MSE News: Halifax: house prices up 10% since bottom

nollag2006

Joeskeppi wrote: »

Seriously?

Quite seriously.

abaxus yesterday started a thread about a "Coupe da tar" (Coup d'etat)

Not the sharpest knife in the drawer.

stueyhants

nollag2006 wrote: »

This, to me, is perhaps the most encouraging part of the press release.

:T:T:T

FTB homes are now far more affordable than they have been for years.

As the mortgage market continues to thaw into the new year, we can only home that more potential FTBs are able to take advantage of this, and get started on the housing ladder

What I can't understand and hope someone can help me here is how this affordability has improved.

If we believe the haliwide indices then houses are not that much lower than peak. Wages haven't really gone up much and interest rates for new buyers are not really far off normal (i.e. 5%+ for a fixed)

So is the drop to 27% more a reflection of who is buying now, FTB are buying sensibly not overstretching and with a huge deposit and thus this drop is not a good comparision to the type of FTB who bought in 2007 ?

lemonjelly

Erm...Timber......?

Really2

lemonjelly wrote: »

Erm...Timber......?

Or should it be

REBMIT

skap7309

mystic_trev wrote: »

I actually delayed posting it as I thought I'd be beaten by the Frothing Scotsman What's happened to the old boy?

Im sure he will be along any minute now with plenty of these - :beer::beer::beer:

stueyhants

So in general (there will be exceptions !!!) anybody not in their final house (i.e. house for life) has seen the gap between their house price and the one they want increased today, not sure I'd be celebrating that.

HammerSmashedFace

Love it, I would have liked 2%+ but this will have to do I guess. I've bought my ticket, I'm just about to get my bucket of popcorn, the greatest show on earth will be starting soon.:D

Cannon_Fodder

Stuey, re affordability, Halifax was nearly 20% below peak as at Q3. Need to wait a couple of weeks to see their Quarterly data come through for Q4.

http://www.lloydsbankinggroup.com/media/excel/07_01_10_historic_data.xls

That was still pretty substantial.

Date,Region,Index, %, £Price
Q1 2007 U.K. 613.9 11.1 189,681
Q2 2007 U.K. 644.1 10.7 199,021
Q3 2007 U.K. 649.3 10.7 200,623
Q4 2007 U.K. 634.4 5.2 196,002
Q1 2008 U.K. 620.9 1.1 191,852
Q2 2008 U.K. 605.1 -6.1 186,958
Q3 2008 U.K. 568.9 -12.4 175,764
Q4 2008 U.K. 531.5 -16.2 164,225
Q1 2009 U.K. 512.5 -17.5 158,359
Q2 2009 U.K. 514.3 -15.0 158,892
Q3 2009 U.K. 526.5 -7.4 162,689



Having said which, with the change in lending criteria, especially in regard to poor credit history, it might be that not many FTBs can actually get the best low-rate mortgages that Halifax's research thinks are out there, and FTBs just remain "potential" buyers.

Graham_Devon

Sounds like were back to boom!

chucky

HammerSmashedFace wrote: »

Love it, I would have liked 2%+ but this will have to do I guess. I've bought my ticket, I'm just about to get my bucket of popcorn, the greatest show on earth will be starting soon.:D

that's what you said last Christmas!!