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Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Thank you for your understanding.MSE News: House prices up 7.5% in 2013, Halifax says
Former_MSE_Helen
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"House prices rose by 7.5% annually in December, but fell month-on-month, says Halifax..."
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House prices up 7.5% in 2013, Halifax says
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House prices up 7.5% in 2013, Halifax says
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Rising house prices are good for......
-The millions of people who are in or approaching retirement, and who either plan to, or may unexpectedly need to, downsize.
-The millions more people who are in their final property now, but will find themselves in the position above at some point.
-The couple of million people who bought within the last 7 years, who may be in or close to negative equity.
-The owners of the 2 million investment properties.
-The millions of people who may need to re-mortgage as and when rates climb, and want the best possible LTV ratio to get the best rates.
-House builders, construction industry, suppliers, investors, pension funds holding mortgage securities, banks, and all housing related industries, all of their shareholders and employees, whether they own a house or not.
-The family members of anyone who will leave an inheritance, or release equity to help their kids onto the ladder when downsizing, etc.
Rising prices are bad for......
-A few hundred thousand potential FTB's at any given time...... But only until they get on the ladder, and become one of the groups above.
And as for upsizers......
It used to be commonly believed that falling prices were better for them.
However this crash has proved that to be wrong, in most cases, because the price of their FTB property has fallen by far more than the price of the 2TB properties.
So the gap between rungs on the ladder has widened, not narrowed, with falling prices.
In summary....
Rising prices are better by far for the vast majority of society, and falling prices only benefit a few, and then only temporarily.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”