Thursday, Dec 07, 2006

Sounds familiar!

BBC: House price inflation 'picks up'

Annual house price inflation rose to 9.6% in November, according to the latest survey from the Halifax bank.
It said prices were 1.7% higher than in October, pushing the cost of the average UK house to 187,995.

Posted by tyrellcorporation @ 10:27 AM (2861 views)
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18 Comments

1. tyrellcorporation said...

However, the Halifax said it expected the housing market to cool down over the coming months.

"The marked slowing in real average earnings growth over the past six months, and a squeeze on households' discretionary income due to the substantial increase in utility bills during the last year, should temper housing demand," said Halifax chief economist Martin Ellis.

The same stuff trotted out every bloody month! Things are booming but are set to slow down. rather like the BoE/MPC, inflation is above our supposed limit but is set to fall back sometime in the future.

I'm sick of this crap! A whole generation is being shafted and nobody gives a damn...

Thursday, December 7, 2006 10:30AM Report Comment
 

2. waitingfor hpc said...

yep.

My mate still not sold his flat even though reduced from 240K to 200K. Best tell him he must smell or there is some real cleaning needed before he will get any views. But hey the Halifax knows all.............

Thursday, December 7, 2006 10:46AM Report Comment
 

3. Thesqueeze said...

my mate failed to sell his house in cheltenham for the 240,000 he was told he would get. He had it on sale all over the summer. He was not prepared to lower his price. Lovely house.

isn't this the same 'everything is going up in the housing market, but we expect it to go down so please don't put up the rates...' article they publish every month? They just seem to change the words a bit...

Thursday, December 7, 2006 10:49AM Report Comment
 

4. David20040_0 said...

I agree with Tyrell, how come every month, the Halifax says that the housing market will slow down soon and never actually does.

Seriosuly how can house prices keep rising like this, they are going up over 1,200 Pounds every month. How? Even if I saved all my salary I couldn't keep up with that. Every month I am further away from getting a house even though I save practically everything. Is it just time to give up even trying or attempting?

Thursday, December 7, 2006 10:56AM Report Comment
 

5. Bootstrap said...

They are pulling the wool over our eyes to blind us from the truth - that real inflation is out of control and we're already in an era of hyperinflation - but most don't realise it because of the spin and with bogus CPI and RPI, which I believe were introduced when real inflation began to threaten the markets. The growth of money supply is just one example, but our own experiences of price rises are most potent. It's just like a state Enron - on a much larger scale - false accounting and the fiddling of figures to hide a grim outlook. House prices are actually static or even falling - it's just our wages are falling faster.

Thursday, December 7, 2006 10:58AM Report Comment
 

6. paul said...

The Bank of England continues to ignore this key inflation measure.

It will end in tears.

Thursday, December 7, 2006 01:44PM Report Comment
 

7. george monsoon said...

Greedy F'ers!

"lets publish house price rises, and scare people into buying before they miss the boat, after all, interest rates didnt go up this time....."
Same old drivel, spewed up every month at this time... Im sure the story would be negative, had their been any risk of a rate rise....!!
GREED GREED GREED... I hope they rot in hell.

Thursday, December 7, 2006 01:47PM Report Comment
 

8. denzil said...

Whether I like it or not unless the supply issue improves I can see some serious HPI during Spring 07. It could be that all of a sudden the number of properties for sale increases rapidly and the problem vanishes.

My EA friends based between North Devon and Gloucester all stated mid to late summer 06 that HPI was starting to rise based on lack of supply. Their comments seem indicative of this type of report from the BEEB. They are all stating that things could get silly come spring if supply does not correct itself.

I don't enjoy writing this type of comment on this blog but I've always written honestly about what I see and hear.

Thursday, December 7, 2006 02:05PM Report Comment
 

9. sold 2 rent 1 said...

I reckon HPI to hit 15% in Q2. Hopefully there will be 2 more IR rises under the belt by then.
We should see prices peak in the summer.
The US should be in full recession by then, with stocks, housing and the dollar tumbling nicely.

