MSE News: House prices down 4.2% over the year

rickbonar

What do we want? ...... HIGHER INTEREST RATES!

When do we want them?.... NOW!

ess0two

rickbonar wrote: »

What do we want? ...... HIGHER INTEREST RATES!

When do we want them?.... NOW!

What benefit will this bring.

rickbonar

Halifax mmm I don't know they've fiddled and diddled all they way along and with them I wonder whether this isn't another strategy to cook the books again somehow. Last month they trumpeted a fall in prices .... is it to claim at a later date ooh they're rising? I did explain in an earlier posting elsewhere.

I had shares in Halifax too ... luckily I got rid of when they were worth something Hamish.

Bit like the houses chortle chortle.

Your posts reminds of the pensions and financial advisor guy on some of the other threads


Tell me what do you reckon the house prices are going to do? keep on rising ad infinitum to £5 million each?

Cash buyers? I don't think I've got a suitcase big enough to put my £5 million in! Even if I did it would take a long time to count out.

tara747

ess0two wrote: »

What benefit will this bring.

I take it you're not a saver then?

rickbonar

ess0two wrote: »

What benefit will this bring.

People that have been doing what the governments have told us in the past ie. save will at least be able to live off their savings without inflation eating away at it. As it is it's rewarding the reckless and greedy.
It makes many think "what's the point"

It would bring a rapid kick up the backside for all the over priced mortgages but if Mr Hamish is correct then no problem either as they'll all able to sell at a good profit.

I believe it's ludicrous that some little semi is purportedly worth 1/4 to 1/2 million pounds £s.

I think the asking prices are 5 times what they should be. I may wrong it may be 6.


Higher interest rates = less inflation, higher mortgage repayments, worthwhile bank saving rates (at the moment Hong Kong and Belize, Panama etc are being considered by bigger savers) Job losses and bankruptcies accelerating it further. More re possessions and properties sold off at auction, more realistic asking prices and an opening for new buyers to afford a mortgage on their wages.
Knock on effects include lower rents too.
.
In the long term everyone will benefit.

Graham_Devon

HAMISH_MCTAVISH wrote: »

Except of course, that unlike your signatures claims, they are currently all rising.

Halifax +0.1%

Land Registry +0.8%

Nationwide +0.3%

And not just seasonal rises, that's from seasonally adjusted indices so they're rising by MORE than would be expected at this time of year.:D

Last year Hamish told us we have to look at the figures year on year.

This year, he shows us figures month on month.

How bizzare.

rickbonar

What the sold prices are is the important point. New sellers may as well ask a million, most old sellers aren't dropping but holding fast to their highest price or raising it.

I wholeheartedly agree low interest rates are counterbalancing downward price pressure. And I believe you when you say asking prices are only 1.5% below the all time high.

But it's the sold prices that count.

ess0two

tara747 wrote: »

I take it you're not a saver then?

So its just about extra on savings?will it help combat inflation?

tara747

ess0two wrote: »

So its just about extra on savings?will it help combat inflation?

Yes, of course it combats inflation. Higher rates strengthen the £, which in turn makes imported goods (of which we consume a LOT) cheaper.

Higher savings rates would be another positive effect, don't you see this as a good thing?

poppy10_2

Arthurian wrote: »

Seems like the house price news keeps swinging up and down every couple of weeks. http://www.moneysavingexpert.com/news/mortgages/2011/05/nationwide-slight-rise-in-house-prices-in-may (up)

http://www.moneysavingexpert.com/news/mortgages/2011/05/halifax-house-prices-fell-during-april (down)

http://www.moneysavingexpert.com/news/mortgages/2010/03/nationwide-house-prices-creep-up-07-in-march (up)

http://www.moneysavingexpert.com/news/mortgages/2010/02/first-house-price-fall-in-10-months (down)

http://www.moneysavingexpert.com/news/mortgages/2011/02/halifax-house-prices-rose-in-january (up)

Actually it depends which index you are looking at. Halifax has been pretty much static or falling since the beginning of the year:

Jan 164,145
Feb 162,697
Mar 162,712
Apr 160,393
May 160,519

Whereas Nationwide has been rising fairly steadily
Jan 161,211
Feb 161,183
Mar 164,751
Apr 165,609
May 167,208