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Spring Bounce


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  • 2 weeks later...

Go to Rightmove main page, open tabs /house prices / market trends, enter a postcode, and you will see the presence or absence of a spring crash. My link

There's something wrong with the statistics that they use for that page.

Every postcode that I entered showed the trend of the historic selling prices as being basically flat for the past 7 years.

tim

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There's something wrong with the statistics that they use for that page.

Every postcode that I entered showed the trend of the historic selling prices as being basically flat for the past 7 years.

What postcodes are you using? Picking some based on were my friends live (trend for all property types over 7 years).

- SW15: £374k up £616k

- W6: £384k up £426k

- W4: £360k up £660k

- W2: £461k up £844k

- HA1: £223k down to £211k

Given, they're all in London and geneally the W and SW.

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What postcodes are you using? Picking some based on were my friends live (trend for all property types over 7 years).

- SW15: £374k up £616k

- W6: £384k up £426k

- W4: £360k up £660k

- W2: £461k up £844k

- HA1: £223k down to £211k

Given, they're all in London and geneally the W and SW.

Ones outside London.

But still well within the SE area

tim

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Go to Rightmove main page, open tabs /house prices / market trends, enter a postcode, and you will see the presence or absence of a spring crash. My link

Ha ha ha 'Spring crash' love it. Must remember that slip of the tongue next time an estate agent rings me up!

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Asking prices are going nuts - looking in EA windows this morning a friend commented that they were higher now than in 2007.

There are quite a few people asking 'aspirational prices'.

As for the rightmove graph, I'd like to know where they get their average price figure from as some postcodes seem to have gone up 30 percent from 2007. So I wonder if their sales figures are that accurate. Their seems a slight uptick recently. I wonder if that's a good or a bad thing for a HPC?

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I've been watching southern Scotland and the SW of England for the past 18 months. Very familiar story in both places. Almost zero transactions between 300-800K, a few prime houses/farms/estates going at the high end and a very few in the 0-300K range. Looking at both Rightmove searches the same overpriced houses have been on the market for years with little change in price. Some have been relisted which erases their price histories. Here's a classic.

http://www.rightmove.co.uk/property-for-sale/property-25221043.html

I think this was originally on the market with a local agent for nearer 800K before switching to Savills and a steady string of price reductions

The overwhelming story is one of non-agreement on price. The market has moved downwards leaving a tidemark of houses stuck on the market at unattainable prices. Some Estate agents seem to be over-valuing houses to get them on their books.

Absolutely no sign of a spring bounce in either area, except in the number of properties coming on to the market.

Flynn

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There is a road in Swansea which I was keen on buying in a house in - 3 years ago a house came on the market there for 300K and sat there for 2 and a half years until sold last year.

In the past year some much bigger houses at one end of the road have gone for 350K.

This has resulted in an EA putting one of the smaller houses, which needs major modernisation and which is the same size and type of house as the first mentioned property, on the market this week for 350K asking.

It makes no sense.

What is interesting, is that one of the larger houses that had been completely modernised sold 2 years ago for 340K. It now looks a 'bargain buy' compared to the stuff that has sold recently or has just come on the market.

It is completely nuts and I can only assume EAs are ramping up asking prices so that they get a sizeable commission if the properties sell.

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As for the rightmove graph, I'd like to know where they get their average price figure from as some postcodes seem to have gone up 30 percent from 2007. So I wonder if their sales figures are that accurate. Their seems a slight uptick recently. I wonder if that's a good or a bad thing for a HPC?

I believe it is Land Registry data on sold prices ( market trends graph )

Im still seeing a Mexican Stand off in some areas I keep an eye on eg. PL3 , HP2, BS3,

Other areas are getting clobbered ,Parts of Stoke on Trent ( ST2+3 ) ....25% down in a quarter :blink:

Though the most striking thing is the collapse in volume in most areas.

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There are quite a few people asking 'aspirational prices'.

As for the rightmove graph, I'd like to know where they get their average price figure from as some postcodes seem to have gone up 30 percent from 2007. So I wonder if their sales figures are that accurate. Their seems a slight uptick recently. I wonder if that's a good or a bad thing for a HPC?

Agree, we were waiting over 3 years to see price fall, but in fact the asking price is rising or at peak level (London). What we can do is, waiting for the interest rate to rise?

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  • 434 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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