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Jason

Nationwide June +0.9% Mom, -9.3% Yoy

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UK house prices rose by 0.9% in June, according to the latest survey from the Nationwide building society.

It said this was the third rise in the past four months, and shrank the annual rate of decline to just 9.3%, from 11.3% in May.

The increase in prices during the past month means the average home now costs £156,442, which is £15,973 less than a year ago.

The Nationwide said the stabilisation of prices was a "welcome surprise".

"House prices have now risen in three of the last four months, suggesting that the improvement that began to show up in March represents more than just statistical noise," said the Nationwide's economist Martin Gahbauer.

"What is unusual about the recent trend reversal, however, is that it has taken place against a background of transactions activity that is still very low by historical standards," he added.

The Nationwide said the best measure of short-term trends was to compare the average price for the past three months with that for the previous three.

On that basis, prices were now 0.9% higher, the first time this has happened since December 2007.

The building society said if this pattern continued than the year would end with prices down by only "small single digits".

"This would represent a stark shift from trends seen at the turn of the year, when most indicators were pointing to a repeat of the large declines seen in 2008," it said.

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Me too.

We are in buying season and this is to be expected.

The bottom will be in around 2012 and I`m staying in cash!!!!!!!

About what I was expecting. Probably about neutral next month and then eight or ten months of falls.

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Must confess that I'm annoyed by this. Behold, another month of the muppets I work with mocking me and me sitting there silently fuming. I know all the arguments about small movements, buying season, low transaction levels, etc. etc. but why oh why aren't we seeing drops? {weeps}

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Me too.

We are in buying season and this is to be expected.

The bottom will be in around 2012 and I`m staying in cash!!!!!!!

The % rise is already seasonally adjusted.

The unadjusted figures show 4 months of House price rises in a row.

We are now 9K above the bottom price inFeb of £147k which equates to a 6% rise in the last 4 months.

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Must confess that I'm annoyed by this. Behold, another month of the muppets I work with mocking me and me sitting there silently fuming. I know all the arguments about small movements, buying season, low transaction levels, etc. etc. but why oh why aren't we seeing drops? {weeps}

You've picked up on a key reason why these are annoying - sentiment. It's self reinforcing, and all those who for some mystifying reason are happy to spend all their money every month on a mortgage, give themselves permission to do so.

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I have updated my signature.

While rates are low (atleast until the next election in May 2010), the house price lows we saw at the start of the year will hold.

Base interest rates cut to virtually 0% were a game changer. The crash was going nicely to plan. But now we have a confirmed trend change.

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Still another 20% to come off over the next 3 to 4 years.

But it looks like the 90% fall widely anticipated by some of the hard core nutta's on here is going to take a while longer.

Edited by ItsColdUpHere

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I have updated my signature.

While rates are low (atleast until the next election in May 2010), the house price lows we saw at the start of the year will hold.

Base interest rates cut to virtually 0% were a game changer. The crash was going nicely to plan. But now we have a confirmed trend change.

No. What we've just had was a spring bounce, just like every year since time in memoriam.

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Hopefully, this will tempt sellers back into the market. We could do with 100,000 more properties for sale when we reach the Autumn/Winter.

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we got Q2 -4.7% here in N.Ireland.......

but we still have to listen to the usual, 'prices up' media rubbish, even in our local media, so I'm not tuning in today.

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"What is unusual about the recent trend reversal, however, is that it has taken place against a background of transactions activity that is still very low by historical standards," he added.

this seem a completely stupid thing to say, anybody who trades will tell you universally that countertrend corrections always do so on low volume, in fact its one of the clearest indicators that the asset is in a corrective phase rather than a genuinely new trend

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The crash was going nicely to plan. But now we have a confirmed trend change.

And then we have a General Election... exactly as in 1979, we have a dying Goverment frantically trying to delay the inevitable.

The elephant in the room is interest rates. When the US starts putting theirs up, we will follow.

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The FX markets loved the news, Sterling is up very strong this morning. Money is flowing into the UK to snap up property while prices are still relatively low.

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It is going from bad to worse now for the bears.

My predictions have been confirmed.

I fear for the mental health on some on this site.

Oh well, at least I tried to warned you lot, HPC was going to be over in spring/summer. :lol:

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More money than can be imagined has been thrown at the "problem" of getting banks to lend money to people at "normal" levels. It's only to be expected that this bounce is the result. It just goes to confirm that anything and everything will be sacraficed on the altar of house prices by the government.

I'll echo the sentiments above though, i'm getting a bit plucking tired of waiting for a decent correction to take place. I'm now seriously questioning whether it's worth waiting for cheaper housing to happen in the UK or take up a job offer in another country with a good rental sector.

Edited by buyinginafewyears

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My predictions have been confirmed.

Mine too. I predicted a rise this month.

And last month.

I predict fairly static figures next month.

And I predict relentless falls from September onwards.

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It is going from bad to worse now for the bears.

My predictions have been confirmed.

I fear for the mental health on some on this site.

Oh well, at least I tried to warned you lot, HPC was going to be over in spring/summer. :lol:

It`s not the mental health for a few people on this site you want to worry about, what about the financial health of the next generation of buyers ?

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Nice to see the pound strengthening on the back of this news with my holiday coming up and all.

So thats an extra 2.5K needed for a deposit since february then ?

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About what I was expecting. Probably about neutral next month and then eight or ten months of falls.

I expected over 1% positive.

I agree, it will level out and be negative again by sept/oct

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