Friday, Feb 29, 2008
From the horse's mouth
Nationwide [pdf]: Prices -0.5% in Feb, annual rate now just +2.7%
I'm sure there'll be a zillion articles posted on these same set of figures, but here it it straight from the source.
In Feb, prices fell for the 4th month in a row, by 0.5%. The average house price fell by £38 per day in Feb. The annual rate of HPI is now less than even the official govt inflation measure, at just 2.7%.
The average price was £186,723 in October, but is now just £179,358.
Posted by little professor @ 07:21 AM (1440 views) Add Comment
20 Comments
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1. mark said...
have you noticed how the so called expert bankers change their story weekly now!!!
2. Feel The Need To Comment said...
*cough* seasonally adjusted *cough*
3. happyrenter said...
I like the way they say inflation is "threatening" the MPC/BoE target, as if it was close to, but still below....
4. hpwatcher said...
A tiny drop but still MASSIVELY, MASSIVELY overpriced.
It's simply greed on the part of estage agents, BTL and vendors, the shortage of housing is a myth.
5. mark said...
I think BTL is dead now, anyone manage to see the news about the BTL company in wales that went bust.........
6. theboltonfury said...
Not long now until we all get to see Mr G.Bay in the flesh - starring in his own Cutting Edge documentary about a one time multi-millionaire who now lives in a box (which he values at 150k), making his income selling magic beans to passing tourists in Cardiff Bay.
7. Cash_buyer said...
"The average price of a typical property now stands at £179,358, an increase of £4,653, or £12.75 per day, over the last 12 months. "
They should be pointing out that the average price has been falling by over £20 a day for the last me months!
8. Hpwatcher said...
anyone manage to see the news about the BTL company in wales that went bust.........
Looks like things aren't so rosy for G.Bay after all...despite his daft forecast of house prices going up 50% by 2015.
9. confused76 said...
"Fionnuala Earley, Nationwide's Chief Economist, said that while the house price inflation in recent times was clearly over, the UK housing market was unlikely to follow the US, where house prices fell 10pc in 2007."
Oh my God! House prices fell in the US!
but house prices can only go up, said DavidSmith!
I can t believe it
BTL's, you are doomed!!!!!!!!!!!
MWAUH AHHA HAHHAQAHAHHHHAHAHHA
MWAUH AHHA HAHHAQAHAHHHHAHAHHA
MWAUH AHHA HAHHAQAHAHHHHAHAHHA
MWAUH AHHA HAHHAQAHAHHHHAHAHHA
10. Noho said...
down down down
11. happyrenterz said...
My BTL landlord has put our whole block of 5 Victorian houses converted to flats up for sale in Whalley Range, Manchester. I wonder how much interest there will be.
12. mark wadsworth said...
Damn, somebody beat me to it. In the BBC article
http://news.bbc.co.uk/1/hi/business/7269894.stm
there is some fine spin;
"Nationwide said its own figures were overstating the situation because house price growth was particularly strong in January and February last year."
13. Cstanhope707 said...
Daily Express Headlines this week BOE has just two months to save the housing market....
14. bystander said...
"My BTL landlord has put our whole block of 5 Victorian houses converted to flats up for sale in Whalley Range, Manchester. I wonder how much interest there will be." @happyrenterz
...................I'll buy the lot for a pound, while its still worth something.
15. theboltonfury said...
Happyrenterz, you won't be going anywhere for a while yet! Who is seriously going to buy in Whalley Range in this climate. Opposite Moss Side and 5 years ago possibly amongst Manchester's very worst areas. This HPC will see IMO these sort of areas returning to their former glories.
16. happyrenter said...
From a quick look at the historical figures in the report for the rise in Feb to March, I estimate that no movement over the next month would lead to an annualised figure of 1.3% (is that stalling speed?) or with another half percent fall over the same month, we'd be at an annual of 0.8% - please feel free to check my arithmetic (we still used slide rules when I was at school)
2 months of simply no change up or down monthly figures would result in Nationwide's annual figures indicating a negative HPI or a 'financially-challenged' investment opportunity
17. hpwatcher said...
'...Who is seriously going to buy in Whalley Range in this climate. Opposite Moss Side...'
Do you mind. You get a far better class of mugger in Moss Side these days!
18. confused76 said...
Watch this... house price to fall 3%, 5%, 10% or more?
http://www.thisismoney.co.uk/house-price-outlook-video
19. Fed Up said...
This year the falls may not be that drastic, probably < 10%. For starters the BoE is devaluing Sterling to prop house prices up. By the end of the year, once the downward trend is established, gazundering will be the norm and price falls during 2009 and 2010 should be greater. Peak to trough will probably take at least four to five years though.
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