Thursday, May 18, 2006

Nationwide BS doing well

Times: Nationwide boosted by strong housing market

A recovering housing market helped Nationwide Building Society to post record pre-tax profits of 559.2 million for the year to April, despite its share of mortgage lending sliding against last year.

Britain's fourth-largest mortgage lender said it had an "outstandingly successful" 12-month period, as fears of a housing market crash tailed off in the latter part of 2005 and momentum in the property market began to return in the new year.

Posted by jason @ 01:05 PM (3011 views)
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9 Comments

1. Sebastian said...

"It will strike when least expected."

Thursday, May 18, 2006 01:42PM Report Comment
 

2. Rimmer said...

A recovering housing market - did it ever slump then i must have missed it?

Thursday, May 18, 2006 02:43PM Report Comment
 

3. Surfgatinho said...

I can't keep up with these reports. Weren't there 'official figures' out a day or two ago saying the market was underperforming?!

Thursday, May 18, 2006 02:50PM Report Comment
 

4. Sebastian said...

> A recovering housing market - did it ever slump then i must have missed it?

I asked the same question on the forum a while back, I too am unsure what the housing market is recovering from. According to the figures I usually see the YOY rise has been around 2/3% at it's lowest. It really shows you how bad the situation is when people see rises just above inflation as a bad thing... :S If houses arnt rising at well above wage inflation then the market is obviously in bad shape...

Thursday, May 18, 2006 03:41PM Report Comment
 

5. Inbreda said...

"...as fears of a housing market crash tailed off "

Not in my head.

This is getting kinda subversive. It's like Bush constantly mentioning 9/11 and Iraq in the same sentence until people actually start beleiving they're connected. As with Iraq, getting people to believe is not going to stop the big mess afterwards.

Thursday, May 18, 2006 03:54PM Report Comment
 

6. Paul said...

This is a cheap statistical sleight of hand. YOY figures always have to be viewed with caution. If on a rapid descent, there's a spike, it can look very temporarily that things are looking up and the VIs move in like honeybees.

Personally, I feel that the VIs are between a rock and a hard place - the more they talk up the market to generate new sales, the more they raise the spectre of interest rate rises. And even a small IR change will send thousands more into unmanageable debt. And the tide is turning against them.

As for Iraq, I truly envisage the helicopters lifting from the roof of the US embassy with pro-US iraqis clinging on for dear life - we've seen it before.

Thursday, May 18, 2006 05:39PM Report Comment
 

7. P. Doff said...

Yawn!!

Friday, May 19, 2006 06:36PM Report Comment
 

8. Msquire said...

where will all this end,
many of my friends, who are first time buyers, are happy to buy now and are even considering interest only mortgages, as they believe this is the same as renting but without a landlord, all have had some sort of parental help with the deposit, and all believe that prices will not drop, i just cant see how this can carry on, most normal people like myself ,who do not have wealthy parents, cannot even consider buying we are totally out priced and forced to rent.

Friday, May 19, 2006 10:08PM Report Comment
 

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