Monday, July 27, 2009

Tale of two cities: Halifax’s London and Nationwide’s

2nd quarter 2009 London figs

Halifax quarterly figs slipped out on Friday (24th), with average London price declining to £23,250. There's a marked difference now between the Halifax picture of the capital, with a 26.06% fall from peak, and Nationwide's, where the same figure is just 15.55%. Halifax started out with a higher peak average, but even so the treatment of the quarter just past is remarkably different with Haliax showing a decline of 1.68% against Nationwide's rise of 4.8%.Are they still talking about the same city?

Posted by guoul at the train wreck @ 05:34 PM (2071 views)
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8 thoughts on “Tale of two cities: Halifax’s London and Nationwide’s

  • charlie brooker says:

    “Halifax quarterly figs slipped out on Friday (24th), with average London price declining to £23,250”

    Now that’s what I call a crash!

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  • Guoul At The Train Wreck says:

    Yes, it’s a typo. Should be £237,250 – must be wishful thinking

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  • mark wadsworth says:

    Charlie, I can confirm that in the London area, prices are back to late 1970’s levels.

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  • The_stars_are_aligning says:

    Surely this story has got to make it on the BBC News Front Page???????????!

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  • Table 1 shows figures based on “All Buyers”. What does that mean? Just houses bought with Halifax mortgages? Or something else?

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  • I almost bought an ex-local flat in NW3 in Jan 2008… Luckily it fell through.. but at the time Nationwide would not give me a mortgage on an ex-local flat… was all a bit strange… they did not say they would not give a mortgage but just kicked it into the long grass. My mortgage broker informed me I would not have the same problem with the Halifax.

    I guess what I am trying to indicate is that Nationwide may have a different profile of properties on it’s books to the Halifax.

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  • Assuming they don’t have advance info from the Land Registry, I would assume that ‘all buyers’ means ‘all buyers using funding from a Halifax mortgage’

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  • These indices are generally useless anyway, they’re based on the changes in the haliwide surveyors opinions of the values of properties getting haliwide mortgages, so on top of any actual movements in the market they have the massive additional swing for the general optimism / pessimism of their surveying teams.

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