Nationwide Feb:+9.4% YoY

HAMISH_MCTAVISH

House prices rose by 0.6% in February, a 9.4% increase on the same month in 2013, according to the Nationwide Building Society.

The annual rate of growth is the fastest for almost four years.

It puts the average price of a UK home at £177,846, which is still almost 5% below the 2007 peak.

The lender's chief economist, Robert Gardner, acknowledged that prices could accelerate even faster in the coming months, as more people took the plunge to buy for the first time or move.

But he denied a house price "bubble" was being created.

"Price growth is being supported by the fact that the supply of housing remains constrained, with housing completions still well below their pre-crisis levels," said Mr Gardner.

He added that just 109,500 new homes were built in England in 2013, which was 38% below the level recorded in 2007, and about half the projected number of new households expected to form each year.

http://www.bbc.co.uk/news/business-26368709

:beer:

thequant

HAMISH_MCTAVISH wrote: »

http://www.bbc.co.uk/news/business-26368709

:beer:

Long may it continue!

HAMISH_MCTAVISH

Oh yes, nearly forgot....

Good.

floridaman

Awful news how do you people take much glee in seeing the young slaves to the landlord. He young study, work hard and for nothing. Prices must drop 50%

TickersPlaysPop

We need a better system in the UK, but I can't see how we can get out of this crazy situation.

There should have been more laws and restrictions around residential property back in the Thatcher days to prevent bubbles. Residential Houses and flats should never have been allowed to be traded as investments. I'm sure laws could have been put in place to still keep landlords in the game, but if prices were prevented from increasing so much more people could own their own place?!

This is another example of the banks pushing risk onto the individual, making more money out of us, and keeping us working like dogs and slaves.

For those of us with mortgages ..... We don't own our houses, the banks do!

Generali

TickersPlaysPop wrote: »

We need a better system in the UK, but I can't see how we can get out of this crazy situation.

There should have been more laws and restrictions around residential property back in the Thatcher days to prevent bubbles. Residential Houses and flats should never have been allowed to be traded as investments. I'm sure laws could have been put in place to still keep landlords in the game, but if prices were prevented from increasing so much more people could own their own place?!

This is another example of the banks pushing risk onto the individual, making more money out of us, and keeping us working like dogs and slaves.

For those of us with mortgages ..... We don't own our houses, the banks do!

There were laws under Thatcher to keep rents down. It was the Major Government that introduced the Shorthold Tenancy.

CLAPTON

TickersPlaysPop wrote: »

We need a better system in the UK, but I can't see how we can get out of this crazy situation.

There should have been more laws and restrictions around residential property back in the Thatcher days to prevent bubbles. Residential Houses and flats should never have been allowed to be traded as investments. I'm sure laws could have been put in place to still keep landlords in the game, but if prices were prevented from increasing so much more people could own their own place?!

This is another example of the banks pushing risk onto the individual, making more money out of us, and keeping us working like dogs and slaves.

For those of us with mortgages ..... We don't own our houses, the banks do!

I'm not sure how this proposal would increase the number of properties being built.

You aren't obliged to buy a house : you could rent instead.

carslet

floridaman wrote: »

Awful news how do you people take much glee in seeing the young slaves to the landlord. He young study, work hard and for nothing. Prices must drop 50%

I had been waiting since 2005 for house prices to fall, and aprt from a mini crash 2007 until 2011 and with all the government schemes in place, I dont think they will fall 50%, but if they keep rising at the rate i am seeing now, it is getting out of hand,

but i bought in 2011 and really was the best thing i ever did.coming up 3 years of paying my own house and not buy it for someone else

ruggedtoast

There are houses down the road from me, they are nice little houses but planned so that they don't have much road access. To save space most of the access to and between them is footpaths.

Rarely were any of these on for more than £180k but I notice to my amazement that they've started going up for more than £200k, and selling.

Madness.

thequant

floridaman wrote: »

Awful news how do you people take much glee in seeing the young slaves to the landlord. He young study, work hard and for nothing. Prices must drop 50%

Quite easy, my place went up £4k last month and I haven't even moved in yet!

92203

HAMISH_MCTAVISH wrote: »

http://www.bbc.co.uk/news/business-26368709

:beer:

It all feels a bit too much like 2006 / 2007 to me.

I have no doubt that we will see a sustained rally in prices up until the general election, as this has been intentionally engineered.

However, I'd be surprised to see this trend continue long term ;

• We already have a record low base rate
• We have a government underwriting low deposit mortgages
• We have minimal wage inflation
• Most house purchases are made on a dual income basis

What more can be added to allow for people to borrow more to pay for houses?

As house prices follow their upward trajectory, it won't just be deposits that are an issue for people joining the housing market, but wage multiples also.