Land registry say prices increased last month more than any time in 14 years

padington

http://www.telegraph.co.uk/property/house-prices/house-prices-make-biggest-leap-in-14-years/

2.5% in England and Wales in one month !!!!

2.8 in London

http://www.theguardian.com/money/2016/feb/26/house-prices-january-land-registry

London up 13.9% in last 12 months

Full report here ...

https://www.gov.uk/government/news/january-2016-market-trend-data

Generali

MoM is just noise.

As I've been saying though, the conditions are ripe for another housing boom/bubble/rise in prices (delete according to prejudice). The BoE needs to get rates up pronto IMHO. I maintain that once rates start to rise they'll rise faster and further than people think. Why? Mostly because that's what the Central Banks are telling us!

padington

Generali wrote: »

MoM is just noise.

As I've been saying though, the conditions are ripe for another housing boom/bubble/rise in prices (delete according to prejudice). The BoE needs to get rates up pronto IMHO. I maintain that once rates start to rise they'll rise faster and further than people think. Why? Mostly because that's what the Central Banks are telling us!

Carney has been saying that for six or seven years though and now he's saying this ...

http://gu.com/p/4h2v5?CMP=Share_iOSApp_Other

Seems to me he wants a low pound

Jon_B_2

It's spreading fast, I notice Bristol was up 12% last year and South Gloucestershire (where I recently bought) is up 10.2% - bearing in mind South Gloucestershire is the old Avon, so falls into the Bristol region really.

It seems to tally as the property I bought for £275k last Jan, equivalent builds in the same street are now selling for £300k.

westernpromise

Presumably there is a maximum price for a 2 bed flat (or whatever) of £500k in London, and when everyone who's prepared to pay that has bought everything for sale, the people who think £400k is the limit will pay that in Reading or Luton. Those who think £300k is the limit then look in Northampton...and so on.

cells

Generali wrote: »

MoM is just noise.

As I've been saying though, the conditions are ripe for another housing boom/bubble/rise in prices (delete according to prejudice). The BoE needs to get rates up pronto IMHO. I maintain that once rates start to rise they'll rise faster and further than people think. Why? Mostly because that's what the Central Banks are telling us!

surely the economy is the dog and the BOE is the tail?

Generali

cells wrote: »

surely the economy is the dog and the BOE is the tail?

Yes but it's not mechanistic; there is not set of numbers the economy spits out that causes the BoE to do a certain thing with the base rate.

What the economy does is of course the most important determinant of base rates but there is a human aspect too: how will the members of the MPC react to changes in the economy? We've seen that the members of the MPC don't all vote the same way and there have been plenty of 5:4 votes in its relatively short history.

PasturesNew

I keep a regular spreadsheet of suggested values from Zoopla, which I've been updating weekly since I bought my house - and LR haven't told Zoopla the "good news" yet as mine's down £5k over last month - and £11k down compared to the month before.

MobileSaver

PasturesNew wrote: »

I keep a regular spreadsheet of suggested values from Zoopla,

Zoopla. :rotfl:

PasturesNew you've been around long enough so should know that you may as well pick random numbers out of the air as use Zoopla for any meaningful data comparison.

PasturesNew

MobileSaver wrote: »

Zoopla. :rotfl:

PasturesNew you've been around long enough so should know that you may as well pick random numbers out of the air as use Zoopla for any meaningful data comparison.

I did say "suggested" as I was struggling for the right word for "finger in the air, what does the neighbour's dog think today".



I know it's random, but it's based on some figure from somewhere in the monthly figures, as opposed to what the owners think. So, in a way, it's indicative of an area's general perception/movement over time, if you live near a salt mine. It shows me, say, that if mine'd been for sale in the last 2 months it might not've been the best of times for that.

HAMISH_MCTAVISH

Generali wrote: »

As I've been saying though, the conditions are ripe for another housing boom/bubble/rise in prices

Of course they are.

The PTB have been desperately trying to keep a lid on the inevitable boom for years via artificially suppressing effective demand through bank capital requirements, MMR, the new BTL disincentives, etc, and all the various HTB schemes are nothing but smoke and mirrors to distract from that fact.

And all any of it has done is kick the can down the road, sending new-building to 100 year lows, worsening the shortage to crisis point, causing rents to soar to record highs, adding a million adults to the total of those living with their parents, and another million to the register of those forced to buy a house for their landlords instead of themselves.

It's completely and utterly unsustainable so at some point they'll have absolutely no choice but to admit defeat and let lending rip to get more houses built.

And when they do the next boom is going to be an absolute monster as this mess unwinds.