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rantnrave

Halifax April 2017 -0.1%

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http://static.halifax.co.uk/assets/pdf/mortgages/pdf/April-2017-House-Price-Index.pdf

That's now the 4th month of static or falling prices, and the lowest annual print since 2013.

Martin Ellis though, true to form, still in denial:

Quote

Continuing very low mortgage rates, together with an ongoing acute shortage of properties for sale, should nonetheless underpin house prices over the coming months.

 

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Martin Ellis quoted on BBC as saying:

Quote

Martin Ellis, Halifax housing economist, said one reason why prices were slowing was that property had become too expensive for many people.

"Housing demand appears to have been curbed in recent months due to the deterioration in housing affordability caused by a sustained period of rapid house price growth during 2014-16," he said.

 

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It's about as exciting as watching paint dry. Well unless you had a piece of the action down south it's been pretty much that way up north for the last 11 years. For my area it has averaged 1% pa since 2006.

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1 hour ago, doomed said:

It will always start as a trickle. A couple more months of falls will really set the cat amongst the pigeons.

When the Spring doesn't bounce and Summer changes to Autumn then Winter, sellers should start to drop their prices.

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20 minutes ago, Diver Dan said:

When the Spring doesn't bounce and Summer changes to Autumn then Winter, sellers should start to drop their prices.

If anything is coming to market in the next months, it will be BTL stuff. Landlords, will IMO, be looking to max out the capital gainz they believe they're thoroughly entitled to (and as compensation for bully tactics from the govt that's forcing them to sell). Look out for a soaring Rightmove initial asking price index and the gap between asking and selling prices to be wider than ever.

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2 hours ago, Longtermrenter said:

I see the number of houses on the market has dropped again too.

Everything i've seen with a FOR SALE sign has now gone SSTC


And that's at these extreme prices !!!!

 

Mugs

Edited by TheCountOfNowhere

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6 minutes ago, rantnrave said:

Last two months quoted in this release as being flat (ie 0.0%)

Were they tho ?

 

£100Bn mortgage give away and lowest rates on history and all that's achieves if **** all.

I'd say peak mania has been reached.

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2 minutes ago, TheCountOfNowhere said:

Were they tho ?

 

£100Bn mortgage give away and lowest rates on history and all that's achieves if **** all.

I'd say peak mania has been reached.

The March release was 0.0% and it's still listed as that in this update

The Feb release of +0.1% was changed to 0.0% in the March update

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Martin Ellis, Halifax housing economist, said one reason why prices were slowing was that property had become too expensive for many people.

BBC Business News

 

What a genius...

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7 minutes ago, rantnrave said:

The March release was 0.0% and it's still listed as that in this update

The Feb release of +0.1% was changed to 0.0% in the March update

So down 0.2% in 3 months.

 

Considering outside London is booming, I would guess London is falling quite hard.


Wait to the idiots in the shires catch up !!!

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Should see a return to 2014 prices by the end of the year now that the mini bubble has sprung leaks. Might even see 2013 prices end of next year.

BTL were the market driving it up at the margins, doesn't seem to be much movement by them to sell at the moment, what we are seeing is a dead market with only MMR restrained first time buyers making very few purchases.

As soon at the BTL start offloading, which they will. It will be carnage. I suspect many who bought in the 2014-16 boom will be eyeing up oportunities to exit, perhaps tied to mortgage terms now. 2 year fixed years etc.

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This is currently the most prominent non-election story on the BBC news website front page. Headline focusing on the quarterly fall figure.

It's also the most read story on the BBC News site at the moment.

Article concludes with the following quote:

Howard Archer at IHS Markit: "We suspect markedly weakening consumer fundamentals, likely mounting caution over making major spending decisions, and elevated house price to earnings ratios will weigh down further on housing market activity and house prices over the coming months."

Edited by rantnrave

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47 minutes ago, TheCountOfNowhere said:

 


Wait to the idiots in the shires catch up !!!


The bust will wash out from london just as the bubble has done. Northern cities do nothing for years then suddenly get mad gains in a short time, followed quickly by deep busts. Its always been that way.

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6 minutes ago, jiltedjen said:


The bust will wash out from london just as the bubble has done. Northern cities do nothing for years then suddenly get mad gains in a short time, followed quickly by deep busts. Its always been that way.

See also Norn Iron 2006 - 09. The sharpest property correction anywhere in the world this century?

Edited by rantnrave

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