House price heatmap: it's still winter in the regions

CLAPTON

population is increasing about 200,000 per annum

pbouk

MrRee wrote: »

You answer a question with a question?

I asked what did you mean by 'Your Lot' ..... I'm genuinely interested.

And you failed to answer my first question, and then ask me a question to which you know the answer.

Blacklight

The Lefty BBC have been taking people for fools for too long. I don't think anyone's paying any attention to the 'bubble' propaganda anymore than they pay attention to the weather forecast these days. You're better off just looking out the window on both counts.

Might as well get your news from this guy:

wotsthat

Graham_Devon wrote: »

Furthermore, suggestions that it can't be overheating because we haven't yet hit peak on a map overlay misses the point entirely. The fact is that, dependant upon the index chosen, prices are rising at a rate which simply isn't sustainable.

Peaks and troughs are good benchmarks because we can quite easily see where they are. Normal doesn't exist in the UK housing market and tends to be used as shorthand for 'what I think normal should be'. Prices either get more expensive or cheaper on a cyclical basis.

If price rises aren't sustainable they'll moderate, fall or crash.

MrRee_2

Pbouk:- I have absolutely no idea what 'lot' you have placed me in ..... and I have no idea what your first question was, I do apologise - remind me of it again please?

shortchanged_2

Why do we have to view the 'peak' prices of 2007-08 as a target for house prices now though?

It is well known that prices at that time were ridiculous, fueled by loose lending.

Graham_Devon

CLAPTON wrote: »

population is increasing about 200,000 per annum

That doesn't explain the surge over the past year though.

Again, population was rising in the years previous, and house prices didn't surge.

Furthermore, the population may be rising approx 200k a year, but that would require 66,666 new houses to accomodate the increased population based on 3 people living to a household (I should think that's around average per household?)

Were building nearly double that amount of houses per year, so that can't really explain a sudden surge over the last year.

CLAPTON

shortchanged wrote: »

Why do we have to view the 'peak' prices of 2007-08 as a target for house prices now though?

It is well known that prices at that time were ridiculous, fueled by loose lending.

why were they 'ridiculous'?

in 5 years time they will, everywhere, be surpassed.

wotsthat

Graham_Devon wrote: »

Were building nearly double that amount of houses per year, so that can't really explain a sudden surge over the last year.

It's the economy stupid - James Carville.

shortchanged_2

CLAPTON wrote: »

why were they 'ridiculous'?

Because there was a need for 100% mortgages to keep those prices going. The fact there was a massive increase in the number of IO mortgages particularly by FTB'ers.

That alone shows that prices were getting unrealistic for many FTB'ers.