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Uk House Price Inflation Picks Up In April

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Guest The_Oldie
"It should be borne in mind that the DCLG tends to provide lagging evidence on house prices, as the office calculates its index at the time when mortgages are completed," said Howard Archer at Global Insight.

"It does appear overall that the housing market is starting to come off the boil."

Data from the Bank of England showed approvals for new mortgages fell for a third month running in April, while the Halifax house price survey last week showed property prices rose last month at their weakest monthly pace this year.

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Well the For Sale signs around here are no longer changing to Sold within a week or two. Some have been around for a few months now.

And the good old 2 boards outside a house from different agents - always a sign of a slow market - are now multiplying.

Relax, prepare for a barrage of VI nonsense and watch asking prices fall.

A colleague of my wife's is in the process of selling a 600k house to downsize a couple of years before retiring. Already had one deal fall through and the current deal seems to be stalled too because their would-be buyer can't find a buyer for their property.

Until recently a BTL would have stepped in and helped a chain form by buying the property at the bottom of a chain. Not any more. The colleague is, apparently, beginning to panic a bit as their retirement plans are based on getting serious money for their house. If the market corrects and they 'only' got 400k - i.e. what the property was worth 5 years ago then the big mortgage they can't afford to repay (don't you just love interest only mortgages) means they are going to have to keep on working - or, after a lifetime of living in a nice big house, mean downsizing to a flat with no big pot of money to make retirement sweet.

My wife is encouraging her colleague to slash 100k off the price - get a deal done quick - before the next IR rise decimates the market.

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It was always going to rise, the MPC meeting is over for this month and they didn't vote for a raise in the base rates.

Two days before next month's meeting and all the usual sob stories will be rolled out such as "the housing market can't afford a rise" or "think of the homeowners" or one of RICS favourites, "a rise could damage market stability". The MPc will then probably hold again as Merv trots out the "we're being vigilant" message whilst trying to protect the paper wealth he along with his cronies in the MPC and Gordy have created.

I could be tempted to call it a joke but it really isn't funny...

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