Market turned?

zcacmxi

Not just me then. Latest Nationwide data out today, supports what I posted yesterday. Summary:
House price rises continued in June

• House prices rose by 0.9% in June
• Three month rate of change turns positive for first time since December 2007
• Low supply supporting prices for now, but a sustained recovery still faces risks

Widespread improvement in house price trends across UK regions

• All regions see moderation in annual rate of price decline
• For UK as a whole, house prices rise 1.1% between first and second quarter
• House prices in London increase strongly in Q2

lynzpower

Yes but also lending is down in June lower than any point in histopry ( or something)

Also OECD is telling us we are worst in the class and we have to start increasing taxes, er like yesterday.

Seriously look in the newspaper, see what you see. Bear in mind people will hapilly buy a paper if it says the value of thier house has gone up. They might not itf it say GBis tanking through the floor.

I would also say that area is notoriously not really THAT expensive.

dottiepeas

It's news like this- about house prices rising by 0. something of a percent!!!..which made our house purchase fall through last week. The sellers decided their house was worth more, and upped the price by 17k, 5 weeks after accepting our original offer! I think sellers are hanging on to every bit of hope, that they can sell their house at peak prices during a recession. Some people are just dillusional.....

Dinah93

And yet on the 26th:

Property prices fell in England and Wales May but the rate of decline is easing, according to the Land Registry index.
The news paints a confusing picture for homeowners and first-time buyers as mortgage lenders Halifax and Nationwide both reported UK-wide price increases in May of up to 2.6%.
However, the pair’s figures only reflect the price of homes bought by their customers, whereas the Land Registry uses a much larger sample.

As others have said, you notice the story that suits your personal viewpoint, it is unclear what is happening right now, I know unemployment in my area is rising sharply, and we had a 4.9% drop over the last month, so maybe it's becoming a more traditional case of the south stabalising and the industrial areas continuing to struggle.

poppysarah

The economy is goosed though, biggest fall in 51years. So it's a good job we can become rich by selling houses to each other.

Madoff has got 150 yrs for the ponzi scheme he ran. what's Gordon going to get?

brit1234

zcacmxi wrote: »

FoxtonsRIP, you sound like you are short a house! Better jump back on the ladder soon, there are indications that the market is stabilising in London.

Not in West London, they are still falling and look to fall a lot further.

They mentioned on comodity watch radio that the dead cat bounce is traditionally a very dangerous time for buyers to jump on. Almost as bad as the peak in 2007. All those people who bought and thought it bottomed are now going to experience mortgage rate increases and big price falls.

Sensible thing is to wait and save more, you won't miss the boat and you will be financially less vulnerable.

brit1234

Dinah93 wrote: »

And yet on the 26th:

Property prices fell in England and Wales May but the rate of decline is easing, according to the Land Registry index.
The news paints a confusing picture for homeowners and first-time buyers as mortgage lenders Halifax and Nationwide both reported UK-wide price increases in May of up to 2.6%.
However, the pair’s figures only reflect the price of homes bought by their customers, whereas the Land Registry uses a much larger sample.

As others have said, you notice the story that suits your personal viewpoint, it is unclear what is happening right now, I know unemployment in my area is rising sharply, and we had a 4.9% drop over the last month, so maybe it's becoming a more traditional case of the south stabalising and the industrial areas continuing to struggle.

Land registry figurs have a few month lag behind halifax and nationwide so it is showing the dead cat bounce now. They do not reflect what is happening in June but will in show junes results in about september

zcacmxi

Looking at the Nationwide HPI figures only, after 16 months of consecutive falls since November 2007, now we are seeing:

March 2009: + 0.9%
April 2009: -0.4%
May 2009: +1.2%
Jun 2009: +0.9%
Overall for 4 months: +2.6%

These are national figures too, and Nationwide have already indicated regional variations. I think the Greater London area has probably seen nearer to 5%.

People should realise that the falls were going to end at some point. Boom/Bust/Boom/Bust!

Dinah93

I can't see why they would end now though with mortgage rates rising, unemployment rising, job insecurity increasing as a result, the market continuing to contract and so on. If mortgage rates were going down and unemployment was decreasing, I'd get why they would rise, but with the economy the way it is I can't see many people choosing to stretch themselves when they know its going to be more expensive in the short term.

mike5678

I'm looking to buy in Bushey (small town inside the M25 just outside London). Two bedroom flats in the £150k-£200k region are selling very quickly, the estate agent I'm buying from has pretty much every property in this budget sold subject to contract, the buyers seem to be there.