Monday, Sep 21, 2009
Some house price news for a change
Reuters: House prices +0.6% MoM, -1.5% YoY - Rightmove
Rightmove's latest survey shows asking prices rose 0.6% in September, following a 2.2% fall last month. Although it seems nowadays people have monopolized this blog for posting right/left wing political articles and squabbling about Gordon Brown, rather than anything to do with house prices..
Posted by little professor @ 12:23 AM (912 views) Add Comment
14 Comments
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1. quiet guy said...
"it seems nowadays people have monopolized this blog for posting right/left wing political articles and squabbling about Gordon Brown, rather than anything to do with house prices"
I know what you mean but surely the main lesson for of understanding the house price bubble is to look at the role of central banks in expanding credit i.e. economics. It's not so easy to separate economics from politics.
Now back to the article. It's a mixed bag but even Rightmove are acknowleding that we are not in a normal market now:
'Rightmove said evidence suggested activity in the property market was over dependent on those with substantial equity, and warned that lenders cherry-picking these buyers risked prolonging a thin market.
"Many aspiring sellers could face years trapped in their homes until values rise enough for them to join the equity-rich club," Shipside added.'
I submit the idea that there is no way for real 'value' to rise much further without some painful adjustments to our nation. Inflation, anybody?
2. titaniccaptain said...
So many end games are playing out at once....all have huge implications for the housing market.
Politics does have an impact on the housing market because the next election will be based on who will cut what within the public sector and the resulting unemployment and ensuing tax revenue loses make any bullish argument obsolete regardless of stock market performance that may or may not detach itself from the real economy.
Even the "I'm alright Jacks" aren't alright...
If the MOM figures said property has boomed 25% in one month I would still be bearish........
The combination national debt and banks unwillingness to lend into what they MUST see as a falling market suggests that the recent increases are down to the desperation of the cash rich to invest SOMEWHERE to either hopefully get a return through a ramped property market or to preserve wealth before the country goes bust and the markets crash.
3. Fallingbuzzard said...
Rightmove asking prices are based on average prices of new entries into the Rightmove index. Many properties that sell are re-entered under a new entry many months later when they sell at below the asking price. Never trust an estate agent or someone paid by them!
4. crunchy said...
Looks to me like the pound is on course for another hammering soon. Looking limp indeed.
More things will effect the price of houses than the price tag alone, MOM my ar8e. Inflation is not that far away quiet guy me thinks.
Like a strong coffee. I can smell it but can't point to where it's coming from. I just know it's out there. Why?
Because that's what they want. That's what gets them up each morning. It always has done.
5. drewster said...
little professor,
There hasn't been much news lately which relates directly to house prices. As Quiet Guy points out, it's the surrounding factors which provide the best indication.
For me the most relevant news recently was this FT article posted here a couple of weeks ago: FT: Auctions point to falls in house prices. The prices fetched in auction rooms are likely to be the best short-term indicator of where house prices are going. At present in auction rooms, property is selling for 30% less than list price.
6. Ken said...
little professor
you must be one of the sheep if you think that Brown's reckless economic policies and unsustainable attempts to distort the market, have nothing to do with this house price bubble.
Take yer blinkers off.
7. Fred Brisssal said...
2 bedroom cottage for sale
St. Marks Road, Sunderland, SR47EG
Offers in Excess of £82,950
I RECKON THIS PROPERTY HAS BEEN ON THE MARKET AT THE SAME PRICE FOR NEARLY 2 YEARS!!!!!!
POINT BEING...IT DOESN'T MATTER WHAT THE ASKING PRICE IS AND PROPERTIES LIKE THIS ALTER THE STATS
BECAUSE IT WOULD SELL FOR £70000...BUT THERE ARE SO MANY PEOPLE WHO HAVE HAD THE CHOICE
TAKEN AWAY FROM THEM AND WILL HAVE TO WAIT FOR MANY YEARS JUST TO BREAK EVEN!!
THOSE 2 YEAR TEASER DEALS ARE ENDING...IN THOSE 2 YEARS THE WEALTH OF THE WORLD HAS
DECREASED MASSIVELY HOWEVER PEOPLES EXPECTATIONS NATURALLY HAVN'T!!!!! NOR HAVE THEIR DEBTS!!!!
8. hpwatcher said...
squabbling about Gordon Brown, rather than anything to do with house prices..
The fact is that house prices and the labour government are inextricably linked.
It's the only economic indicator they are interested in. So much that it seems to be the key motivation behind most of the economic decisions.
9. Smiling said...
Go on son!! boost our wealth
10. Jayk said...
I too am getting sick of the incessant complaints about Gordon Brown (we know, already!), the BBC, the left-wing conspiracy to take over our lives and steal our property, the fact that oil companies know how to make fuel from air and water but are hiding the secret to protect their revenues blah blah blah.
This place has the highest concentration of tin foil hats of any blog or news site I've read. Shame, because there are quite a few people who post here who actually know what they're talking about and who offer some very useful information and views. Trying to wade through the paranoid, conspiracy-therorising rubbish to find it is the problem.
11. crunchy said...
Little proffessor this BS has nothing to do with house prices. This is such a side issue in the MO of our true leaders.
American bailout alone now stands at in excess of 24 trillion bucks. Remember what the original figure was? Do you have any idea or
concept of how much can be done with that amount of money. You are not dumb, but really need to open your mind to what this is really
all about. Otherwise you just come across as one of the many serfs out there or narrow minded chancers. I think you can do much better.
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