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

wolfman

mitchaa wrote: »

The average home lost £430 in the last month:rotfl: What about the £1000 rent you lot have just wasted:p

£600 rent for me, so not so bad. And I get to live more central, in a nice big flat close to decent transport links. I wouldn't be able to afford to buy where I currently live.

You could have said the same months ago, and if I had bought then my house would have dropped tens of thousand of pounds.

Given that's more than I can save in a year, the way I see it, I'm currently better placed to waste 7k a year on rent, than buy somewhere and lose 10k, 20k etc... a year through devaluation.

The plan is. I keep saving, build up a nice big first payment. The longer I wait the cheaper flats are, the more I save, the less I have to borrow. Then when I'm ready, I buy.

neverdespairgirl

mitchaa wrote: »

The average home lost £430 in the last month What about the £1000 rent you lot have just wasted

We are still not at 15% with this latest rise

Not exactly wasted - our rent provides us with a roof over our heads. Which is rather handy.

Rise? What rise is that?

baileysbattlebus

wintersunshine wrote: »

The early 1990's were different because there was no government support for mortgage holders if you lost your job. Now if you lose your job, after 13 weeks the government will pay the interest on your mortgage. What this means is that everyone can just stay where they are and ride out the storm. The only people getting repossessed are those who would have been getting repossessed anyway because they were over commited, recession or not. I don't believe you will see a 1990's style collapse in the housing market in terms of rising repos.

There was help during the 1990's. The 39 weeks rule was brought in in 1995 and applied to houses bought in 1995 onwards
The coverage of the means-tested state safety net (usually called ‘ISMI’) for home-owners was first curtailed in 1987, and then cut back significantly on most new mortgages in 1995.
Before 1995, actual interest payments on the first £125,000 were eligible, but after 1995 the ceiling was reduced to £100,000 and a ‘standard’ interest rate was used.
Before 1995 borrowers had to wait eight weeks for partial assistance and 27 weeks for full assistance. After 1995, borrowers received no assistance for the first 38 weeks of a claim.

The new regulations will be a big help to people who lose their jobs - and there will be plenty of them. At least with the reduction to 13 weeks and the lifting of "standard interest rate", people will be less likely to be repossessed.

dopester

That woman needs to be fired.

"In spite of the moderation in house price falls recorded in November, with the economy in recession, conditions do not appear very favourable for a swift recovery in the housing market," Nationwide's chief economist Fionnuala Earley said.

Any sane person would recognise that falling house prices are part of the much needed adjustment and recovery.

If Nationwide wants high house prices, then tell them go back to lending wholesale money out at increasing multiples to anyone who asks to borrow.

wintersunshine

baileysbattlebus wrote: »

The new regulations will be a big help to people who lose their jobs - and there will be plenty of them. At least with the reduction to 8 weeks and the lifting of "standard interest rate", people will be less likely to be repossessed.

Amen to that:T. Thanks for that post.

drbeat

mitchaa wrote: »

We are still not at 15% with this latest rise

Steady on there you young pup...you meant fall! Fall is a fall, down is down...prices are still heading DOWN...whether it's 0.00000001% or 50% it's still a fall! The arrow is still pointing downwards.

Anybody here blown 25k on their rent???

dopester

Chris2685 wrote: »

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!

Chris. Your posts... remembering back from when you were set to go through with an ownhome-scheme-purchase of some kind... it is like the apprentice has become the master.

Really2

drbeat wrote: »

Steady on there you young pup...you meant fall! Fall is a fall, down is down...prices are still heading DOWN...whether it's 0.00000001% or 50% it's still a fall! The arrow is still pointing downwards.

Anybody here blown 25k on their rent???

Just to be a WUM, The YOY one is not.:D

dopester

wintersunshine wrote: »

Now if you lose your job, after 13 weeks the government will pay the interest on your mortgage. What this means is that everyone can just stay where they are and ride out the storm.

The country is broke. Expensive schemes like this are not impressive to the market, for gilt pricing and borrowing. We'll be heading to the IMF in the hope of bailout money soon.

You're having a laugh if you think we're near the bottom of the market. The house price crash has only just started.

mitchaa

Ah yes apologies, fall by a minescule amount, what was it -14.5 down to -14.8% :rotfl:

You have to admit there will be a lot of very dissapointed bears not logging in this morning...Where is Brit1234;)

Ahh, thats it, just a glitch, it will be back to normal next month with £5-10k drops.

Only winding;)