Friday, May 29, 2009
Still not quite five-year-negative.
Nationwide: May House Price Index
Average price £154,016. Average price May 2004 was £149,000.
Posted by mark wadsworth @ 07:52 AM (1389 views) Add Comment
7 Comments
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1. paul said...
Falling completions, rising unemployment ... prices rising by 1.2%?
Hmmm. The BBC definitely won't wait for any corroboration, but I think I'll see what the Land Registry figures say.
2. hpwatcher said...
Seems absolutely nuts to me....though as long as interest rates are being kept so artificially low......
3. doomwatch said...
Bear trap.
Everything in the world is OK. No more socail misery,
the British public can all feel safe they could still possibly "profit" from "investments". In fact, go out and borrow more paper money you can't afford and buy up some prime BTL in Salford you've never seen before. 8% yield guarteed by the company that's about to be dissolved.
4. sold out said...
BOE base rate at an alltime low and its spring. And yet the housing market can only manage this pathetic rally. LOL
Once the lagging effects of high unemployment and recent redundancy's kick in and the repo's start to accelerate, we will really see if this is for real or just a repeat of spring 91.
5. alan said...
@ Paul,
The BBC's spin is at the bottom of their article reporting Nationwide figures...
"However, anyone seriously considering getting onto the property ladder needs to commit in the next six to nine months or they could well miss the bottom."
6. mander said...
Tell you what BBC this morning reporting house price rise instead of a slower decline, imagine people not being able to analyze the the Nationwide report what will they think? Is it time to buy property?
7. 51ck-6-51x said...
BBC: "However, anyone seriously considering getting onto the property ladder needs to commit in the next six to nine months or they could well miss the bottom."
- wow what a load of rubbish. Firstly missing the bottom is not all that bad for someone wanting to "get onto the property ladder" - getting in before the bottom maximises bargaining power, and getting in after wont cost much as prices are not going to shoot up unless there is some crazy government scheme (which they cannot afford anyway).
Even if one is planning on starting a BTL empire with their hoards of capital then the timing is more important, but being a cash buyer means one can leverage the extra bargaining power whilst the market is falling.
The only house buyer who should really be trying to only buy right at the bottom is a leveraged buyer - someone who is going to take on a high debt-to-equity ratio to purchase investment properties.