Friday, August 5, 2011

0.3% mom -2.6% yoy

Halifax July HPI

Commenting, Martin Ellis, housing economist, said: "House prices in the three months to July were 0.5% higher than in the previous three months. This was the first increase in this key measure of underlying price movements for 14 months. Prices rose for the third consecutive month, increasing by 0.3% in July.

Posted by blinktoofast @ 08:13 AM (3775 views)
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19 thoughts on “0.3% mom -2.6% yoy

  • “Overall, there has been little change in either the level of house sales or the number of properties on the
    market for sale since late 2010. These steady market conditions have helped to stabilise house prices in
    2011 following last year’s modest decline. ”

    Good thing credit crunch v2.1 is upon us then, that should knock a few percent off over the coming months as mortgage lending dries up because of exposure to Euro bond debt.

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  • I’m surprised the Halifax have any “transactions” to produce an index; when I looked their fixed rates were very uncompetitive.

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  • Sir Harold M says:

    odd thing is the current turmoil may depress house prices and force a lot of sales thus exacerbating the fall (a la 2008/9) however the long run unfortunately may see real estate as a sound ‘punt’ given captain Merv and his amazing printing press will crank up and disabuse hard working people of their life’s savings and condemn the weakest and poorest to decide between food and heat.

    The sad thing is all this will be encouraged by our spineless politicians of all colours to pwotect poor homey owner and the ickle people who have invested in themselves (aka borrowed up to their eyeballs with my kids future earnings in order to retire fat and happy at 55)

    Like that bird on the telly last night. Borrowed against her house to run what was (by definition) an unsound business (before the cries about recession it wasnt even close to be a retraction in grand terms), the two years into financial worries and uncertainty she decides to start a family (or did that come as a shock also), and then continues to run a car I cant justify owning myself and I have a wedge of savings and earn a good whack.

    Where is the leadership in our country that tells us we can get out if we take the pain properly and look after each other through the bad times.

    Bad decsisiond should lead to bad outcomes, then we can price the good ones correctly.

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  • mark wadsworth says:

    As per usual, the yoy figure looks a bit more reliable than the mom or the qoq.

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  • little professor says:

    Yep, second wave of the crash is now upon us as reality starts to hit the international markets. Attempting to reinflate the bubble by pumping in cash was only ever going to be a temporary fix.

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  • sibley's b'stard child says:

    So that’s three out of the three main indices failing to show -ve MoM. Pah.

    Long time no see MW, how fare thee?

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  • SBC – Land Reg was actually a fall of 0.2%, but they decided to tag that on to a revision of the previous month’s figure.

    The Land Reg is currently the lowest figure, which because of it’s lag suggests it will pick up in the coming months too…

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  • mark wadsworth says:

    SBC, I was on holiday and wife imposed Internet Verbot. It’s a very strange experience.

    As Little Prof says, second wave of crash is merrily underway, it’s quite clear that share prices start wobbling long before house prices but it’s only a matter of time.

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  • Guy’s – did you watch the programme on ITV 3 last night with Jonathan Maitland (as per happymondays post)? – you can tell the market is heading down when my wife finally accepts that prices are dropping !! – she normally sits on the fence but tends to err on the price rise side with people we know who dabble in properties.

    Bit of news from the coal face which I know some of you like to hear …… I had a meeting with a guy yesterday (County Durham) who’s retiring and I gently threw in the “so what’s happening regarding the sale of your house”? (ongoing 3-4 year saga which makes me laugh) “oh we started at £170K and then went to £160K but the houses are now only selling around here for £130K so we’ll have to stay put and wait till the prices go back up”

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  • happy mondays says:

    Guy’s if share’s are tumbling & investors are looking for somewhere tangible to put there money, will they not invest in the old bricks & mortar, just to safe guard there cash?

    Please feel free to input on this, because if i had a huge amount of cash, i would be looking somewhere solid to store it, other than the mattress 🙂

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  • blinktoofast says:

    Yup. You can see the scared money diving into bonds here, pushing the yields on US UK De bonds down pretty sharply in recent days. Similar sudden drop in 2008, too, before houses came down. Gentle drop in 2010 before the gentle drop in houses 2011.
    http://www.moneyweek.com/investments/bonds?utm_source=newsletter&utm_medium=email&utm_campaign=Money%2BMorning

    (You can also see the acceleration in Italian & Spanish bonds towards the event horizon, but that’s a different story.)

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  • happy mondays says:

    @ btf, are you s2r1 in another guise, event horizon ?

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  • @ jack c

    Same her with my wife. Heard many months of price rises… she’s now agreeing.

    I think a lot of people are doign exactly what your contact are. Waiting.

    We had a place go on for 670k. It gopt reduced to 595 within 2 weeks. Still unsold.

    We need something else to cause people to HAVE to sell.

    I keep hoping for realsitic interest rates, but maybe CC 2.0 is the answer

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  • if there was any justice in the world, house prices would have been cut in half…….oh the wonders of having a ”free” market……………

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  • blinktoofast says:

    @11 hm
    Interesting. Maybe it’s a double bluff and S2R1 is in fact you.

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  • happy mondays says:

    I’m Spartacus ! 😉

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  • sibley's b'stard child says:

    Welcome back MW, must’ve been hellish; I find human contact so overrated…

    RnR, true, we can ‘look forward’ to a series of bullish LR reports come Sept/Oct.

    Jack, I presume your case in point have paid-off their mortgage long ago and could’ve made a pretty penny in hindsight. Hope it’s not their pension, mind.

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  • Sib’s – yes its a mortgage free property and they have roughly the same value in other assets (predominantly cash) but

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  • clockslinger says:

    MW @ 7 …only a matter of time, days even, until much more printing takes place to pump the air of other peoples savings into the damaged debt bubble to shield our betters from their losses.

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