MSE News: Nationwide: first house price fall in 10 months

Rinoa

Batchy wrote: »

http://www.nationwide.co.uk/hpi/historical/feb_2010.pdf

enjoy

From Nationwide:

“There is evidence from a range of indicators that the market may have lost momentum in early 2010 as the stamp duty holiday ended and house hunters were obstructed by the icy weather. New buyer enquiries dropped sharply in the New Year and there was also an associated drop in the number of new mortgages taken out by homebuyers in January. This drop in demand seems to have fed into agreed prices during February. Judging from the fall in retail sales during January, however, the housing market does not appear to be the only sector of the economy to have experienced a setback related to adverse weather and the expiry of economic stimulus measures. At this stage, it is difficult to gauge how much of the drop in housing activity is attributable to one-off factors and therefore whether February’s fall in prices is just a temporary blip or the start of a new trend.

Yeah, I'd say that's about right.

Jonbvn

stueyhants wrote: »

Why does snowy weather have any impact ? Are they implying that the snow only affecting the sales of bigger/higher priced houses ? I thought the mix adjustment factors account for this.

If you bothered to read the report, you will see that they mention that retail sales also fell due to the poor weather.

Judging from the fall in retail sales during January, however, the housing market does not appear to be the only sector of the economy to have experienced a setback related to adverse weather and the expiry of economic stimulus measures.

One month's data is unlikely to indicate a new trend. As such the only person who is grasping at straws is you stuey lad.

boomerangs

House Prices crash 1% in February

Now that artificially low interest rates, printing billions of pounds of funny money, stamp duty bribes, co-ownership cons,etc. have all spectacularly failed to prevent the inevitable house price crash what ruse will the government try next?

mr_fishbulb

stueyhants wrote: »

Why does snowy weather have any impact ? Are they implying that the snow only affecting the sales of bigger/higher priced houses ? I thought the mix adjustment factors account for this.

If anything I would have thought the opposite. Owners of more expensive houses are more likely to have 4x4s and so could have gone out in the snow.

But actually, I would have thought that the houses included in this reporting month would have been viewed, surveyed and offered before the first flakes even fell.

Mr.Brown_4

Very pleased to report that our house price managed to keep rising despite the snow - we have a roof fitted to ours.

JWF

I know that as sales are at low levels that each months figure is slightly suspect on it's own. However, when you add the stats together for the last 10 months then surely it is fairly conclusive that there was actually a rise YoY.

Whether it is sustainable and whether the latest figures show the start of a decline I wouldn't like to say, and I need to go and clear the snow off my drive in any case!

doire_2

"Quick Marjorie here comes the snow.....we better take £20,000 off our asking price"

The BBC are becoming a joke day by day. What the hell has snow got to do with falling prices? Sales yes but prices?

luvpump

Knew this "Rally" wouldn't last !!! :T Where is that Hamish bloke !! ? :rotfl:

Wookster

Someone has to do it.

Here is how Hamish looks right about now:

abaxas

Hmmm,

Personally I dont think this has any statistical merit. However, both sides of the coin will be spinning like mad, when infact both are wrong. The data is crap, so no-one knows the answer.