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rantnrave

Nationwide Index Exceeds 2007 Peak

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Up 0.7% MoM, raising the YoY to more than 11% up.

13 months of straight growth leaves average UK price at 186K.

Gidiot must be ecstatic

Giodiot would have been ecstatic has this been March next year.

Looking at right move/property bee, we are about to see a nose dive.

I still can't believe what they've done and how they've stage managed this recovery. The bankers and politicians are robbing us blind.

Edited by TheCountOfNowhere

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Yes, too much, too soon. This government's cynical attempt to win the next election, by pumping up Labour's existing housing bubble, has backfired spectacularly, they will not get into power again for a decade!

Edited by Bruce Banner

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The BBc has this "good" news straight on their front page.

Im still waiting for the Halifax "great" news that prices had dropped.

I've already moved my money out the nationwide...if I hadn't I would now. We are at the nominal level that crippled the bankinbg system, with no wage rises, no real recovery and nothing but the government hand outs and low interest rates supporting things.

Do people buying now think they are going to make a fortune on a house ?

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The BBC also regurgitating that the Bankrupt of England wants to restart securitisation - better palm those malinvestment debts (fully encouraged by the central scam bank) onto those less suspecting and more desrving of the losses.

Ponzi schemers working for the few and to hell with the country.

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The BBc has this "good" news straight on their front page.

Im still waiting for the Halifax "great" news that prices had dropped.

I've already moved my money out the nationwide...if I hadn't I would now. We are at the nominal level that crippled the banking system, with no wage rises, no real recovery and nothing but the government hand outs and low interest rates supporting things.

Do people buying now think they are going to make a fortune on a house ?

The constant talk of lack of supply and the need to build are encouraging sheeple to close their eyes and jump in.

Second steppers who should have experience and so be unwilling to move are in fact desperate because they have double the pressure. The homes they want to move into are allegedly inflating out of their "affordability", and they have young families physically needing evermore space.

Also many second steppers have only ever know low rates and an economy that does everything to support debt.

This sector of the market is going to be really shocked when rates move We see their reaction every time there is the merest whiff of a rise.

Edited by Blod

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With MMR now in force, I had hoped to see a small negative at least for this month.

Very disappointing.

(mods - why can't I quote another poster's comments, or insert web links into posts? Been going on a few days now...)

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With MMR now in force, I had hoped to see a small negative at least for this month.

Very disappointing.

(mods - why can't I quote another poster's comments, or insert web links into posts? Been going on a few days now...)

I don't know when the NW started implementing MMR nor whether they're using the the transition time allowed to fade them in.

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With MMR now in force, I had hoped to see a small negative at least for this month.

Very disappointing.

(mods - why can't I quote another poster's comments, or insert web links into posts? Been going on a few days now...)

sales this month were approved months ago.

Why are people so impatient...the economy is as slow to turn as an oil tanker, but once its started turning, the effect lasts quite a while.

If people cant borrow so much, then they cant offer so much.

Saying that, McTavish may well have been correct...prices could still go to the moon as only the top 5% are engaged in the housing ladder, drawn up and leaving the rest of us stuck in the sewage.

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Its the World Cup effect init

You need the huge curved 4000K telly, and you need a new house to watch it in.

init. Osborn played a blinder in the first half, can he keep it up in the second, or will Carnage find a way to dribble past him and score?

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More pseudo wealth creation for the UK populace currently standing at 147k for every man, woman and child. Just printing the money sitting around whilst the Germans work their socks off for a fraction of the equity.

http://www.dailymail.co.uk/news/article-2574038/Average-British-person-net-worth-147-134-0-01-cent-David-Beckham.html

Edited by crashmonitor

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sales this month were approved months ago.

Why are people so impatient...the economy is as slow to turn as an oil tanker, but once its started turning, the effect lasts quite a while.

If people cant borrow so much, then they cant offer so much.

Saying that, McTavish may well have been correct...prices could still go to the moon as only the top 5% are engaged in the housing ladder, drawn up and leaving the rest of us stuck in the sewage.

Over 50% and rising of home owners have no mortgage. Since '08 the LTV of new mortgages has been low and no new liar loans have been issued.

Interest rates are low and will remain very low for years to come - especially if house prices rises stop. There are next to no defaults and even if someone defaults there is no appetite for forced sales.

House prices in some parts of the country are completely unaffordable with the new mortgage requirements.

Stagnation is the way forward...

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I reckon my house in Gloucester could have been put on the market in 2007 for £199,000 now £179,000. I think London SE is pushing the averages up.

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I reckon my house in Gloucester could have been put on the market in 2007 for £199,000 now £179,000. I think London SE is pushing the averages up.

About the same proportions here in Nottingham. From being a totally bombed out market from about the start of 2004 when maximum bubble was achieved the market has struggled for the last decade and slowly deflated to about 2012.

