Reply to: Bank lending actually rose in August

[Cyberman]

Then why did you post it? Methinks you need a lesson in basic maths.

.. because I thought people may be interested to know that London prices have only fallen 6%, whereas Wales has fallen much more according to the figures. It shows that any drops are regional. The 1% in one month is much more difficult to verify, because nobody will have Land Registry figures for October, not even the Land Registry itself!! Get it ???

[Bagpuss]

That's a meaningless statistic

Then why did you post it? Methinks you need a lesson in basic maths.

[Cyberman]

Average prices in your postcode have dropped by approximately 1% in the last last month. Prices in the country as a whole are now officially down by at least 8% compared with the same time last year.

1% per month, whats that in a year?

That's a meaningless statistic, especially as the house that was sold at 324,000 has sold at the same price that the owner was asking a year ago.

[DimPrawn]

Average prices in your postcode have dropped by approximately 1% in the last last month. Prices in the country as a whole are now officially down by at least 8% compared with the same time last year.

1% per month, whats that in a year?

Don't try and confuse the man. We're boomed. Houses are going up in price. Best buy some whilst they are still cheap.

[Bagpuss]

Average prices in your postcode have dropped by approximately 1% in the last last month. Prices in the country as a whole are now officially down by at least 8% compared with the same time last year.

1% per month, whats that in a year?

[Cyberman]

Just had an email a few minutes ago from www.mouseprice with sales in my local area in August and September. One four bed detached on an adjacent road, and smaller than mine, went for 324,000 pounds on 10th September, and there are nine sales in their list. It does show that houses are selling, certainly in my area, and for good prices.

they add :

' Average prices in your postcode have dropped by approximately 1% in the last last month. Prices in the country as a whole are now officially down by at least 8% compared with the same time last year. Annual change has now dropped for the thirteenth month in a row and the average house is now worth GBP168,814. The Land Registry House Price Index has revealed that Wales is the region with the sharpest annual house price fall, with a movement of -10.7 per cent, while London's figure of -6.1 per cent is the smallest fall of any of the regions. Sales volumes have dropped dramatically from last year. From April to July 2007, the average number of sales was 110,828 transactions per month, whereas, in April to July 2008, the figure had dropped to 57,887. This fall of 48 per cent is strong evidence for the continued weakening of the housing market.'

[ThomasSoerensen]

... an upturn in bank lending on mortgages is a precursor hopefully to better times. If things have bottomed out that has to be a good thing, and yes, house prices will eventually rise again. My guess is from 2010, which it has always been, but that does depend on HMG decisions on interest rates, in which I have little faith.

that is no small assumption you are making there.

we are no where close to the bottom

[Bagpuss]

Debt is good!

and I thought it was Greed!

[Cyberman]

What are you on about "this time". Do you honestly believe house prices are about to rise again?

Bank lending grew in August

... an upturn in bank lending on mortgages is a precursor hopefully to better times. If things have bottomed out that has to be a good thing, and yes, house prices will eventually rise again. My guess is from 2010, which it has always been, but that does depend on HMG decisions on interest rates, in which I have little faith.

[Liability]

What are you on about "this time". Do you honestly believe house prices are about to rise again?

Bank lending grew in August

regionally they will - as absurd as that sounds - where I am in my area house prices have gone up 1.5% in the last quarter.

But on topic, this month and next month and month after mortgage lending will go up - it has to - Political more than anything as its a confidence message and now the Firm has control over banks they have alot more say so.

Next to be looked at are energy firms - that will be interesting

[Bagpuss]

What are you on about "this time". Do you honestly believe house prices are about to rise again?

Bank lending grew in August

[Cyberman]

Time for the next cheap-credit fueled bubble to come over the horizon

It looks like they have no idea what hit them. Idiots.

I hope that the banks and HMG(through credit guidelines in regulation) will be applying more commonsense this time, by insisting on proper credit-checks and sufficient equity. No more return to anything above 80% mortgages, hopefully.

[ThomasSoerensen]

.. at the risk of this having been posted before, I just thought this is just a little bit of welcome good news.

Time for the next cheap-credit fueled bubble to come over the horizon

It looks like they have no idea what hit them. Idiots.

[Cyberman]

I hope you agree with me now, Dim, that interest rates should have been cut dramatically, as I remember you slagging me off when I had the audacity to explain why a few weeks back.
Unfortunately though, Brown and Co. have left it far too late and the recession will now be much longer.

[DimPrawn]

Aye Cyberman.

You were right all along.

Stock markets booming again, interest rates heading to zero, no job losses and now property heading for a mega boom.

I'll be riding the coming boom in the next few months.

THANK GOD FOR GORDON!!!

Imagine the mess if the Tories had been in charge!