MSE News: Nationwide: House prices fell in April

Former_MSE_Helen

This is the discussion thread for the following MSE News Story:

"House prices have dipped further amid the "soft" market, with declines in four months out of the last five ..."

Read the full story:
Nationwide: House prices fell in April




This thread is not in the 'discuss house prices and economy board' as that is only open to those logged into the forum so anyone coming from the news story may not be able to see it.

richardw

Would this be better over on http://forums.moneysavingexpert.com/forumdisplay.php?f=149 ?

HAMISH_MCTAVISH

Nationwide Average House Price March 2012 = £163,327

Nationwide Average House Price April 2012 = £164,134

Prices rose by less than would be expected at this time of year. They didn't fall.

RenovationMan

richardw wrote: »

Would this be better over on http://forums.moneysavingexpert.com/forumdisplay.php?f=149 ?

The MSE forum people are afraid to go into the 'ghetto', besides with only 20 regulars its not worth their time posting a discussion thread in there.

I think MSE are letting that forum die quietly.

brit1234

Good news, lets see if we can have Negative Halifax house price figures this month as well and get the hat trick. House prices are vastly inflated and unsustainable after a decade of irresponsible lending, mass fraud and too low interest rates.

:beer:

As for Hamish having a go at the seasonal adjustment he should remember it works both ways when house prices have actually fallen but been revised up to positive figures at different times in the year.

Anyway the bigger falls won't occur for a couple of months due to the lag in figure data after the stamp duty changes and mortgage rate increases.

MobileSaver

brit1234 wrote: »

Anyway the bigger falls won't occur for a couple of months

Brit, you've been saying this since 2008! :rotfl:

brit1234

MobileSaver wrote: »

Brit, you've been saying this since 2008! :rotfl:

Did they fall in 2008? Yes they did.

Did the Bank of England slash interest rates to 0.5% to prop up house prices? Yes it did.

Mortgage rates are going up, pretty much all the stimulus keeping prices up is being removed or has been. The low interest rates didn't stop house prices from falling to affordable levels but just delayed it.

nollag2006

Oooh, I still remember brit1234's bold prediction in early 2009 that house prices would be 50% down from peak by Christmas

He's still over on the Debate house prices board claiming that house prices will fall 50% from the 2008 peak by June 9th.

Mark it in your diaries people.

He has nil credibility

HAMISH_MCTAVISH

brit1234 wrote: »

Mortgage rates are going up, pretty much all the stimulus keeping prices up is being removed or has been.

And yet house prices have fallen just 0.9% in the last year, and remain 10% higher than they were in early 2009..

If prices continue to stagnate, as they are doing, despite all the stimulus being removed, at what point will you admit defeat?

Next year?

In 2 years?

When?

brit1234

HAMISH_MCTAVISH wrote: »

And yet house prices have fallen just 0.9% in the last year

Thats on top of the previous years falls Hamish. Also this is meant to be the spring bounce the time of year when they are strongest.

Mortgage rates are up, set to continue rising as well whilst wages are frozen and in respect to inflation fast falling.

Also don't house prices always fall in recessions? Can you name one they didn't.

franklee

House prices have been bailed out at the expense of savers due to the base rate being kept so low for so long. However mortgage rates seem to be creeping up now despite the base rate being maintained at a record low 0.5% (which I certainly didn't expect and don't recall anyone predicting). People on trackers with large mortgage debt have been handed a huge get out card, it remains to be seen if enough of them used it wisely to pay down their debt. The sad part of this being encouraged to run on is that so many more FTB have been sucked into the mess by overpaying and they are at risk of negative equity and it sometimes seems that everyone except those who lent and borrowed recklessly are paying

Plus there are a lot of under performing endowment mortgages comming to the end of their time about now.