Monday, Nov 27, 2006
November sees further house price increases according to Hometrack data
Reuters UK: UK Nov house price rise fastest since 2004 -survey
British house prices rose in November at their fastest annual pace since August 2004, a survey showed on Monday, in a further sign rising interest rates have not yet dented demand.
Posted by jellycaster @ 10:04 AM (159 views) Add Comment
25 Comments
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1. tyrellcorporation said...
This is brilliant news!!! more IR rises in February, more pain, more instability, a bigger, badder bubble and renting making more and more sense. If the pro HPI VIs think these figures are good news they are even more stupid and deluded that we thought.
2. tyrellcorporation said...
'There has been growing concern that first-time buyers are being priced out of the market as house price inflation outstrips wage growth.'
No sh*t Sherlock!!! ;)
These guys have a sense of humour eh!?!
3. waitingfor hpc said...
just got me a nice 4 bed detached house to rent - sitting tight now looking at furniture to buy.
Let HPI go like a piece of elastic the harder it will fall back.
I can buy a sofa on 0% interest for 4 years???? What is the point in that - what madness. Salesman said to me ' you will be pleased to know we offer 4 years 0% interest'. I said no - but you will be pleased to know i am paying with cash and expect a discount!!!
4. Logman said...
I wouldn't pay with cash, the furniture store will go bust before your sofa gets delivered! Pay with a credit card.
5. devil's advocate said...
Brilliant news, what planet are you on? Its far from brilliant news. Whilst you all sit around applauding your being totally proced out of the market.
6. David20040_0 said...
Ah yet again I am proved right, the rate increase has made no difference and prices are now rising even faster.
With Romania and Bulgaria joing the EU next year with an influx of half a million into the United Kingdom prices will only rise still further.
Stop deluding yourself, there isn't going to be a crash.
Is there really a bubble?
If the market does slow down the BOE with just slash rates triggering higher prices.
7. Sam said...
well, for a start. these are asking prices not the prices they are actaully selling for. unless there something amazing happens in the economy or lending becomes even more loose. there's not gonna be much more room for expansion.
it's good because people will continue to believe this is the case, stretch themselves and we should see intrest rates go up.
8. David20040_0 said...
I agree with Devil's Advocate, it isn't good news, prices are just going to keep on rising.
9. harold said...
"Whilst you all sit around applauding your being totally proced out of the market." DA
In the short term you're right DA - everyone is being priced out the market, other than London City boomers. In the long-term however, those people who were cautious, sensible and who didn't take on massive debts will be rewarded. Patience is a virtue in the investment game.
10. glorious sunshine said...
You lot are dreaming! Prices will never fall. The more the FTB gets squeezed out of the market the more they are forced into renting and propping up BTL. BTL get rich while the renter gets nothing.
You lot better buy before it’s all too late. Alternatively, you can all enjoy yourselves in them posh restaurants and rent!
BTW, I just had a look at a few of my earlier contributions I didn't realise you lot were all so sensitive and wound up over the entire HPI/HPC thing...
Oh dear...I think some of you lot are very misguided.
11. glorious sunshine said...
And one other thing...
Do you lot not work? As many of you post during the day.
12. uncle chris said...
Time will tell glorious - time will tell. I just hope you have the courage to come back on here when the tide turns further against your view. Incidentally, with statements like "Prices will never fall", you must be too young to remember the last house price crash. I guess you also haven't seen the Moneyweek article which suggests the No.1 investment vehicle to get out of is BTL. As I've said before, we could buy a home for cash tomorrow, but that would be money down the drain. Having predicted the last hpc and the dotcom crash, I'm 100% convinced about the coming crash - if not the actual timing. The scary thing is that I think this HPC will take down the whole economy - especially as only 5% of the population are actually making anything. Rather than spout off about how wonderful things are, take my advice and take precautions while you still can.
p.s. yes, I do work, but hey ... as you say ... none of us work as hard as you. Apart from my wife who's just starting a 90 hour week .... probably a walk in the park for you.
13. glorious sunshine said...
Hello uncle chris,
I do remember the early 90s crash and it wasn't as bad as everyone says it was. Many just battled through it and reaped the rewards for doing so. Prices soon came back, like all investments you have to look long term not just next year! Glad to hear your wife is doing some work. I have eased back from an average 88hour week for the last 12 years I still regularly go over that figure, but probably average 65 now. Believe me it is very tiring and fatiguing. I make the most of my time off though.
Good luck.
14. harold said...
glorious sunshine
Which EA do you work for? Come on, out with it.
Let me think - you're 20-something (i.e., wet round the ears), sharp suit... mmm, Foxtons?
15. tyrellcorporation said...
DA Egg Drink and Glorious Shinola... Why don't you find a forum based around the smug self congratulation of home ownership. That way, when it all goes pop you can all give each other hug-hugs and start group actions against mortgage companies and estate agents. It's an odd thing to regularly visit a website where you just spend time trying to bait people by posting nonsense and song lyrics. If you are convinced we are a lost cause then why bother? Go and whack a punchbag or hang around a bus shelter or something...
Mmmm, I fancy joining a BMW owners club forum and spending hours every day saying how crap their cars are and how great Mercedes is. You really have got to get out more...
16. glorious sunshine said...
What if it doesn't go pop?
17. nearly30 said...
Glorious is a classic! He should stay on the forum longer - he's the perfect example of an 'I'm Alright Jack' denialist and want's to not shake his rosey view of the world paradigm - good to have an alternative view (healthy I guess??!!).
