Jump to content
House Price Crash Forum
Turnbull2000

The Times - Rightmove Index Rises Again, Market Bottomed Back In Winter

Recommended Posts

People are simply refusing to price their properties any lower. Forced selling is being contained by record low rates, and those that do move are renting out instead. Sustainable?

So long as we print enough money, yes.

Oh, and so long as we go on sacrificing the rest of the economy. But we're already way past tipping point there due to the pensions burden.

Share this post


Link to post
Share on other sites

People can ask what they want, it just stagnates the market as they don't get their expectations met. Still, i'm not surprised considering the Halifax 2.6% increase the month before last. It gave the dreamers an excuse to start off again. Just wastes everyone's time really.

Share this post


Link to post
Share on other sites
20% more sellers on the market. Excellent news - the "pent up supply" is coming back to the market.

And they all think their house is suddenly worth more than it was a month ago, even though the Halifax reported a 0.5% drop last month.

Share this post


Link to post
Share on other sites
And they all think their house is suddenly worth more than it was a month ago, even though the Halifax reported a 0.5% drop last month.

That's the bitch for them. The cash/high deposit buyers are on the wane, if not already exhausted. More supply+fewer (able) buyers = lower selling prices

Share this post


Link to post
Share on other sites

I'm not surprised people won't lower the price if the media keep printing this drivel.

Most people I talk to are genuinely convinced that the recovery is just around the corner, and they say "We can still afford the mortgage payments, so why sell at a loss? We'll wait and sell later for the 'full' price!"

Next year should be interesting...

Share this post


Link to post
Share on other sites

Well that's the end of the HPC. FTBs all better go the bank and borrow 5x our incomes to get on the housing ladder.

Could anyone remind me which banks are offering 5x income mortgages to FTBs?

Share this post


Link to post
Share on other sites
Well that's the end of the HPC. FTBs all better go the bank and borrow 5x our incomes to get on the housing ladder.

Could anyone remind me which banks are offering 5x income mortgages to FTBs?

Halifax last week increased income multiples, up from x 4.3 to x 4.8.

Share this post


Link to post
Share on other sites
Sigh. Sig updated.

LOL - futility of Rightmove figures and delusion of sellers really stands out against actual seeling prices in your sig - thanks, gave me a chuckle. :)

Share this post


Link to post
Share on other sites

Just knocked this up for rightmove sold prices for PL1 (i live in PL17 so PL1 was the first)

RMovePL1.gif

I know the data for 2009 is only 7 months not 12 but....... :blink: These are the facts, and make of them what you will.

Share this post


Link to post
Share on other sites
Halifax last week increased income multiples, up from x 4.3 to x 4.8.

Confirmed - if you can actually get what their calculator says,

then buying a flat looks possible for the first time in about 6 years.

Hate to say it, but if lending at the multiple does become available,

then it could really be on the way back up =(

Share this post


Link to post
Share on other sites

http://www.timesonline.co.uk/tol/money/pro...icle6719661.ece

Property prices in England and Wales rose by nearly £1,500 this month while the number of sellers jumped by a fifth, boosting hopes that the housing market may be over the worst.

The average home is being put on the market with a price tag of £227,864, up from £226,436 in June, figures from Rightmove, the property website, show. This is the fifth rise in the past six months, prompting Rightmove to say that the market has already bottomed out.

Miles Shipside, commercial director of Rightmove, said: “There were some fire-sale prices last winter, when a few brave buyers correctly called the bottom of the market. In most parts of the country, prices have consistently improved during spring.â€

House prices plummeted by more than 20 per cent in the 18 months after the market peaked in autumn 2007, but many of the leading house-price surveys have registered rises in recent months.

The latest promising figures come only a week after new figures showed that the number of estate agents expecting house prices to increase in the coming months outnumbered those predicting further falls for the first time since May 2007.

As the rapid fall in house prices eased, activity in the market picked up as more bargain-hunters — confident that prices did not have much further to fall — joined the fray. In a further sign of the resurgence of the market, these bargain-hunters are now putting their own houses on the market, with Rightmove recording a 20 per cent increase in the number of houses for sale on its website.

“The increased confidence and activity is tempting more sellers to test the market as they seek to take advantage of the smaller price difference to trade up to a better home,†Mr Shipside said.

Estate agents recently sounded concerns that if there was a flood of new properties coming on to the market, prices could start to fall again as the competition between buyers eased.

Fears over unemployment, which recorded a record rise in figures in the three months to May, is also likely to hamper any full-scale recovery.

Rightmove said that it foresaw the market remaining stable for the rest of the year, with asking prices — which have already risen by 7 per cent so far this year — remaining flat as a lack of mortgage lending delays the recovery.

However, it said that if more lenders loosened their lending criteria, prices could rise by a further 5 per cent this year, taking the total annual gain to 12 per cent.

Rightmove also conceded that there could be a “double dipâ€, with asking prices falling by a further 10 per cent unemployment continuing to rise and the number of repossessed properties coming onto the market surging.

Recent figures showing trades in contracts based on future house prices suggested that investors believe house prices are set to fall further in the next 12 months, albeit at a slower pace. A gauge of future house prices, compiled by Tradition, the broker, showed that prices would fall by a further £1,932.

Rightmove pointed out that further falls in house prices could present a silver lining for buyers. “This would give a further window of opportunity for bargain-hunters who missed out on the best buys last winter,†Rightmove’s house price report said.

Asking prices for homes in East Anglia rose by the most in July, registering a 6.1 per cent rise to £207,166. Asking prices in the North West, East Midlands and the South East all fell, dropping by 3.8 per cent, 3.5 per cent and 0.3 per cent, respectively.

Owners of semi-detached properties increased their prices the most, with the average asking price rising 1.8 per cent to £193,298. Prices of flats and apartments rose least, up only 0.6 per cent to an average of £182,800.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   289 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.