Halifax Hpi September 2010 -3.6%

StevieJ

I can already hear the patter of feet into estate agents from people looking to remove their houses from the market

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RenovationMan wrote: »

I dont understand, didnt you buy recently? Are you feeling the pain?

If my house lost 3.6% in value, it means I'm now £16,200 worse off. Who do I have to pay this to?

Yes I did, yes I am to an extent, although buying at 30% below its valuation seriously helped.

For me, cheaper housing is far more important than getting a struggling First Time buyer to pay for my luxuries later on in life.

FTBFun

RenovationMan wrote: »

I dont understand, didnt you buy recently? Are you feeling the pain?

If my house lost 3.6% in value, it means I'm now £16,200 worse off. Who do I have to pay this to?

Me - although you can offset the £6,400 i've lost if you want

RenovationMan

StevieJ wrote: »

I can already hear the patter of feet into estate agents from people looking to remove their houses from the market

We'll be back to how it was in 2008 with just a load of crap on the market. Low priced new build apartments and overpriced rubbish with deluded owners holding out for [STRIKE]2007[/STRIKE] 2009 prices.

The good news in all of this is that with falling house prices, possible double dip and more QE, interest rates will remain low for some time. Halifax Index, Those of us who are about to overleverage salute you!

RenovationMan

FTBFun wrote: »

Me - although you can offset the £6,400 i've lost if you want

I'm dreading going home, I'm worried that 3.6% of my property will be missing. I just hope it's not a supporting wall! :eek:

Batchy

For someone buying a bigger house, they win, as bigger more expensive house is now cheaper and has fell by a large value although same proportion as the smaller house its a win win situation.
For someone buying a bigger house, who has a huge mortgage and no equity, then, simply, they can't, but they still have a house, they win, as they will no longer be able to overextend themselves win win although it may not seem that way, they may also feel trapped.
For a FTB, they win, as they can buy cheaper. but may find it difficult to raise bigger and bigger deposits, so will be limited in choice.
For someone who owns a house, on a low tracker, they win, as rates will continue to be low for a long time.
for BTL's long termers, no problem as they were always in it for the rents, and not the short term capital gains.
For the banks, they win, as they can now enter into huge margin mortgages and its still pretty cheap by comparison, but they will be offsetting this against the low rate deals they also have and are locked into. Especially discounted trackers.

Rising house prices dont really benefit anyone except the IR, for stamp duty, and inheritance tax, estate agents whoose fee's are related to property price, to solicitors whos fees are also related to house price.
Also lets not forget expatriates who leave the country after selling up, moving to spain etc. And to care homes who get extortionate fees paid from the sale of inflated house prices.

Inheritance wise now, are minimal as most people need to pay for care home fees in their old age. Which again is a rip off.

For those who over leveraged themselves trying to make a mint out of rises. Shame on you, you can blame no one but yourself, its not going to happen.

Generali

Some thoughts on these numbers:

• Lloyds HBOS write 25% of new mortgages at the moment (total market share doesn't matter, only new market share)
• Figures are seasonally adjusted
• Comparing this year's average Halifax house price with that from September 2009 shows a nominal house price fall of £1,198 or 0.7%.
• Adjusted for inflation, house prices are falling at about 5.5%pa using the above figure
• The HBOS figure is massively out of line with the others so it's worth considering why. The main difference between Halifax and Nationwide is geographical: Nationwide is strong in the South, Halifax in the North. As Government spending makes up a substantially larger proportion of the economy in the North than the South perhaps this shows the impact of planned Government spending changes.
• Monthly figures are just noise.
• House price indices are not a conspiracy. They try to reflect, with different degrees of success, changes of asset prices in a complex market.

purch

I'm now £16,200 worse off. Who do I have to pay this to?

Hamish.

That's why he's happy whatever way the market moves :eek:

Batchy

RenovationMan wrote: »

I'm dreading going home, I'm worried that 3.6% of my property will be missing. I just hope it's not a supporting wall! :eek:

lol... good one, I wonder if anyone is thinking the same about there savings compared to 0.5% rates most accounts pay compared to the 4% + (fudged) figure of inflation.

FTBFun

Oh for gods sake - do we really need another thread on this? I think this is the 4th now.

Anyway - which part of London do you live in where prices are always dropping?