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Property sales recover to pre-lockdown levels across England, says Zoopla


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https://www.theguardian.com/money/2020/jun/10/property-sales-recover-to-pre-lockdown-levels-across-england-says-zoopla

 

tl;dr

Sales agreed in the last week 6% higher than the same week in June last year.

“Lower asking prices for homes sold over the lockdown period may drag down indices over May, but this new data suggests house price growth is set to remain positive in the next two months,” said Zoopla research director, Richard Donnell."

"The scale of the bounce-back in demand is “unprecedented’” said Zoopla. “New sales agreed have rebounded and are just 12% short of the levels seen in early March as buyers return to the market and agree to new purchases; we have seen the number of new sales agreed rise by 137% since the market reopened,” said Zoopla."

 

Where is this crash I keep hearing about?

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8 hours ago, Martin_JD said:

https://www.theguardian.com/money/2020/jun/10/property-sales-recover-to-pre-lockdown-levels-across-england-says-zoopla

 

tl;dr

Sales agreed in the last week 6% higher than the same week in June last year.

“Lower asking prices for homes sold over the lockdown period may drag down indices over May, but this new data suggests house price growth is set to remain positive in the next two months,” said Zoopla research director, Richard Donnell."

"The scale of the bounce-back in demand is “unprecedented’” said Zoopla. “New sales agreed have rebounded and are just 12% short of the levels seen in early March as buyers return to the market and agree to new purchases; we have seen the number of new sales agreed rise by 137% since the market reopened,” said Zoopla."

 

Where is this crash I keep hearing about?

These "agreed" sales are based on prices not yet approved by banks and surveyors... So it's all hot air.

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8 hours ago, Martin_JD said:

https://www.theguardian.com/money/2020/jun/10/property-sales-recover-to-pre-lockdown-levels-across-england-says-zoopla

 

tl;dr

Sales agreed in the last week 6% higher than the same week in June last year.

“Lower asking prices for homes sold over the lockdown period may drag down indices over May, but this new data suggests house price growth is set to remain positive in the next two months,” said Zoopla research director, Richard Donnell."

"The scale of the bounce-back in demand is “unprecedented’” said Zoopla. “New sales agreed have rebounded and are just 12% short of the levels seen in early March as buyers return to the market and agree to new purchases; we have seen the number of new sales agreed rise by 137% since the market reopened,” said Zoopla."

 

Where is this crash I keep hearing about?

Lies and statistics etc. If Scotland and Wales are excluded because their markets are closed, and they are using National averages i.e. entire British Isles averages, then of course prices would look higher as Wales and Scotland are cheaper than England. I absolutely 100% would be certain that area by area analysis will reveal drops in most places in England. I have seen a few sales agreed in my area, but nothing like normal volumes, and I am seeing lots of reductions...some drastic. Also a 12% increase on levels in “early” march is nothing...the market was Already grinding to a halt by then...maybe if they did the same comparison with number of transactions compared with the same week in June last year, things wouldn’t look quite so rosey. This article is total BS...it is worse than the Hydroxychloroquine article published in The Lancet!

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8 hours ago, Martin_JD said:

https://www.theguardian.com/money/2020/jun/10/property-sales-recover-to-pre-lockdown-levels-across-england-says-zoopla

 

tl;dr

Sales agreed in the last week 6% higher than the same week in June last year.

“Lower asking prices for homes sold over the lockdown period may drag down indices over May, but this new data suggests house price growth is set to remain positive in the next two months,” said Zoopla research director, Richard Donnell."

"The scale of the bounce-back in demand is “unprecedented’” said Zoopla. “New sales agreed have rebounded and are just 12% short of the levels seen in early March as buyers return to the market and agree to new purchases; we have seen the number of new sales agreed rise by 137% since the market reopened,” said Zoopla."

 

Where is this crash I keep hearing about?

And 137% of 0 is still 0. This to me shows the desperation of an industry in absolute crisis.

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4 minutes ago, Killer Bunny said:

The bulls are clinging on and haven’t yet accepted the 2m extra unemployment. Pathetic.

The only, and I mean the only, people still citing a V shaped economic recovery are the property bulls.

Even the economists they're citing don't believe it anymore.

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4 minutes ago, HovelinHove said:

And 137% of 0 is still 0. This to me shows the desperation of an industry in absolute crisis.

