"Today's reported rise in house prices will not fool anybody who is struggling to sell their home or trying to obtain realistic mortgage finance in the 'real world'. Sales volumes are currently so low that the monthly house price statistics from any one single lender are virtually meaningless and if you look at Nationwide’s latest quarterly data, it in fact shows a 4% decline on the previous quarter, with the latest annual price recorded to be 15.7% down.
"Repossession numbers and 'real' house price drops continue to increase daily. Today's reported price increase is a statistical blip - there will be little respite for anyone losing their job or needing to sell their home in 2009. Consumers will continue to be conservative about taking on more debt for the foreseeable future, until the economy shows a strong and consistent improvement. No one should delay selling in the hope of price rises, as they are set to fall a further 10 to 15% this year as the credit crunch and unemployment continue to bite."
There would appear to be enough indicators turning in the right direction at the moment to suggest that this is over pessimistic, but what do you think? Has Nick Hopkinson got it wrong, or do you think he is spot on?
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