Thursday, Nov 09, 2006

UK House prices still rising strongly

BBC: UK October house prices gain 1.7%

Halifax data states that house prices rose 1.7% in October pushing year on year growth to 8.6%, however and unsurprisingly Halifax predicts the market will slow over the coming months. Halifax's prediction will probably have little bearing on the Monetary Policy Committee who are expected to raise interest rates to a five year high today and talk is of yet another rise early in the new year

Posted by denzil @ 09:03 AM (400 views)
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1. David20040_0 said...

I am 21, 22 next year, I actually believe now that this market will never crash and that this site has it all totally wrong. I now believe that I will never own my own home.

A 1.7% house price rise after an interest rate rise to 4.75% indicates that it is going to take a lot more than a pitiful 0.25% interest rate rise from the Bank of England to dampen down the market.

With the Abbey offerring mortgages of 6* people's salaries why will the market crash, if credit is easy enough to get then surely the market will keep on going. Once lots of people have taken out a 6* mortgage and prices have risen then surely banks like the Abbey will offer 7* mortgages.

The banks must be really happy, in debt for 40 to 50 years as the BBC report says, the banks are going to become extremely rich.

All the prophets of doom on here do you still stick by your guns, will you still be sticking by them when the average price of a property in the UK possibly hits 250K next year.

I used to believe that maybe this site had an element of truth in it. Now I don't I believe the people on here have sour grapes because they didn't get onto the market before the boom and are now rueing the day and are hoping against hope for a crash that will never come.

Really guys it isn't going to happen, believe me I want prices to crash, I really do, but it is just never going to happen.

Why should it, interest rates are a joke, 4.75 - 5% is nothing. Immigration is massive, current rate of 500 a day which will go up heavily next year when the EU expands and the VAST amount of available credit. All the banks in my city are offerring at least 5* salary for a mortgage.

Thursday, November 9, 2006 11:17AM Report Comment
 

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