MSE News: Nationwide: House prices creep up 0.7% in March

Percy1983

Prices are still failing in my local area, its looking good for me.

I just want to buy a home at a reasonable price, once I have said home I intend to live in it.

I do worry that if I can only just afford a property now how will future generations be able afford anything? I suppose they can rent from the greedy bulls.

Generali

It's interesting that house prices rising by 0.7% per month are considered to be creeping up. If every month sees a 0.7% increase in house prices, the annual increase would be 8.7%, rather less than the increase in wages and incomes.

Buy housing! would appear to be the message. I have to admit, I am utterly amazed by the gravity defying abilities of the UK's housing market but the numbers are what they are and house prices seem to be increasing each and every month, just about. Certainly the trend is clear.

HAMISH_MCTAVISH

DaddyBear wrote: »

I dread to think what the next step is.

Ending inheritance tax, giving the next generation even more money to spend on housing. (Tory policy, BTW)

And of course, lot's of work still to be done with ending the mortgage rationing that is stifling the recovery here. If a govt wanted to stimulate housing, they could start by getting an entity they control like the Post Office to offer 90% LTV mortgages.......... as was announced yesterday.:D

HAMISH_MCTAVISH

Percy1983 wrote: »

I suppose they can rent from the greedy bulls.

Now you're getting the idea.;)

HAMISH_MCTAVISH

Generali wrote: »

It's interesting that house prices rising by 0.7% per month are considered to be creeping up. If every month sees a 0.7% increase in house prices, the annual increase would be 8.7%, rather less than the increase in wages and incomes.

It was 1.8%. The expected 1.1% seasonal increase, PLUS 0.7%.

Buy housing! would appear to be the message. I have to admit, I am utterly amazed by the gravity defying abilities of the UK's housing market but the numbers are what they are and house prices seem to be increasing each and every month, just about.

Certainly the trend is clear.

Indeed it is.

Doctor_Gloom

House prices are still crashing in my local area. So these made-up Nationwide figures clearly smack of a strong vested interest in ramping prices upwards. They simply can't be believed any longer.

System

Don't tell us, you can't give out your area because some nasty stalker will come get you?

Harry_Powell

Percy1983 wrote: »

Prices are still failing in my local area, its looking good for me.

I just want to buy a home at a reasonable price, once I have said home I intend to live in it.

I do worry that if I can only just afford a property now how will future generations be able afford anything? I suppose they can rent from the greedy bulls.

I really do think it's wonderful that once you buy your most expensive asset (home), that you'll be glad for it to lose value.

No doubt you also buy brand new cars just for the depreciation as they leave the showroom. Needless to say that you then sell these cars at a discount to people who wouldn't have been able to afford them otherwise.

How altruistic you bears are, it quite brings a tear to my eye.

Generali

HAMISH_MCTAVISH wrote: »

It was 1.8%. The expected 1.1% seasonal increase, PLUS 0.7%.

That doesn't seem to be what the article says:

The housing market bounced back during March after prices suffered their first fall for 10 months in February, Nationwide says today.
But despite the 0.7% increase largely reversing February's 0.8% drop, economists remain divided on the future direction of prices.


Nationwide's three-month-on-three-month index, generally seen as a smoother indicator of market trends, showed a further slowdown in price growth this month, with a rise of only 1.6% during the three months to the end of March, compared with 1.8% for the three months to the end of February.

The 1.8% rise is over the quarter whereas the 0.7% rise is month on month from my reading.

It's heartening to realise that Britain can get of of recession by the populace selling each other houses again.

Emy1501

Doctor_Gloom wrote: »

House prices are still crashing in my local area. So these made-up Nationwide figures clearly smack of a strong vested interest in ramping prices upwards. They simply can't be believed any longer.

I doubt it. NW have a good mortgage book and of course many of the borrowers will on low SVR in view of their policy before 2009.

The simple facts are these are on low sales and its likely that those who cannot get good prices for their houses will not sell as they do not need to. Its of course interesting that LR figures were negative, these lag at least 3 months behind NW and relate to a time when NW were showing close to 1% monthly gains.