Thursday, July 30, 2009

Citywire response to Nationwide’s latest survey

Nationwide house price rises – don't believe the hype

It can’t really be happening, can it? Surely house prices can’t be rising again, even before the last bubble has properly burst? Apparently so, according to today’s monthly survey from Nationwide, which shows average house prices climbing for the third consecutive month in July. One month of rises could be a blip, two an anomaly, but three? Three is starting to sound like a trend, isn’t it? Nationwide is even daring to suggest that prices may end 2009 higher than where they started. How depressing. Only in this country could we get so excited about the level of house prices over the course of a few weeks on the back of pitifully low levels of activity.

Posted by jack c @ 01:46 PM (2052 views)
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15 thoughts on “Citywire response to Nationwide’s latest survey

  • Well reasoned piece.

    Why isn’t the BBC turning out this sort of stuff?

    Oh yeah… Brown’s Broadcasting Corporation… silly me!

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  • Mr Plumbase says:

    Manipulation of the figures? I just see this as a desperate attempt to get folks back in the loop, they know the BBC will broadcast this and middle England will lap it up, but back in the real world unemployment is rising, more and more people are dipping into their savings to pay day to day bills and the country slides further into recession, later on this year there will be the “unexpected large drop” in asking/ selling/land registry prices, just take your pick.

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  • Markets have responded well to something today. FTSE up 1.5%+. May not be the positive spin on house prices but something has put a firework under the FTSE today.

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  • @alan_540

    The comments section (IMO) at the foot of the article also carries a lot of common sense input

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  • The FTSE is on a bit of roll, but it did the same thing in the mid seventies, when the economy was anything but rosy.

    The stock market is a market of anticipation, and the prospect of further gains can make people pile in, irrespective of what is happening elsewhere in the economy.

    ~~~

    This article is pretty much on the mark with regard to house prices – just give it time…

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  • shining wit says:

    Remember chaps that the only GENUINE increase (if you can call it that) was the land registries MASSIVE 0.1% increase.

    These people are simply lying to manipulate the market. The countries finaces are in the crapper, unemployments shooting up, the government has spent more than £150 billion supporting the banks and printing money. Ooops forgot about the £175 billion to pay for public services. Oh, and the small impact that a 10-15% reduction in public spending when the tories get in, making at least another 1 milion unemployed on top of the 3.5 million that will be there when the election happens.

    I remember taking LSD and it not being as fantastic and dreamy as the current situation. No house price crash, no recession, no depression…..Blah, blah, blah. Just think how great it will be in 2 years time when you can buy a whole french village for the price of a one bed flat in London.

    Just smoke and mirrors – a ridiculous Keynesian parlour trick purpetrated by a [email protected] with his one good eye on his memoirs, pension and “what did you do in the new great depression grandad?” scenario.

    Methinks the chickens have simply forgotten where they sleep……….

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  • stillthinking says:

    The mainstream media are out of luck, I think everybody knows now what is going to happen. There might be one or two not squeezed out of the lemon but so what.

    “I am a first time buyer. Well, that is, I would be a first time buyer. I have been looking since February March, telling agents and brokers that I was not in a hurry, that I did not believe in a pick up of the market for at least 6 to 9 month. The Broker agrees. All agents are like “oh, well you see from our side, we can definitely see more interest and a lot of property going, it is definitely picking up and prices are starting to kick back up”. 6 month I have been hearing that. And I still give them “yeah yeah yeah, whatever”. Let’s be realistic : It is in property agents’ and lenders interest to make you believe it is the right time to buy! They can’t wait to see business picking up. So if they can convince you to buy now instead of waiting 6 month to buy 15% cheaper, they will say anything. Fact is : there are fantastic properties I have seen on the market for at least 3 months!! And you are telling me market is picking up?…spare your breath and shut up : unemployment is soring, hence more repossession in the pipe ; depression is harder than expected : last 3 month -0.8%!! That is unactivity. People getting laid off. Then the real indicator of “mortgage health” : we are at a nearly all time low on amount lent by the banks to individuals. So what do you think? This is summer blip. Wait for October, and we’ll see who is having a laugh between buyers and agents…1st time buyers : be patient, save up, lower your rent, wait Jan 10…”

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  • Nice to see you back Shining Wit

    Couldn’t agree more.

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  • Shining Wit thanks for your take on this. It cheered me up because after 5 years of renting I really do need someone to keep my spirits up over the state of the housing market. Low end properties here in my area of South Devon are moving but at the top end they are hanging around for months with sellers refusing to budge.

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  • shining wit says:

    Let us not forget the mantra that they tell us time and time again in this county….

    ….It’ll all be over by christmas……………..yes…….but…..

    ….in which decade !

    Remember, don’t buy a property in the UK until you see the whites of their eyes…..through the tears of desperation

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  • ….and don’t look only at unemployment figures. What about a reduction in hours for those still in jobs – and a squeeze on wages for those working a full week. Oh, anybody know the figures for foreclosures that haven’t been put on the market for fear of depressing prices?

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  • prices will(should) drop anoither %40!!!

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  • good article

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  • Bearinthewoods says:

    House price rises? Pah!

    There’s light at the end of the tunnel! Oops no, it’s a train coming straight at us!!!

    Only suckers will swallow this out and out VI garbage….

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  • Shining wit, LR figures at at least three months behind Halliwide. So while we’re talking about July you’re are talking May.

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