Monday, Feb 18, 2008
Asking prices rose 3.2 per cent to £237,856, but much slower sales
Times online: Clouds hover over the housing market
''The asking price for houses moved up last month but property is taking far longer to sell, according to new figures out today.
Homes are lingering on the market for 93 days, 15 days longer than last year, and agents have an average of 64 properties on their books, up from 54 last February, according to Rightmove, the property website.
The company's latest survey for the month to February 9 shows that asking prices rose 3.2 per cent to £237,856. The rise, averaging £7,428, pushed the annual rate of growth up to 5.8 per cent, from 3.4 per cent in January. ''
Posted by hpwatcher @ 08:19 AM (383 views) Add Comment
2 Comments
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1. guiriduro said...
Asking prices are meaningless, its the bid (buyer offer) that gets the sale in this market. Maybe the fools think they can inflate away the discounts they are going to have to offer to get a sale. I guess if you ask a stupid price you can look like you're offering a bigger discount when you finally settle, but most people know the market better than that. It only works in retail outlets because people don't have the time to waste checking to see how competitive this packet of tissues is with one offered in the store down the road, so the superficial price-cuts are taken at face value. People buying houses do much more investigation so this is a stupid ploy which will leave the house on the market unsold and accumulating losses for even longer.
2. mark wadsworth said...
Exactly. Righmove said that the 3.2% rise in Feb compensated for the 3.2% fall in December. I don't remember them trumpeting the 3.2% fall in December, does anybody else? And they've glossed over the 1% fall in January (or however much it was).