Halifax Figs for May -2.4%

Datasafe_2

Halifax use that 3 month rolling average so the real year on year drop is a whopping -6.3%

Crash crash crash!!!

Markyt

pickles110564 wrote: »

they did help FTB's, all new developments have to have some affordable housing.

Unless the builder pays the charge / fee / bribe to exempt them from that requirement, of course.

q.v. Michael Meacher and his development in London.

Lotus-eater

Are these seasonally adjusted figures, like the Nationwide? who I believe I read somewhere, adjusted them the opposite way to the way they normally adjust them at this time of year.

baby_boomer

baby_boomer wrote: »

b) the government has first promised to help first time buyers on the housing ladder showing its strong credentials in economic understanding :rotfl:

pickles110564 wrote: »

they did help FTB's, all new developments have to have some affordable housing.

I was thinking more of the £100m they promised in April 2008 before the Crewe 'n Nantwich debacle.

"£100m for shared equity schemes to help first-time buyers purchase new-build homes"

Alice Miles in the Times thinks it's a scandal that taxpayers' money is being used to encourate first time buyers into the housing market in order to stabilise a dodgy situation

pickles110564

Datasafe wrote: »

Halifax use that 3 month rolling average so the real year on year drop is a whopping -6.3%

Crash crash crash!!!

:j

Houses must be selling then.
HPI here we come.

Generali

pickles110564 wrote: »

:j

Houses must be selling then.
HPI here we come.

I'm not convinced you believe what you post old thing. Prices and volumes are down. The banks aren't lending and most people don't have the cash to buy. You know these things and there's no amount of bluster will reverse where prices are headed. The only questions are how much do they fall and for how long.

As Yazz might have said, "The only way is down, Ba-a-by".

WTF?_2

pickles110564 wrote: »

:j

Houses must be selling then.
HPI here we come.

Houses will continue to sell in even the worst/toughest markets or did you think that the house market consisted of people only moving around for a hobby/leisure time activity?

Pobby

Question for you guys? Given that we are in a falling market, what will happen to the myriad new build developments still in progress in most cities? Do you think these developers will still turn a profit?

lostinrates

Experts an officials keep puting the blame on those who have overextended their borrowing and not considered long term afordabilty. They point the finger at house buyers ...but ...isn' there a saying about leading from the top down?

The government's financial policy does seem to fit this bill as well as any over extende buyer right?

Difference is, we, the public step into save the country through fiscal means, whereas the governments moves to help people get on he ladder OR into suitable rented accomodation are at best optimistic. I wonder what the government would say if we all said, 'Hey guys, we haven't put enough asie for a rainy day and just can't fulfil or taxation obligations, so I'm going to give you, my tax minus 4% to help counteract the differece between wage and increased cost of living.' The govenment have us as a permanant source of income, but if we are suffering financially, is it similar to the subprime lenders suffering with increase defaults?

OMG, I'm starting to sound like I spend a lot of time here.......

Edale

Looking at the Halifax report the index has gone down from 635.9 in March to 595.9 in May. This is 6.3% decline over three months, if this trend continued for the next 9 months prices next March would be down over 25% on March 2008. I struggle to see how they can remain so positive in their commentary considering the real squeeze on availability of mortgages, cost of mortgages and increase in fuel/food costs only happened in the last three months.

Quote Martin Ellis Chief Economist:

"House prices fell by 2.4% in May. Price falls should be measured against the significant gains in recent years. The average UK house price rose by more than £88,000, or 79%, between August 2002 and August 2007.

The decline in prices is caused by the difficulties created for potential house purchasers by the rapid rise in house prices in the last few years, a squeeze on spending power and the reduction in credit availability. These factors have curbed housing demand. High employment levels, low interest rates and a shortage of new homes support housing valuations."

Who are they kidding about low interest rates!