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Debate House Prices
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Nationwide Oct: +0.6%
HAMISH_MCTAVISH
Posts: 28,592 Forumite
The price of a typical UK house increased by 0.6% in October
Year on year fall decreases to just 0.9%
Price of a typical home is £164,153
London now within 2% of previous peak
Aberdeen +4% year on year
:beer:
Year on year fall decreases to just 0.9%
Price of a typical home is £164,153
London now within 2% of previous peak
Aberdeen +4% year on year
:beer:
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
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Comments
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HAMISH_MCTAVISH wrote: »The price of a typical UK house increased by 0.6% in October
Year on year fall decreases to just 0.9%
Price of a typical home is £164,153
London now within 2% of previous peak
Aberdeen +4% year on year
:beer:
More of the same then. Flat as a particularly flat pancake in nominal terms, down a bit in real terms.
That remains the best possible outcome for house prices and the country as a whole.0 -
Turn your face to the sun and the shadows fall behind you.0
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That remains the best possible outcome for house prices and the country as a whole.
The best possible outcome for the country as a whole would be for lending to return to historically normal, prudent and sensible criteria, where roughly twice tO three times the current number of mortgages would be issued given how affordable housing has now become. House prices would then of course rise more strongly in the short term, with the consequent boost to the wider economy, construction, consumer confidence, retail, etc. Eventually however increased house building would allow for those rises to taper off to a more sustainable long term increase of around inflationary levels, provided we build enough.
There will be no significant and sustainable recovery in the economy until there is a significant and sustainable recovery in house prices.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »London now within 2% of previous peak
Is that inflaton adjusted?Turn your face to the sun and the shadows fall behind you.0 -
HAMISH_MCTAVISH wrote: »There will be no significant and sustainable recovery in the economy until there is a significant and sustainable recovery in house prices.
Surely long-term continued house price rises aren't sustainable and as a result any impact on the economy isn't sustainable either?0 -
posh*spice wrote: »Is that inflaton adjusted?
No, but given the ecomnomic climate that we find ourselves in it has to be considered good news (unless of course you are waiting to buy).
It was particularly good news for Wandsworth (up 8% in the last quarter and 9% YOY).Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
Surely long-term continued house price rises aren't sustainable and as a result any impact on the economy isn't sustainable either?
They're as sustainable as price rises in any asset class. And like any other asset, there are limits. But we're nowhere near that yet.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »They're as sustainable as price rises in any asset class. And like any other asset, there are limits. But we're nowhere near that yet.
Getting a little overexcited here Hamish?
To say were no where near the "limits" when prices are still falling YOY on nearly all indexes and the housing market itself is really struggling (transactions) is a little premature, IMHO.0 -
I wonder if there are any other websites discussing this news.0
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posh*spice wrote: »Is that inflaton adjusted?
I understand the desire to look at real inflation adjusted terms, but in terms of buying, it only matters once the property is bought.
Otherwise, people buy in Nominal terms, not real.
If you want to compare in real terms, you may wish to consider house prices against wage inflation as a more realistic measure rather than in terms of overall inflation.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0
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