Wednesday, Jan 13, 2010
Roll up
Daily Mail: House prices on a roll after crash
We all feel good if the value of the house we own increases. Thank goodness, then, that despite forecasts of a housing crash, prices have proved resilient.
In fact, they continue to rise, helped by record low interest and mortgage rates. They have rebounded an impressive 8.9% since the trough in February 2009 but are still 12% lower than the October 2007 cyclical peak. Nevertheless, almost to a man, analysts are forecasting stability ahead.
Posted by little professor @ 12:27 AM (1422 views) Add Comment
10 Comments
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1. righttoleech said...
I am angry for allowing myself to be wound up this groundless senseless ramping piece. It is the death rattle of greedy parasitical VIs and we have seen it all before.
2. mark wadsworth said...
"We all feel good if the value of the house we own increases."
Sadly, that's probably true.
3. mark wadsworth said...
... and while Labour have stoked the housing bubble to create the feelgood factor to keep themselves in power and make personal gains on flipping, I doubt whether ever increasing house prices is part of any fundamental Labour/social democratic ideology. For the Tories on the other hand, stoking house price inflation is part of their genuinely and devoutly held core-beliefs. From the article:
"It expects no further writedowns and reckons a Conservative election victory in 2010, and the associated changes to planning policy, could result in further upward price pressure in the medium term as the supply of new housing is further restricted. The Tories apparently intend to shift much of the control over planning policy from the state level to local authorities."
4. it_is_going_with_a_bang said...
The only thing I see happening when a Tory government gets in is a fiscal tightening and rising interest rates.
5. dbc reed said...
On the other hand, most of the comments below this Mail piece take the paper's property ramping to task.
6. mark wadsworth said...
DBC, it's better than that - the comments take a distinctly anti-Home-Owner-Ist tone - they appear to have realised that the parents' paper gain is the children's real cash loss (with interest on top).
7. mr g said...
" Nevertheless, almost to a man, analysts are forecasting stability ahead."
That's the housing market k*ackered then, expect HPC to resume any day now.
When did analysts aka "experts" last get a forecast correct?
8. Josiph Blowsiph said...
Suspect they limited the comments on this one, mine, unusually for the DM wasnt published, not as if there is over a 100 in there which is quite common. Bout time they latched onto the mood of the people rather than the spivs and bankers.
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