The Ireland market hit 15% last May (its peak was in July-August) after 3 EUR rate rises.
Since then prices have gone down.

Good news. Just exchanged on the UK house sale. That's 4* the purchase priced nicely banked

Thursday, December 7, 2006 04:39PM Report Comment
 

10. monty said...

George, you make greed sound like such a bad thing. Despite Gordie's best efforts, and they have been his best, there are still things called economic cycles. Now is not the time to buy, now is the time to sell and let others do the buying. There will be a better time to buy. It is not now.

Well done on your exchange s2r!

"The point is, ladies and gentleman, that Greed -- for lack of a better word -- is GOOD. Greed is right. Greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms -- greed for life, for money, for love, knowledge -- has marked the upward surge of mankind. And greed -- you mark my words -- will not only save Teldar Paper, but that other malfunctioning corporation called the USA." -- Gordon Gekko, Wall Street

Thursday, December 7, 2006 04:44PM Report Comment
 

11. Nohpc said...

sold2rent you are the most self serving person I have ever met. You are trying to sell at the peak of the market and then praying for a crash at the expense of misery for millions of people so you can turn over an even tidier profit. Well I hope you enjoy bathing in your money. Smug git.

Thursday, December 7, 2006 08:46PM Report Comment
 

12. sold 2 rent 1 said...

Nohpc,

What a ridiculous comment.

You are complaining about what all investors strive to do make a profit.

For a start, there is no guarantee that the top of the market will happen in the next 6 months. The bubble could go on for another 3 years nobody knows for sure.

I am taking a risk by selling now. If it pays off, then that risk will be rewarded.

Get it into your tiny head that profit is not a dirty word. Without profit the whole world would not function.

praying for a crash at the expense of misery for millions

I am not responsible for the actions of the rest of the population. I have no control over the direction of house prices.

I used to think you made some constructive comments.
Now I realise you are a complete plonker

Thursday, December 7, 2006 10:01PM Report Comment
 

13. geed said...

Cheap Money + VI propaganda + Stupid public = Bubble

This will run for as long as it already has.

Stop whinging and start enjoying the freedom you all have by not being anchored down by a bloody house. Travel the world, buy that classic car you've always wanted, take that job in China that you have been offered. Start living and stop waiting.

Just think, if your were lucky enough to buy a home (and lets face it, all who have made money on property in the last 10 years have had a sh!tload of luck!), you will be completely obsessed by its value. You will constantly monitor the value of properties in your local area, hang out at the local real estate agent and bore all your mates with "house market value talk". Sad.

Instead you could show off your new E-type in your rented driveway, dismiss peoples queries regarding the value of your rented property by telling them you "don't care", Bragg about your next exotic overseas adventure. Shock them be telling them you may move the far east for a few years. Then you could smugly inform your debt ridden, worried friends that you believe, in time, property values will be in for a big correction, and then if I feel like buying a "home" you may do so, but it will be on your terms. Cool.

I frequent this site as I too believe there is something fundamentally wrong with what is going on with housing market. I do not need an expert to tell me that HPI is rampantly out of control and that the pokey, damp terraced house next to the railway line is dramatically over valued. I also dont need to be told that taking out a 6X multiple mortgage is a ludicrously risky move. Question is do you want a house or do you want to be happy?

I would love my own "home", but I will not get obsessed over it. What I am obsessed with at the moment is living a rich and rewarding life, funny enough I've worked out that I can do this without owning a "home".

Thursday, December 7, 2006 11:54PM Report Comment
 

14. Shanghaitim said...

geed said: "take that job in China"

Did that. :-) My wife and I moved to China, where I work and she does charity work. My dad was on the phone last week saying "well, shouldn't she get a job too so you can save for a house in England"... um, nope. I'm here to keep an eye on the UK market, but not worrying about trying to save up to buy when I move back.

And because we were renting before getting offered the job out here it was a simple "we're leaving on this day" to the landlord, get a council and income tax rebate (score!), and head for the airport.

