Wednesday, Feb 20, 2008
House Prices are UP again according to Rightmove and damn those HIPS for prices being adjusted
MSN Money Investing Article: House Prices Enjoy Boost
House prices surged ahead by 3.2% during the past month as the market enjoyed an exaggerated seasonal bounce, new figures show.
The average cost of a home in England and Wales rose by more than £7,400 during the four weeks to February 9 to stand at £237,856, according to property website Rightmove.
But the group cautioned against reading too much into the survey, saying that while there were signs of renewed optimism among sellers, the figure was likely to have been distorted by the final rollout of the Government's controversial Home Information Packs.
Posted by mou @ 10:30 AM (644 views) Add Comment
7 Comments
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1. drewster said...
This is Monday's news - try to keep up ;-)
2. Ravi Shankar said...
NONSENSE - it's just due to a large volume of high-priced property suddenly coming onto the market.
It's NOT because like-for-like prices have gone up. It's because all those people who THOUGHT they had made money on their houses are now trying to sell at their opinion of the right price. As evidenced by a sudden increase in the number of properties on agents' books, and sales taking much longer to happen.
More mis-reported nonsense about housing - makes me sick.
3. doomwatch said...
yawn.
4. Plato said...
Wrongmove
5. hpwatcher said...
''The average cost of a home in England and Wales rose by more than £7,400 during the four weeks to February 9 to stand at £237,856''
But why are people mixing up asking price and actuals?
Those damn VI's.....
6. The Haunted said...
"House prices surged ahead by 3.2% during the past month as the market enjoyed an exaggerated seasonal bounce, new figures show."
Actually this is incorrect and goes to show the levels of poor journalism that have haunted HPI. The new figures only show that ASKING prices have increased. If I ask for more money for my car does the value of all cars go up or does the buyer say "p!ss off, I'll look else where"?
Rightmove admit that there are more properties on the books than in a long time and that they are taking much longer to shift. I believe that many people who have increased priceses have only done it so that they can then appear to have lowered their prices in a month or so in an attempt to attract buyer interest.
Of course, if there is an influx of 'Reduced' property that will make other people consider lowering their prices, and that's when the lemming effect should hit. To quote the Quo "Down down, deeper and down".
7. Onlywayisup said...
this is the news that the 'crash monkey's' wanted to bury!!