Wednesday, Sep 08, 2010
Halifax: +0.2%MoM, +4.6%YoY
Bloomberg: House Prices Rise For Second Month in Sign of Stable Market
U.K. house prices unexpectedly rose for a second month in August as a strengthening economy helped support demand, Halifax said.
The average cost of a home rose 0.2%from July, when it gained 0.7%.
Economists had forecast a 0.5% decline, based on the median of 12 estimates in a Bloomberg News survey. From a year earlier, prices rose 4.4 percent to an average £167,953.
Posted by little professor @ 09:09 AM (1640 views) Add Comment
17 Comments
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1. smugdog said...
Err, just bought my party dress, then the ball is postponed!
The press have been stroking the bear's fur for a few days now , however, I always doubted that eating a cookery book
would satisfy one's hunger for ever.
She's a stubborn 'belle of the ball' isn't she.
2. smugdog said...
Mmm, empty dance floor.
Oh, just a few in the smoking booth with their fingers in their ears, muttering to themselves.
3. wdbeast said...
Hi smugdog, how do you see the rest of this year/next going as far as house prices are concerned?
I am still of the opinion that prices will only drift down by around 5% as long as interest rates remain where they are, how long that will be is the big question.
When interest rates increase and the ability to pay mortgages becomes an issue, will we see forced sellers that will lead to a marked price correction.
4. Mogaro said...
House prices are on their way down in Eastbourne. I've been looking month on month for 2 years. I've been keeping an eye on one street in particular - a typical town street with 3/4 bed terraced, small garden, walk through lounge/diners for the most. Prices 2 years ago were at £250k for bottom end quality houses, now you're looking at £220k for the same and as low as £199k, though I know the seller is desperate on that one.
5. smugdog said...
Hi wdb,
Only mass forced selling in the lower and mid range market will alter the picture.
Job security and interest rates are the only catalyst to affect the people's fear/greed outlook.
Manufacturing is booming at present and the government have a leash on rates.
Will the people come to accept the new norm? I think they already have.
6. mark said...
Smugdog
can you provide the source of the evidence you have set forward for the comment "Manufacturing is booming at present" as at street level and the companies we deal with this is not the picture we see in fact far from it.
7. mark wadsworth said...
It looks as if the Lib-Cons' window of opportunity to just let prices crash and blame it all on Labour is rapidly closing, I'd pencil in the first six months after GE victory for this and they only have two months left.
So Japan it is, then.
8. smugdog said...
That information could leave me exposed. Plus, for you Mark, I can't be bothered.
9. mark said...
So you are as much as an idiot we all think you are...
making up statistics and posting them on a blog, hmm clever
10. wdbeast said...
Smugdog,
I totally agree that only forced selling will be the cause of a HPC.
I also agree that job security, i.e. the confidence in being able to pay a mortgage, along with interest rates will have the biggest effect.
I think job security is already a big issue and will become much worse as the public sector cuts are made over the rest of this year.
As for manufacturing, although it increased in the second quarter of this year by 1.6% it did drop last year by 10.6% so is only making back some of what was lost. As manufacturing only makes up about 12% of our GDP it cannot make much of a difference, unless it were to make far greater increases.
As for interest rates, that is where the big question remains, how long can they keep them this low?
11. smugdog said...
You see only what you want to see Mark. Major British Exporters are having a brilliant year.
You live in a dull and depressed little world my friend. If your business is struggling, then
I do honestly feel for you. However, try not to drag the rest of us down in your depression.
Best of wishes in your personal recovery.
12. timmy t said...
"Stable Market" means "Return to normal" I reckon.
13. quiet guy said...
I have to admit I was a little disappointed by Halifax's latest index. We don't have an unambiguous downward trend yet.
Smugdog,
You seem to be in fine form today - much better comments than usual, if you don't mind my saying so.
14. titaniccaptain said...
@Smug Dog
"Will the people come to accept the new norm? I think they already have."...........yup.
This HPC is an annoying little filly which needs to trot around the paddock a few more times.
However in the glorious mountains of Wales with rivers of milk and honey, the HPC flower is in full bloom and distressed sales are everywhere.....which is great news .......except for those who are distressed.....for them there is no celebration and much heart ache ahead.
15. estrader said...
This is great news. Homeowners can now afford to pay me more to eat.
16. techieman said...
smuggy for you:
17. This comment has been removed as it was found to be in breach of our Blog Policies.