Jump to content
House Price Crash Forum
Sign in to follow this  
cool_hand

Uk Home Sales Highest For Six Years, Says Rics

Recommended Posts

http://www.bbc.co.uk/news/business-25745468

The number of UK homes sold per surveyor has more than doubled since the depth of the housing market downturn, a survey suggests.

Just over 21 sales per estate agency branch were recorded in the final three months of 2013, the Royal Institution of Chartered Surveyors (Rics) said.

This was the highest number since March 2008, and up from 9.8 in January 2009.

The survey found surveyors expected prices and sales to keep rising.

Supply shortage

Rising prices - which have been a feature of recent months - have mainly been the result of more buyers chasing the relatively few homes on the market.

"Unless we see a marked increase in the number of homes coming up for sale we could well be looking at a price rises becoming unsustainable in some areas," said Peter Bolton King, global residential director at Rics.

Yet housebuilder Bovis Homes said in a statement on Thursday that the number of new homes being completed was rising, and there had been a big rise in the number of forward sales.

The statement came ahead of its full-year results, which it said would show a "significant increase in profit before tax for 2013".

Its average sale price was up 14% to £195,100, because it had built more homes in the south of England and more larger properties, it said.

Predictions

A number of commentators have predicted average price rises of between 4% and 8% in the UK in 2014.

The latest house price survey from the Office for National Statistics showed that year-on-year property price growth stood at 5.4% in the UK in November.

Excluding London and the south east of England, the ONS said prices were up by 3.1%.

The Bank of England has recently pulled back from offering cheaper funds for lenders to hand on in mortgages through the Funding for Lending scheme.

Share this post


Link to post
Share on other sites
Rising prices - which have been a feature of recent months - have mainly been the result of more buyers chasing the relatively few homes on the market.

Inventory is at multi-year lows, and even the sellers who've come to market, are mostly only sellers at 'what it is worth'.

I did have some expectation that ever higher values would bring out more sellers, looking to cash in, downsize and so on... but they just aren't doing so, even with housing at insane valuations in many areas.

Perhaps HPCers should patrol the UK and try and prevent buyers paying ever higher prices for the homes they want to buy out of their own freewill decisions, and tell them they are victims. Tell them renting isn't dead money. See what reaction you get. :rolleyes:

Record levels of £5m+ home sales

According to Savills, record number of homes worth more than £5 million changed hands in 2013 in London. Their figures show there were more than 500 sales at over £5 million last year, a 24% increase on 2012. Above the £10 million mark, there were over 160 sales, 25% higher than 2012. Most of the sales were in SW1 (Knightsbridge, Belgravia, St James’s), W8 (Kensington), SW3 (Chelsea), and SW7 (South Kensington).

Share this post


Link to post
Share on other sites

I am just seeing hardly anything for sale in my neck of the woods.

Prices have already shot up and now if something perfect comes on it goes making the average look a lot better than it would be in normal conditions.

My feeling is that London boomed > the shockwaves hit my area and that the media are assuming this trend is sustainable long term.

Once all the natives sell their homes in London to foreigners, are those same foreigners going to sell those houses to another foreigner and then relocate to Norwich?

Share this post


Link to post
Share on other sites

Inventory is at multi-year lows, and even the sellers who've come to market, are mostly only sellers at 'what it is worth'.

I did have some expectation that ever higher values would bring out more sellers, looking to cash in, downsize and so on... but they just aren't doing so, even with housing at insane valuations in many areas.

It doesn't help that Carney has provided House market "Forward Guidance". Why sell now, when Carney has told you prices will keep going up until 2016?

To my mind, him making public his predication that house prices will continue to go up is only going to make the problem worse.

Share this post


Link to post
Share on other sites

It doesn't help that Carney has provided House market "Forward Guidance". Why sell now, when Carney has told you prices will keep going up until 2016?

To my mind, him making public his predication that house prices will continue to go up is only going to make the problem worse.

As far as he is concerned, it is not a problem.

Share this post


Link to post
Share on other sites

Or massive wage inflation i`m not holding my breath for either

IMHO massive wage inflation would be a black swan (albeit not a very popular one on these boards).

What they are after, IMHO, is some wage inflation, but exceeded by general inflation. This will lock in nominal house prices while reducing real debt and demand for imports.

Share this post


Link to post
Share on other sites

Average of 21 sales in 3 months is that? So what 2% commission, 160k average sale price. 9 in the low period was clearly dark times though I am not convinced 21 is champagne time Its just the 9 was so darn low.

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
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   206 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.