House prices

[superfrank]

'probably be on the market for a year before they wake up, but there's also probably some greater fool to prove me wrong.

[superfrank]

Mortgage misery in Australia
http://www.bbc.co.uk/news/business-16062699

join the club!

[Iron]

MIXED HOUSE PRICE FORTUNES REVEALED - http://www.express.co.uk/posts/view/292 ... -revealed/

'The annual increase across the UK was a "surprisingly resilient" 1.1%, pushing the price of a typical home to £163,822 over the year, despite a 0.2% month-on-month fall in December.'

In other words, house prices dropped about 4% in real terms...

Jeff

[superfrank]

yeah and that's despite the lowest interest rates ever and all manner of stupid government schemes designed to support prices.

in the UK the majority of the phoney wealth created during the credit boom is in property (which is why the BoE and successive governments have done everything they can to support prices... to save the banks and the debtors at the expense of savers, the £, inflation, real wages and the real economy). dumbass short-termism.

[Iron]

Halifax expected to raise standard variable rate - http://www.bbc.co.uk/news/business-17234257

I wonder if that's the sound of the dam walls creaking I hear...

Meanwhile, the Express assures us that house prices are still soaring: http://www.express.co.uk/posts/view/305 ... eep-rising

Jeff

[Iron]

Millions face higher mortgage bills as Santander joins NatWest and Halifax to raise rates - http://www.telegraph.co.uk/finance/pers ... rates.html

[superfrank]

4%, poor lambs.

The Express will be launching a Save Our Homeowners campaign.

"The increase to the rate reflects the fact that raising money through retail savings and in the wholesale markets is currently very expensive by historical standards."

i'm not sure how these banks can make the above claim given that all of them have just filled their boots borrowing billions from the ECB at 1%.

[superfrank]

UK house prices fell by 0.5% in February, Halifax says
http://www.bbc.co.uk/news/business-17261732

according to the Halifax data average prices peaked in Aug-07 at £199,612, hit a bottom of £154,663 in Apr-09 and now in Feb-12 are £160,118.

the fall from peak to today is about 20% (although adjusted for inflation it is well over 30%, and surely without record low interest rates and other measures would have been well over 50%).

[Groovyelms]

In Brighton prices still seem very high! chatting to a very astute friend a few days back and he was saying there will be lots of oppourtunities out there after the stamp duty holiday ends! Given his record in property I am sure he will be correct. I was at a local property auction a week ago and several interesting projects did not make their reserves, so maybe a good time to be be on the lookout, if anybody is looking for an investment...
Groovy

[superfrank]

Home-buying mortgage scheme dismissed as gimmick
http://www.telegraph.co.uk/property/pro ... mmick.html

A scheme to allow new-build properties to be purchased with mortgage deposits of as little as 5% has been dismissed by critics as a "gimmick" that will help the construction industry rather than hard-pressed home buyers.

So the government is underwriting loans for people to buy houses up to £500,000 with 95% mortgages - meaning that the taxpayer is indulging in property speculation whether he likes it or not.

It has nothing to do with helping first time buyers and everything to do with trying to reflate the property bubble.

They don't give a sh1t about first time buyers, what they care about is the impact on the prices of their own homes further up the 'ladder' if the bottom rung falls off.

More crony capitalism to support asset prices at everyone else's expense.

[superfrank]

Santander SVR mortgage rise comes into effect
http://www.bbc.co.uk/news/business-19812294

A lack of affordable mortgages, especially for first-time buyers, has also been blamed for the low number of people purchasing homes.

funny how the mainstream media, and the BBC especially, always blame the lack of credit for depressed activity in the housing market - never a mention of ridiculous prices!

[CaerMyrddin]

I don't live in the UK, but I think this is something that has happened everywhere in Europe. I'm moving this week, after a long search for a new house. Some prices I was asked for were simply ridiculous. My wife wasn't able to avoid laughing at a seller's face. Imho, the bubble is still on and will have to go burst. With the available income being reduced house prices have to go down...

[superfrank]

If food went up like houses, a chicken 'would cost £50'
http://www.bbc.co.uk/news/business-21365920

maybe it won't be long before chickens do cost £50!