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Former_MSE_Helen
Posts: 2,382 Forumite
This is the discussion thread for the following MSE News Story:
"House prices rose by 1.2% last month as the property market continues to weather the economic storm ..."
"House prices rose by 1.2% last month as the property market continues to weather the economic storm ..."
Read the full story:
Halifax: House prices up in October
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.
Halifax: House prices up in October
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
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That's a bit of a bummer but corresponds with Nationwide figures. With the delay these figures relate to the summer month holidays. This is usually a quiet time for sales. It may have been distorted by the increase in buy to let entering the market again from what I have heard from estate agents.
However house prices are extremely overvalued and are certain to continue falling to a more sustainable level. The economic situation is bad and is likely to get worse, the housing bubble will continue to deflate.
Every time we have a big rise in these down turns Halifax figures usually follow with a massive fall.
Will update sig shortly.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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That's a bit of a bummer but corresponds with Nationwide figures. With the delay these figures relate to the summer month holidays. This is usually a quiet time for sales. It may have been distorted by the increase in buy to let entering the market again from what I have heard from estate agents.
However house prices are extremely overvalued and are certain to continue falling to a more sustainable level. The economic situation is bad and is likely to get worse, the housing bubble will continue to deflate.
Every time we have a big rise in these down turns Halifax figures usually follow with a massive fall.
Will update sig shortly.
From what I can see you are right about the buy to let purchases and around me there seems a flight to tangible assetts like houses from people who do not require mortgages There is a feeling of better money in bricks losing value than in the bank losing value
Just what I see and feel0 -
At one time (not so long ago) property speculators could fill up their buy 2 lets with asylum seekers fresh out of Somalia or Afghanistan or Wales or Texas USA with large families and for a massive rent and the housing benefits and social security office would pay up to £2000 a week. And the times were good for such landlords.
Though having watched saints and scroungers on the TV realise that the "Landlord" was in often in cahoots with the tenants and it is very much an elaborate scheme to legally milk the welfare system and remain within the boundaries of law.
OK now although there is still scope to make on a lesser system as above it presumably has been scaled back by the government restrictions on rent benefit payments.
However I haven't read any more info on whether this has happened or whether it affects new applicants only or whether people already getting the £2000 a week have been booted off or are still getting this.
I suppose if you've got the money then it may be a better return than if it's in the bank or building society.
I'll bet Halifax will be bringing the champagne & bunting to celebrate the Massive return to house price rises this month.0 -
Let him wait another 4 years and maybe he will call it rightr one day.
Doubtful. He's not got it right once yet..... His 50% off by Xmas 2009 prediction is legendary.
Anyway, back to topic.
The Nationwide index is now positive Year on Year. The Halifax Year on Year decline has halved in the last couple of months and is heading the same way. Only a matter of time til Land Registry catches up and goes positive.
There's now a reasonable prospect that this year will end up with prices flat or slightly positive on average. Similar to last year, and after the big gains of 2009.
In the meantime of course, rents have soared to new record highs and other than the usual couple of months of decline mid winter, there's no sign of this slowing any time soon.
And mortgage holders continue to take advantage of record low interest rates, saving themselves a fortune and cutting years off the mortgage.
The financial losses for renters (versus buying) since 2009 are now getting very large indeed..... On average of course.
And eve those who bought at absolute peak in 2007 have now broken even or gone positive versus renting, on average.
It very much looks like the last few years and the next few as well will turn out to be one of the best times in history to buy a house with a mortgage, and one of the worst to rent.“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”0 -
HAMISH_MCTAVISH wrote: »
It very much looks like the last few years and the next few as well will turn out to be one of the best times in history to buy a house with a mortgage, and one of the worst to rent.
Nothing could be further from the truth. Still desperately ramping eh Hamish?0 -
MiserlyMartin wrote: »Nothing could be further from the truth.
:rotfl:
It's quite clear to everyone.
This is the best time in history to have a mortgage.
The savings from low rates and the low margins available to pre-crash buyers have now exceeded the fall in house prices, on average.
Furthermore rents have soared to new record highs, making the decision to delay purchase quite foolish in the majority of areas.Still desperately ramping eh Hamish?
Still desperately looking for the crash that ended 2 years ago, eh Martin.:cool:“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”0 -
MiserlyMartin wrote: »Nothing could be further from the truth. Still desperately ramping eh Hamish?
He is getting more and more desperate since we have had another set of year on year figures with negative house prices. He keeps seizing on any figure to prove his theory of limitless house price rises an then ignores them the next month when they are negative.
He just can't understand the economics of it and forced onto here as he has been banned from other forums.
You have to feel sorry for him as desperate ramping and Homes under the hammer is all he has got left.
:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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more and more desperate
Heh heh, obviously not as desperate as someone who predicted 50% off prices by Xmas 2009, only to see both prices and rents soar since then.
another set of year on year figures with negative house prices.
Halifax is slightly negative year on year. Nationwide is slightly positive year on year.
However in both cases, and when combined with ultra-low mortgage rates and soaring rents, homeowners are continuing to make out like a bandit compared to renters.:)theory of limitless house price rises
No such thing.
The house price cycle continues just like it always has. What you fail to grasp is that you've just had a crash bigger than the 90's, and the crash is over. This is the "bump along the bottom" phase.
Prices will rise soon enough.the economics of it
Are those the same economics that you understand so well they inspired you to put a "50% falls by Xmas 2009" claim in your sig?
:rotfl:
Or the same economics that have inspired you to claim rents would fall as they soared to new highs?
:rotfl:feel sorry for him .
Good heavens no Brit, save your pity for anyone daft enough to have followed your advise.
They're the ones who are in trouble now, sadly.:cool:“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”0
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