Gringo Posted April 2, 2009 Author Share Posted April 2, 2009 Boing boing 'Surprise bounce' in house prices House prices rose in March for the first time since October 2007, according to the Nationwide. The building society said that property prices increased by 0.9% compared with the previous month. That reduced the annual rate of house price falls from 17.6% in February to 15.7% in March, with the average UK home costing £150,946. Nationwide described the change as a "surprise bounce" and warned against concluding the market had turned. "While the rise in prices in March is welcome, it is far too soon to see this as evidence that the trough of the market has been reached," said Fionnuala Earley, Nationwide's chief economist. She added that cuts in interest rates and the Bank of England's move to expand the amount of money in the system - known as quantitative easing - would take time to work through into the housing market before there was a "sustained" recovery in house prices. 'Confidence' Ms Earley said that the significant slowdown in falling prices year-on-year was distorted by the sharp decline in the market last year. Note of Caution: Ms Earley has a strong track record for talking nonsense . So any patterns emerging behind the bounce? 'Scum' private landlord sector to the rescue? Housing market fall shows signs of slowing Britain's residential property market has shown early signs of recovery in March, as landlords have bought more properties than they sold for the first time in two years. At the same time, the monthly rate of decline in house prices slowed to its lowest rate in 10 months, and the average percentage of the asking price being achieved by sellers increased for the first time in almost two years. Three surveys to be published today all tempt another round of speculation about green shoots of recovery in the housing market. The Association of Residential Letting Agents (Arla) will reveal that the number of landlords buying properties more than doubled during the first three months of 2009, while the number of landlords selling properties declined. "The signs are that it's a buyer's market at the moment, providing of course you can get the finance," said Ian Potter, operations manager of Arla. "Clearly the interest is there and lenders need to sit up and take notice. "These figures do not represent a move back to the imprudent days of landlords being indebted to an irresponsible level, and struggling to pay their mortgages. Rather it shows the buy-to-let market is going back to basics, to what it was meant to look like and achieve when it was set up some years ago." The Hometrack survey of estate agents, which is also published today, will reveal house prices fell just 0.6 per cent in March – the slowest rate of decline since last spring. Over the past year, prices have fallen just over 10 per cent. Link to comment Share on other sites More sharing options...
bickster Posted April 2, 2009 Moderator Share Posted April 2, 2009 My BTL remortgage is actually a much better rate than any of those quoted above (5.59%), when it hopefully finally gets sorted (A big no thanks at all to solitaire property management / peverell group aka shysters inc) Link to comment Share on other sites More sharing options...
Gringo Posted July 28, 2009 Author Share Posted July 28, 2009 (A big no thanks at all to solitaire property management / peverell group aka shysters inc)peverell indeed are a bunch of btds to deal with - they stole my satellite dish many moons ago - you weren't allowed your own service, had to buy their communal solution - half the channels for the same price as going direct. Anyway, now the corporate defamation is out of the way: First 2009 rise for house prices House prices in England and Wales have risen month-on-month for the first time since January 2008, according to the Land Registry. The 0.1% rise in June compared with May brought the value of the average home to £153,046, the survey found. It said that the figures revealed a "flattening" of prices, although the value of the average home was down 14% on the same month a year earlier. The survey compares the price of homes sold now with the price paid before. "This is the first time in well over a year that the monthly change has been positive," the Land Registry survey said. "However, as the monthly increase is only 0.1%, the movement does not signal a return to solid growth, but rather flattening prices." But enough of this good news......... House prices won't recover until 2015 The housing market will not return to its pre-credit crunch health for at least six or seven years, an expert adviser to Gordon Brown has warned. Families must wait until 2015 for the property market to start booming again, according to Stephen Nickell, who heads up the unit which advises the Prime Minister on housing planning. He also warned that the "severe rationing" of mortgages was preventing first time buyers from taking advantage of falling house prices, preventing affordability from improving. Prof Nickell, the warden of Nuffield College, Oxford and the chairman of the National Housing and Planning Advice Unit, said he was extremely worried that the credit crunch would keep first time buyers from getting onto the property ladder. Stagnant housing market means no cunsumer boom Stagnant housing market means lower tax revenue, meaning ballooning govt debt Stagnant housing market means less flexible workforce as people can't move house because they are stuck in neg. equity Link to comment Share on other sites More sharing options...
AVFCLaura Posted July 28, 2009 Share Posted July 28, 2009 I don't understand half of what's been said here but I know that I held shares in a housebuilder and sold them last week after they trebled. I don't want to be holding in such an uncertain market. I'm happy with my lot on that one. Link to comment Share on other sites More sharing options...
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