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  • Annual house price growth rose to a six-year high of 7.3% at the end of 2020

    From nationwide.co.uk Story is in PDF Format

    “Annual house price growth accelerated further in December, reaching a six year high of 7.3%, up from 6.5% in the previous month. Prices rose by 0.8% month-on-month, after taking account of seasonal effects, following a 0.9% rise in November. House prices ended the year 5.3% above the level prevailing in March, when the pandemic struck the UK. “The resilience seen in recent quarters seemed unlikely at the start of the pandemic. Indeed, housing market activity almost ground to a complete halt during the first lockdown as the wider economy shrank by an unprecedented 26%. “But, since then, housing demand has been ... (full story)

Err... Free money, mass unemployment, mass business destruction.... sounds like a background for rampant house price growth to me

Alternatively try this for a headline

"House prices fall 23% against Gold in the past 12 months"

or

"House prices fall 296% against Bitcoin in the past 12 months"

Don't be fooled by "Rishi free chips" folks, they'll give you almost as much indigestion as that 5000 year low mortgage rate when it starts to go North.

Oh, and I see there is no mention of Mortgages being issued to the poor saps on Furlough who still think their jobs are coming back or the huge numbers of mortgages now in freebearance claiming they still own the house _ you're not , 1st lien is UK Gov, 2nd is the Bank - and let me introduce you to the nice man from "Private equity" who'll be booting you out once the economy goes "Full Weimar" mid 2021.

This ones going to be a "Doozy"
Hi Newtonscash.

Well, put!
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That's what you get when you have created a housing market that is effectively a tightly-controlled oligopoly, if not effectively a monopoly , with a handful of massive private housebuilders who employ cartel-like policies, hoarding land and coordinating to keep the supply of houses tight and therefore their profit margins obscenely high. If the government had allowed councils to borrow and build council houses en masse like in the 50s and 60s, at least there would be some competition to limit private housebuilders' huge profit margins, but of no course nooo, we can't allow the state back into housebuilding cause we're not commies! No, we much rather have all housebuilding and buildable land into the hands of 4 mega corporations who make literallt tens of billions of pounds in profit each, every year. One of them just announced a £75million bonus to its CEO. That makes even mega bankers' bonuses pale in comparison. Enough money to buy up politicians and ensure this policy that enriches mega-housebuilders and impoverishes the masses continues
Even in tier 4 you are allowed to view a house to purchase, whatever the area. Unbelievable how serious this covid is
Quoting Guest
That's what you get when you have created a housing market that is effectively a tightly-controlled oligopoly, if not effectively a monopoly , with a handful of massive private housebuilders who employ cartel-like policies, hoarding land and coordinating to keep the supply of houses tight and therefore their profit margins obscenely high. If the government had allowed councils to borrow and build council houses en masse like in the 50s and 60s, at least there would be some competition to limit private housebuilders' huge profit margins, but of no...
Rishi chips, Furlough and Forebearance all look ver Commie to me, Stalin Sunaks aiming for the leadership, what a Commie Carry On !!
Quoting Guest
That's what you get when you have created a housing market that is effectively a tightly-controlled oligopoly, ....., ...
While most of what you say may be true for the UK, this is a world wide phenomena.
I am not sure it is an "oligopoly".. there are just too many factors even in the UK
extremely low interest rates,
overseas residents returning home,
dilution of buying buying power by digital money printing causing housing investment to preserve real asset value.
..there is a huge list
a real life example from my family:
A late 1950’s ex state house - sold off by the government (being 90 M² ,) in Wellington NZ, was purchased 21/5/2012 for $240,000 as a first home for a couple. The only subsequent improvements made were the addition of a single garage and a small kitchen remodel.
That same property sold 28/11/2020 for $887,000
that is way more out of hand than "7%" - do the math
Old Dog Kiwi
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