Nationwide Nov08: -0.4% Mom, -13.9% Yoy

skap7309

http://news.bbc.co.uk/1/hi/business/7751749.stm

House prices fall but pace eases.

Kez100

Its got to a stand off between sellers and buyers.

Bet the sales numbers are rock bottom too.

We don't need this - just prolongs the agony.

Chris2685

lol, looks they're rising again ma!

The way the word it makes it sound like it's all over and that prices are practically going up...

In reality, house prices have dropped but just not as much as they did in a few other months... Probably more due to people not wanting to sell at a reduced price than anything else!

ad9898_3

Still fairly happy, it's bound to ease slightly as if it carried on at the rate it was going I would have to be paid to buy a house:D.

Don't forget it's -13.9% YoY but the figure we are interested in from now on is the 'down for peak' which stands at -14.84%.

baileysbattlebus

The majority of house moves in this country are "aspirational" (I read it somewhere - so don't quote me!). So most people move because they want to, not because they have to.

Our grandson's child minder has a 3 bed detached house with a garage and downstairs loo, she has a husband and 2 children aged 5 & 8. When I picked GS up yesterday, she told me her house was too small for them.
Since when has a 3 bed house been too small for 2 adults and 2 children?

What she wants is a 4 bed house with an ensuite. There are a lot of people like her.

We have owned(?) 4 houses and only was one of those was bought becuase we needed to move, OH was transferred from Edinburgh airport to Heathrow, the other moves were because we wanted a nicer or bigger house. 3 of our houses have been in this area and within about a mile of each other.

The uncertainty in the work place must have a huge bearing on things too, with a lot of people staying put because they don't know what's going to happen with their jobs, trying to pay off debts etc incase the worst happens.

So IMHO, unless people need to move, either through relocation or because they are getting into financial problems, or are seriously unhappy where they are, or seriously over crowded, they probably won't move.

It won't stop prices falling, they will continue, and historically this is a very quiet time in the housing market - sales don't usually pick up until the spring.
In normal conditions the housing market has it's quietest time during the pre and post Xmas period. Though the Nationwide figures should be adjusted to reflect this.

adr0ck

report available on following link

http://www.nationwide.co.uk/hpi/historical/Nov_2008.pdf

average house lost £430 in value in the last month

Really2

baileysbattlebus wrote: »

The majority of house moves in this country are "aspirational" (I read it somewhere - so don't quote me!). So most people move because they want to, not because they have to.

Our grandson's child minder has a 3 bed detached house with a garage and downstairs loo, she has a husband and 2 children aged 5 & 8. When I picked GS up yesterday, she told me her house was too small for them.
Since when has a 3 bed house been too small for 2 adults and 2 children?

What she wants is a 4 bed house with an ensuite. There are a lot of people like her.

We have owned(?) 4 houses and only was one of those was bought becuase we needed to move, OH was transferred from Edinburgh airport to Heathrow, the other moves were because we wanted a nicer or bigger house. 3 of our houses have been in this area and within about a mile of each other.

The uncertainty in the work place must have a huge bearing on things too, with a lot of people staying put because they don't know what's going to happen with their jobs, trying to pay off debts etc incase the worst happens.

So IMHO, unless people need to move, either through relocation or because they are getting into financial problems, or are seriously unhappy where they are, or seriously over crowded, they probably won't move.

It won't stop prices falling, they will continue, and historically this is a very quiet time in the housing market - sales don't usually pick up until the spring.
In normal conditions the housing market has it's quietest time during the pre and post Xmas period. Though the Nationwide figures should be adjusted to reflect this.

We moved because we knew it would be the only opertuinty of selling our old house at nearly top wack then getting somthing bigger at a massive discount.

But had we not sold after 3 months we would have taken the house off the market and made do.

adr0ck

This is an interesting bit from the report:

“Turnover rates in the housing market have fallen to
historic lows, even below the levels in the 1990s
when the economic conditions were worse than they
are today. At the trough of the market in Q4 1990,
interest rates were at 14% and there were almost
double the number of unemployment claimants, yet a
greater proportion of owner occupiers were taking out
mortgages to move house. The significant difference
today is the financial market shock which has led to
the severe tightening of credit. In Q4 1990, 60% of
first time buyers were taking out loans with LTVs above
90%, today the equivalent proportion is 14%. While this
may reflect less desire on the part of borrowers to borrow
at high LTV, especially given its higher cost, it also implies
that part of the reduction in turnover today is likely to be
due to the availability of finance at higher LTV."

ad9898_3

adr0ck wrote: »

report available on following link

http://www.nationwide.co.uk/hpi/historical/Nov_2008.pdf

average house lost £430 in value in the last month

That's it, bottom is nearly here, I am going to delete all my previous posts so I don't look a c0ck and buy in February.:D

Really2

ad9898 wrote: »

That's it, bottom is nearly here, I am going to delete all my previous posts so I don't look a c0ck and buy in February.:D

:rotfl: I dont think you need to do that yet.

But I think it could be a good indication how YOU is going to look less an ledd as the year progresses.

I think end of 09 start of 2010 looks ever more likley now.

Perhaps the clever sellers at the start factored in a crash to their pricing?
That is why we saw massive falls at the start but with less houses coming on the market etc the falls I think will not be as steep as last year.
Just my oppinion.

drbeat

As Bruno once said "Houseprice Crash CANCELLED"

LOL