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Asking prices for UK homes show smallest February rise since 2009

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Asking prices for homes in England and Wales are rising more slowly due to rising consumer price inflation, worries about Brexit and tighter lending rules, property data firm Rightmove said on Monday, adding to signs of a slowing property market. Prices sought by sellers during the month to Feb. 11 - when there is typically a seasonal price spike of about 5 percent - were just 2.0 percent higher than the month before, the weakest increase for the time of year since 2009. Reuters

Vendors still asking more money, but who is left to pay the increased prices?

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6 minutes ago, rollover said:

< Prices sought by sellers during the month to Feb. 11 - when there is typically a seasonal price spike of about 5 percent - were just 2.0 percent higher than the month before >

Eh? So Reuters are claiming February usually shows a 5% increase over January. 5% is, what, around £12K on the "average" asking price in the UK? And, it's "just" 2% this month, so still around 5K. Who the hell can save 5-12K a month? If ever there were proof this is just a credit bubble.....

Edited by dpg50000

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10 minutes ago, rollover said:

Vendors still asking more money, but who is left to pay the increased prices?

All down to the lenders.......very many people will borrow as much as they possibly can to get what they want.

Would be interesting to see any stats on numbers of declined mortgage applications........also where are those selling up moving to, what are they buying if anything or where is the cash that is released being spent?;)

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London house prices post biggest annual decline in six years

London house prices posted their largest annual drop in almost six years in February as high values deterred buyers. The average asking price in the capital fell 0.4 percent to 641,116 pounds ($797,000) this month from a year earlier, the first annual decline since April 2011, property website Rightmove Plc said on Monday. While asking prices gained 2.6 percent from January, that’s the weakest monthly gain for a February since 2009 during the depths of the recession.

“Perhaps we’re approaching the territory where many buyers are unable or unwilling to pay what sellers are asking, given the negative combination of rises in the cost of living, tighter lending criteria, and a dose of Brexit uncertainty,” said Rightmove Director Miles Shipside. Values have boomed since 2013, “so it’s not surprising that upwards price pressure is running on tired legs,” he said.

Bloomberg

 

London is down, the north is now catching up the bubble.

 

 

Edited by rollover

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This is what I call receding tide effect.  The tide is going out, yet waves will still crash in (with less force) over the previous one.  However the direction is obvious.

And we all know all manner of rubbish gets left high and dry on the beach.

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44 minutes ago, rollover said:

 

London is down, the north is now catching up the bubble.

 

 

No.

North has had transaction levels on floor since 2004.

There a huge stock if unsold stock up north.

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Yes. Where we are in the Midlands, around destitute Stoke on Trent, people have discovered the joys of 2007 + x%, and to our dismay, many of these houses are selling. The wave appears to still be breaking here.

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2 hours ago, spyguy said:

No.

North has had transaction levels on floor since 2004.

There a huge stock if unsold stock up north.

Scotland. Apart from some hotspots in the big cities there has been no "boom" these last 6 years. My parent's house is now "worth" 20% less since the 2006/7 top.

Many places have fallen or stagnant. The London / SE bubble is reported in the national press as though it IS the nation.

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1 minute ago, Agentimmo said:

Scotland. Apart from some hotspots in the big cities there has been no "boom" these last 6 years. My parent's house is now "worth" 20% less since the 2006/7 top.

Many places have fallen or stagnant. The London / SE bubble is reported in the national press as though it IS the nation.

Well, London is to the people who live there - mainly BBC types...

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1 minute ago, spyguy said:

Well, London is to the people who live there - mainly BBC types...

Yep. And I'm looking forward to seeing their faces every night on the tv news as they relate the HPC to us mere mortals, in the knowledge that their "investments" are going down the tubes ;)

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Rightmove prices are being held up by the new instructions coming in at super high kite flying fantasy levels. They have no chance of selling until they are reduced 10-20%. The crashing wave as the tide recedes.

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