MSE News: Halifax: house prices up for third successive month

MORPH3US

Very surprising but then not really surprising at all... if that makes any sense...

chucky

Dan: wrote: »

1.6% is massive for a typical September month.

Rafter

Funny that if you withdraw all your high loan to value and high income multiple loans (that were mainly used by first time buyers trying to get onto the ladder) that the average price of houses you still make mortgage offers on goes up!

Even the land registry data excludes repossessed property!

R.

Really2

chucky wrote: »

I don't think the Halifax data has not been updated on that yet chucky old chap.

mr_fishbulb

It's almost as if people are not spending the time to research the economics of the market and read the discussions on forums such as this one.

Are they just buying based on their emotions and social conditions which mean they are in need/want of a house? God, what dumb-asses eh? Look at them thinking with their hearts instead of their heads. It's people like these who drive the prices up.

At least they represent a very small proportion of house buyers. We all know the majority of people look into fundamentals and market conditions when they make purchases, rather than just looking at a graph on the BBC and looking at newspaper headlines.

EDIT - I think I need to point out that this post is an ironic attack on the futility of us discussing all reasons why HPI should not be going up at the moment. Without wanting to sound supercilious, a small proportion of the population will understand the effect economic conditions discussed on here will have on the price of their house. It's like trying to stop the tide whilst pissing into the wind.

StevieJ

chucky wrote: »

if only one house sells on that street - that will now be the price level for houses on that street. sellers and estate agents will be pricing property at these new prices.

until this trend is broken by a few months of price falls the sentiment and trend will not be downwards in the medium or even long term.

That is what Dopester told us, although I think he was expecting the repo/separation/death to dominate :eek:

Really2

Rafter wrote: »

Even the land registry data excludes repossessed property!

R.

No it excludes auction property (and cash sales in the hpi report). Most repos are sold pre auction via usual market outlets (EA's)

Really2

mr_fishbulb wrote: »

At least they represent a very small proportion of house buyers.

No they represent all house buyers.
Figures are not made up from people thinking about buying.

In reality most people buy because they want to and because they can. They are not after the bottom or gain, just a steady home to start a family etc.

chucky

StevieJ wrote: »

That is what Dopester told us, although I think he was expecting the repo/separation/death to dominate :eek:

never seen Dopester say it but it was what the doomers used to say when house prices were falling - why don't they use it anymore?

"if only one house sells on that street - that will now be the price level for houses on that street."

Graham_Devon

mitchaa wrote: »

1.6% is a big big jump.

To think there are people out there still clutching at straws waiting for another crash aswell.

You said it yourself. 1.6% is a big big jump. So big infact, just like last time round, that 1.6% rise will have swallowed the entire wages for a whole month of many workers, meaning they are unable to save at the same rate as house prices rise.

Non sustainable.

The last crash may be over, but look at what we are now creating. A bigger boom than the previous one.

I'm wondering though on a seperate thoughpath....this must be doing wonders for Gordon Brown. I'm also wondering why rates are still so low and QE is still being used as virtually everything is up and rising at record breaking paces, be that the FTSE, houses, and just yesterday, a report was out stating the service sector is showing record breaking rises in activity.

Everything seems to be flying ahead. Yet we still have rates this low and a fiscal stimulus costing us hundreds of billions.