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LONDON (AFX) - The UK housing market rebounded in October, having fallen over the previous three-months, with London in particular leading the turnaround, a leading property website said today.

In its monthly survey into the sector, Rightmove reported that asking prices during the month rose 0.5 pct in October for the previous month, taking the average house price to 196,348 stg from 195,407 stg.

Compared with a year ago, prices rose 1.5 pct, a shade lower than the 1.6 pct increase in September.

Rightmove believes a degree of optimism has returned to the market especially after the recent dip in prices. The stock of unsold property fell back in line with increased demand from buyers.

Signs of a rise in confidence levels were also apparent from the narrower gap between asking prices and prices buyers were willing to pay.

Rightmove commercial director, Miles Shipside was of the opinion that the property market had achieved a soft landing.

"We have now touched down to a sustainable level of pricing buyers and sellers are gaining confidence," he said.

In London, average asking prices rose 0.7 pct in October from the previous month -- boosted by areas closely linked with the successful Olympic bid for 2012.

Massive investment for the Olympics helped the average price in the London borough of Tower Hamlets jump 4.63 pct from September, while in nearby Newham there was 3.1 pct surge.

"It certainly makes the Tower Hamlets area the property hot-spot in the UK," said Shipside.

ss/ra

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"Signs of a rise in confidence levels were also apparent from the narrower gap between asking prices and prices buyers were willing to pay."

Confidence must be returning to the market indeed! Must be all that good news coming from the high street retailers, rise in employment and Gordon Brown's more optimistic view of the economy overall.

If the "gap" is narrowing it must mean prices are continuing to fall. Around here in WORCS/WARKS prices are falling as evidenced by new prices appearing on property details. The problem is that there are no "SOLD" signs without the tell-tale fine print "STC" that means not sold due to long chain.

It will be interesting to see what Nationwide says--they are usually the opposite to Halifax who are the eternal optimists.

Edited by Realistbear

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"Signs of a rise in confidence levels were also apparent from the narrower gap between asking prices and prices buyers were willing to pay."

Confidence must be returning to the market indeed! Must be all that good news coming from the high street retailers, rise in employment and Gordon Brown's more optimistic view of the economy overall.

Beware the dead cat bounce

even allowing for the VI spin, in some parts of the country the market has imporoved a bit

Remember transactions in Oct are the result of actions a few months back

The media wasn't so negative in May,June,July plus interest rates were lowered

quarter point drop makes f**k All difference in monertary terms, but Psychologically it does

Mortgage approvals have been increasing, which is a forward indicator that cuts both ways

A balanced bear takes a reduction of MA's as a good bear sign and an increase as a bull sign

IMO its a dead cat bouce, but a bounce, none the less (certainly here in Surrey!)

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Remember folks..

the time for "sentiment" amongst the greater populace to force the prices down is not yet among us.

However the completly nadgered economy is..

Prices will drop because they have to.

They will drop because many hundreds of thousands of households are struggling to meet todays "massive" interest rates.. (what were the last figures?> over 100,000 many months behind on payments..)

Just remember... if you can't afford even the smallest home.

No one can..

Not at todays prices..

Enough out there will fail.

Just sit on your hands and wait..

There will allways be some vi spin.

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  • 301 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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