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UK house prices rise at fastest rate on record


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2019 general election result provided period of ‘stability’ following Brexit uncertainty.

UK house prices rose over the last month at the fastest rate on record for the time of the year, as sellers felt more confident about the outlook for the housing market after the general election, according to Rightmove.

The average price of properties coming on to the market jumped by 2.3%, the biggest rise for the period since the property website started its house price index in 2002. Nearly 65,000 UK properties were marketed over the month, with an average asking price of £306,810.

Guardian

Sellers felt more confident, what about buyers?

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23 minutes ago, Lavalas said:

Certainly tallies with my area in the last two months. Asking prices, that is...

Yes, ludicrous asking prices with very little quality housing for sale in my area. Also, where are the buyers? I sense that banks are pushing people into satanic 40 years mortgages at mega multiples. Very worrying. (Mostly for the poor sods which will be saddled with such debt they won't be able to do anything other than slave away for the mortgage)

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If this encourages more properties to the market then this may not be a bad thing. I'm still seeing properties I've been tracking being reduced this year so even post-election there seems to be some buyer caution round my way (at least at my scuzzy end of the market). If lots of new sellers enter the market that presumably is going to put even more pressure on those properties that currently can't sell. That's my hope anyway - I'm just praying this doesn't instead feed into rising sold prices. Without new government intervention though I can't see the bottom end of the market (my bit!) rising too much as people are just too stretched.

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37 minutes ago, Bruce Banner said:

I think they may have stepped back from this. I noticed several valuations increased, but subsequently no valuation is available. Does it still provide a valuation for your house?

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1 hour ago, stuckmojo said:

Yes, ludicrous asking prices with very little quality housing for sale in my area. Also, where are the buyers? I sense that banks are pushing people into satanic 40 years mortgages at mega multiples. Very worrying. (Mostly for the poor sods which will be saddled with such debt they won't be able to do anything other than slave away for the mortgage)

Yet current asking prices down 7 %

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32 minutes ago, TheCountOfNowhere said:

Yet current asking prices down 7 %

is this an average including London? All I am seeing in my local area is very little poor quality stock listed at higher prices. Which is depressing. The flipside is that there must be a lot of stuff ready to be listed or forced to on sale due to DDD

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38 minutes ago, stuckmojo said:

is this an average including London? All I am seeing in my local area is very little poor quality stock listed at higher prices. Which is depressing. The flipside is that there must be a lot of stuff ready to be listed or forced to on sale due to DDD

went to view a house on the weekend in west london. offers over price. 

agent told me "owners are in no rush to sell and will sell for the right offer only"

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37 minutes ago, stuckmojo said:

is this an average including London? All I am seeing in my local area is very little poor quality stock listed at higher prices. Which is depressing. The flipside is that there must be a lot of stuff ready to be listed or forced to on sale due to DDD

Countrywide average 

There are some regional breakdowns for the last quarter, SE and SW down 4% last quarter. West mids down 3% iirc. 

London up slightly. 

Preet much everywhere else up slightly 

That includes the December data. 

They are either lying or the initial asking price index is so unreliable it's a joke. 

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8 minutes ago, hurlerontheditch said:

went to view a house on the weekend in west london. offers over price. 

agent told me "owners are in no rush to sell and will sell for the right offer only"

That's zirp preventing price discovery

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What are interest rates doing?......what are rents doing?......both correlate with what house prices are doing, amounst other things......like is debt easy to get, plenty of it around looking for a borrower, lots of help to buy, share the debt with others, pay it over 40 + years or more rather than 25, or only the interest only, low or no deposits required etc, etc......?

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30 minutes ago, TheCountOfNowhere said:

That's estate agents desperate to make people believe the market is booming. 

2020 is the new 2007.

Well quite. I've been seeing plenty of new reductions on Rightmove up north, I think the brexit bounce is actually the brexit b0llocks.

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And now the Guardian joins in the desperate price ramping, VI nonsense.....we're doomed! Can't believe they get away with this sh1t - ASKING PRICES it should read...grrrr.

Seen 3 properties in my search area come back on the market this week after going SSTC last year; all at higher asking prices than previously. It's utterly bonkers. I wonder how many of those transactions stalled due to the ridiculously high prices and issues getting mortgages.

If only all would-be buyers were as diligent in researching these things as most on here, we'd be fine - unfortunately the masses are driven by these headlines and EA's etc. will be all over this.

As a buyer, I'm sitting on my hands and am not joining in - if everyone else did the same these headlines will soon turn.

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24 minutes ago, warrior88 said:

in Greater London , I have noticed prices rising and three of my friends who are looking to buy suggest that demand has gone up i.e. open house viewings with more people viewing than in December. 

December has always been a quiet month, quiet for service business, quiet for recruitment, quiet for the housing market.

Twice a week you have a Xmas party to attend, and need to recover from too much food / sweet / alcohol ;)

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  • 415 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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