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Halifax Index March 2015: Prices Up 0.4% Mom, 8.1% Yoy

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http://www.lloydsbankinggroup.com/globalassets/documents/media/press-releases/halifax/2015/housepriceindexmarch2015.pdf


Key facts

  • House prices in the first quarter of 2015 (January-March) were 2.6% higher than in the final quarter of 2014 (October-December). The quarterly rate of change increased for the third consecutive month. It is now at a similar rate to September 2014 (2.7%) prior to a marked slowdown in the last three months of 2014.
  • Prices in the three months to March were 8.1% higher than in the same three months a year earlier. This continued the steady decline from 8.5% in January and is significantly below the peak of 10.2% in July 2014. • House prices increased by 0.4% between February and March, offsetting February’s 0.4% fall.
  • Home sales increased in February 2015. Home sales rose for the second successive month in February with a 2.5% increase compared with January. Signs of a recent modest pick-up follow a steady decline during most of 2014 with sales in February still 8% lower than in February 2014. (Source: HMRC, seasonally-adjusted figures)

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A rather unusual propaganda-defying quote in the FT today:

"While the UK economy has been robust of late, with incomes increasing in real terms compared to the now non-existent rate of consumer price inflation and reductions in property taxes implemented by the government, the Halifax said homes may have simply become too expensive for prices to keep increasing."

Better late than never, eh? :-)

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A rather unusual propaganda-defying quote in the FT today:

"While the UK economy has been robust of late, with incomes increasing in real terms compared to the now non-existent rate of consumer price inflation and reductions in property taxes implemented by the government, the Halifax said homes may have simply become too expensive for prices to keep increasing."

Better late than never, eh? :-)

Theyve been reading the Daily Mash havent they.

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Defies belief.

QE funny money used to make to make us all poor and the problems even worse than before.

The fraudsters still haven't been prosecuted and the economy is a sham.

Is there any mention of how london is fairing?

From what I have seen everyone who can has fled london and overpaid for a house elsewhere, destroying non London earning types cost of living.

It's insane.

Edited by TheCountOfNowhere

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It's amazing how few comments the state backed money lender index release gets these days.

Money lender says we must borrow 8% more this year to buy a shelter.

F*** off.

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Joking aside...is it my imagination or are they ( halifax, Nationwide and Land reg ) revising it down every single month ?

One imaginary number subtracted from another imaginary number to make an imaginary difference.

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Quite correlated to mortgage rates last two years.

2j0mw47.jpg

It seems that the house price response to lower mortgage rates has decreased recently. It could be the case that this hasn't fed through or mortgage/income ratios are holding the market.

we've been here before. Sub-prime mortgages based on monthly affordability.

The question is not if, but when will it go pop !!!!

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Torygraph in full-on, credulity shattering hyper-ramping mode.

"The housing market has now bottomed out" says economists

House prices turn a corner ahead of general election

"The housing market has now bottomed out" says economists

House prices in the first quarter of 2015 were 2.6pc higher than the final three months of last year, as consumer confidence grows and interest rate rises still seem a far off reality.

The Halifax's house price index, released this morning, gave an early indication that the stagnant housing market, which slowed to a standstill at the end of 2014, has started to move.

The quarterly rate of change increased for the third consecutive month and is now a similar rate to last September prior to the marked, seasonal slowdown seen over Christmas - apart from a small surge in transactions when the Chancellor forced through his stamp duty reform in December.

According to the Halifax, house prices dropped 0.4pc in October and again in February, but have now nudged up 0.4pc to £192,970 and are expected to gather momentum after the general election.

http://www.telegraph.co.uk/finance/property/house-prices/11524328/House-prices-turn-a-corner-ahead-of-general-election.html

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Torygraph in full-on, credulity shattering hyper-ramping mode.

"The housing market has now bottomed out" says economists

"Bottomed out"

What f**king planet are they on ?

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From what I see volumes ( we don't know Lloyds only HMRC) are falling but the year on year rates are also falling. Worse the proportion of cash transactions is increasing and the lenders are expecting margins to shrink. I still imagine some lenders will choose to exit market all together. Hopefully some don't move up to high ltv's.

How low can mortgage rates go?

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Some anecdotal's:

Good friends of ours letting out their house and taking on a jumbo mortgage to buy a run down 30's detached.

Two in our department in their mid 20's clamouring to buy because they are expecting kids - neither have disclosed this to their lenders.

Another couple have put their house on the market for £240k, clearly worth £200k if they can find a buyer.

Two guys at work taking in the toilet about applying for BTL mortgage (Was sitting in my office the toilet cubical) :)

The mother in law has sold her house at bubble prices and will be sinking the proceeds into a BTL, because she is scared of not owning a house.

Yep, it's all kicking off and so similar to 2007.

I reckon the national market has 12 months before default and repo rates start to increase, perhaps next October.

Frankly it's the same shite, but different. Instead of 120% mortgages it's 0% interest rates that caused it this time. The answer will be devaluation and more printing. I would get your money out of sterling int he next 12 months.

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Some anecdotal's:

Good friends of ours letting out their house and taking on a jumbo mortgage to buy a run down 30's detached.

Two in our department in their mid 20's clamouring to buy because they are expecting kids - neither have disclosed this to their lenders.

Another couple have put their house on the market for £240k, clearly worth £200k if they can find a buyer.

Two guys at work taking in the toilet about applying for BTL mortgage (Was sitting in my office the toilet cubical) :)

The mother in law has sold her house at bubble prices and will be sinking the proceeds into a BTL, because she is scared of not owning a house.

Yep, it's all kicking off and so similar to 2007.

I reckon the national market has 12 months before default and repo rates start to increase, perhaps next October.

Frankly it's the same shite, but different. Instead of 120% mortgages it's 0% interest rates that caused it this time. The answer will be devaluation and more printing. I would get your money out of sterling int he next 12 months.

If household debt/gross disposable income is the measure then Osborne and Carney have almost certainly eclipsed Brown: the echo housing bubble has exceeded its inspiration!

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I reckon the national market has 12 months before default and repo rates start to increase, perhaps next October.

I really don't see this happen without something triggering a serious interest rate increase affecting those on trackers. At the moment I find it hard to see what would trigger this.

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I really don't see this happen without something triggering a serious interest rate increase affecting those on trackers. At the moment I find it hard to see what would trigger this.

Most new mortgages are fixed. It could take a few years for the IR increase to impact those people.

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