House prices fell by 0.5% in July - Nationwide

Blacklight

doire wrote: »

You have to laugh at the VI at the BBC with their headlines.

If it had been a rise then the headline would have said "House Prices Continue to Rsis"

Instead of telling people prices have fallen the BBC go with "eases"

Perhaps they feel somewhat responsible for their sensationalist coverage of the countries problems back in 2008, which in turn made the problem worse:



I never saw the opposite upturn logo on the big screen behind Bill Turnbull on BBC Breakfast.

doire_2

Blacklight wrote: »

Perhaps they feel somewhat responsible for their sensationalist coverage of the countries problems back in 2008, which in turn made the problem worse:



I never saw the opposite upturn logo on the big screen behind Bill Turnbull on BBC Breakfast.

You dont actually believe that do you? :eek:

sarkin1

chucky wrote: »

how you doing sarkin?

thanks for asking I 'm good, business is terrible.

chucky

doire wrote: »

As opposed to thousands and thousands being priced out when prices are sky high?

not sure i agree with you because 2007 was the highest point of owner ownership ever in the UK.

if people would rather go back to pre-1980s when houses were owned by the richer minority - there were more people excluded then than now - i'm sure the same people that complain now wouldn't be happy.

what the best solution is - i don't know.

doire wrote: »

I have said it before and i'll say it again, if people really want a home they should save for a big deposit. People need to be more repsonsible.

this shouldn't be a surprise to anyone and is pretty much correct.

the only problem with this is, is that the richer people that can afford to save a big deposit will be able to buy - in theory this is the better off people.

i'm not sure what the right answer is but there needs to be a balance...

chucky

sarkin1 wrote: »

thanks for asking I 'm good, business is terrible.

everyones on holiday innit

i'm still on the gravy train - let it continue to role...

angrypirate

brit1234 wrote: »

Nationwide
Mar + 1.0%
Apr + 1.1%
May + 0.5%
Jun + 0.1%
Jul - 0.5% :j:beer:
http://www.nationwide.co.uk/hpi/historical/Jul_2010.pdf

Halifax
Mar + 1.0%
Apr - 0.1%
May - 0.4%
Jun - 0.6%
http://www.lloydsbankinggroup.com/me...dexMay2010.pdf

Land Registry
Mar - 0.3%
Apr +0.2%
May - 0.2%
Jul + 0.1%

Acadametrics
Mar - 0.5%
Apr - 0.7%
May - 0.2%
Jun - 0.5%
http://www.acadametrics.co.uk/acadHousePrices.php

Good day, I reckon land registry will go properly negative next month or month after due to delay.

The trend is clearly down :T

You will actually find Nationwide have revised the previous months down so its not

Mar + 1.0%
Apr + 1.1%
May + 0.5%
Jun + 0.1%
Jul - 0.5%

but now

Mar + 1.0%
Apr + 1.1%
May + 0.4%
Jun + 0.0%
Jul - 0.5%

JonnyBravo

Chaos_A.D. wrote: »

Not so if people were forced to sell, the current base rate and banks not repossessing along with government paying people's interest however means forced selling is not on the cards at this time.

The question is I guess, is can the hundred's of thousand's of households that are underwater able to get out of their current predicament whilst these policies are still in force ?

Absolutely, but is there any sign of rocketing rates?
Each year that passes, inflation and low rates ease the burden that little bit more. We've done 2 years of "payback" already. How many more are needed? 5?

I'll guess there will be no mass repossessions, unemployment will climb a bit more then stabilise, inflation will run circa 4% and wages will eventually reflect that. Lending will remain tight for 5 years house prices will drop nominally a little but inflation will be the real impact for them meaning in real terms they get much cheaper.

1984ReturnsForReal_2

Generali wrote: »

http://www.nationwide.co.uk/hpi/historical/Jul_2010.pdf



Non-seasonally adjusted price is down 0.4%.
Another 6 months of 0.5% falls would be needed for YoY to be flat.

So in the previous 5 months they rose 3.4%???

Pete111

angrypirate wrote: »

You will actually find Nationwide have revised the previous months down so its not

Mar + 1.0%
Apr + 1.1%
May + 0.5%
Jun + 0.1%
Jul - 0.5%

but now

Mar + 1.0%
Apr + 1.1%
May + 0.4%
Jun + 0.0%
Jul - 0.5%

Did I read that the LR revised May from -0.2 to +0.2 also?

ruggedtoast

Generali wrote: »

I agree. It's fairly basic economics that lower price => lower quantity supplied

I can see that for newly manufactured goods. In the case of houses, they already exist, and demand is always going to be very high, just currently its at a lower price point.

You could say that theres a tidal wave of buyers waiting in the wings if people who arent in negative equity (which is most homeowners) are a bit more reserved with their asking prices.