Monday, Jun 18, 2007
Has the driver for house price inflation finally hit the buffers?
Firstrung: House prices up in June although London house prices begin to stagnate - Rightmove
House prices in London rose more slowly than the national average for the first time this year, up by 0.7 percent month on month compared with 0.8 percent for the country as a whole. More than half of London boroughs showed a fall in prices on the month and annual inflation in the capital slowed to 23.1 percent from 24.8 percent.
Posted by converted lurker @ 01:03 AM (140 views) Add Comment
5 Comments
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1. Papabear said...
I don't buy this "sellers are rushing to put their properties up for sale before HIPs" argument at all. If (as we are constantly being told) prices are going up by 100s of pounds each month (thousands/month in London), then surely you're not worried about a measley few hundred quid that a HIP costs if waiting for another month will make up for it through price increases?! It's more like more and more people are realizing that the game is up and want to cash in while they still can.
2. confused76 said...
PB
Sorry for repeating here, I posted the same comment at another link... this story is yet more evidence that the market is devoid of "fundamentals"
3. Stoatgobbler said...
Devoid of fundamentals? Show me another investment that yields 23% capital growth a year, has very little historical downside risk, is tax free if I'm foreign and is a grade A perfect way of laundering vast amounts of cash. A dip in the housing market is just a buying opportunity.
4. converted lurker said...
could it be that punters are simply rushing to sell 'cos they either can't afford not to, or are desperately trying to 'lock in' profits? A 10% rise in inventory is v. dramatic IMHO
5. Pr said...
The costs of HIPS are greater than the survey. To upgrade a house to achieve full energy efficiency costs thousands and takes time. Houses with a muddied planning or land registry history will also cost a lot to rectify (all details that will have to be in the HIPS). Essentially, people won't be able to get a look in if the HIP shows that the rear extension doesn't benefit from planning permission, etc. This is a good reason for phasing the scheme in. I would have had a year or two with just planning and land registry details, add energy efficiency a year or so later, and so on. But, like the rest of us, I put the world to rights in the pub over a pint, so it aint gonna happen like that!