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tinecu

Home.co.uk Asking Prices Up 0.3%

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It seems like an increase in asking price would point to only one thing - hopeful vendors and EAs who are still not willing to price realistically for fear of offending the home owner.

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http://www.home.co.uk/asking_price_index/HAPIndex_JULY09.pdf

still a bearish outlook from Home.co.uk but.... where on earth is the cash coming from that is being pumped into this dying market in the form of large deposits? :blink:

asking prices need no cash whatsoever to support them.

selling prices, however, do.

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asking prices need no cash whatsoever to support them...

agreed.

maybe that's it, the recession means that people are short of money... so they try to make more from selling their house? maybe that's what is meant by a 'housing led recovereh'?

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Seems to be a little cycle taking place on the big slope down to sane prices:

1. Prices fall a little ways

2. People who were keeping their savings dry come crawling out of the woodwork and snap up the available properties, reducing supply and temporarily stabilising prices

3. Once all the people who can afford to buy at this level are used up, prices start falling again

Rinse and repeat.

So the journey back to 3.5x salaries might be a bit jerky and slow, depending on how long it takes the property market to mop up the saved cash from unwary buyers on the way down. Once the bulk of it is gone we may go into a full plummet. If only there was some way to know how much of this cash there actually is!

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agreed.

maybe that's it, the recession means that people are short of money... so they try to make more from selling their house? maybe that's what is meant by a 'housing led recovereh'?

well banks mark to model the houses that support their CDO and MBS purchases, why shouldnt people who have real skin in the game.

either way, its fantasy till its sold.....and exchanged and paid for.

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Seems to be a little cycle taking place on the big slope down to sane prices:

1. Prices fall a little ways

2. People who were keeping their savings dry come crawling out of the woodwork and snap up the available properties, reducing supply and temporarily stabilising prices

3. Once all the people who can afford to buy at this level are used up, prices start falling again

Rinse and repeat.

So the journey back to 3.5x salaries might be a bit jerky and slow, depending on how long it takes the property market to mop up the saved cash from unwary buyers on the way down. Once the bulk of it is gone we may go into a full plummet. If only there was some way to know how much of this cash there actually is!

Well mine's still in NR etc. and is staying there until prices are sensible. Currently they are ridiculous and will eventually recover to normal levels.

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well banks mark to model the houses that support their CDO and MBS purchases, why shouldnt people who have real skin in the game.

either way, its fantasy till its sold.....and exchanged and paid for.

Fantasy they may be (and in many cases they are IMO) but they are a good gauge of sellers confidence and therefore help us assess the speed of the crash.

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Seems to be a little cycle taking place on the big slope down to sane prices:

1. Prices fall a little ways

2. People who were keeping their savings dry come crawling out of the woodwork and snap up the available properties, reducing supply and temporarily stabilising prices

3. Once all the people who can afford to buy at this level are used up, prices start falling again

Rinse and repeat.

So the journey back to 3.5x salaries might be a bit jerky and slow, depending on how long it takes the property market to mop up the saved cash from unwary buyers on the way down. Once the bulk of it is gone we may go into a full plummet. If only there was some way to know how much of this cash there actually is!

Totally agree. This is the nature of the suckers rally.

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The mix-adjusted average Asking Price for homes on the market in England and Wales has risen by 0.3% since June.

The average Asking Price reduction in June was £18,270.

;)

Edited by Sybil13

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