Friday, Apr 05, 2013

Are you a sycophant?

LBG: Halifax House Price Index

Once again they tell you that you can't have a life simply because you weren't born early enough!
Details:
Annual change +1.1%
Quarterly change +1.2%
Monthly change +0.2%
Average Price £163,943
Do you really want to work for them?

Posted by dill @ 02:23 PM (2877 views)
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16 Comments

1. mark wadsworth said...

All looking very unreliable this quarter :-(

But the language these people use hints at the insanity which underpins Home-Owner-Ism:"

"Weak income growth and continuing below-trend economic growth are likely to remain significant constraints on housing demand during the remainder of this year. Overall, we expect to see a modest increase in UK house prices during 2013."

FFS, housing costs are a COST not a BENEFIT! All that money which people spend on housing is lost to the economy, it's gone, it reduces GDP etc etc etc.

Friday, April 5, 2013 03:05PM Report Comment
 

2. hpwatcher said...

FFS, housing costs are a COST not a BENEFIT! All that money which people spend on housing is lost to the economy, it's gone, it reduces GDP etc etc etc.

Housing is now widely seen as a commodity - as good as having money in the bank...(probably safer, in all honesty). UK housing is like a cash ISA, you check your investment every day, and when it goes up, you get that nice warm feeling......all encouraged by bankrupt government.

Friday, April 5, 2013 03:11PM Report Comment
 

3. righttoleech said...

Do you feel like you are banging your head against a brick wall Mark? For so long you and others here make common sense comments exposing this insanity, but it goes on and on and on. I really feel like throwing in the towel.

Friday, April 5, 2013 03:15PM Report Comment
 

4. happy mondays said...

@ mw - haha, i had someone explain to me that if they push up sales of houses thus prices, the economy would pick up because all those new sold homes would need new furniture, DIY etc they did noy seem to grasp the fact that all income would be spent covering mortgage, bills, food.. It sort of P*ssed me off a tad & i do not like to attack boomers but he was one & completely on another world.. :(

Friday, April 5, 2013 03:16PM Report Comment
 

5. mark wadsworth said...

RTL, yes, I am banging my head against a brick wall, I am perfectly aware of that. And Mrs W has every intention of throwing in the towel for me in about one year. It's divorce or dark side, and I'd prefer the dark side.

HM, that is the typical a*se-over-t*t Homey logic, "where house prices lead, the economy will follow". Feel free to attack boomers, I am one myself and we have got NOTHING to be proud of (except perhaps punk rock).

Friday, April 5, 2013 03:42PM Report Comment
 

6. doomwatch said...

Well that's "good" news for me cos z00pla is telling me my gaff has dropped 5% in 6 months ! Ups, down, downs, up, left is right etc, etc.

IMO the only purpose these indices serve is to feed to cheerleader press pigs. The reality of the situation is if you want to sell, the price paid is what somebody interested will pay, period.

Friday, April 5, 2013 04:12PM Report Comment
 

7. dill said...

@ doomwatch

In all seriousness, do not take zoopla seriously. One of my former gaffs, literally, took a 10% swing in the matter of two weeks. Go figure?

Their algorithm is fubar, and it seems they make no effort to bring it into line with reality. One hit wonders manipulating advantage while the going's good.

Friday, April 5, 2013 04:25PM Report Comment
 

8. sibley's b'stard child said...

Good to see the FLS is having the desired outcome. It's almost as if there were a positive correlation between cheap credit and HPI.

Still, I can't seem to shake-off this feeling of deja-vu.

Friday, April 5, 2013 04:36PM Report Comment
 

9. nod2glod said...

This is bigger than just house price inflationism. The fear of deflation anywhere in the economy is driving the government behaviour, and to an extent the whole of the country. We have all government approved economists telling us the worse possible thing is deflation, and we need to adopt policies used by the most desperate of countries, which lead those countries to total ecomonic ruin.

deflation of house prices - bad
deflation of money supply - bad
defaltion of money velocity - bad
defaltion of personal income - bad
defaltion of size of government - bad
deflation of GDP - bad

The only things that are being deflated are our liberties and prospects.

Friday, April 5, 2013 04:52PM Report Comment
 

10. hpwatcher said...

Good to see the FLS is having the desired outcome. It's almost as if there were a positive correlation between cheap credit and HPI.

Has anyone tried to access FLS? It ain't easy.....


This is bigger than just house price inflationism. The fear of deflation anywhere in the economy is driving the government behaviour, and to an extent the whole of the country. We have all government approved economists telling us the worse possible thing is deflation, and we need to adopt policies used by the most desperate of countries, which lead those countries to total ecomonic ruin.

The last thing the governments want is deflation - only inflation for them. Deflation makes their debts bigger, and prices cheaper for us. Lets take a vote on it....

Friday, April 5, 2013 05:33PM Report Comment
 

11. dill said...

The last thing the governments want is deflation - only inflation for them

Unfortunately, that's the fragility of the monetary system that we have. It only works if the money supply is inflated at a constant pace, especially given expanding population. In other words, given the bestial nature of human behaviour, it's doomed to failure eventually - one way or another (they know that).

For all our efforts we have failed to truly civilise, and will inevitably regress. Unless.....

Friday, April 5, 2013 06:23PM Report Comment
 

12. timmy t said...

I know I've started to doubt recently but I'm reverting to being convinced that this will all end in a crash. All this help-to-buy and funding-for-lending and IR's on the floor etc. what they're doing is reducing the COST of houses without reducing the PRICE. Mortgage payments are so low that lots of people can easily afford what was once considered a mammoth mortgage. I remember taking a mortgage out for my first place - 60K - thought I'd be in debt forever - but for what I was paying then I could probably borrow a million quid now. What we need is IR's to rise - that's the only thing that will bring on the proper crash. Anyone want to predict the catalyst for that? And timing?

Friday, April 5, 2013 09:39PM Report Comment
 

13. greenmind said...

I agree with Timmy t - the mother of all crashes is coming. Dont know what the trigger will be though.

Friday, April 5, 2013 10:43PM Report Comment
 

14. nod2glod said...

I would say the only thing to cause them to rise rates would be a volker type move to calm down high inflation. But the debt levels are so high now I can't see it happening. I think we are going to see so very desperate gov policy, most like a large wealth tax of some discription. I'm sure we are going to see some very extreme economic dislocations.

Saturday, April 6, 2013 02:01AM Report Comment
 

15. stillthinking said...

I sometimes wonder if the general population somehow missed the ongoing price changes in Ireland and Spain, both of which are basically a 25 pound flight away, less than the daily commute cost to London for some people.

Saturday, April 6, 2013 03:41AM Report Comment
 

16. hpwatcher said...

UK economy is so vulnerable now, it's anyone's guess what will happen and when.

Saturday, April 6, 2013 09:59AM Report Comment
 

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