There was some consternation over at HPC at the fact that Nationwide's May 2011 house price index showed a small uptick, even though prices are still down marginally compared to a year ago.
So to put things in perspective, here's a chart showing the average monthly change in house prices according to the Nationwide average house price post 1991:
As you can see, the March change was above average and the other changes were either lower than or the same as usual.
Diminished
7 minutes ago
5 comments:
As ever, the Real Estate market remains in denial. I speak locally (West Country) but it is clear to me that rather more than the froth has been blown off.
More like 25% over the last five or six years. Not enough!
And even then, it remains expensive...
The papers assure me that there are two markets - London and everywhere else. It's obviously an approximation, but does it contain enough truth to be useful?
@dearieme
I think there are two countries - London and everywhere else.
Why are the reports and opinions of mortgage lenders on house prices taken as gospel by so many people?!
RE, house prices still need to come down another 40% or 50% to be anywhere near affordable by historical standards.
D, W42, prices in London are even more insane than anywhere else, that much is true.
DNA, I think that Nationwide's figures are reasonably reliable, to the extent that a single average figure is actually representative of anything.
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