It's 137% . Not 136 or 135%!

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3 minutes ago, HovelinHove said:

And 137% of 0 is still 0. This to me shows the desperation of an industry in absolute crisis.

You may well be right, we shall soon see I guess!

 

Anecdotally, the housing market in Oxford at least is alive and well.  Wanted to see a house that came on this week on Saturday for 600, which i thought was 50k to much - it's already gone under offer.  Another place that came on this week was fully booked for viewing on sat, so i think there's a bit of pent up demand still.

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2 minutes ago, Martin_JD said:

You may well be right, we shall soon see I guess!

 

Anecdotally, the housing market in Oxford at least is alive and well.  Wanted to see a house that came on this week on Saturday for 600, which i thought was 50k to much - it's already gone under offer.  Another place that came on this week was fully booked for viewing on sat, so i think there's a bit of pent up demand still.

No sh1t given we've been locked down for 10 weeks

We won't see for sure soon at all.

It will be drawn out and painful.

People will be looking for green shoots a ll the way to the bottom.

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1 minute ago, Si1 said:

No sh1t given we've been locked down for 10 weeks

We won't see for sure soon at all.

It will be drawn out and painful.

People will be looking for green shoots a ll the way to the bottom.

I'm talking about agreed sales/prices.  We will soon see if these actually go through.

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Just now, Martin_JD said:

I'm talking about agreed sales/prices.  We will soon see if these actually go through.

You don't know what you're talking about dude. A crash takes time.

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9 hours ago, Martin_JD said:

 

5 minutes ago, Martin_JD said:

You've misunderstood my post, i'm talking about current activity 

 

Where is this crash I keep hearing about?

??

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1 minute ago, Si1 said:

??

If you read all the thread you'll see a subsequent post regarding anecdotal activity Oxford.  Stuff is selling there at the moment, we'll soon see if the agreed sales prices turn into actual sales soon enough.

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23 minutes ago, Si1 said:

It's 137% . Not 136 or 135%!

My deep analysis led me to conclude the growth was, in fact, 137.32%.

Those quoting 137% are just charlatans.

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26 minutes ago, Martin_JD said:

Anecdotally, the housing market in Oxford at least is alive and well.  Wanted to see a house that came on this week on Saturday for 600, which i thought was 50k to much - it's already gone under offer.  Another place that came on this week was fully booked for viewing on sat, so i think there's a bit of pent up demand still.

No doubt.  The sheeple and the bulls have not realised we are in a huge recession.  They watch the BBC and read the Guardian.  And the Mail and the Times. And vote Tory or Labour or Lib Dem.

Edited by Killer Bunny
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For what it's worth, the quote is selective and out of context but probably correct. Not much has been listed in the last 3 months and you only need a few buyers unaffected by the pandemic to give the impression of a runaway market. Even up here in the North East the few good houses for sale are going through. 

However, this is in my mind the ultimate dead cat bounce. The economic reality hasn't hit yet and the lagging effect will take a while (Q4) to be fully felt. That's  when I think we'll see fireworks. Distressed sales which can't hold on any longer will all hit the market at once as unemployment spikes. Good luck. 

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9 minutes ago, stuckmojo said:

For what it's worth, the quote is selective and out of context but probably correct. Not much has been listed in the last 3 months and you only need a few buyers unaffected by the pandemic to give the impression of a runaway market. Even up here in the North East the few good houses for sale are going through. 

However, this is in my mind the ultimate dead cat bounce. The economic reality hasn't hit yet and the lagging effect will take a while (Q4) to be fully felt. That's  when I think we'll see fireworks. Distressed sales which can't hold on any longer will all hit the market at once as unemployment spikes. Good luck. 

Pretty much how I am seeing it.  To this I would add that the property market has been fairly moribund for the last year or two so comparing activity now to last year isn't saying much.

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33 minutes ago, Bruce Banner said:

Zoopla online valuations are crazy, they had a massive uplift a few months ago.

Don't take my word for it, take a look for yourself.

This is so true.  I track certain family properties out of curiosity in Zoopla valuations.  They suddenly changed how they value and each property jumped up about £50k.  The odd thing is I have the same properties in Zoopla "saved properties" and their original lower valuations still move pretty much in line with houseprices.io and about 50k lower, ie Zoopla seems to still run its old valuation model along side its new one?

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  • 417 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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