Wednesday, April 6, 2011

+0.1% in March -2.9% for the year

Halifax House Price Index

Commenting, Martin Ellis, housing economist, said: "House prices continue to fall at a modest pace as measured by the quarterly rate of change, the best measure of the underlying trend in price movements. Prices in the first quarter of 2011 were 0.6% lower than in the fourth quarter of 2010. There was a 0.1% rise in prices in March and prices were a similar amount above those at the end of 2010." So that's an IR rise off the agenda I think.

Posted by quiet guy @ 08:47 AM (1738 views)
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7 thoughts on “+0.1% in March -2.9% for the year

  • sibley's b'stard child says:

    Well, that’s all rather underwhelming. Still, pleasing YoY.

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  • mark wadsworth says:

    Their yoy figure is far more reliable than their mom figure.

    I’m surprised they didn’t wait until tomorrow morning to announce the “bad” news to really crank up the pressure on the BoE.

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  • This just in from the FTAdviser.com site – I wonder if Ray Boulger is now a regular visitor to this site or a disciple of Mark Wadsworth? you really have to laugh at the deperation of some VI’s !

    Halifax index shows house price slump continues

    Story by: Cara Waters Magazine: FTAdviser Published Wednesday , April 06, 2011
    T
    he Halifax House Price Index shows the slump in house prices has continued, with prices showing the biggest annual decline since October 2009.

    House prices in the first three months of 2011 fell for the fourth consecutive quarter and are now 2.9 per cent lower than at the same time last year, data from the latest Halifax House Price Index has shown.

    Average prices over the three month period were down 0.6 per cent and this metric is now showing the largest annual decline since October 2009.

    However, on a one-month basis Halifax found the average house price was £162,912 for March 2011, which was marginally higher than at the end of 2010.

    Martin Ellis, housing economist at Halifax, said the fall in house prices was “at a modest pace” as measured by the quarterly rate of change, the best measure of the underlying trend in price movements.

    He said: “The overall decrease in prices in the first quarter of 2011 compared with the previous quarter was a little lower than the quarterly falls recorded in the third and fourth quarters of 2010.

    “The recent increase in employment, particularly those in full-time jobs, may have been an important factor supporting the market.”

    Mr Ellis said Halifax’s forecast remained for a two per cent decrease in house prices in 2011 as a whole.

    “Uncertainty over the general economic outlook and individual financial circumstances are likely to constrain housing demand, resulting in some modest downward pressure on prices.”

    Ray Boulger, senior technical manager at John Charcol, said the Halifax index was not in accord with other indexes.

    He said: “What Halifax announce is a seasonally adjusted figure but Nationwide quotes the actual figures.

    “It is interesting how much the Nationwide and Halifax indexes have been diverging over the past year.

    “The Halifax index has been very volatile and I think the Nationwide index is significantly more reliable.”

    SOURCE – http://www.ftadviser.com/FTAdviser/Mortgages/News/article/20110406/31437f38-601e-11e0-a65b-00144f2af8e8/Halifax-index-shows-house-price-slump-continues.jsp

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  • sibley's b'stard child says:

    “The Halifax index has been very volatile and I think the Nationwide index is significantly more reliable.”

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  • mark wadsworth says:

    Clearly, Halifax yoy figure of negative 2.9% is more reliable than Nationwide’s yoy figure negative 0.3%.

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  • flintster1994 says:

    Mark W,

    They don’t feel the need to wait anymore. The BOE interset rate decisions are a given for the foreseeable future.

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