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Debate House Prices


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Nationwide Dec: +1.4% MoM +8.4% YoY

HAMISH_MCTAVISH
HAMISH_MCTAVISH Posts: 28,592 Forumite
Part of the Furniture 10,000 Posts Name Dropper Photogenic
in Debate House Prices & the Economy
Commenting on the figures, Robert Gardner,
Nationwide's Chief Economist, said:

“The UK housing market followed the trajectory of the wider
economy through 2013, gaining momentum as the year
progressed.

The average monthly increase in house prices rose from 0.4% in the first half of the year to 1% in the second half of 2013. Overall, prices increased by 8.4% in 2013, though they remain around 5% below the all-time highs recorded in late 2007.

“The upturn also became increasingly broad based over the
course of 2013. For the second successive quarter, all
thirteen UK regions saw positive annual house price growth
in Q4, though London and the South East continued to
record the strongest pace of growth.

“A large part of the pickup in the housing market can be
attributed to further improvements in the labour market and
the brighter economic outlook, which helped to bolster
sentiment amongst potential buyers.

Policy measures also played an important supporting role by helping to keep mortgage rates close to all-time lows and improving the
availability of credit, especially for those with smaller
deposits.

“Part of the reason for the acceleration in house price growth
is that the supply side of the market has not kept pace with
the upturn in demand, even though buyer numbers remain
subdued by historic standards.

For example, in Q3 2013 the number of housing transactions in England was around 25% below pre-crisis levels, while the number of new homes built was around 45% lower.

Moreover, even in the pre-crisis period, the pace of construction was below that required to keep pace with the increase in the number of households, adding further weight to the notion that the supply side of the market remains constrained.
http://www.nationwide.co.uk/~/media/nationwide.co.uk/pdf/hpi/Dec_2013.pdf

Good.


: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”
«13

Comments

  • mayonnaise
    mayonnaise Posts: 3,690 Forumite
    Cue someone from the Devonian School of Economics posting that when the price of carrots rises, it's not good news, and we can have the whole asset/consumable debate once more. :)
    Don't blame me, I voted Remain.
  • AndyGuil
    AndyGuil Posts: 1,668 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 3 January 2014 at 9:09AM
    London up 14.9% YoY
    Manchester up 21% YoY
    Brighton 12%
    Leicester 11%
    Birmingham 10%
    Wales 6%
  • chucknorris
    chucknorris Posts: 10,795 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    AndyGuil wrote: »
    London up 14.9% YoY
    Manchester up 21% YoY


    I guess I'll have to start believing my eyes, I've been tending to play down the prices that I have seen in my main area of London (SW11) and dismissing them as being over optimistic. This recovery of property prices happened far quicker than I had envisaged.
    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 stop
  • AndyGuil
    AndyGuil Posts: 1,668 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    chucknorris wrote: »
    I guess I'll have to start believing my eyes, I've been tending to play down the prices that I have seen in my main area of London (SW11) and dismissing them as being over optimistic. This recovery of property prices happened far quicker than I had envisaged.

    This is a strong recovery being seen across the country. :beer:
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    AndyGuil wrote: »
    Manchester up 21% YoY
    Brighton 12%
    Leicester 11%
    Birmingham 10%
    Wales 6%

    Excellent results, albeit from a low starting point.

    In my neck of the woods we had Aberdeen up 8% and Aberdeenshire up 9%.

    Happy days.: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”
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    AndyGuil wrote: »
    This is a strong recovery being seen across the country. :beer:

    Excellent news all around really.

    Brilliant for the economy to see such a strong recovery ongoing and spreading out across the whole nation.

    Even Northern Ireland was up 7%. :D
    “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”
  • mayonnaise
    mayonnaise Posts: 3,690 Forumite
    AndyGuil wrote: »
    Manchester up 21% YoY

    Percy will be chuffed. First a bailout, then massive HPI. Lucky guy...
    Don't blame me, I voted Remain.
  • Loughton_Monkey
    Loughton_Monkey Posts: 8,913 Forumite
    Part of the Furniture Combo Breaker Hung up my suit!
    mayonnaise wrote: »
    Cue someone from the Devonian School of Economics posting that when the price of carrots rises, it's not good news, and we can have the whole asset/consumable debate once more. :)

    Yes. It's absolutely clear that those 750 HTB completions have got a lot to answer for! And as for carrots, the more they give them away in these food banks, the more the prices are going up in Sainsburys. We're all doomed.
  • Blacklight
    Blacklight Posts: 1,565 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I bet Merryn's glad she called the bottom and bought at the right time. Shame she didn't pass on the news to her followers and led them into another 10 years of misery just to make a few more quid.
  • ruggedtoast
    ruggedtoast Posts: 9,819 Forumite
    All your attitudes to this news makes me furious. Have you no empathy whatsoever for those less well off than you?

    :mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::money::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:
This discussion has been closed.
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