MSE News: Nationwide says house prices at 2008 levels

Really2

Graham_Devon wrote: »

By that, I mean, based on the economic background and sustainability, it simply does not add up.

The housing market never as.

Treadmill

Its certainly weird, on the new build development where I live houses are going like hot cakes for list price, just one year ago I got a discount of over £35K plus all the incentives, there doesn't seem to be any reason behind it.

Treadmill

Dan: wrote: »

Don't worry desprate bears, you still have this:





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

So where are we on that ? 'return to normal' might around the corner, or if you flatten it out we might just be past 'despair'

What use is a graph that is not actually based on any real data I ask you...

Really2

Treadmill wrote: »

Its certainly weird, on the new build development where I live houses are going like hot cakes for list price, just one year ago I got a discount of over £35K plus all the incentives, there doesn't seem to be any reason behind it.

Fire sale last year, it was a good time to buy.;)

I back you up on that. Same as our now nearly £50K more:eek:

HAMISH_MCTAVISH

Graham_Devon wrote: »

Well I think we can all agree, maybe, that this has been one of the most unexplainable crashes / corrections we have known.

By that, I mean, based on the economic background and sustainability, it simply does not add up.

Actually, it all adds up perfectly.

There is clearly a massive shortage of housing in the UK, one million units in the recent report, and therefore the only thing that could crash prices was the artificial, sudden and savage withdrawal of credit from the market.

It is no coincidence that as the supply of funding for new purchase and mortgage approvals have increased, so have house prices.

That explanation fits just fine.

Unfortunately for bears, it also negates most of their pet theories, so I suppose that's why you consider it so unexplainable....:rolleyes:

nembot

Yeah, I'm so chuffed the UK is now in recovery, everyones job is safe, my house is increasing in value and I've got nothing at all to worry about!

Brilliant job guys an gals!!!

chucky

HAMISH_MCTAVISH wrote: »

Unfortunately for bears, it also negates most of their pet theories, so I suppose that's why you consider it so unexplainable....:rolleyes:

this HPC only exists in the minds of those wanting a HPC to happen... :xmassign:

Graham_Devon

HAMISH_MCTAVISH wrote: »

Actually, it all adds up perfectly.

There is clearly a massive shortage of housing in the UK, one million units in the recent report, and therefore the only thing that could crash prices was the artificial, sudden and savage withdrawal of credit from the market.

It is no coincidence that as the supply of funding for new purchase and mortgage approvals have increased, so have house prices.

That explanation fits just fine.

Unfortunately for bears, it also negates most of their pet theories, so I suppose that's why you consider it so unexplainable....:rolleyes:

Just one point on your explanation.

House prices fell before major funding was withdrawn. They had tailed off their big monthly increases mid 2007, before heading into decline.

Another point is that credit is still not really available to the masses, so it still doesn't explain it really.

90% LTV are very new, and were certainly not around in feb when the market started to rise. So your explanation just doens't stand.

Graham_Devon

I see this story has now made front page BBC news.

Roll on election is all I can say. Least then we will have some kind of idea of the real problems and real solutions.

Degenerate

Graham_Devon wrote: »

House prices fell before major funding was withdrawn. They had tailed off their big monthly increases mid 2007, before heading into decline.

Prices Peaked in September 2007. Northern Rock went pear-shaped in September 2007. This is not a coincidence. The credit crunch was underway. Northern Rock failed due to lack of wholesale funding combined with a stupid business model that made them absolutely dependent on it.