Monday, Jul 19, 2010
Maybe! We shall see?
Mail: House prices fall as flood of owners rush to sell
The report blames the price fall on a rising tide of homeowners deciding to sell. More than 30,000 homes are flooding onto the market each week - almost 50 per cent higher than last July. In London, the number of new sellers is 7 per cent higher than last summer.
Read more: http://www.dailymail.co.uk/news/article-1295806/House-prices-fall-flood-owners-rush-sell.html#ixzz0u71nOVBh
Posted by happy mondays @ 08:48 AM (2250 views) Add Comment
15 Comments
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1. Stingray said...
The latest VI spin is as nauseous as ever. "Mortgage Rationing" = No liar loans, no interest only lending, not lending folks more than they can afford to pay, 80% LTV standards, no 125% mortgages. This is simply a return to rational lending standards. Too little, too late but more than welcome
2. uncle tom said...
"The average asking price, currently around £23,300 in England and Wales, will drop another £14,000 by December, the report by property website Rightmove said. "
Has some prankster hacked into the Mail's website??
3. timmy t said...
Reckon it was Japanese Uncle - finally his prediction of 60% falls has come true!!
4. mark wadsworth said...
I love language here - "the report BLAMES the price fall".
Sub-text: 'blame' those naughty naughty homeowners who aren't playing by the rules, which is to drive house prices ever higher, and want to cash in!
5. mark wadsworth said...
PS, that "30,000 per week" homes coming up for sale is quite staggering - that makes 1.5 million a year (annualised). Even at the peak of the house price bubble, annual turnover was less than 1.5 million a year.
The only online stat I can find in a hurry is for 2008, which was 650,000 homes bought and sold, but I'm sure somebody can track down the 2006 or 2007 figures..
6. mark wadsworth said...
I've found another nugget in that article: "Meanwhile the number of unsold properties has been rising every month. In January, the average was 3 per estate agent, today it is 77 - the highest in two years."
Interestingly, Rightmove's site still says that it "has over 650,000 properties available for sale" which they have been saying for years.
7. sovietuk said...
Things must be bad if this is all happening with base rates at 0.5%. The prospect of interest rates rising must be a terrifying prospect for millions of people with large mortgages.
8. cat and canary said...
..wonder how many of these newly marketed properties come from 'entrepreneurs' realising that with CGT now at 28% they have little to gain from holding property investments anymore?
9. paul said...
Needless to say, unlike RightMove's normal monthly surveys, this one will NOT be featuring on the BBC website today!
10. uncle tom said...
Whatever figures should have appeared in this piece, it is worth noting that of the 50,000 home sales we currently see each month, approximately 25,000 are houses liberated by the death of their occupants, and a further 10,000 are new build; leaving a meagre 15,000 for those moving house.
It is not rocket science to work out that any trend to start offloading the million odd BTL's and other speculative purchases will serve to very quickly flood the market..
11. a saver said...
Can't wait to see all those holiday homes getting sold off in a hurry!
If Brown and co hadn't forced savers to subsidise mortgagees via ZIRP this would have happened years ago.
12. Crunchy said...
3. timmy t said...Reckon it was Japanese Uncle - finally his prediction of 60% falls has come true!!
Hold on, not just yet. It may be more. However, if one has played the surrounding markets correctly, that 60% was conservative.
Have a nice day JU and Icarus. Yes, I know.
13. Adskirockski said...
Paul, I see you're continuing with the BBC bashing.
Can you link the previous surveys so we can see the bias in which surveys they report?
14. Downsizingdiva said...
Asking prices dropped by 0.6 per cent this month, with the typical seller knocking off £1,435 - the first drop since December.
Really? In my area the reductions I have seen on Propertybee in the last month have been from £5,000 to £30,000 (homes in the £150K-£250K price range). A tad more than a 0.6 reduction - I know the £1,435 is an average, but there can't be many idiots raising their prices can there?
15. clockslinger said...
What with modern journalism of this standard and the delightfully informative tanned superbreast ladies on Five Live News, I now feel that I'm well ahead of the game on matters technical, economic and political. And I understand that David Cameron can sort it.