Thursday, March 29, 2012

The start of a trend?

House prices suffer worst monthly fall in 2 years - Nationwide

LONDON (Reuters)- House prices suffered their sharpest monthly fall in more than two years in March, as first-time homebuyers braced for the removal of a purchase tax exemption, mortgage lender Nationwide said on Thursday. Nationwide reported a 1.0 percent seasonally adjusted fall in house prices on the month, the biggest since February 2010, and a sharp contrast to the 0.3 percent rise predicted in a Reuters poll of economists and February's 0.4 percent increase. An exemption from stamp duty land tax for first-time buyers of properties costing under 250,000 pounds expired on March 24. Nationwide's data is based on mortgages it approves, and it said that approvals in March would generally be too late for purchases to be finalised before the March 24 deadline.

Posted by khards @ 07:25 AM (1930 views)
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9 thoughts on “The start of a trend?

  • Is the Prime Minister going to appear on television to address the nation?

    (Tony Blair did a few years ago when this happened)

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  • phdinbubbles says:

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  • To me; it looks like the government are ready to let the housing market slip a bit further.

    Building more houses will meet Dave’s mystical growth and employment targets, even if it is with printed funny money and government backed loans.

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  • sibley's b'stard child says:

    ’bout bloody time NW got with the programme, their consistently bullish indices have been thoroughly inconvenient. Start of a trend or just a blip no doubt.

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  • The mortgage market has become a vastly different place in recent months with a MUCH tighter criteria from all lenders – some are releasing money in tranches with Brokers having to wait until midnight believe it or not to apply for funds (Woolwich is revamping its online case booking system so intermediaries will no longer have to wait until midnight to book funds see http://www.mortgagestrategy.co.uk/woolwich-revamps-online-case-booking-system/1048813.article)

    I sense we might have reached a turning point and as Sib’s suggests this could be the start of a downward trend.

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  • Excellent news, the media will have a field day over this.

    However, closer examination of the March data reveals a slightly different story. Non-Seasonally Adjusted data shows the average house price UP 0.4%, and it’s the Seasonally Adjusted which is down 1.0%.

    But, the press won’t say that in their pieces, so the masses will just get the -1% headline, so all good.

    I dare say April will be -ve for both SA and NSA after the stamp duty rush, here’s hoping………

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  • mark wadsworth says:

    Unusually, both the MoM and the YoY are looking a tad more reliable.

    Further, those aren’t the “worst” monthly falls, those are the BEST monthly falls, bold capitals italics underlined.

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  • The are examples of glaciation that are happening faster than this hpc.

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  • Jack C,
    Many thanks as always for the inside information!

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