Jump to content
House Price Crash Forum
Sign in to follow this  
rantnrave

Halifax House Prices Up 2.4% In Feb Alone

Recommended Posts

Bubble, what bubble?

House prices in the latest three months (December 2013-February 2014) were 2.1% higher than in the preceding three months (September 2013-November 2013). This is within the range of 1.8% - 2.2% recorded for this measure throughout the preceding nine months.

  • Prices in the three months to February were 7.9% higher than in the same three months a year earlier. This continued the upward trend in the annual rate.
  • House prices increased by 2.4% in February. This was the eleventh monthly increase in the past twelve months. The average price is, however, still 10% below the August 2007peak
  • Activity on an upward trend. Home sales increased for the ninth successive month in January to 103,440; 30% higher than in January 2013. (Source: HMRC, seasonally-adjusted figures.) The number of mortgage approvals for house purchases – a leading indicator of completed house sales – was 11% higher in the three months to January than in the previous three months and 42% higher than in January last year. (Source: Bank of England, seasonally-adjusted figures.)
  • Market conditions adding upward pressure on prices. While new buyer enquiries eased in January, this has been accompanied by a decline in the number of homeowners providing instructions to put their property on the market. (Source: RICS.) However, latest housebuilding figures show signs of improvement which could help to bring demand and supply into better balance. The number of housing starts in England in 2013 increased by 24% to 98,610 from a year earlier. (Source: DCLG)

Commenting, Stephen Noakes, Mortgages Director, said: "House prices in the three months to February were 2.1% higher than in the three months to November. The annual rate of increase rose again with prices in the three months to February 7.9% higher than in the same three months last year.

"Several factors appear to have boosted demand, such as the improved economic outlook, unemployment falling faster than expected, improvements in consumer confidence and low interest rates.

"However, continuing pressures on household finances, as earnings fail to keep pace with consumer price inflation, are expected to remain a constraint on the rate of growth of house prices. We are also seeing signs of a revival in housebuilding, which should help bring supply and demand into better balance and curb upward pressure on prices over the medium and longer terms."

Even they're so taken aback by this MoM increase, they're spinning the quarterly numbers...

Edited by rantnrave

Share this post


Link to post
Share on other sites

Bubble, what bubble?

The air pressure is building, the skin is thinning......the only thing that can go up is interest rates, that will quickly release the valve. ;)

Share this post


Link to post
Share on other sites

Yay! An extra imaginary £5k for me. Better use it to pay my imaginary imputed rent..

I say imaginary, as it has basically no meaning if my house doubled in price. The next step up the ladder, if I wanted to take it, is already so far away I'd need a telescope. I need to live somewhere and the repayment mortgage costs less then equivalent rent. A 50% HPC wouldn't affect me either..

Share this post


Link to post
Share on other sites

The harder and fast prices rise, the quicker the peak is reached - then it's the inevitable government intervention to hold up prices.

Isn't this already happening?

Share this post


Link to post
Share on other sites

Rather understated by the three month moving average ''smoothing''.....actual February on February 179872/163468 = 10.0%. Should keep things nicely under the MPCs radar.

As the February rise gets a full weighting in the next few months they may have trouble keeping it in single figures.

We had no thread last week on Nationwide.....they came in at 9.4% but they are blocking the report for some reason today so this will have to do.............

http://www.ifamagazine.com/news/uk-house-prices-gain-in-february-nationwide-reveals-293911

Edited by crashmonitor

Share this post


Link to post
Share on other sites

Rather understated by the three month moving average ''smoothing''.....actual February on February 179872/163468 = 10.0%. Should keep things nicely under the MPCs radar.

As the February rise gets a full weighting in the next few months they may have trouble keeping it in single figures.

We had no thread last week on Nationwide.....they came in at 9.4% but they are blocking the report for some reason today so this will have to do.............

http://www.ifamagazine.com/news/uk-house-prices-gain-in-february-nationwide-reveals-293911

Don't worry, I'm sure that TPTB know what they are doing, are extremely vigilant for any sign of a bubble and will now become even more vigilant, were that possible, and anyone even daring to suggest that they are trying to engineer a house price boom for election purposes - and will therefore do nothing about it for another year - is clearly insane.

