MSE News: Nationwide says house prices at 2008 levels

Generali

http://news.bbc.co.uk/onthisday/hi/dates/stories/november/19/newsid_3208000/3208396.stm

The Prime Minister, Harold Wilson, has defended his decision to devalue the pound saying it will tackle the "root cause" of Britain's economic problems. The government announced last night it was lowering the exchange rate so the pound is now worth $2.40, down from $2.80, a cut of just over 14%.

Really2

JonnyBravo wrote: »

Of course and anyone completely insulated to this can say they've had no effect from it.

Question is who can say that?

Anyone who eats some imported food can't. Anyone who buys an imported car can't etc etc.
In short imports get more expensive in £'s.
Lots of stuff you use day to day is imported.... yet we don't really think about it. eg half the gas for the coming winter is going to be imported

That was the insinuation BY the OP.

Food is more, gas is less.
Inflation of commodities very dependant on the price not just the exchange rate for inflation/deflation.

So the op was talking about commodities then?

I thought the £ was being keep low to boost international trade and to keep some inflation.
Inflation is still dropping as everyone forgot that?

But we don't import houses so the cost as living would have gone up for everyone not just home owners? So i am failing to see yours or the OP's point.

IveSeenTheLight

Really2 wrote: »

A Day arguing with GD. congratulations.

Oooh, I've had a few of those.
Didn't realise I was winning something though.

I turn down the prizes nowadays though and let some other [STRIKE]mugs [/STRIKE] people have the pleasure

IveSeenTheLight

chucky wrote: »

wow - back to 2008 levels.

an excuse to use Brit's standard size 48 red font - Ouch!!!!

HeHE, Only 3 months to go.
Now that would be record breaking drops

HAMISH_MCTAVISH

Graham_Devon wrote: »

Extremely simplistic view to say Northern Rock failed in September, therefore that same month prices started to fall. Then stating funding is back therefore house prices have risen, ignoring they been rising since feb before funding was back to anywhere near todays level.

It takes time for price falls to filter through after an event such as that.

Neither was funding all withdrawn that week from other lenders.

House price increases had fallen from pretty much 1%+ each month to fractional increases, less than we see today in May 2007, well before Northern Rock problems.

House prices were falling in the US before bank problems.

Graham, it's simple really.

Go and take a look at the BoE lending for house purchase stats, then overlay them to the crash.

As the availability of funds decreased, so did prices. Available funding for new purchase, and mortgage approvals, started increasing back around Feb, and has risen all year.

As have prices.

Do you really think this is a random coincidence?

Graham_Devon

Available funding did NOT start increasing in feb.

Even if it DID start increasing in february, it's impossible that houses just miraculously increase the same week.

This is such a lame !!!! explanation as to why house prices have risen which totally ignores EVERYTHING else.

IveSeenTheLight

Graham_Devon wrote: »

Available funding did NOT start increasing in feb.

Even if it DID start increasing in february, it's impossible that houses just miraculously increase the same week.

This is such a lame !!!! explanation as to why house prices have risen which totally ignores EVERYTHING else.

"Available funding did not" (firm statement) followed by "even if it did" (maybe first firm statement wasn't so firm)

Graham_Devon

Well come on. What changed in feb?

Show it to me.

maveli

Heyman wrote: »

:beer:

Need to rise a little bit more to get the W theory right

Really2

Graham_Devon wrote: »

Well come on. What changed in feb?

Show it to me.

Well this was a nice daffodil in Feb.