rollover Posted May 23, 2022 Share Posted May 23, 2022 House prices have soared by a 'record-breaking' £55,000 since the pandemic began and are still rising, Rightmove says. The average price tag on a home has reached a record high for the fourth month in a row, jumping by £7,400 in May, according to the website. And across Britain the average asking price for a property this month is £367,501. Daily Mail Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted May 23, 2022 Share Posted May 23, 2022 12 minutes ago, rollover said: House prices have soared by a 'record-breaking' £55,000 since the pandemic began and are still rising, Rightmove says. The average price tag on a home has reached a record high for the fourth month in a row, jumping by £7,400 in May, according to the website. And across Britain the average asking price for a property this month is £367,501. Daily Mail If you look at London, terraced houses that were say, £1M are now asking £1.5M None of them are selling, but they really skew all the figures. If one does buy then they move out and over pay. Nothing selling round us now, CURRENT asking prices starting to come down. Quote Link to comment Share on other sites More sharing options...
rantnrave Posted May 23, 2022 Share Posted May 23, 2022 EAs and vendors still feeling very bullish then Quote Link to comment Share on other sites More sharing options...
Twenty Something Posted May 23, 2022 Share Posted May 23, 2022 Matches exactly what I’m seeing - any house in my area that goes up for sale is gone SSTC within 48 hours. I can’t imagine this will be for under asking either. Anyone trying to push the narrative that nothing is selling or asking prices are coming down like @TheCountOfNowhere just looks rather silly in my opinion, though I’m not going to profess to have an intimate knowledge of all prices everywhere all the time. Quote Link to comment Share on other sites More sharing options...
Fromage Frais Posted May 23, 2022 Share Posted May 23, 2022 I thought it was only Norfolk where ... "Look at this love.." Market falling rates rising doom doom doom!!!! oooh "best stick the house one and sell it" "100K over last year when the rates where 0?" "yes don't want to give it away!" Some examples... well done to them if it pays off! https://www.rightmove.co.uk/properties/121156022#/?channel=RES_BUY 3 million? hmm some properties have large lawns plus the frontage for sub 2 million. https://www.rightmove.co.uk/properties/122672705#/?channel=RES_BUY 1.7 nice houses great road but no river frontage try nearer 1 https://www.rightmove.co.uk/properties/123487190#/?channel=RES_BUY 1.4 hmm https://www.rightmove.co.uk/properties/123316118#/?channel=RES_BUY 1.1 good luck nice on the river but no garden tight parking at the front and sloped ceilings on top floor more like 750 zone https://www.rightmove.co.uk/properties/123437888#/?channel=RES_BUY only .75 acres near Stalham Quote Link to comment Share on other sites More sharing options...
Huggy Posted May 23, 2022 Share Posted May 23, 2022 They can ask what they goddamn well please. I won't be giving it away when I come to buy either. I bet (hope, c'mon Fed!!!) their need will be greater than mine when the time comes Quote Link to comment Share on other sites More sharing options...
Guillotine Posted May 23, 2022 Share Posted May 23, 2022 The reason for asking prices increasing is because buyers are still going over asking so the agents are closing that gap. There is more fuel yet. Sorry to say. It’s always been a game of wait for til later on in the year. Certainly not cooling down much here in north Surrey despite the big economic picture. Quote Link to comment Share on other sites More sharing options...
winkie Posted May 23, 2022 Share Posted May 23, 2022 Don't want it, don't need it....... won't be selling it. Quote Link to comment Share on other sites More sharing options...
byron78 Posted May 23, 2022 Share Posted May 23, 2022 Is it the huge rise in immigration since Brexit driving this? Quote Link to comment Share on other sites More sharing options...
Insane Posted May 23, 2022 Share Posted May 23, 2022 9 minutes ago, byron78 said: Is it the huge rise in immigration since Brexit driving this? I would think it is the huge rise in immigration for the last 25 years driving it. Quote Link to comment Share on other sites More sharing options...
Smiley George Posted May 23, 2022 Share Posted May 23, 2022 THIS IS ASKING PRICES FFS!! Its made up and completely open to manipulation by RM and EA's to try and peg house prices ever higher before the inevitable leg downwards; especially when supply levels are at all time lows. The higher they can get that "average house price" before things reverse, dampens the impact of whatever declines occur next 10%, 20%, 50%..who knows. But if they can get some final ramping into Joe-idiot Public's head before then they'll be happy. That our media reports the RM releases as being actual house price data, is the real issue and shouldn't be allowed. Quote Link to comment Share on other sites More sharing options...
Blobsy Posted May 23, 2022 Share Posted May 23, 2022 Death rattle. Anyone with half a brain knows what’s next. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted May 23, 2022 Share Posted May 23, 2022 I thought posters on here saying that this nonesense would end last year with the stamp duty holiday ending? 🤷♂️ Quote Link to comment Share on other sites More sharing options...
Huggy Posted May 23, 2022 Share Posted May 23, 2022 (edited) 1 hour ago, MonsieurCopperCrutch said: I thought posters on here saying that this nonesense would end last year with the stamp duty holiday ending? 🤷♂️ Well, the number of sales did drop after each holiday deadline. The 3 highlighted values are the three stamp duty deadlines that got extended last year. Obviously there was an effect. https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above As for the prices, feck knows what's going through peoples' minds. Part of the £800bn printing frenzy maybe? Edited May 23, 2022 by Huggy Quote Link to comment Share on other sites More sharing options...
msi Posted May 23, 2022 Share Posted May 23, 2022 2 hours ago, byron78 said: Is it the huge rise in immigration since Brexit driving this? You might need to use single syllables and wax crayons to get them to understand Quote Link to comment Share on other sites More sharing options...
