Surprise rise in house prices.

Sword_OF_Damocles

I fail to see how house prices can actually start rising again given that they are still vastly overpriced and no where near the average wage 3.5x lending ratio.

There is still a long way to go..probably 35%

ad44downey

shelovestobuystuff wrote: »

copied from AOL news page today.Looks like the market has reached its rock bottom already and is climbing again.If you were holding off for the market to drop to its lowest before buying then now may be the time.

House prices rose for the first time in 16 months during March as buyers continued to return to the market, figures showed.
The cost of a home in the UK increased by 0.9% during the month, pushing average values back up above the £150,000 threshold to £150,946, according to Nationwide.

Oh dear. somebody spoke too soon........today's news...


House price recovery CANCELLED.

House prices CRUMBLE 1.9% in March

UK house prices PLUMMET by 1.9% in March compared with the previous month, according to the Halifax.

http://news.bbc.co.uk/1/hi/business/7980813.stm

ruggedtoast

A while ago I came across an interesting (and probably long lost) thread over on “the other side” by a chap who’d found a repository of many of the headlines that were printed throughout the crash in the 80’s and early 90’s. They were collected in a summary for each month.

For every couple of “House Prices Plummet” taglines there was usually at least one “Market Recovering, Prices Rising” type story for the same month. This was all through the months when the historical data was unequivocally going down.

If anything its notable that there isn’t more diversity in reporting at the moment, the gloom in the press is unwavered by real reported rises.

pinkshoes

Sword_OF_Damocles wrote: »

I fail to see how house prices can actually start rising again given that they are still vastly overpriced and no where near the average wage 3.5x lending ratio.

There is still a long way to go..probably 35%

Speak for your own area!! I live in an area where rents are actually MORE than mortgages, so house prices are reasonably priced. I can't see house prices rising where I live, but I can't see them falling much either!

It's like stale mate; you can get so much in rent, that people are refusing to sell, hence they won't drop the price.

alared

Last night on the radio there was an interview with an EA talking the usual tripe about now was the time to buy as we had reached the bottom of the market and sales have picked up in the last quarter.
Everyone who have their sticky fingers in the property market pie are bound to try and talk up the market at any glimmer of news.
He was obviously going on the great news from Nationwide of a 0.09% pick up.
Pity he didn`t wait for the Halifax`s figures,which I would imagine is a more realistic guide to the price trend of downwards.
The bottom of the market is probably a year away with the misery of more unemployment and repossessions in the offing.
There will be plenty of cheap properties when families are turfed out on the streets for these "speculators" to snap up.