Debate House Prices


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MSE News: Halifax: house price growth decelerates

edited 4 February 2010 at 1:10PM in Debate House Prices & the Economy
71 replies 815 views
Former_MSE_NatashaFormer_MSE_Natasha Former MSE
672 Posts
edited 4 February 2010 at 1:10PM in Debate House Prices & the Economy
This is the discussion thread for the following MSE News Story:

"House prices rose for the seventh month in a row during January but the rate at which they are increasing slowed, figures show today..."
Read the full story:
Halifax: house price growth decelerates
OfficialStamp.gif
These threads have been merged to avoid duplication. Thanks to Really2 for the original post.
«1345678

Replies

  • edited 4 February 2010 at 10:27AM
    Really2Really2 Forumite
    12.4K Posts
    edited 4 February 2010 at 10:27AM
    As above.

    Let the arguments begin.
  • RinoaRinoa Forumite
    2.7K Posts
    If I don't reply to your post,
    you're probably on my ignore list.
  • Here are the key facts
    Key facts


    · House prices increased by 0.6% in January. Prices rose for the seventh consecutive month, but January's rise was the lowest during this period and was significantly below the 1.1% average over the previous six months.

    · Prices have risen by 9.9% since reaching a low in April 2009; an increase in the average price of £15,287 over this period. This follows a decline of 23% between August 2007 and April 2009. The average house price is now £169,777.

    · House prices in January were 3.6% higher on an annual basis. This is the largest increase in the annual rate of change - measured by the average for the latest three months against the same period a year earlier – since February 2008. The comparable rate a year ago was –17.2%.
    :wall:
    What we've got here is....... failure to communicate.
    Some men you just can't reach.
    :wall:
  • Nothing much left to argue about.

    The House Price Crash is over. The bottom for the cycle was Feb 09.

    Sure, prices may rise a little, fall a little, stagnate a little, bump along the bottom for a while, etc.... But that is of little consequence to most people.

    The bigger factor by far now, in terms of costs, will be interest rates.

    But as it's unikely they'll be rising for quite some time, there's little to argue about there either.

    The whole subject has got a bit boring really.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”

    -- President John F. Kennedy”
  • edited 4 February 2010 at 10:54AM
    RinoaRinoa Forumite
    2.7K Posts
    edited 4 February 2010 at 10:54AM
    Meanwhile, over on HPC, there is no topic covering this.

    40 mins since the Halifax data was released.

    Perhaps nobody want's to be the first to post for fear of being banned. :rotfl:

    Edit to add: now been posted at 9.47 by Piece of Paper ~ who apologised in the title for actually posting it. Bit of irony there from PoP.
    If I don't reply to your post,
    you're probably on my ignore list.
  • BatchyBatchy Forumite
    1.6K Posts
    You may as-well argue with yourself in a mirror, personally i'm fed up of hearing it.

    Market, is poor, estate agents still struggle to make ends meet, buyers who push up the price are kidding themselves, and those with PREMIUM properties will not have a trouble selling regardless of the market conditions, its all about Quality, not quantity, I personally disagree with supply and demand its very Niche driven, a road might have 3 houses for sale, but if its not the one on the end of the road which is detached then it still doesnt fit the bill, houses in the UK are so diverse, there is something for everyone, for 95% of most buyers, the other 5% will wait wait wait for that perfect one.

    If you think the trouble is over, ask the people who still haven't sold after over 18 months on the market, ie, those who refused to reduce their prices.

    Ask them why they havent sold yet, when average selling prices have increased.

    I could quite simple answer that for them... your asking too much in the current market, stats might suggest its getting better, but the only way it will be, is when liquidity returns, and stability is forecast. The road ahead is bumpy, very bumpy.

    We have already been advised, LIQUIDITY WILL NEVER RETURN to the levels seen since wholesale mortgage markets were obliterated, and people who got so badly burnt will never return to invest in it.

    Simples... :-)
    Plan
    1) Get most competitive Lifetime Mortgage (Done)
    2) Make healthy savings, spend wisely (Doing)
    3) Ensure healthy pension fund - (Doing)
    4) Ensure house is nice, suitable, safe, and located - (Done)
    5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)
  • Here are the key facts
    Key facts


    · House prices increased by 0.6% in January. Prices rose for the seventh consecutive month, but January's rise was the lowest during this period and was significantly below the 1.1% average over the previous six months.

    · Prices have risen by 9.9% since reaching a low in April 2009; an increase in the average price of £15,287 over this period. This follows a decline of 23% between August 2007 and April 2009. The average house price is now £169,777.

    · House prices in January were 3.6% higher on an annual basis. This is the largest increase in the annual rate of change - measured by the average for the latest three months against the same period a year earlier – since February 2008. The comparable rate a year ago was –17.2%.

    oops, seems like I missed some more key facts
    · Housing market activity continues to pick up albeit from a low base. House sales in England and Wales in October were 34% higher than a year earlier, according to the latest Land Registry figures. Bank of England industry-wide figures show that the number of mortgages approved to finance house purchase – a leading indicator of completed house sales – in the final three months of 2009 was significantly up on the number in the same period a year earlier (176,517 against 91,221). This was despite a marginal monthly fall (-1.7%) in December; the first decline since November 2008. Approvals were still 22% lower than in December 2007.

    · Low mortgage rates have reduced the burden of servicing mortgage debt. Nationally, typical mortgage payments for a new borrower have fallen from a peak of 48% of average disposable earnings in 2007 Quarter 3 to 32% in 2009 Quarter 4.

    · Low supply of properties for sale has been another factor pushing up house prices. There are, however, some signs that the improvement in market conditions since last spring is leading more homeowners to try to sell their property. Instructions to sell increased for the seventh successive month in December, helping to increase the stock of properties available for sale. (Source: RICS monthly survey, December 2009.)

    · Separate research recently released by Halifax demonstrated that the 'Noughties' were a significant period for the UK housing market. Despite a fall of more than one-fifth between mid 2007 and mid 2009, house prices increased by more in real (i.e. inflation adjusted) terms than in any other decade over the last 50 years. House prices increased by 105% during the 2000s, taking the UK average house price from £81,596 in 1999 quarter 4 to £167,020 in 2009 quarter 4.

    · Redruth recorded the biggest price rise during the last decade (207%). Three of the four towns that delivered the largest gains are in Cornwall; Redruth, Penzance and Helston. All ten towns recording the fastest house price growth in the 2000s are on, or close to, the coast. The majority of towns that experienced the strongest price growth began the decade with lower than average property prices, which provided the platform for bigger price gains.
    :wall:
    What we've got here is....... failure to communicate.
    Some men you just can't reach.
    :wall:
  • Rinoa wrote: »

    Perhaps nobody want's to be the first to post for fear of being banned.



    :rotfl: :rotfl: :rotfl: :rotfl:


    Priceless.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”

    -- President John F. Kennedy”
  • More astute debate from the forum geniuses.
  • edited 4 February 2010 at 10:58AM
    Really2Really2 Forumite
    12.4K Posts
    edited 4 February 2010 at 10:58AM
    Batchy wrote: »
    Market, is poor, estate agents still struggle to make ends meet,

    Any proof on that? it was very difficult for them in 08 but I know an EA and he said 09 was good. Lots of sales less competition now as some closed 08.
    You are kidding yourself if you think it is only high end stuff selling, the market in terms of property's sold is improving and has done for a year now.
This discussion has been closed.
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