Si1 Posted May 23, 2022 Share Posted May 23, 2022 https://moneyweek.com/investments/property/house-prices/604717/fred-harrison-house-prices-will-peak-in-2026 Fred: Yes, there's going to be a huge crash. But the question is, when? And I'm afraid that conventional economics doesn't answer that question very efficiently. Fred: (in 2026) They’ll level off for a matter of months and then they start to go down. T Quote Link to comment Share on other sites More sharing options...
danlee74 Posted May 23, 2022 Share Posted May 23, 2022 52 minutes ago, Huggy said: Well, the number of sales did drop after each holiday deadline. The 3 highlighted values are the three stamp duty deadlines that got extended last year. Obviously there was an effect. https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above As for the prices, feck knows what's going through peoples' minds. Part of the £800bn printing frenzy maybe? Interesting to compare Jan/Feb/Mar 2022 UK sales totals against Jan/Feb/Mar 2021 figures, albeit 2022 are all 'provisional' and could increase (or perhaps even decrease further) and March 2021 was the end of one of the holidays. Q1 2021: 393.2k Q1 2022: 288.4k Crikey. It would be interesting to see 2020 or even before then to see what a 'normal' year looks like. Quote Link to comment Share on other sites More sharing options...
highcontrast Posted May 23, 2022 Share Posted May 23, 2022 (edited) Anecdotal: Friend is a mortgage broker, since April and the cost of living crisis, inflation starting etc he has informed me that lenders are a rejecting a good number of mortgage applications now. I guess this is down to a) Simply what the mortgage customer can comfortably afford to pay per month b) The banks identify risks and consequently de-risking. So remember, this is only month two of the inflation/cost of living crisis, not to mention we're heading into a reccession (IMO we are in one as we speak). How do house prices do in long drawn out reccesions bulls? 3 hours ago, Smiley George said: THIS IS ASKING PRICES FFS!! Its made up and completely open to manipulation by RM and EA's to try and peg house prices ever higher before the inevitable leg downwards; especially when supply levels are at all time lows. The higher they can get that "average house price" before things reverse, dampens the impact of whatever declines occur next 10%, 20%, 50%..who knows. But if they can get some final ramping into Joe-idiot Public's head before then they'll be happy. That our media reports the RM releases as being actual house price data, is the real issue and shouldn't be allowed. As @Smiley George perfectly put above, the rightmove asking price index is a joke, but it does in a way highlight the remaining froth in the market, the last of the idiocy/insanity, so to speak. We are at the absolute apex of the curve, the tanker has turned....now time for Crashy Crashy. Tick Tock Bitches. Edited May 23, 2022 by highcontrast Quote Link to comment Share on other sites More sharing options...
byron78 Posted May 23, 2022 Share Posted May 23, 2022 (edited) 3 hours ago, Insane said: I would think it is the huge rise in immigration for the last 25 years driving it. But immigration has gone up massively since Brexit. I'm being genuine. I do think the huge rise in immigration since we left could be driving much of this. 35K a year income to get into the UK now, isn't it? It's open doors as long as they have money. Edited May 23, 2022 by byron78 Quote Link to comment Share on other sites More sharing options...
Guillotine Posted May 23, 2022 Share Posted May 23, 2022 We ain’t seen nothing yet with regards to immigration. Africa’s population could well double within living peoples lifetimes. So will the UKs. Quote Link to comment Share on other sites More sharing options...
petetong Posted May 23, 2022 Share Posted May 23, 2022 5 hours ago, Guillotine said: We ain’t seen nothing yet with regards to immigration. Africa’s population could well double within living peoples lifetimes. So will the UKs. Good job the UK and earth has infinite resources 🤣 Quote Link to comment Share on other sites More sharing options...
Money Frugality Posted May 24, 2022 Share Posted May 24, 2022 19 hours ago, TheCountOfNowhere said: If you look at London, terraced houses that were say, £1M are now asking £1.5M None of them are selling, but they really skew all the figures. If one does buy then they move out and over pay. Nothing selling round us now, CURRENT asking prices starting to come down. Putin could level half of London and the prices would still go up there with sellers citing “low supply” 😂 Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted May 24, 2022 Share Posted May 24, 2022 18 hours ago, Huggy said: Well, the number of sales did drop after each holiday deadline. The 3 highlighted values are the three stamp duty deadlines that got extended last year. Obviously there was an effect. https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above As for the prices, feck knows what's going through peoples' minds. Part of the £800bn printing frenzy maybe? So less things for sale makes prices go up? Whoddathunkit Hugz. 🤣👍 Quote Link to comment Share on other sites More sharing options...
highcontrast Posted May 24, 2022 Share Posted May 24, 2022 (edited) Don't forget: https://www.bbc.com/news/business-61562657 Energy price cap to rise to £2,800 in October This rollercoaster ride is just starting. Edited May 24, 2022 by highcontrast Quote Link to comment Share on other sites More sharing options...
Huggy Posted May 24, 2022 Share Posted May 24, 2022 1 hour ago, MonsieurCopperCrutch said: So less things for sale makes prices go up? Whoddathunkit Hugz. 🤣👍 And, more things being sold also make prices go up 🤔 Quote Link to comment Share on other sites More sharing options...
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