Halifax - February +2.4%

mystic_trev

House prices in the latest three months (December 2013-February 2014) were 2.1% higher than in the preceding three months (September 2013-November 2013). This is within the range of 1.8% - 2.2% recorded for this measure throughout the preceding nine months.

Prices in the three months to February were 7.9% higher than in the same three months a year earlier. This continued the upward trend in the annual rate.

House prices increased by 2.4% in February. This was the eleventh monthly increase in the past twelve months. The average price is, however, still 10% below the August 2007peak

http://www.lloydsbankinggroup.com/media/press-releases/2014/halifax/halifax-house-price-index---february/

Can't say I'm surprised!

MFW_ASAP

Good news for hard working families in negative equity and those trying to get cheaper mortgages with higher LTVs.

Not good news for Graham_Devon's plans to pick up a cheap home, off the back of a hard working family's repossession nightmare.

HAMISH_MCTAVISH

The actual year on year figure, comparing this month to the same month last year, and not using their 3 month smoothing, is around 10%.

Halifax is still lower than Nationwide in terms of decline from peak, some say it has a Northern bias, but it's starting to look like the Conservatives may well be going into the election campaign next year with house prices having recovered all their losses in most of the UK.

Which is jolly good news.

mayonnaise

What can I add apart from :

Good :beer:

System

It's recently dawned on me that we've gone full circle.

When I first started posting here it was about the imminent crash. Then there was a crash, and now there's a recovery and people are back talking about an imminent crash.

What's werid is, those that wanted a crash are in the exact same position as they were originally. Those that were destined to be made bankrupt and lose their house have all made out like bandits.

I wonder what lessons will be learnt in the next cycle.

pjread

My 90LTV to 70LTV in two years journey might actually come off then, and I can stop paying 4% interest... Remortgage valuation should reasonably be expected to follow from these numbers right?

mayonnaise

pjread wrote: »

My 90LTV to 70LTV in two years journey might actually come off then, and I can stop paying 4% interest...

On these forums, I keep hearing increasing house prices doesn't actually mean more cash in your pocket. You mean it does?

ruggedtoast

Over on the forum hpc.co.uk they are virtually celebrating this news. They think it is like a bottle rocket flying up into the atmosphere then inevotably crashing down to earth.

They are barking in my opinion as they have been saying that since 2009.

Nevertheless this is dreadful news for those that care about homes before profits, and the dreadful housing rationing which falls upon the shoulders of our young while the boomers sit content.

MF2015

# 9 Graham_Devon Today, 12:20 PM
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Quote:
Originally Posted by mayonnaise
On these forums, I keep hearing increasing house prices doesn't actually mean more cash in your pocket. You mean it does?
It doesn't mean more cash in your pocket.

It simply means less going out of it.

Deleted for a reason Graham?

Hahahahaha

pjread

mayonnaise wrote: »

On these forums, I keep hearing increasing house prices doesn't actually mean more cash in your pocket. You mean it does?

Well, I owe about 165k right now. Keeping it as a flat balance for ease, at 3.99% - best I could get on 90LTV - that's around £6,600 interest. As 2.39% (what I could get now on a 3yr fix at 70LTV from a quick look, I could do a bit better on a 2yr) it'd be under £4k interest.

Which sounds a lot like an extra £2.5k or so in my pocket each year rather than the lenders', for at least the next 3 years.

Other than LTV and mortgage cost impact, I don't really care what the 'value' is as such. if I was at 30% LTV I wouldn't be worried if it halved, it'd still keep the rain off. and TBH that 2.5k would probably go to the lender anyway, but as more overpayments lowering the mortgage debt further.

Graham_Devon

MF2015 wrote: »

Deleted for a reason Graham?

Hahahahaha

Yes - couldn't be bothered explaining that one. Was a line ripe for ankle biting....and here we are!

If I cut my electricity bill by 10% it doesn't mean I've increased the money in my pocket. It just means I'm paying out less of what's already in it.

Suggesting that reducing your mortgage outgoings due to an LTV swap is "putting money in your pocket" is the same as suggesting buying a pair of shoes at £80, reduced from £100 has increased the money in your pocket by £20. It hasn't, it's reduced the money in your pocket by £80.

In other words, debt junky nonsense.