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MSE News: Property market 'treading water' says Nationwide

Former_MSE_Helen
Former_MSE_Helen Posts: 2,382 Forumite
in House buying, renting & selling
This is the discussion thread for the following MSE News Story:

"Nationwide warns today that the housing market remains "subdued" despite prices rising by 0.4% last month ..."
Read the full story:

Property market 'treading water' says Nationwide


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This thread is not in the 'discuss house prices and economy board' as that is only open to those logged into the forum so anyone coming from the news story may not be able to see it.
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Comments

  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Prices now rising over the last 12 months, at a rate of +0.8% Year on Year.

    With the average mortgage rate at 3.5%, and the average rent at 5.5%, the average buyer is 2.8% of the value of a house better off than the average renter over the last year.

    Around £4600 for the average house. More like £10,000 in the South East.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • brit1234
    brit1234 Posts: 5,385 Forumite
    House prices will still continue to fall. The genral trend with the Halifax, Nationwide and Land Registry are down. Once in a while due to the very low transactions prices in one of the three will show an increase but that doesn't mean prices are rising, infact this nationwide figure is a fall but seasonally adjusted upwards from negative to positive.

    Z

    After all who here does not think house prices are not over valued? Interest rates have been slashed to nothing to slow the speed of the falls.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • Dan:_4
    Dan:_4 Posts: 3,795 Forumite
    First Post First Anniversary Combo Breaker
    brit1234 wrote: »
    House prices will still continue to fall. The genral trend with the Halifax, Nationwide and Land Registry are down. Once in a while due to the very low transactions prices in one of the three will show an increase but that doesn't mean prices are rising, infact this nationwide figure is a fall but seasonally adjusted upwards from negative to positive.

    Z

    After all who here does not think house prices are not over valued? Interest rates have been slashed to nothing to slow the speed of the falls.

    You need to update your sig in light of todays Nationwide figures released:

    http://www.nationwide.co.uk/hpi/historical/Oct_2011.pdf
  • grumbler
    grumbler Posts: 58,629 Forumite
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    Robert Gardner, Nationwide's chief economist, says the data is encouraging
    Encouraging for whom? For the banks and those who want to downsize?
    Howard Archer, chief UK economist at IHS Global Insight, says ...
    "House prices are likely to fall by around 5% from current levels by mid-2012..."
    Thank God!
  • A.L.D.A
    A.L.D.A Posts: 522 Forumite
    SO much now depends on how the Euro zone.

    I do not see much happening one way or the other going into next year. Mortgage availability restricted, unemployment is rising, real disposable income falling, but inflation is likely to decrease as we go into next year, and rental return is increasing. It has the feel of a market that is bottoming out unless something disastrous happens Eurozone!!).

    I would be concern with the number of units of accommodation being built. Year on year quite low and with a population that is growing and houses that need to be replaced as they become too expensive to fix. Could lead to eventual shortages.

    The economy needs growth.
    [STRIKE]Less is more.[/STRIKE] No less is Less.
  • anselld
    anselld Posts: 8,276 Forumite
    Name Dropper First Post First Anniversary
    brit1234 wrote: »
    infact this nationwide figure is a fall but seasonally adjusted upwards from negative to positive.

    Not true. The 0.8% rise is a year-on-year rise in the avereage price. You cannot seasonally adjust a year-on-year figure anyway!
  • Turnbull2000
    Turnbull2000 Posts: 1,807 Forumite
    House price stability, ultra-low mortgage rates and rising rents. I'm sure many people will be very happy with that.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • grumbler
    grumbler Posts: 58,629 Forumite
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    A.L.D.A wrote: »
    The economy needs growth.
    IMO, it's a myth invented by politicians. They borrow too much and can rely only on growth to service the debt.
    Small growth probably is not bad, but it cannot be the base element of the entire economical and political system that comes into halt when growth stops.
  • saverbuyer
    saverbuyer Posts: 2,556 Forumite
    A.L.D.A wrote: »
    SO much now depends on how the Euro zone.

    I do not see much happening one way or the other going into next year. Mortgage availability restricted, unemployment is rising, real disposable income falling, but inflation is likely to decrease as we go into next year, and rental return is increasing. It has the feel of a market that is bottoming out unless something disastrous happens Eurozone!!).

    I would be concern with the number of units of accommodation being built. Year on year quite low and with a population that is growing and houses that need to be replaced as they become too expensive to fix. Could lead to eventual shortages.

    The economy needs growth.


    I hope you're not talking about Northern Ireland, ALDA because there is nothing to suggest NI is bottoming out or any of the other things you said. Population growth???? I can only assume your comments are exclusively about England. Nationwide have a 6% share of the NI market and have reported 10% falls there, in this year alone. Still firmly in super crash territory. There is nothing at all to suggest prices will stabilise in NI anytime soon.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Name Dropper First Anniversary Photogenic First Post
    brit1234 wrote: »
    House prices will still continue to fall.

    House prices have not been falling in most areas for a while now Brit.

    Just 35% of local areas are seeing falls according to RICS.
    The genral trend with the Halifax, Nationwide and Land Registry are down.

    False.

    The general trend is stagnation.
    seasonally adjusted upwards from negative to positive..

    The year on year figure is not seasonally adjusted.

    It's just 0.8% higher than it was a year ago.;)

    Oh, and you need to change your sig.;):D
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
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