Nationwide UP 0.6% MoM & UP 0.9% YoY

wotsthat

http://www.nationwide.co.uk/mediacentre/default.asp

House prices increased by 0.6% in February
Prices are 0.9% higher than February 2011
Price of a typical home is now £162,712

Evidence that house prices picked up a little in February follows a series of data releases suggesting that economic conditions may not be quite as weak as feared after the UK economy contracted in the final quarter of 2011. Surveys of activity in the manufacturing and service sectors point to a rebound in January, while consumer confidence and retail spending were both stronger than expected during the month.

“Measures of activity in the housing market have also picked up, with the number of housing transactions rising by 23% y/y in January and the number of UK mortgage approvals – a leading indicator of sales – up 36%

Going to be interesting to see whether transactions keep increasing past the end of the end of the stamp duty holiday.

IveSeenTheLight

wotsthat wrote: »

http://www.nationwide.co.uk/mediacentre/default.asp

Going to be interesting to see whether transactions keep increasing past the end of the end of the stamp duty holiday.

What will be more interesting is if Brit1234 updates their signature :rotfl:

SecondLegDownIsTheBigOne

The media is whipping itself up into a frenzy about a piffling little increase caused by "must get on the ladder" numpties too thick to figure out that the end of stamp duty holiday will bring prices down. The media and the VIs are now earnestly telling themselves and each other that this isn't just the stamp duty holiday, this is a massive shift in the fundamentals. Thickies.

This piffling little increase is temporary.

http://www.bbc.co.uk/news/business-17204783

wotsthat

SecondLegDownIsTheBigOne wrote: »

The media is whipping itself up into a frenzy about a piffling little increase caused by "must get on the ladder" numpties too thick to figure out that the end of stamp duty holiday will bring prices down. The media and the VIs are now earnestly telling themselves and each other that this isn't just the stamp duty holiday, this is a massive shift in the fundamentals. Thickies.

This piffling little increase is temporary.

http://www.bbc.co.uk/news/business-17204783

Well the increase comes against a backdrop of improving economic data so there's an argument to say that there's more going on than just the stamp duty holiday. If you think about it there's alway a wider picture to consider rather than (over) focusing on single issues.

I reckon that transactions will be higher in 2011 compared to 2010 as any loss of transactions due to the end of stamp duty holidays are picked up by improving confidence and increasing numbers of people with deposits arriving in the market.

Rinoa

wotsthat wrote: »

http://www.nationwide.co.uk/mediacentre/default.asp

Going to be interesting to see whether transactions keep increasing past the end of the end of the stamp duty holiday.

Been coming for a while now. The end of the stamp duty holiday has helped, but there is also a lack of stock and lenders are gradually returning to higher LTVs.

nollag2006

But I thought house prices were falling off a cliff, and we were all doomed?

Good piece on the R4 Today programme this morning about how even Ben Bernanke has been surprised at the rapid pick up in the US (and as a follow on - the world) economy.

Good to see that we are finally starting to emerge from the mess of the banking crisis

nollag2006

Message to brit

Message to brit

Your siggy needs updating pronto

Pimperne1

Rinoa wrote: »

Been coming for a while now. The end of the stamp duty holiday has helped, but there is also a lack of stock and lenders are gradually returning to higher LTVs.

Yes, it was a difficult couple of years for many but I think we are now on the up slope.

DervProf

SecondLegDownIsTheBigOne wrote: »

The media is whipping itself up into a frenzy about a piffling little increase caused by "must get on the ladder" numpties too thick to figure out that the end of stamp duty holiday will bring prices down. The media and the VIs are now earnestly telling themselves and each other that this isn't just the stamp duty holiday, this is a massive shift in the fundamentals. Thickies.

This piffling little increase is temporary.

http://www.bbc.co.uk/news/business-17204783

Having seen the BBC breakfast news this morning, it does appear that the media are starting to get a little "aroused".

This may not be a massive shift in fundamentals, but it is one ingredient in the mix for a property boom. The other ingredients are low interest rates and easy borrowing criteria. I'd say we have the low rates, but it's the lending criteria that's holding things back. Good job too, because another dose of HPI will soon put us back to July 2007.

Ideally we want low, or no HPI for a few more years, a steady increase in property transactions, and continued controlled lending by the banks. Of course, there'll be plenty calling for a "free-for-all", but that's just greed and impatience taking over. I still don't "get" the idea that lowering deposit requirements and keeping interest rates low will have a happy ending.

CRASH_BANG_WALLOP

nollag2006 wrote: »

.

Good to see that we are finally starting to emerge from the mess of the banking crisis

how come??????

CRASH_BANG_WALLOP

House price rise is temporary, says Nationwide

"Given the still challenging economic backdrop this increase in housing market activity may be the result of a temporary rise in first time buyers entering the market to take advantage of the stamp duty holiday," said Nationwide's chief economist Robert Gardner

The number of properties sold in January, at 64,000, was 23% up on a year earlier, according to figures from HM Revenue & Customs.
However, the Council of Mortgage Lenders has already warned that this uplift will be temporary and sales will fall back once the 1% stamp duty rate is reintroduced for first-time buyers.

so there it is dudes, stamp duty