Halifax +2.6% !

[Oliver Sutton]

WTF.

[rantnrave]

Bubble, what bubble?

[Guest]

Those rushed purchases to save 3% pushed up prices by almost .... 3% Whooda thought it!

[callaght]

Wow!

And on it goes...

[lostinessex]

OK bigger than expected but I think we all suspected there'd be a rise due to the stamp duty deadline. So managing to keep my inner calm - but if we see rises like this from next month onwards it'll be back to despair for me.

[Bruce Banner]

Only to be expected with the rush by BTL landlords to beat the 3% stamp duty increase, they've been more interested in the deadline than the price.

[TheCountOfNowhere]

Mega bubble mental

[Nabby81]

On flip side new stock is at record lows

[shindigger]

In my area SP8, i'm seeing stuff that sold prior to deadline, trickling back to the market.

Including 3 houses i looked at myself.

There's also a steady supply of 1 and 2 bed flats.

[thewig]

Meh only 36% annualised. Wake me up when it hits 100% YoY... THEN its time to snap up a few. Buy high, sell higher.

Until then... just rent it out innit.

[thewig]

In my area SP8, i'm seeing stuff that sold prior to deadline, trickling back to the market.

Including 3 houses i looked at myself.

There's also a steady supply of 1 and 2 bed flats.

back for sale or for rent?

[Errol]

36% annualised.

LOL!

[crashmonitor]

10.1% annual......

http://www.theguardian.com/money/2016/apr/07/uk-house-prices-pick-up-pace-101-annual-increase-halifax-brexit

[Amiinsane]

BTL stampede.

A friend recently sold her flat. BTLer buying it wanted £15k off. Then had a mad panic about the April 1st deadline and offered the asking price. Now they just have their diminishing profit to deal with.

[crashmonitor]

Bruce is right this was inevitable given the BTL deadline, although a little surprised that sales would be going through as late as March, doesn't give much time to complete.

My observation of the market is it was manic January through to mid March then the market died, this should show up a little in April stats.

I think the market will at least sidetrack for the next few months though, stocks are at historic lows and zirp means nobody has to sell.

[moonriver]

A friend recently sold her flat. BTLer buying it wanted £15k off. Then had a mad panic about the April 1st deadline and offered the asking price. Now they just have their diminishing profit to deal with.

Sounds like a case of spot the April fool!

[thewig]

Same thing happened to a mate, house put up for sale last month asking ~15% more than highest sale ever in their road (which was only last year).

Savvy BTLer snapped it up 2 days later after a hard negotiation with a cheeky offer of full asking price.

Pay 15% over last sale price to save 3% = BTL logic. I guess the 3% comes out of real money and the 15% is magic credit money so doesn't really exist anyway? Makes sense in this credit swamped madhouse.

[moonriver]

Pay 15% over last sale price to save 3% = BTL logic. I guess the 3% comes out of real money and the 15% is magic credit money so doesn't really exist anyway? Makes sense in this credit swamped madhouse.

Unbelievable how the mind of a BTL'er works!

[Bloo Loo]

are there no properties for sale?

so there is a tax rise...why on earth do people pay 3% more to beat the rise?...whats wrong with haggling still?

[Venger]

Shusshh... Don't forget the sympathy and the innocence - month after month, year after year, of raging HPI.

Just accept it and carry it.

I don't doubt it. He bought it through a company so wasnt personally liable then?

I know someone who bought up north in 2006, he moved out and never sold it as it was worth less a few years later when he moved. It's now worth 40k less. I have a tiny bit of sympathy.

Then he bought a place purely as an investment a few months ago as near a cross rail station and cant go wrong with london. He overpaid and its valued at 25k less than he paid for it a few days after he completed. He's already gutted, I can only imagine what is going to happen next.

Sympathy? Why?

Family on my street recently sold up to move to a bigger place, sold at a nominal loss from purchase near/at peak. and that's before some decent refurb expenditure is taken into account over their ownership. No grumbling, complaining, entitlement, 'rent it out' garbage etc, just sold it and moved on. No big deal. Friendly, likeable people with decent values. Prepared to take it on the chin to achieve their aims. Not using property as some gambling outlet where past losses can be made whole with recourse to tenant's bank accounts, and future HPI MadGainz achieved similarly. Sod 'im.

I did say only a tiny bit of sympathy.

It's still lost money. Just as I feel sorry for the people I see who look like they don't have enough money to feed themselves buy 10 scratchcards.

I feel the same as your family member. But I do think lots of the people fueling up on debt are just marks for the banks.

We are the system.

[nnails]

it has seem to gone mad this last year.

i brought my house for 155k last year a house 5 doors away sold for 190k in jan!!!!. Same semi detached house

Yesterday i told my mum i should sell me house and move back in with her for year cause that jsut cant be right

[Guest BillyNI]

This happened in Northern Ireland too just before it all went FUBAR. Down the chute to 50% off. Still trying to get back to 2005 prices in many areas.

I seen places which had previously been £40k go up to asking of £160k but when they crashed man did they crash, back down to £55k. I think people took a while to realise that even with the troubles over, Belfast wasn't worth that much!

[zugzwang]

Bruce is right this was inevitable given the BTL deadline, although a little surprised that sales would be going through as late as March, doesn't give much time to complete.

My observation of the market is it was manic January through to mid March then the market died, this should show up a little in April stats.

I think the market will at least sidetrack for the next few months though, stocks are at historic lows and zirp means nobody has to sell.

Thanks to ZIRP, nobody has to sell and there's nothing left with a positive yield in which to stash your cash.

Conceivable, the next China panic will result even more money being thrown at UK housing, for want of better anywhere else.

[2buyornot2buy]

I seen places which had previously been £40k go up to asking of £160k but when they crashed man did they crash, back down to £55k. I think people took a while to realise that even with the troubles over, Belfast wasn't worth that much!

Guy down the road from me "sold" his house for 600k, went to buy another house at 750k but it fell through so he pulled out of his sale. Right at the top.

House now on the market for 280k.

[crashmonitor]

Thanks to ZIRP, nobody has to sell and there's nothing left with a positive yield in which to stash your cash.

Conceivable, the next China panic will result even more money being thrown at UK housing, for want of better anywhere else.

Indeed total misalloaction of resources to property which just suck in imports whilst our current account gets crucified.

It's really up to the Government to tax property, especially council tax, and steer people into productive use of money. I guess the rates rise option is probably off the cards as this would only strengthen the pound and further crucify out current account.

Edited April 7, 2016 by crashmonitor