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rantnrave

Nationwide - April Figures

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Up 1.2% MoM. Housing bubble - what housing bubble?

YoY growth now into double digits

:ph34r:

The response to this should be interesting to see - even the BBC have buried it in the business pages - usually a rise is a breaking news item and given front page exposure.


Annual house price growth in the UK has hit double digits for the first time in four years, the Nationwide has said.

In the year to April, prices rose by 10.9%, the first annual double-digit growth since April 2010 and the fastest rate since June 2007.

The news may scotch other suggestions that the housing market has been cooling over the last few months.

This week the Land Registry - which records actual sales - said prices fell by 0.4% in March.

But the Nationwide believes prices have now resumed their upward trend.

"After several months of moderation, the pace of house price growth picked up in April, with prices rising by 1.2% during the month," said Robert Gardner, Nationwide's chief economist.

Nationwide said the average UK house price now stood at £183,577.

Edited by rantnrave

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If the nationwide are lending into the london mega bubble and basing their figures on that....would you want your savings in there ?

Next month figures should be interesting....down 3% i'd expect.

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The response to this should be interesting to see - even the BBC have buried it in the business pages - usually a rise is a breaking news item and given front page exposure.

I found it on the front page, and the tone of the piece is neutral tending towards negative, and they include quotes from the KPMG/Shelter report:

"For many people, particularly those in their twenties, the aspiration of owning their own 'castle' is fast becoming a fairy tale," said Marianne Fallon, UK head of corporate affairs at KPMG.

"We also know, as an employer of 12,000 people, that an unstable housing market affects our ability to attract and retain talent," she said.

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If the nationwide are lending into the london mega bubble and basing their figures on that....would you want your savings in there ?

Next month figures should be interesting....down 3% i'd expect.

It'll be interesting to see what happens with the new FCA rules.Quite how anyone will lend to FTBs in London(without rich parents),I don't know.

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The Nationwide release is a laugh a minute


The risk is that unless supply accelerates significantly, affordability will become stretched.

There's more...


MMR measures, which place a greater emphasis on affordability, should help to ensure that prices do not become detached from earnings.

Edited by rantnrave

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The Nationwide release is a laugh a minute

There's more...

:lol::lol::lol::lol:

I'd expect better of the nationwide...That's why my wife and I took our money out before any future rush.

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For anyone reading this....let not forget the difference between actual sales and pretend mortgage approval sales.

One relies on people with jobs and money the other relies on 5 loonies willing to pretend they are able to buy the next house in a chain bnut with no idiot at the bottom of the chane to pay 2007+20% bubble prices to under-pin the housing pyramid then these figures are meaningless. I guess this is why the government brought in their Help To banks scheme so that key idiot in the chain could get a mortgage using the tax payer backed loan.

Do you want to be the idiot at the bottom of the pyramid ?

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We were on your side...

How true.

With the nationwide i go back to that change in their rules that allowed them to access the money markets and effectively become a bank. The members should have been up in arms but it was passed on the quiet.

If they are stoking a bubble through their lending and putting out press releases like this then I personally think they are in for a lot of trouble.

My wife and I both emptied our savings accounts 18 months ago now. I refuse to help fund this organisation now.

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My wife and I both emptied our savings accounts 18 months ago now. I refuse to help fund this organisation now.

Nationwide do seem to be offering the best savings rates right now out of a very, very poor selection

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Nationwide do seem to be offering the best savings rates right now out of a very, very poor selection

What, give them your mum after then pump up the bubble with the help from government funding whilst offering 0.5% easy access saving accounts.

**** 'em.

Edited by TheCountOfNowhere

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I don't think this is in response to the pause in March and a statistical correction, there was a definite slowing in the market in March. There has been a bit of renewed vigour this month in my area at least. So maybe March was a pause for breath, but it must burn itself out eventually.

http://www.nationwide.co.uk/~/media/MainSite/documents/about/house-price-index/Apr_2014.pdf

Edited by crashmonitor

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Nadeem Walayat must be getting excited, we finally got there, about four months late, but we got there.

Edited by crashmonitor

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I don't think this is in response to the pause in March and a statistical correction, there was a definite slowing in the market in March. There has been a bit of renewed vigour this month in my area at least. So maybe March was a pause for breath, but it must burn itself out eventually.

http://www.nationwide.co.uk/~/media/MainSite/documents/about/house-price-index/Apr_2014.pdf

This data is at odds with yesterday's Land Reg release - that was March's data and laggy though

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This data is at odds with yesterday's Land Reg release - that was March's data and laggy though

The Land Registry is a puzzler and out of step even with the other Government survey which has property at new nominal highs of circa 254 k (from memory). Meanwhile the Nationwide has us 1.3% shy of the nominal peak achieved in October 2007, nearly seven years ago................ 366.2/371.1

All the more puzzling to me because I would have thought that repeat regression would have skewed the stats upward because of flips. My Great aunts house that was sold in 2011 for 165k has just sold for 280k through flipping.

Edited by crashmonitor

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What, give them your mum after then pump up the bubble with the help from government funding whilst offering 0.5% easy access saving accounts.

**** 'em.

1.5% and above if you've been with them for longer than 5 years.

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The Land Registry is a puzzler and out of step even with the other Government survey which has property at new nominal highs of circa 254 k (from memory). Meanwhile the Nationwide has us 1.3% shy of the nominal peak achieved in October 2007, nearly seven years ago................ 366.2/371.1

All the more puzzling to me because I would have thought that repeat regression would have skewed the stats upward because of flips. My Great aunts house that was sold in 2011 for 165k has just sold for 280k through flipping.

This confusion is what you would expect if a top had been reached.

The rise was always going to be contained by income multiples (even if a lot of it is 'cash' in London) at some point - if we weren't there already I think the new restrictions have put a cap on it for transactions that need debt anyway.

It's entirely possible we'll find that the HPI boom was mostly from Rightmove listings and other noise like equity releasing, remortgaging - not real transactions.

10% increase in properties listed locally in last 7 days. 30% of properties listed are STC or under offer (using RM filter). It's a rural county and 15% of properties listed are over 500K but only 0.5% of STC are over 500K.

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It's entirely possible we'll find that the HPI boom was mostly from Rightmove listings and other noise like equity releasing, remortgaging - not real transactions.

This is my first thought when mortgage issuers are out of whack with the land registry - how much of their statistics are made up of increases in mortgage debt on the presumption of price rises but where no transaction has actually taken place?

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This is my first thought when mortgage issuers are out of whack with the land registry - how much of their statistics are made up of increases in mortgage debt on the presumption of price rises but where no transaction has actually taken place?

These government backed banks figure are 100% accurate, move along please.

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