Tuesday, Nov 12, 2013

Not in the Express!

BBC: House prices in surprise monthly drop, says ONS

House prices across the UK have dropped back slightly, according to the Office for National Statistics (ONS).

Posted by lorne street lenny @ 01:03 PM (3523 views)
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3 Comments

1. Jim Kirkpatrick said...

In other news, nobody knows what the flying frack is going on! (Except London -- that's crazy foreign speculation a go-go.)

We're clearly at the bottom for mortgage costs, and the near-top for houses based on _access_ to mortgages. Any HP rises now must push up against the limits of monthly payments for the masses (even with historically cheap mortgages), and/or the numbers of suckers willing to get a 95% mortgage.

All the while energy, food, transport and other essentials keep rising - and will do until the energy and debt issues are resolved (2025+ probably). The cost of living and slow wage increases are sucking potential cash out of the house price ponzi, so there must come a time when the immense drag of all this starts to slow things down, or even reverse them. And that's without a interest rate rise or currency crisis, both of which are coming at some point...

So I reckon (hope) any bubble outside London and prime SE England will struggle to get going... unless those same rich/foreign investors in London start looking elsewhere for places to park their cash, in which case we're totally boned.

Tuesday, November 12, 2013 05:29PM Report Comment
 

2. Turnip said...

Have you actually read the article?
"But over the year as a whole, house prices continued to increase.

Annual inflation rose from 3.7% in August to 3.8% in September.

Despite the monthly pause in prices, economists said the long-term trend was still upwards.

"Flat house prices in September reported by the Office for National Statistics will likely do little to ease concerns that we could be headed for a new housing market bubble," said Howard Archer, the chief UK economist of IHS Global Insight."

Wednesday, November 13, 2013 10:19AM Report Comment
 

3. Lorne Street Lenny said...

Turnip - Did the tongue in check headline 'Not in the Express' give you some clue that I read it?

My point was that any time during the last 5 years when prices were falling any spurious report or comment from 'economists' indicating a rise was trumpeted across their front page even when the 'detail' in the article countered the headline. This time the detail showed a rising trend but the headline number was down so no sign of a good news! Express headline.

That said (and I know it's a regular topic on here) - until we begin to see inflation adjusted numbers then annual rises etc are misleading at best and fraudulent at worst.

-

Thursday, November 14, 2013 10:25AM Report Comment
 

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