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Rightmove - Huge Rises?


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Property asking prices in the north west raced ahead by 3.7 per cent during February to an average £163,227, figures showed today.

The rate of growth outstripped the national average increase of 3.1 per cent as new sellers followed the traditional seasonal pattern of pricing high, according to property website Rightmove.

The increase, which followed a 0.3 per cent jump nationally in January, left the average property on the market in England and Wales costing £230,030 - broadly unchanged from a year earlier.

Rightmove said despite the house price falls seen during 2010, sellers were still following the usual seasonal ups and downs, with many unwilling or unable to drop their asking prices.

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Land Registry is £164,773 , Right move is £163,227, Nationwide £161,602 , Halifax £164,173

But the average property on the market in England and Wales costs £230,030 ?

Bearing in mind the land registry is the figure for England and Wales only.





Edited by northwestsmith2
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Land Registry is £164,773 , Right move is £163,227 - in the north west , Nationwide £161,602 , Halifax £164,173

But the average property on the market in England and Wales costs £230,030 ?

Sorry, your edit beat me to it.

But yes, there is a big gap between asking prices and sold prices.

Edited by Timm
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But the market is still characterised by a lack of demand, as the typical mass-market buyer finds themselves with insufficient equity or unable to raise the mortgage finance they need to trade up the property ladder.

Miles Shipside, director of Rightmove, said: "With lenders stating that they expect mortgage lending to remain static at around 2010 levels throughout 2011, and new seller numbers practically unchanged year-on-year, what might have been seen as a passing phase of low transaction levels in the housing market now looks set to be the norm for the foreseeable future."

He said only around 530,000 mortgages were taken out during 2010, while Rightmove recorded 1.3 million properties coming on to the market [+ the shit already languishing], highlighting the imbalance between supply and demand which has been putting downward pressure on prices.

The West Midlands and the East Midlands were the only areas of the country where house prices did not rise during the month, with asking prices falling by 1.4 per cent and 0.1 per cent respectively.

Yorkshire and Humberside saw the biggest increase at 6.7 per cent.

770,000 cash buyers? No chance, Were going down!

Edited by Pent Up
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Of all the places, it has to be where I am that asking prices are booming and I have to say it is true in the areas I am looking at.

2008/1st quarter of 2009 was when prices were in freefall around here.

I'll be interested to see the south east as I'm not seeing rises. Probably roughly the same. Some re listing lower.

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It's the delusion brigade chancers I guess.

How long are this lot going to stay deluded though? How many vendors have been holding out for four long years for 2007 prices? When will they realise there isn't the credit for people to buy at those prices (even if they wanted to)? What will happen if all of those who have put their properties on the market at stupid prices since the start of the new year suddenly panic when the spring bounce doesn't appear?

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That's quite funny isn't it?

Yorkshire up 6.7% on the month. Does that sound right?

Oh well, 'Spring bounce' quotes galore here we come!

Don't worry, the BullWave is due to finish when the LR report comes out in a week...

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Key points

This month’s new sellers mimic last year’s February hike by increasing their asking prices by 3.1% to an average of £230,030, leaving year-on-year prices virtually the same too (+0.3%)

In a three-tier market, lenders court ‘bargain-hunting bottom-feeders’ and the ‘low-loan to value elite’ but shun the ‘average buyer’ of the traditional volume end of the market

Rightmove measured 1.3m properties marketed in 2010 - against only 530,000 mortgages

A few ‘elite’ markets moving, with new seller numbers in London up by 21% on previous year, but downsides to current market mean nationally average prices and volumes remain flat

2011 set to be the same, so expect more desperate housing solutions including ‘limbo-landlords’

‘bargain-hunting bottom-feeders’ eh! That could be me...... in a few years when the market bottoms out. In the meantime, I've extended my rental agreement by another year.

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