Share this post


Link to post
Share on other sites

Quite possible Osborne will be heading into a GE campaign in a little over 12 months with prices nominally back at 2007 levels.

His 5-year mission to make Gordon Brown look good will be complete.

Share this post


Link to post
Share on other sites

Pound gaining on data, Markets love it.................

Data from mortgage lender Halifax on Thursday showed British house prices soared in February at the fastest monthly pace since May 2009.

Just need tomandlu and one of his feeling sorry for buyers posts, and Si1 suggesting any tale of people choosing to buying homes as 'unreal' to top off my day.

Share this post


Link to post
Share on other sites

Just need tomandlu and one of his feeling sorry for buyers posts, and Si1 suggesting any tale of people choosing to buying homes as 'unreal' to top off my day.

See that flipper house that sold for asking?

Edited by 7 Year Itch

Share this post


Link to post
Share on other sites

I see no bubbles

The Double Bubble, 2007 and 2014.

Who could have imagined when Northen Rock collapsed that we'd be facing another almighty housing bust just seven years later?

Share this post


Link to post
Share on other sites

Osborne and Carney must be overjoyed the economy will reach 'escape velocity' soon and another 30% rise in house prices over the next year will win the election. With wages rising by 1 or 2% a 30% annual rise in property prices is easily sustainable ... might need HtB 3, 4 ,5 and 6 but I am sure Osborne has it all worked out.

Totally beggars belief that we have Haliwide data showing nearly 10% rises, a GDP forecast of 3.5% a boom in equities and collapsing unemployment and they just can't make that first step of a 0.25% base rate rise. The same mistakes as the past and not wanting to stop the party.

Share this post


Link to post
Share on other sites

I've emailed the BoE to inform them of the MEGA bubble.

And ask them again to define what a housing bubble is, they never did reply.

I reminded them that Mr Carney said he would act to stop any bubble....this is the mr carney that was in place when Canada grew the mother of all bubbles.

I'm not holding my breath.

This return to normal is amazing. As someone said, the higher it goes the sooner it collapses.

There was little point in buying a house last year at the near 2007 asking prices, the 2007+20% will cripple people for life.

And i've emailed george osborne to tell him what I think of him and the tories.

The sooner I can get a job abroad the better.

Edited by TheCountOfNowhere

Share this post


Link to post
Share on other sites

Get with the plan, debt is wealth. Carney loves debt and got it up to record levels in Canada and is trying to do the same here. That 2.4% per month rise in property prices (OK mortgage approvals) will provide a massive boost to GDP via imputed rent. Imputed rent is over 10% of GDP so in Feb alone GDP will have increased massively (0.25%??) from all the work and wealth created by piles of bricks standing in a line doing absolutely nothing.

Doomed to failure. The eventual collapse is going to be spectacular. This time the people responsible should be held accountable.

Share this post


Link to post
Share on other sites

Just need tomandlu and one of his feeling sorry for buyers posts, and Si1 suggesting any tale of people choosing to buying homes as 'unreal' to top off my day.

:rolleyes:

Share this post


Link to post
Share on other sites

Be interesting to see the LR figures on the regional breakdown to see what is driving this. Haven't looked at them for a couple of months or so.

From the release last week, looks like a cancerous spread of green from London now engulfing E. Midlands, East and South East. But still massively lagging Haliwide............

http://www.landregistry.gov.uk/__data/assets/pdf_file/0004/76117/HPIReport20140224.pdf

Edited by crashmonitor

Share this post


Link to post
Share on other sites

From the release last week, looks like a cancerous spread of green from London now engulfing E. Midlands, East and South East. But still massively lagging Haliwide............

http://www.landregis...ort20140224.pdf

Some of the asking prices in Northampton and some of the stuff that's gone SSTC is insane, and I dont mean 2007 insane !!!

We have a new paradigm.

It's different this time.

Prices double every 7 years.

You cant loose on property.

A flat in london will be £35Million in 10 years time. Someone actually said to me yesterday, "it's different in london" !!!

We have returned to normal.....

Edited by TheCountOfNowhere

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   212 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.