The return of Equity

Rochdale_Pioneers

Interested to visit my mortgage account online earlier and find that Halifax believe there to be £12k of equity in my mortgage. A few weeks ago the equity that had been in there had completely gone and we were teetering on the brink of negative equity.

It has no direct effect - I neither plan to draw on this equity nor move house or even remortgage. But I do find it curious that a housing market as dead as several of you insist it is has seen prices go up, mortgage approvals shoot through the roof and my lender start seeing cash where there was none.

Cat695

Rochdale_Pioneers wrote: »

Interested to visit my mortgage account online earlier and find that Halifax believe there to be £12k of equity in my mortgage. A few weeks ago the equity that had been in there had completely gone and we were teetering on the brink of negative equity.

It has no direct effect - I neither plan to draw on this equity nor move house or even remortgage. But I do find it curious that a housing market as dead as several of you insist it is has seen prices go up, mortgage approvals shoot through the roof and my lender start seeing cash where there was none.

Mortgage approvals shoot through the roof?? a rise of 6000

and show me house prices rising please??

pickles110564

Cat695 wrote: »

Mortgage approvals shoot through the roof?? a rise of 6000

Compared to what most posters have been saying on here that is a significant rise and I have also noticed that houses are now selling again in my area with even some new builds being snapped up.:beer:

Cat695

pickles110564 wrote: »

Compared to what most posters have been saying on here that is a significant rise and I have also noticed that houses are now selling again in my area with even some new builds being snapped up.:beer:

even with the rise of mortgage approvals they are still 40 odd percent lower than this time last year.

Houses have never stopped selling they are just selling for less money

Only time will tell.......but to think its over because 1 bank says its seen a rise in prices over 1 month is very very silly.

pickles110564

Cat695 wrote: »

Houses have never stopped selling they are just selling for less money

Cat, according to the doom mongers on here they said no houses were selling and those of us that posted saying that there was movement were laughed at.

Cat695

pickles110564 wrote: »

Cat, according to the doom mongers on here they said no houses were selling and those of us that posted saying that there was movement were laughed at.

well there will always be the "worse case scenerio" people around.

lostinrates

pickles110564 wrote: »

Cat, according to the doom mongers on here they said no houses were selling and those of us that posted saying that there was movement were laughed at.

I don't recall anybody saying NO houses were selling so I most have missed those posts. Or forgotten them.

Dan:_4

Cat695 wrote: »

even with the rise of mortgage approvals they are still 40 odd percent lower than this time last year.

Houses have never stopped selling they are just selling for less money

Only time will tell.......but to think its over because 1 bank says its seen a rise in prices over 1 month is very very silly.

I don't think anyone is saying it is over.

The mortgage approvals is the thing to watch, and will give the first indication of how the housing market will behave in the coming months.

Prudent

I would have always counted myself as being a bit of a doom monger about the economy, but would have to agree that houses are selling in my area again. I live in a little town which has 23 houses on the market. Most have been on for 8 -14 months. 5 have sold in the last couple of weeks. Several houses ina slightly wider radius that I have been watching for a while have just sold. I have my house on the market and the EA only sold 3 (out of about 70 in a 10 mile radius) in March. They used to sell 18 -24 a month. She phoned yesterday to arrange a viewing - the first for months. I have had mine on the market from August, but don't mind if I sell or not so haven't dropped the price at all. I am in Scotland and although the prices have dropped, it hasn't been as dramtic as England. Of course, they may have a long way to go yet....

Cat695

Considering every spring there is a rise in buying its hardly a sign of green shoots. Its the prices that they sell for at the end of the day and seeing as mortgage companies have recently been in the news for being very tight with valuations then that tells me they are not prepared to risk it just yet.

pickles110564

Cat695 wrote: »

Considering every spring there is a rise in buying its hardly a sign of green shoots. Its the prices that they sell for at the end of the day and seeing as mortgage companies have recently been in the news for being very tight with valuations then that tells me they are not prepared to risk it just yet.

Dont bury your head to deep in the sand.