Nationwide +1.3 (-6.2 YoY)

ad9898_3

chucky wrote: »

http://newsimg.bbc.co.uk/media/images/46130000/gif/_46130953_house_prices_30_jul09.gif

Does anyone else see anything odd in this graph, the down slopes are almost identical, yet the up swing is nothing like, <opens can of worms> I smell a fiddle to change sentiment.:D

Graham_Devon

ad9898 wrote: »

Does anyone else see anything odd in this graph, the down slopes are almost identical, yet the up swing is nothing like, <opens can of worms> I smell a fiddle to change sentiment.:D

Could be something to do with the North vs South.

A lot more equity and wealth in the South. If sentiment is high, that wealth could be being used?

GSXRCarlos

Yahoo have just shouted this out to everyone

here we go again!

ruggedtoast

More good news for UK Plc:

http://www.guardian.co.uk/business/2009/jul/29/building-societies-record-savings-withdrawal

Savers drain £2.3bn from building societies

• Biggest drawdown of cash for 54 years
• Fears banks will dominate home loans


The difficulties facing building societies were highlighted today with figures released showing they suffered the biggest monthly outflow of savings for 54 years in June — and warnings of continued withdrawals as unemployment forces savers to dip into their nest eggs.

chucky

ruggedtoast wrote: »

The UK is massively in debt, suffering from soaring unemployment, and has the albatross of a moribund banking system hung round its neck.

Every day there are more people out of work, more people in arrears with their debts, and the level of government liability spirals further out of control.

There is certainly a lot of things to worry about, I'm not sure that the prospect of untrammelled real world house price inflation is one of them however.

did you know that the average net worth of uk individuals/families is/was 200,000 Euros one of the highest countries. it includes pensions and property. done in 2006 - take 20% off property and 30% off the stock market if it makes people happier.
http://www.group-economics.allianz.com/images_englisch/pdf_downloads/economy_and_markets/financial_markets/sep07_e_haushaltsvermoegen.pdf

taking the debt levels into consideration as well - are things that bad?

Graham_Devon

chucky wrote: »

did you know that the average net worth of uk individuals/families is/was 200,000 Euros one of the highest countries. it includes pensions and property. done in 2006 - take 20% off property and 30% off the stock market if it makes people happier.
http://www.group-economics.allianz.com/images_englisch/pdf_downloads/economy_and_markets/financial_markets/sep07_e_haushaltsvermoegen.pdf

taking the debt levels into consideration as well - are things that bad?

They say the biggest part of that wealth is property.

Depends whether you class your home, as wealth I guess, which the report obviously does. But one boom and our wealth goes shooting up compared to another country which hasn't had a boom, but also has a better standard of living.

Take for instance that report, including property as wealth, and the poverty report. Two totally different reports, because on does not talk of bricks as wealth.

chucky

Graham_Devon wrote: »

They say the biggest part of that wealth is property.

Depends whether you class your home, as wealth I guess, which the report obviously does. But one boom and our wealth goes shooting up compared to another country which hasn't had a boom, but also has a better standard of living.

Take for instance that report, including property as wealth, and the poverty report. Two totally different reports, because on does not talk of bricks as wealth.

yes - you're right.

the good thing about the report is that it gives you the net asset worth - they have already included the mortgage debt.

however, it's uselful when looking at debt levels to add some context.

Graham_Devon

chucky wrote: »

yes - you're right.

the good thing about the report is that it gives you the net asset worth - they have already included the mortgage debt.

Yer, what I'm saying is, it doesnt really mean much does it. If you have a 3 bed house, and 2 kids thats worth 100k more than it was 5 years ago, but you are struggling to pay your mortgage of 50k on it and live at the same time, it makes absolutely no difference to you, and I doubt they would class themselves as "wealthy" because each brick is worth £500 therefore it's not all that bad.

digipeep

HAMISH_MCTAVISH wrote: »

The debate is over.

Prices today are now 7.5% higher than they were in the trough of February 2009.

There may well be further small monthly declines over winter, but it now looks like we are past the absolute trough. This was not a bull trap, but rather the beginning of recovery, or at least the bump along the bottom phase. It will be equally appropriate to describe the coming winter falls or stagnation as a bear trap.

The fundamental underlying issue is, and has always been, supply and demand. There are not enough houses, of a type people want to live in, in the places people want to live, and where the employment exists to support them. And the shortage is increasing, and can only get worse.

Prices will recover much faster than last time, because the shortage is much worse than last time. I have repeatedly posted that this crash/recovery will be much faster than the previous one, that it is being time-compressed. This is becoming clearer every day.

And in even more great news, there is much wailing and gnashing of teeth over on hpc today.:T

Can I have some of what you are taking :rotfl:

Really2

Graham_Devon wrote: »

Yer, what I'm saying is, it doesnt really mean much does it. If you have a 3 bed house, and 2 kids thats worth 100k more than it was 5 years ago, but you are struggling to pay your mortgage of 50k on it and live at the same time, it makes absolutely no difference to you, and I doubt they would class themselves as "wealthy" because each brick is worth £500 therefore it's not all that bad.

That does not mean much either as it is hyperthetical, there are people living mortgage free. there are people with £100K deposits or there are people in negative equity

It is just putting personal wealth in an easy to understand format. Much like a companies ballance sheet