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Nationwide - House prices UP

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1 minute ago, Banned said:

https://www.telegraph.co.uk/property/house-prices/british-house-prices-gain-momentum-july/

Still no sign of a price correction, prices up 0.6% in July.

When will this insanity ever end???

 

"Negative interest rates means any non depreciating asset is worth an infinite amount.  Until it's market value gets so out of line that it collapses." quote from TOS.

Agree with that, there is simply no end when the currency is hyper inflating with respect to hard assets.

If you dont already own youre fucked.

The only way is to reset the system, and the only way i can see is vote corbyn.

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11 minutes ago, Green Devil said:

 

"Negative interest rates means any non depreciating asset is worth an infinite amount.  Until it's market value gets so out of line that it collapses." quote from TOS.

Agree with that, there is simply no end when the currency is hyper inflating with respect to hard assets.

If you dont already own youre fucked.

The only way is to reset the system, and the only way i can see is vote corbyn.

  •  

Even just a 2.5% annual fall would be a start instead its a fucken rise. A vote for Corbyn is the only option if you want to own a house. 

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19 minutes ago, Banned said:

https://www.telegraph.co.uk/property/house-prices/british-house-prices-gain-momentum-july/

Still no sign of a price correction, prices up 0.6% in July.

When will this insanity ever end???

It depends how they calculate it. With low transaction numbers a few expensive houses selling, even at reduced prices, will make the average price higher.

If 1000 houses sell at £250k the average is 250k

if 999 houses sell at £245K and one sells at £1m the average is £254.755K

All house prices are down but the average is up by just under 1%

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Just now, Option5 said:

It depends how they calculate it. With low transaction numbers a few expensive houses selling, even at reduced prices, will make the average price higher.

 If 1000 houses sell at £250k the average is 250k

if 999 houses sell at £245K and one sells at £1m the average is £254.755K

All house prices are down but the average is up by just under 1%

When averaged out over a year prices are up 2.5%, think there will be enough houses sold for anomalies not to make any difference.

 

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1 hour ago, Banned said:

When averaged out over a year prices are up 2.5%, think there will be enough houses sold for anomalies not to make any difference.

 

Once you add inflation into the mix they’re flat or falling (especially in London).

The government finally seems to understand price reductions are essential to stabilise the economy, but they are looking for a soft slow reduction. Give it another 6 months and I’m sure the market will have other ideas and lurk lower, as credit dries up, interest rates increase and leveraged BTL right run for the exit.

 

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13 minutes ago, Alifelessbinary said:

Once you add inflation into the mix they’re flat or falling (especially in London).

The government finally seems to understand price reductions are essential to stabilise the economy, but they are looking for a soft slow reduction. Give it another 6 months and I’m sure the market will have other ideas and lurk lower, as credit dries up, interest rates increase and leveraged BTL right run for the exit.

 

Bollocks its wage inflation that matter and its over the last 4 years  not 1 year that im counting, the price of books or margarine rising does not make housing more affordable. And bollocks to London its full of cunts and its only high end London that falling.

Ive give it another 6 months for the last 15 years and credit is not drying up as central banks are printing endless amounts of it in a variety of different ways.

 

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4 hours ago, Banned said:

Bollocks its wage inflation that matter and its over the last 4 years  not 1 year that im counting, the price of books or margarine rising does not make housing more affordable. And bollocks to London its full of cunts and its only high end London that falling.

Ive give it another 6 months for the last 15 years and credit is not drying up as central banks are printing endless amounts of it in a variety of different ways.

 

If you’ve been waiting 15 years then no wonder you’re fucked off. General inflation tends to be what feeds directly into wage discussions and feeds higher wages. If you need house prices to drop to 2003 prices then it’ll take a massive market shock, which just might be on the cards, but we’ve all be saying that for years.

 

 

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5 hours ago, Alifelessbinary said:

Once you add inflation into the mix they’re flat or falling (especially in London).  

I agree with Alifelessbinary, but point out two types of inflation.

The first is normal household inflation which is probably closer to 5% when fuel, rent etc is included.

The second inflation is currency devaluation due to QE, ZIRP and similarly large government fuckups interventions. This has made money less valuable and with future promises of "more of the same" policy, it was clear that money would continue to devalue. Asset inflation. It happened to everything - stocks, art, classic cars, expensive wine etc....

 

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42 minutes ago, Alifelessbinary said:

If you’ve been waiting 15 years then no wonder you’re fucked off. General inflation tends to be what feeds directly into wage discussions and feeds higher wages. If you need house prices to drop to 2003 prices then it’ll take a massive market shock, which just might be on the cards, but we’ve all be saying that for years.

Prices in the 5 years prior to 2003 had trebled, the crash should have happened then, but they dropped interest rates. Made bad calls by not buying in the window of 2009-2012!

Fucken madness will end one day, hopefully with a plane flying into the House of Parliament!

 

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54 minutes ago, reformed nice guy said:

I agree with Alifelessbinary, but point out two types of inflation.

The first is normal household inflation which is probably closer to 5% when fuel, rent etc is included.

The second inflation is currency devaluation due to QE, ZIRP and similarly large government fuckups interventions. This has made money less valuable and with future promises of "more of the same" policy, it was clear that money would continue to devalue. Asset inflation. It happened to everything - stocks, art, classic cars, expensive wine etc....

 

You miss the 3rd wage inflation which has been non existent outside the public sector and high end bonus culture kind of job.

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11 hours ago, Banned said:

Even just a 2.5% annual fall would be a start instead its a fucken rise. A vote for Corbyn is the only option if you want to own a house. 

NWide alongside Halifax are the most unreliable indices.You need Acadata (LCP or LSL) to get a more realistic picture

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9 hours ago, Banned said:

Bollocks its wage inflation that matter and its over the last 4 years  not 1 year that im counting, the price of books or margarine rising does not make housing more affordable. And bollocks to London its full of cunts and its only high end London that falling.

Ive give it another 6 months for the last 15 years and credit is not drying up as central banks are printing endless amounts of it in a variety of different ways.

 

Borrowing needs a willing borrower as well as a willing lender. Call it a hunch, but I think households are going to seriously start winding back over the next 12-18 months. 

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3 minutes ago, PatronizingGit said:

Borrowing needs a willing borrower as well as a willing lender. Call it a hunch, but I think households are going to seriously start winding back over the next 12-18 months. 

Hope you're right, but the plebs of Britain seem like the gambler chasing the bad bet when it comes to borrowing.

 

14 minutes ago, sancho panza said:

NWide alongside Halifax are the most unreliable indices.You need Acadata (LCP or LSL) to get a more realistic picture

WHy is that?

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3 minutes ago, Banned said:

Hope you're right, but the plebs of Britain seem like the gambler chasing the bad bet when it comes to borrowing.

 

WHy is that?

They use their mortgage approvals which are massively skewed by their lending criteria and who they lend to.

Acadata use repeat sales and the LCP version even includes New Builds.

Edited by sancho panza

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