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Halifax say property prices went up 5.9% in February.
They have not in my area, what about your area?
How would you know the monthly change? I know on their calculator you can look at quarterly changes.Halifax are nothern based and the market there is very different to the south. I'm in Essex like you and yes house prices are falling albeit gradually -0.05% YOY.My BTL in the north east is gaining nicely +2.78% YOY.Having said that not much above inflation so maybe not really gaining much at all.
I monitor prices in my area and am seeing prices falling, a 5.9% increase in a month is massive and I think most of us would have noticed if prices had increased by that amount locally. I think something has gone wrong with the underlying data to produce a rogue result.
Halifax may be northern based but I think their lending is nationwide.
I have read that Halifax figures show they lend more in the North but I'm not sure where I read that. I follow local house prices too as I'm looking to BTL more locally. The auction houses are definitely chasing customers more but not seen any bargains yet so they are obviously still selling. In terms of mainstream resi purchases there is a small downward trend but more than anything people aren't selling unless they need to. My son has just had an offer accepted on a house which was on for offers over £450k and offer accepted at £410k but to be honest that's within normal really for a house that is stuck in the 80s and needs some work (probate sale).
Not at all... south east London here, i am seeing asking prices falling around 10% from the peak a couple of years ago... sales prices probably 2-3% lower than peak. Rents have also stagnated which i wasnt really expecting
5.9% is a huge outlier... that is the biggest monthly growth ever reported... way more than the boom years. Halifax must have loaned on a lot more expensive houses.
Low transaction numbers is probably to blame, the 2 previous months were +3% and -3%
I will predict next month will be negative 4+ percent
They certainly haven't increased on the South Coast either ! I've recently had extremely conservative valuations from surveyors on recent sales/remortgages too. Rents, in my opinion are level but certainly haven't gone up in the last few years. The only tangible benefit is the mortgage interest rates now available - very welcome to offset Sec 24 pains...
Round here anything other than very well presented and maintained property ingood roads is struggling to sell, anything requiring any real work is sitting on the market unless vendors take substantial discounts on asking price. Tired doeruppers are often going for 30% under the asking price, though much of this is down to agents over valuing to get instructions from vendors.
It’d be helpful if the indices seperated out new build sales especially those bought using help to buy, it’d give some very different numbers.
The properties needing work are not shifting at all near me either.
Thinking through - where is the market for them? in the past a FTB might have bought and done up.. now to do so they will need perhaps hundreds of thousands more in cash for a deposit and refurb than the 5% required on a HTB new build. Just cant see it happening. As for BTL investors with tax changes the yield has to be right.
Offered on one near me - which needed about £50k worth of work. Offered 95% of asking (was reasonably priced to be fair) and the vendor didnt take it. Holding out for a FTB offering more. I wished him luck.
I dont ever follow the monthly figures far too much noise.
In sw london prices are still falling. Seen a few flats come onto the market this month with asking prices of i paid 600k in 2016 so im asking 650k now. They will either have to drop fast or not sell. Going rate now is 485k to 520k
West Sussex area I would say is seeing a 5%, pushing 10% drop during the last qtr. That being said it does seem to be very localised and again, if you have good quality properties these figures will barely apply. Rents on the other hand I think are on the increase during the last 6 months.