The Halifax report that there was a 1.6% increase in house prices for September, this being the third consecutive month in which prices rose.
However, before champagne corks are popped, it should be noted that prices are still down by 7.4% year-on-year.
It is likely that the value of property will be subject to some unnerving bounces over the coming months. Anyone hoping for return to the unfettered rises of the boom years will be sorely disappointed.
As I have noted before, houses are for living in; those who try to use them as an investment vehicle, to fund their lifestyles/retirement, may be sorely disappointed.
Thank you for posting this.
ReplyDeleteIt really annoyed me when about 6 months ago someone was saying "oh, house prices will be back up again next yearand I can sell my place for a profit..." even though they are 20% in the red.
It may be that we never see the values for houses that we saw in late/mid 2008 for a very long time. Inflation may have completely wiped out that value twice over by then.