Friday, February 6, 2009

Return of the Bull

Hopes rise as house prices start to turn a corner

Estate agents have claimed the North East housing market is slowly turning the corner as national figures show a slight rise in house prices. Halifax yesterday revealed house prices have unexpectedly risen by 1.9% during January, ending 10 consecutive months of price falls. Some expect the national picture will continue to decline, especially in the South East, but estate agents selling houses across the North East believe the region may be among the first to recover. Halifax North East manger Chris Stonoch last night said that while there was no regional breakdown of the housing figures, there was plenty of evidence “on the shop floor” to suggest the market had bottomed out.

Posted by jack c @ 01:59 PM (1989 views)
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16 thoughts on “Return of the Bull

  • Yawn……Only a week or so ago it was noted that the north east was particularly susceptible to the ravages of the recession as they relied heavily on the very businesses and industries that are the most affected.

    It’s like that old tosh about Scotland not seeing the downturn at all.

    Does VI stand for Very Ignorant, or perhaps Virtually Intuative, maybe Voluntarily illiterate…….or maybe just a miss spelling of t!t.

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  • I noticed the ‘house prices are rising – hooray’ articles on various papers this morning in the newsagents.

    Very bad reporting really, but I expect the editors all have BTL portfolios.

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  • …wow great news… over so quickly, and there was me thinking it was the worst economic downturn in 3 generations!!

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  • I missed the articles (18 or so months ago) about how the US housing market has completely turned around. Could someone please post these as this could be the only reason the flow of money has started and credit lines have opened again. Or am I paying for sheople to buy houses, not only with my own deposit savings, but also my taxes on my savings.

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  • Jules Giddings says:

    Wake up!!!!!! this is a temporary blip, prices will fall 40% from there peak in 2007, I am very suspicious about these figures, and house prices rises are not a good thing either, they simply reinflate our debt which is already out of control, lets move on from this obsession with house prices and find a hobby!!!!!!!!

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  • “house prices start to turn a corner” – I suspect that they may have………I think they’ve just turned into sh** street !

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  • Start of the dead cat bounce no doubt, that I think techieman mentioned many months ago.

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  • Of course it’s turned the corner in the North East – it’s in The Sun (so it must be true) see http://www.thesun.co.uk/sol/homepage/news/money/article2195198.ece

    BRITAIN’S cheapest house is on the market — at £9,000. The three-bedroom semi has a decent-sized living room, a garden and off-street parking. Estate agent Ian Pattinson has organised a mass viewing to cope with the interest. He said: “We wouldn’t have had time to do individual viewings. “Obviously, a lot of people know a great bargain when they see one. The house has great potential and will make a lovely family home.”The Middlesbrough house was built in 1988 and is on the north bank of the River Tees just over a mile from the city centre, with local shops and pubs within walking distance.

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  • tyrellcorporation says:

    I’ve made £3k this week having a punt on all the banks 2 weeks ago. Hooray for me, have yourself a Friday drinky-poo Tyrell me old chum! 😉

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  • Based on last time, we’ll know when the corner is turned because entire streets in the North East will be on the market for £50.00.

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  • Another example of the p!ss poor journalism that we are subjected to, both before and after the crash started. ASKING PRICES are up, not actual prices. The fact that the Halifax has changed its measure should be part of the article, but Nooooo! Is there not some sort of standard that these clowns are supposed to meet? It makes me sick to the back teeth.

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  • james stephenson says:

    Are these people retarded – they work in the financial arena and they don’t see what’s staring them in the face.

    And where the hell is the ‘plenty of evidence “on the shop floor” to suggest the market had bottomed out’? Rubbish, we are just getting started.

    No of course they’re not retarded (well not all of them), they are simply VIs thinking they can fool people into buying. ‘The trains leaving the station – don’t let it go without jumping on board’.

    And is this based upon asking price, not selling price?

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  • TC – get it in the bank me old son – this time next year it’ll be worth £3000.01

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  • It looks like one is starting to turn a corner when one is actually entering a skid ;p

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  • The statistical base is so weak and the seasonal factor skews the data (@james s: which is not askgin price, but mortgage offer based).

    As the banks keep saying (especially when the prices fall): you’ve go to look at 3 months trend.

    I’m with the poster who commented on dead cat bounce. I see another 25-30% fall coming yet. Look at insolvency, unemployment, economic growth —> all these factors woudl for a normal buyer mean cauton. So – maybe rather simplistically – I think those buying houses can’t be the general public “getting on the ladder” but people relocating with work, those forced to sell, those downsizing and finally those buying from abroad who see sterlings -25% as a way to buy the B&B in the Lake District.

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  • This was a 2 full page spread in a NE’s local rag.

    Basically a platform for estate agents to spew there VI propaganda…big rise in house hunters…etc…usual rubbish

    Why? Because estate agents are amongst the company’s best customers. Particularly in the free weekly ‘Chronicle Extra’ which used carry up to 2 dozen pages of property ads

    The group owns also Metro, Sunday Sun, The Chronicle, so don’t expect an impartial view on the property market in any of these rag too.

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