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rantnrave

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Alas I can't open the pdf! Can someone oblige and post the figures.

The mix-adjusted average Asking Price for homes on the market in England

and Wales has rallied by a further 0.9% since April, the largest monthly rise

for two years.

The number of properties reduced in price increased during the month of

April to 77,510, 29% more than in April 2010.

Typical time on market has fallen sharply by 26 days to 107 days (median),

but remains 12 days more than in May 2010.

Supply of new properties to market increased to 134,704 in April, 14% more

than in April 2010.

Annual change in asking prices: 0.1%

6-month change in asking prices: 0.4%

The seasonal bounce continues to rally UK home prices. Despite considerable

price-cutting activity, the UK mix-adjusted average asking price pushed up 0.9%

since our last report. Confidence among sellers is probably buoyed by the fact that

the UK housing market is a little more vibrant and turning over slightly greater

volumes of property than at this time last year. However, over-optimistic pricing

risks stalling the market over the summer months. Supply of properties remains

strong: 14% more new properties appeared on the market in April 2011 than in April

2010. Vendors continue to resort to price-cutting: 29% more properties were

reduced in price in April 2011 than compared to April 2010. The properties

discounted last month represent around 10% of the total sales market at the present

time.

Serious homebuyers remain limited in number. Demand from first-time

buyers remains very subdued due to a difficult mortgage market, but a growing

number of buy-to-let investors are taking up some of the slack in this market sector.

Whilst the typical time on market has fallen in line with seasonal

expectations, the average time on market for unsold property has risen slightly since

April (by 2 days). The divergence of these two key market indicators suggests that

older properties are staying on the market longer. The average time on market for

England and Wales at 204 days is 1 day more than in May 2010.

The mix-adjusted average asking price for homes in England and Wales remains

essentially unchanged year-on-year (+0.1% since May 2010). Despite the seasonal

rally, UK property-sales activity remains lacklustre compared to pre-crisis levels. In

terms of supply and demand, the 2011 UK home market is indicating levels of

activity very similar to 2010.

Higher inflation continues to erode property prices in real terms. Comparing

ONS March figures and the YoY change in asking prices for the same month shows

that asking prices were falling in real terms, by 7.2% per year, relative to the RPI

(ex. housing). Homes are becoming more affordable as prices fall relative to average

earnings: 2.8% below the AEI (January figure from ONS ex. bonuses). The HAPI for

England and Wales now stands at 97.9 [May04 = 100].

Edited by exiges

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Ta! Not all great reading though :unsure:

Thankfully it's asking prices...

EDIT to add: Acadametrics is out tomorrow. I'm sure that will bring us something to cheer about :rolleyes:

Edited by rantnrave

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Ta! Not all great reading though :unsure:

Thankfully it's asking prices...

EDIT to add: Acadametrics is out tomorrow. I'm sure that will bring us something to cheer about :rolleyes:

http://www.home.co.uk/asking_price_index/HAPIndex_MAY11.pdf

It's the greater number of properties on the market YoY that is the real signal.

There are not significantly more buyers!!

Even in London time on market is higher than last year and rising...

http://www.home.co.uk/guides/time_on_market_report.htm?location=london&all=1

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http://www.home.co.uk/asking_price_index/HAPIndex_MAY11.pdf

It's the greater number of properties on the market YoY that is the real signal.

There are not significantly more buyers!!

Even in London time on market is higher than last year and rising...

http://www.home.co.uk/guides/time_on_market_report.htm?location=london&all=1

Time on market = days

South East = 78

Greater London = 82

Arrr... :angry:

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Alas I can't open the pdf! Can someone oblige and post the figures.

My favourite quote:

Comment

Is the Rise in Supply Sustainable?

In a property market hamstrung by limited mortgage credit the supply of properties for sale is of critical importance. Despite the great weather, royal-wedding celebrations and Easter holidays, April saw even more vendors put their properties on the market. 14% more did than in April 2010 and 82% more than in April 09, a worrisome trend.

The UK property market remains in a fragile equilibrium with demand propped up by ultra-low interest rates. A further surge in supply, brought on by fears of rising interest rates or increasing unemployment (both likely), could stall the market and initiate a downward price spiral. Even small rises in interest payments will seriously affect many heavily indebted homeowners. Moreover, lenders may well introduce interest-rate rises, regardless of any change in the Bank of England base rate, as inter-bank lending rates edge up.

Without a more substantial economic recovery, the UK cannot sustain further

increases in property supply without risking further price falls, especially in the more

northern regions and Wales.

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  • 311 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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