So I'll watch the little graphs go up and learn enough Mandarin that when China buys America (in cash) I can be a waiter instead of just a shoe-shine boy. :-)

Friday, December 8, 2006 01:58AM Report Comment
 

15. george monsoon said...

Monty you are wrong, becuse you confuse Greed, with hunger.

I hunger for Knowledge, love etc... Lets get the facts right mate! ..
Greed is bad, Greed is never good. It allows one individuals excessive want to cause many more to suffer. I refuse to cause others to suffer just because I want , want want..
Greed makes people do nasty things to others, Greed provides an excuse for evil to thrive, and greed will ultimately fold in on the perpetrator and consume them.

Friday, December 8, 2006 08:37AM Report Comment
 

16. waitingfor hpc said...

Geed - right on my main man!!!

I too have done the same. I am moving in to my 4 bed detached house in Jan. Walking distance to the station - and paying 950 per month. Split with my partner that's 475 each a month.

I am looking at a car to put in the detached garage - and planning holidays all over the place even with the new tax. And if i feel really adventurous may buy a house in Florida as they seem to be getting very cheap......

Friday, December 8, 2006 08:40AM Report Comment
 

17. geed said...

Thats the spirit waiting. Go for it.

3 years ago my girlfriend and I lived apart, she lived in Edinburgh and I lived in Essex. We commuted almost every weekend via Stansted. We had a great time but the travel was getting a bit chaotic, especially with the amount I was doing with work. We were both tiring of our jobs but I could not find work in my field up in Edinburgh and decided Essex was not really for me. This combined with spiralling house prices lead us to decide to quit our jobs, go travelling and hopefully find some work overseas. We were both seasoned travellers but had not been together. It turns out I was working with Australian engineers from another company at the time, I told them of my plans and they informed me that my skills were in demand by their employer in their homeland. 3 weeks later I had a job offer, which almost put a spanner in the works of our travelling plans. However, I managed to negotiate a start in Jan 2004 which meant it would give us 4 months of travel if we left the prior October as planned. We spent 3 months travelling around SE Asia, climbing the ancient temples of Ankor Wat in Cambodia, strolling the lantern lit streets of Hoi An in Vietnam and floating down the mighty Mekong in Lao in of all things, a rubber inner tube. In the meantime my new Australian employer was busy ferrying our gear over to Australia and had paid for our round the world ticket.

3 years on we have seen almost every corner of Australia, been to New Zealand, New York, many times to Thailand both for business and pleasure and now we are planning our 5-6 month trip to South America and Canada for a mates wedding next year. Yup we are quitting our jobs again in 5 months time.

3 years on we have saved a 6 figure sum in savings.

3 years on and we still can do what we want, when we want.

3 years on and we still dont have our own home.

What we have done though is squeeze every drop of life out this period and we have been free to make my own decision, we have been in charge of our own destiny.

Everyones situation is unique, some of us are older, some of us have kids, some of us feel that the way it is now will be the way it forever. We can all learn to enjoy ourselves a little more, over inflated house prices doesnt not stop us from doing this. We decided to do something 3 years ago that we will never regret, its easy to get hung up on all the HPI cr#p. The more we try and convince ourselves that houses are overvalued and that the government (BoE) is doing little about it, the more we become bitter and twisted. As I said in my previous post I need no further convincing that there is an unsustainable bubble in the housing Market in the UK.

Apologies for dribbling on but I felt it necessary to tell a little of my tale. Time will tell, but during that time I will be enjoying myself.

Yours truly, Non home owner and happy

Friday, December 8, 2006 10:48AM Report Comment
 

18. Nohpc said...

Sold2rent. The point is you are on here talking about how you want interest rates raised for the good of the country and the poor first time buyers and families that can't afford homes and now your true agenda has been revealed. You want to sell off before the crash to people who will struggle with the mortgage on your properties and then rebuy then and make those same people homeless after the crash. If you had come out and admitted this at the start I would have been 100% okay with it as I have nothing against greedy investors such as yourself but don't try and pretend otherwise.

Friday, December 8, 2006 10:50PM Report Comment
 

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