Glorious - don't you worry that house prices keep going higher and higher - can't you see how it would affect the whole of the economy, society and people's perception of aspiration, life chances and the fundementals of social cohesion? If this is a biggy HPC - I guess there's not much we can do - but hopefully someone from the BOE or a concerned journalist may stumble across our rantings and say something.
A must read: "A cloistered metropolitan elite is in denial about Britain"
http://www.guardian.co.uk/britain/article/0,,1929926,00.html
Think were back to the Abilene Paradox problem - why are high house prices so great???
The Abilene paradox is a paradox in which the limits of a particular situation force a group of people to act in a way that is directly the opposite of their actual preferences. It is a phenomenon that occurs when groups continue with misguided activities which no group member desires because no member is willing to raise objections.
18. talking rot said...
Glorious Sunshine
As ever, thank you for your views. I'd be a little more impressed with some reasoned analysis. Why do you think very high house prices can be sustained? I have read lots of reasoned, articulate journals which claim the current level of house prices can not be sustained and a crash will occur on the balance of probabilities. Alas, there are very, very few articles which give reasoned, logical argument explaining why house prices will remain at their high level. I frequently quote Japan: An island smaller then ours, with a higher population, but whose deflation caused property prices to fall for many, many years. This negates the logic behind the under-supply argument. So please tell me why you feel high house prices are here to stay.
Incidentally, your comment "do we work": I do work and am sufficiently capable to post messages inbetween bouts of work. In fact, I cycle to work, (15 mins along the Basingstoke Canal – very nice), have at least 1 ½ hrs for lunch (and go to the free gym provided by my employer), and work about 40 to 45 hrs a week. This brings in a shade over £45K (based upon performance and not “how long can you sit at work being non-productive) with a final-salary pension. In this pretend democracy, I encourage chaps like you to work yourselves into an early grave. That way my pension will be worth even more. When I’m on my death bed, I won’t be wishing I’d worked harder! Do you have a life outside the office?
19. glorious sunshine said...
nearly,
It's not about 'I'm alright jack' it's about control. Up to and including the start of the 20th century the 'landlords' controlled pay and where you spent it. You see that’s where the term landlord comes from. We are just reverting back to the past. And yes, I agree with your colleagues about cycles it’s just a much, much longer cycle before we get the opportunities of the last 20 years again. Everyone posting on this site (including me) will be well and truly dead and most of our children’s children probably will be close to the mark too.
We are currently in a period where the fundaments have changed - the rule book has been shredded. I never said high house prices are good but it gives strength to the wealthy - which means control.
There is a bond film title that sums it up...
THE WORLD IS NOT ENOUGH
Why think so small? Why not have the universe? And squeeze the pips out of the poor taxing/rationing oxygen?
Here is a little something for the mood…
I know how to hurt
I know how to heal
I know what to show
And what to conceal
I know when to talk
And I know when to touch
No one ever died from wanting too much
The world is not enough
But it is such a perfect place to start, my love
And if you're strong enough
Together we can take the world apart, my love
People like us
Know how to survive
There's no point in living
If you can't feel alive
We know when to kiss
And we know when to kill
If we can't have it all
Then nobody will
The world is not enough
But it is such a perfect place to start, my love
And if you're strong enough
Together we can take the world apart, my love
I feel safe
I feel scared
I feel ready
And yet unprepared
The world is not enough
But it is such a perfect place to start, my love
And if you're strong enough
Together we can take the world apart, my love
The world is not enough
The world is not enough
No Nowhere near enough,
The world is not enough
Happy days :-)
20. Superruss said...
So Glorious let me summarise with an equally logical post.
Boom! Booooob! BOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOMMMM!!!!!!!!!!!!!!!!!!!!
bust.
So your reasoning IS emotive and therefore subject to volativity. And you dont appreciate controls that drive the length and frequency of the housing boom bust cycle. I too wish to generate wealth, Glorious - but recognise the need to be savvy. Clearly you don't.
You bought recently? I'm so sorry...
21. Headmelter said...
I think I'll just stop reading posts by glorious sunshine I find he/she is starting to bore me and I've only been visiting this site for a few weeks.
22. waitingfor hpc said...
I am sure they said the rule book had gone out the window in the Dot Com Boom - came back in pretty quick though!
23. jellycaster said...
glorious -
congratulations on the cheesiest hpc post ever...
24. indiablue19 said...
Glorious....
If you are so terribly busy in your prodigious career, how do you have so much time to waste fiddling around over a concept you abhor? Or is your abhorrence for the HPC idea a major part of your career? You struggle to sound nonchalant and dismissive in your posts, but I have the distinct impression that we threaten your ability to make more blood money.
25. Nohpc said...
Harold said "patience is a virtue in the investment game". I disagree. You do need to be patient but you must also be fearless and being fearless is far more important if you want to make the big bucks. Sure you can grind away your hole life making little bits here and there but what's the point, where's the fun. Money is supposed to be spent. You lot want to squirrel it all away. Why not borrow as much money as the banks are willing to lend you? I resent the CML saying they want everyone else to help out when people can't pay their mortgage however.
I am so glad somewhere here is renting a lovely 4 bedroom house. So is the person that owns that house and has done from before the property boom and now is having the mortgage on it paid. If you put down the money you have saved over the last 10 years as a deposit your interest only payment would still be lower than rent.