| |
Major Site Upgrade in Progress |
 |
|
 |
|
Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
|
|
|
 |
|
 |
|
 Posted: Sat Dec 01, 2007 3:18 am Post subject: Nationwide - UK House Prices Fall by 0.8% In November |
 |
|
|
 |
|
 |
|
|
|
|
By: Nationwide
House prices fell by 0.8% in November, bringing the annual rate of increase down to 6.9%
Sentiment in the market has weakened, but can be volatile
Uncertainties remain, but underlying fundamentals continue to be supportive
Introduction of final phase of HIPs may reduce available housing supply in the short term
Headlines November 2007 October 2007
Monthly index * Q1 '93 = 100 369.0 371.9
Monthly change* -0.8% 1.1%
Annual change 6.9% 9.7%
Average price £184,099 £186,044
* seasonally adjusted
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said: “House prices fell by 0.8% in November, reversing October’s surprisingly strong performance. This brings annual house price growth down to 6.9%. This is back in line with the softening trend we have seen in the second half of the year and is consistent with our forecast of house price growth of 5-8% in 2007. The 0.8% monthly fall is the first since February 2006 and the largest monthly fall since June 1995. However, monthly data can be volatile and the sharp fall this month is partly a reflection of the strength recorded last month and in November last year. A better picture of the underlying trend is captured in the three-monthly growth rate. This too fell back into line with its softening trend in November, returning to 1.5% from the 1.8% recorded in October. The price of a typical house in the UK is now £184,099, almost £12,000 more than this time last year."
Market now responding to weaker drivers
“November’s data confirms that the housing market is indeed cooling in line with the weakening in housing market drivers. Poor affordability, weaker house price growth expectations and the effect of earlier increases in interest rates have all affected demand in the market. House purchase approvals, a good barometer of real market demand have weakened from a peak of 128,000 a month in the final months of 2006 to 102,000 in September. We expect this activity to continue to fall back throughout the rest of this year, and into the next.
Sentiment is changeable…
“Housing market sentiment can itself be an important driver of the housing market, and at this point in the cycle it can easily swing on the back of every new morsel of data reported. There is a plethora of housing market indicators and looking at the headline figures alone can sometimes be confusing. Indeed at this point in the housing market cycle there can even seem to be conflicting messages in consecutive months of the same series. With sentiment so important to the housing market, an oversimplification of the headline data can have real effects. This highlights the importance of looking at overall trends, rather than focusing on one month’s data in isolation and more importantly, examining the underlying fundamentals. …
…and can be sensitive to interpretation of data
“New data from derivative trading in the City1 shows that within the space of one month expectations of house price growth over the next year have fallen from -2% to -7% without there being any really significant change in the underlying housing market conditions during the period. This rapid swing is likely to be a reflection of current financial market uncertainties and could be distorted by speculative or hedging activity, but it illustrates how quickly the mood can change and thus the importance of looking carefully at the real message key data is presenting.
http://www.marketoracle.co.uk/Article2931.html |
|
|
|
|
|
|
 |
Online Finance Tools & Calculators |
 |
| Credit Score Calculator |
Easy to use online Credit Scoring tool - Calculate your credit score now online for FREE ! using the Moneyforums.co.uk credit scoring tool. Also TEN Tips on improving and mainting a good credit rating ! |
|
| Quick Health Calculator |
Easy to use quick health calculator to help you get started on the path to fitness. Calculates your body mass index (BMI). |
|
| "When will I die ?" Calculator |
Calculate when will you die based on your current life style and then more importantly what you can do about extending your lifespan ! |
|
| Mortgage Calculator |
Easy to use online Mortgage calculator tool - Calculate how long it will take to pay off your mortgage and what your monthly repayments will be as well as interest charged per month per each year. |
|
| Savings Calculator |
Use the flexible savings calculator to estimate the amount of interest you would earn given a level of monthly savings, with many optional settings. |
|
| UK Tax Calculator |
Check your tax and NI liability using this easy to use online tool. Outputs, Tax, Ni, Net pay and gross pay on an annual, monthly and weekly basis, also estimates your tax burden and the number of days a year you work for the tax man ! Plus lots of tax saving tips. |
|
|
 |
|
 |
|
Money
Forums Guides |
|
| Credit
Card Stoozing |
The
following guide explains the basics of credit
card stoozing in a step by step basis. |
|
| Discount
Vouchers |
Online
discount vouchers giving upto
50% off in stores such as Dixons,
Tesco, Avon, Currys, Boden and more. Many
of the vouchers are time limited - So check
back regularly |
|
| Money
Saving Guide |
Guide
to saving money on household bills & personal
finances - Start saving thousands of £'s
every year TODAY ! |
|
| Savings
Tree |
A
guide to Savings Accounts, from Cash ISA's to
Regular Savers to Premium Bonds, all explained
in an easy to understand manner. |
|
|
Users
Groups | Profile
| Messages
| FAQ | Sponsers
& Links | Member
list | Recommend this site | Top Money Saving Sitee
© 2004 - 2007 Moneyforums.co.uk / Market Oracle Ltd - Asserts copyright on all topics & posts made on this site. Moneyforums are open forums, and thus posts are NOT endorsed by Moneyforums.co.uk / Market Oracle Ltd . Any and all information provided within the Website is for general information purposes only and nor is or shall be deemed to constitute, financial or other advice. We recommend that independent professional advice is obtained before you purchase any product and/or service. All tools and guides are provided as is for general information purposes only.
|
|
|
