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rantnrave

Initial Asking Price Average Hits £300K

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RM latest numbers out - be aware that this data is for new asking prices only and is not seasonally adjusted for Spring Bounce etc:

Rightmove says the average asking price of a property coming to market in England and Wales has now passed £300,000 for the first time - almost exactly a decade after the average price passed the £200,000 mark.

The portal's latest price index has a series of markers suggesting the strength of the market. For example, the 1.3 per cent price jump in March is the second highest at this time of year since the start of the downturn in 2008, while record price highs are recorded in six out of 10 regions.

Meanwhile supply is up too. On average 30,000 properties have come to market each week over the past month, up by three per cent on this time last year, although there are still insufficient numbers of newly-listed properties in many parts of the country to meet demand.

Visits to the Rightmove website are up by 14 per cent in early March compared to the same period in 2015, as Rightmove continues its portal domination.

The surge through the £300,000 mark is not driven by London, where prices are at a standstill. Price rises have occured, however, in all four out-of-London regions in the south of England, as well as in the West Midlands and the North West

https://www.estateagenttoday.co.uk/breaking-news/2016/3/rightmove-visits-up-14-as-average-asking-price-tops-300-000

Awaiting the full report to be updated on the RM site.

Edited by rantnrave

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Another report - even EAs in the comments think prices are out of control.

The average asking price of a home new to the market in England and Wales has passed the £300,000 mark for the first time.

The average is now £303,190, Rightmove reported this morning.

It is exactly ten years since new asking prices went through the £200,000 barrier, so that in a decade, asking prices have shot up over 50%.

Despite the housing market crash during that time, new asking prices did not go back down below the £200,980 reported in 2006.

Average wage growth of 22% during the last ten years has been far lower than house price inflation.

Rightmove also reported this morning that new asking prices rose 1.3% compared with February – the second highest monthly jump at this time of year.

Rightmove director Miles Shipside said: “On average 30,000 properties have come to market each week over the past month, up by 3% on this time last year, but there are insufficient numbers of newly-listed properties in many parts of the country to meet demand.

“Visits to Rightmove are up by 14% in early March compared to the same period in 2015, so it’s no surprise that those buyers who can borrow more or can find some extra cash are keeping the price merry-go-round spinning, even though increasing numbers of aspiring home-movers cannot afford the ride.”

The rise in new asking prices is not being driven by London, where prices are at a standstill. Six out of ten regions have seen price rises, and three of the top four rises are northern regions – the west midlands, north-west and Yorkshire & the Humber come after the south-west, and ahead of all other southern regions.

Although new asking prices across London have barely moved month-on-month, homes in the capital nevertheless have price tags more than double the average, at £644,045 – an annual increase of 11%.

That also remains the largest rate of annual house price inflation anywhere in England and Wales.

Average time to sell last month was 68 days, down from 79 in the same month last year. In London, average time on the market is just 47 days, lower than at any time last year.

Average stock per agent, including properties under offer or sold subject to contract, was 54 in February compared with 59 last year.

http://www.propertyindustryeye.com/asking-prices-crash-through-the-300000-mark-for-first-time/#comments

As we know, there was no crash in asking prices

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No wonder estate agents don't like it....no or little turnover no commission.... There is no ladder.

....property now being seen as a store of value, a savings account that for a fee pays a better rate of interest....why sell?

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Interesting they say London is not driving the prices ,its the outer areas the commuter belt .I know in Luton not only are prices going mental but every week planning applications for more new build flats are going through and London higher end developers are now building here.

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Full reports out now someone at the RM office has finished their coffee...

£300,000 milestone passed as price of newly-marketed homes hits new high

◾As demand soars and supply remains tight, the average price of a property coming to market in England and Wales passes £300,000 for the first time

◾Challenges facing both first-time buyers and those trading up highlighted by 50% increase in just 10 years: ◾£100,000 jump in new seller asking prices from £200,980 in March 2006, to £303,190 today

◾Affordability constraints emphasised by average wage growth of only 22%1 over last 10 years

◾3% price jump in March (+£3,903) is second-highest at this time of year since the 2008 credit crunch

◾Momentum spreads north and west with six out of ten regions setting record price highs this month ◾London no longer leads the pack as prices stand still

National report: http://www.rightmove.co.uk/news/wp-content/uploads/2016/03/Rightmove-House-Price-Index-March-2016-FINAL.pdf

London report: http://www.rightmove.co.uk/news/wp-content/uploads/2009/07/Rightmove-House-Price-Index-March-2016-London-FINAL.pdf

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I walked past a small modern semi-detached bungalow the other day on the outskirts of Cambridge.

The type of thing an elderly couple might live in. About 70 sq metres, easy to manage garden and a parking space /garage in a quiet residential street.

£360k.

Over a third of a million pounds, or as I like to look at it 10x the wage of a 30 year old engineer at ARM, the closest local major employer.

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The Count has mentioned railway mania before. I finally got round to reading about it yesterday.

Many similarities. There could well be vast amounts of property going very cheap when all this finishes. Unfortunately it could mostly be newly built stuff but if it gets stoopid cheap then fine.

Well positioned companies and individuals will have the chance of the century.

Edited by Noallegiance

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No doubt the market is strongest since 2008, these may be asking prices but I can't see this not translating into actual selling prices, be it 5% or so lower than asking.

As far as Nottingham is concered over the last 4 years the market fell about 2.5% in 2013, was level in 2014, up about 2.5% in 2015 then we came to this spring possibly up about 12.5%. That is concerning and I have a vested interest I have sold and haven't bought back in yet. :unsure:

Stop talking zero interest rates forever Carney and do something before this gets out of hand. It was a Home Counties thing and Carney is trying now for total UK destruction 2007 style.

Edited by crashmonitor

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I'm holidaying on the East coast at the moment and a property I viewed ten years ago has come on the Market. In 2006 it was up at 280k, has been reduced to 250k off and on these past ten years. Well this weekend it has sold according to the agent when I tried to get a viewing today and back on at 280k to boot when iot was launched in February (not yet showing on rightmove). I am seeing this with a few properties that have been festering for years, there has been a change. Doesn't really feel like a buyer's market at the mo. Bit of a hodge podge, but no neighbours would have suited me...........

http://www.rightmove.co.uk/property-for-sale/property-57918173.html?premiumA=true

Edited by crashmonitor

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So...how far off is the average salary from £85k ?

Who's buying with salaries anymore. Just a bummer if you are one of the few who has to actually save to buy one with real money. The equity has been created (creatively by the Government) and those in the game are just swaping properties.

Edited by crashmonitor

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Who's buying with salaries anymore......boomer swaperama and untaxed inheritance Victorian style. Just a bummer if you are one of the few who has to actually save to buy one with real money.

? These numbers are all fantasy anyway - their only use is reassuring background noise to help push through a sale if the buyer has a momentary lapse of insanity.

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No doubt the market is strongest since 2008, these may be asking prices but I can't see this not translating into actual selling prices, be it 5% or so lower than asking.

Yeah, asking prices are strongest...no f**ker is going to be buying though.

This year has collapse written all over it now.

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@rightmove @dailymirror Is it possible that your initial asking price index can go up but actual sale prices go down ?

Fair play to rm for answering

  1. @ShiresCrashing our index closely follows the same trends as ONS :)

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  2. @ShiresCrashing Hey, I will pass this feedback on to the team :)

    Even if they've not answered my question.

Edited by TheCountOfNowhere

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