Just wondering are the street of Gloucester a sea of red sold signs? It's starting to get a bit that way here, but actually the prices have only slightly lifted may be 5-10% since the absolute bottom around 2012. A bubble overhang from the nonsense of 1999-2003, but no real signs of a boom here.

Edited by crashmonitor

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With MMR now in force, I had hoped to see a small negative at least for this month.

Very disappointing.

(mods - why can't I quote another poster's comments, or insert web links into posts? Been going on a few days now...)

I was hoping that too. Forced me to think about it in a bit more detail thou.

People who had mortgages approved prior to the 28th of April will be desperate to complete a sale by the 28th July before their mortgage offer expires.

In effect we could see very high levels of inflation as peoples with 'old' approvals outbid each other. The market at that point the simply runs out of bidders.

So we might have to wait until August/September for the panic phase, which could be a good thing as there will most likely be another 10% rise in London by that time making the crash even more spectacular 50%+. If were really luck they might even introduce some more cooling measures by them compounding the slowdown later in the year.

I suspect the government is starting to blush at the housing hyperinflation as estimated about 60% of the voting population against further property inflation.

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Over 50% and rising of home owners have no mortgage. Since '08 the LTV of new mortgages has been low and no new liar loans have been issued.

Interest rates are low and will remain very low for years to come - especially if house prices rises stop. There are next to no defaults and even if someone defaults there is no appetite for forced sales.

House prices in some parts of the country are completely unaffordable with the new mortgage requirements.

Stagnation is the way forward...

all very nice in theory, but you fail to suggest where the wealth is coming from to cover the monetary credit feast we are currently in.

We are very much in the return to normal phase IMHO.

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I was hoping that too. Forced me to think about it in a bit more detail thou.

People who had mortgages approved prior to the 28th of April will be desperate to complete a sale by the 28th July before their mortgage offer expires.

In effect we could see very high levels of inflation as peoples with 'old' approvals outbid each other. The market at that point the simply runs out of bidders.

So we might have to wait until August/September for the panic phase, which could be a good thing as there will most likely be another 10% rise in London by that time making the crash even more spectacular 50%+. If were really luck they might even introduce some more cooling measures by them compounding the slowdown later in the year.

I suspect the government is starting to blush at the housing hyperinflation as estimated about 60% of the voting population against further property inflation.

For what its worth, IMHO, this current return to normal very much mirrors the boom in the late 1980s, huge rises in the SE and London,bugger all mostly elsewhere.

When it popped, 40% and more crashes in these areas, much much less percentage wise elsewhere.

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I was hoping that too. Forced me to think about it in a bit more detail thou.

People who had mortgages approved prior to the 28th of April will be desperate to complete a sale by the 28th July before their mortgage offer expires.

In effect we could see very high levels of inflation as peoples with 'old' approvals outbid each other. The market at that point the simply runs out of bidders.

So we might have to wait until August/September for the panic phase, which could be a good thing as there will most likely be another 10% rise in London by that time making the crash even more spectacular 50%+. If were really luck they might even introduce some more cooling measures by them compounding the slowdown later in the year.

I suspect the government is starting to blush at the housing hyperinflation as estimated about 60% of the voting population against further property inflation.

Sounds plausible to me. It's even possible we won't need any more cooling measures to compound the slowdown. We're overdue an almighty crash in stock market prices too and as these generally occur in September/October a co-ordinated slump would not be out of the question. Fitting reward for Osborne's incalculable dishonesty. :)

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About the same proportions here in Nottingham. From being a totally bombed out market from about the start of 2004 when maximum bubble was achieved the market has struggled for the last decade and slowly deflated to about 2012.

Just wondering are the street of Gloucester a sea of red sold signs? It's starting to get a bit that way here, but actually the prices have only slightly lifted may be 5-10% since the absolute bottom around 2012. A bubble overhang from the nonsense of 1999-2003, but no real signs of a boom here.

Owning a house I tend to to see the number of sold signs so I can't help you there. I would say my house bottomed out at £160,000 so around about a 10% rise.

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Changes in base rates are often reported to take 6 months to a year to have a significant impact on the economy so MMR and any other housing related measures could have a similar time lag on house prices.

If MMR is as slow to have an impact as changes in interest rates then the Coalition (Conservatives and LibDems) will have to take a double whammy hit both from voters with increased house prices having children even more unable to buy a house and at the same time their own house prices starting to slide etc. That's quite apart from the gathering momentum of the United Kingdom Independence Party (UKIP).

So far as interest rates are concerned as the economy has been claimed to be recovering for a good 6 months or so then interest rate rises must be imminent because of the time lag for them to have an impact. Of course they won't be increased as there's not a real recovery and they, like the GDP stats, are really just an electioneering tool again.

Edited by billybong

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