Thursday, April 30, 2009

After this morning’s Nationwide results

House prices -0.4% MoM, -16.2% YoY

House prices fell 0.4% in March, taking the annual rate of falls to 16.2%. In London, prices actually rose by 0.6%, the first monthly rise since March 2008. The North-East, South-West and Wales also rose on the month. Meanwhile Yorkshire, the East, and the West Midlands were hardest hit, falling up to 2%.

Posted by little professor @ 11:15 AM (1484 views)
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12 thoughts on “After this morning’s Nationwide results

  • Hang on, but aren’t prices stable, the economy strong, inflation low and house prices going up forever?

    What on earth happened when I blinked???

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  • dohousescrashinthewoods says:

    As we all know, this is lagging data, so the current uptick in Halifax/Nationwide will show up in a couple of months’ time.

    At that point Halifax/Nationwide will be on the way down again so the Land Reg will be spun hard at that point to make sure people focus on the positive news when it shows up in those numbers.

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  • Rather irritating for those of us hoping to buy in London though,

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  • Transactions are extremely low by historical standards. Statistically, sample sizes are small – hence the errors like London up 0.6%.

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  • I am confused as always but I am wondering if that is because of the yoy figure. Is that 16.2% yoy that is March to March? The reason I ask is that it was 16.5% last month but was that February to February? So does anyone know what the figure is from March 2007 to March 2009 , this surely is as relevent?

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  • little professor says:

    Sybil – average price in March 2007 was £178,875, in March 2009 it was £152,895 – a 14.6% drop over two years.

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  • Little Professor can’t see how that can be when there has been 19 months of falls on Land Registry and the figure yoy in February was 16.5% what happpened during the other 7 months?

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  • Sorry this might get posted twice forgot to do password. I said, can’t see how that can be Little Professor if there has been 19 months of falls up to March from August 2007 and it was 16.5% yoy in February 2009 so what happened during the other 7 months

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  • God I just did it again. Can’t see how that can be right little prof as there has been 19 months of consistent falls since August 2007 and it was 16.5% yoy in February so what happened during the other 7 months?

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  • little professor says:

    Prices were rising from Feb 2007 to the early summer of 2008.

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  • Little Proff I can’t see how that can be right, the papers said in February 2009: ” Meanwhile, the Land Registry said January’s price fall was the seventeenth month in a row where the annual rate of change has fallen, in contrast to 21 months of uninterrupted increases between December 2005 and August 2007 “. Last month it said 18 and this 19 month of falls.

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  • little professor says:

    Prices were rising, but the annual rate of rise was falling.

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