being lent then the prices cant stay that high.
a house isnt worth what someone owes or doesnt owe on it, it is worth what a buyer is able and willing to pay for it.0 -
It's based on LR figures so doesn't include distressed sales.
The LR takes the view that repos don't reflect the general market, and nor do they under normal conditions. No-one ever prices their property on the basis of a distreesed sale nearby.A market so dead that it is dominated by repos should be treated with deep suspicion IMHO.
People who have no need to sell are rightly dismissing the current so-called market as a waste of time and withdrawing their properties until some semblance of normality, particularly in bank lending, returns.Trying to keep it simple...0 -
EdInvestor wrote: »The LR takes the view that repos don't reflect the general market, and nor do they under normal conditions. No-one ever prices their property on the basis of a distreesed sale nearby.A market so dead that it is dominated by repos should be treated with deep suspicion IMHO.
People who have no need to sell are rightly dismissing the current so-called market as a waste of time and withdrawing their properties until some semblance of normality, particularly in bank lending, returns.
What do you consider normal lending0 -
Which is why I think the figures are bollards. The situation here is that because someone buys in a certain situation the transaction isn't counted as a purchase.EdInvestor wrote: »The LR takes the view that repos don't reflect the general market, and nor do they under normal conditions. No-one ever prices their property on the basis of a distreesed sale nearby.A market so dead that it is dominated by repos should be treated with deep suspicion IMHO.
Utter tosh! What sort of estate agent can ignore a few sales in the local area because they were repos? They might not price them "on the basis of a distessed sale" but they can't ignore them. Look at what is happening in the US and tell me distressed sales should not count. A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
EdInvestor wrote: »The LR takes the view that repos don't reflect the general market, and nor do they under normal conditions. No-one ever prices their property on the basis of a distreesed sale nearby.A market so dead that it is dominated by repos should be treated with deep suspicion IMHO.
People who have no need to sell are rightly dismissing the current so-called market as a waste of time and withdrawing their properties until some semblance of normality, particularly in bank lending, returns.
But surely the market is just doing what it does: finding a price at which sellers will sell and buyers will buy.
You may not like the results that it comes up with but they are normal for now.0
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