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BuyingBear

"house Prices Move Above £200,000"

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House prices move above £200,000

The average asking price of a home in England and Wales has broken through the £200,000 barrier due to renewed demand from buyers, a report has said.

Overall, the asking price of property rose 2.7% in the past month - the fastest pace of increase for two years, property website Rightmove said.

All regions saw prices rise - something that has not happened since May 2004.

"Properties are selling more quickly and stock levels declining," Miles Shipside, Rightmove spokesman, said.

"Buyers are back, particularly at the bottom end of the market. We believe this will lead to further sales as successful sellers move up the property ladder," Mr Shipside added.

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Article should read "The average asking price of a home in England and Wales has broken through the £200,000 barrier due to continuing unachievable prices asked by VI Spin deluded greedy & increasingly desperate sellers chasing an ever dwindling supply of over indebted buyers"

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Guest Winners and Losers

Great. There will be a huge surge in people trying to sell, leading to oversupply in 2006. This spinning could be good for HPC.

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Asking price?

Example

House near me went up for sale for £160k

Stuck for months and months

New EA puts the house up for £182K

Still not sold after a year and 15 viewings

3/4 simlar houses on the same road (but slightly smaller) have just come up for sale

Asking price?

£205K

Ask all you want

:lol::lol::lol::lol::lol:

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I wonder how many how of those £190,000,000,000 properties wrongly listed on Rightmove have an impact? We all know about stats and how easily you can skew averages.

In a way let's hope people start asking even more unachievable amounts for their properties, it will drive transaction volumes into the ground.

LR <

RM >

Edited by BuyingBear

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Clearly spin. :(

I’ve been following a property from ‘for sale’ to ‘auction’ to and back again to ‘for sale!’

The property has been dropping in value from £200k over a year to £150k

I viewed the house and asked what was the minimum the seller would accept for a quick

no chain sale. He put an extra £30k on from the last time he couldn’t sell... £180k (wtf)

It’s now been taken off the market.

With this kind of sentiment there will be a lot of... ‘missed the life-boaters’ when it sinks.

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The buffs at Rightmove clearly are not worried about a drop in sales volumes. They are in partnership with the large estate agents accross the country. As they still have lots of revenue comming in, they have time to spin all they can before realising they need to talk the market down. They probably still think there are "many" people out there who they can still push into buying overpriced property.

Its the independent smaller agents that are closing and having big trouble.

Edited by notanewmember

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As they still have lots of revenue comming in, they have time to spin all they can before realising they need to talk the market down.

I'm curious. Not having much of a memory of what happened in the last crash, I'm interested in knowing if this ever happens? Do they ever talk the market down or just talk it up as the prices drop and drop?

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Guest muttley

Is the price they are quoting the arithmetic mean? If so a few very expensive houses would push up the average price considerably.

Take a look at this one:

http://www.rightmove.co.uk/viewdetails-592...pa_n=1&tr_t=buy

A 2 bed semi for 10 million!!! :wacko:

You cannot be serious :P

Someone recently posted 4 properties in Doncaster for £999,999.

I wonder how many more there are?

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OK it's depressing :ph34r: but Looking at the detail on page 8 of the release I noticed something interesting....

Asking price falls, compared to last month, for a number of key London boroughs that until now have been booming on the City pick-up / bonuses:

Kensington & Chelsea -4.4% Month-on-Month

Richmond -2.1%

Kingston -2.7%

Here's my take on it:

Early 2005: London housing market depressed

Mid 2005: It becomes obvious to anyone working in the city that they are less sackable than at any time over the past 5 years and bonuses will be up on last year

Aug 2005: Interest rate cut. London housing market picks up strongly

Autumn 2005: London housing market recovers from early 2005

January 2006: Spin on the London figures plus the rate cut lead to renewed confidence in entire UK housing market - anyone who wants to buy and can, is tempted / panicked

February 2006: Anyone in receipt of a sizeable bonus who wanted to move house has now dealt. Bonus money has run out. Property market in the Banker Boroughs starts to fall

February 2006: Ripple effect still benefiting rest of UK. Bank of England does not cut rates

Spring 2006: Rightmove floated at ridiculous valuation

Summer 2006: Affordability even more stretched than before. UK market could not "afford" to rise. Market slows naturally in London, looks very shaky again outside London.

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Spin or not, this makes me feel depressed. Sentiment isn't going to change with this kind of reporting.

You shouldn't let this propaganda spin sh*** get you down.

We all know the BBC have got there own agenda. I wonder how much spin and lies goes into other news articles ?

Just see it as a joke, the Biggest BullS*** Corporation on the weekly shopping trip.

Edited by Time Will Tell

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I'm curious. Not having much of a memory of what happened in the last crash, I'm interested in knowing if this ever happens? Do they ever talk the market down or just talk it up as the prices drop and drop?

I believe they constantly talked the market up. There was a post on here a while ago with lots of headlines from the last crash. I should have kept it. Anyway it seems that the Nationwide only admitted to a drop when it was all over and prices started rising again.

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I believe they constantly talked the market up. There was a post on here a while ago with lots of headlines from the last crash. I should have kept it. Anyway it seems that the Nationwide only admitted to a drop when it was all over and prices started rising again.

There's a link from the homepage of this site to news articles during the last crash

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Yes, the VIs mostly seem to only admit prices fell in a period after the fall appears to be reversing. Few admit it at the time.

And as for stong sales, no sign of it here yet if the For Sale boards are a gauge. Last 10 days or so has seen lots and lots of fresh For Sale boards, very few fresh Solds. (london/herts border) Be interesting to see if this "spring bounce" (that is much hoped for) is the swansong before a major correction...

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The key thing about whether positive spin has an upwards effect on the market is whether people are genuinely priced out or 'waiting' because they felt the market would fall. I would suggest the first one in that most ftb's are now priced out, no amount of spin can fix that.

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I believe they constantly talked the market up. There was a post on here a while ago with lots of headlines from the last crash. I should have kept it. Anyway it seems that the Nationwide only admitted to a drop when it was all over and prices started rising again.

I believe that asking prices have become completely unrealistic and are being hyped by the hope of continued growth. In one small village outside Newcastle upon Tyne there are nearly 50 propertires for sale, most of which have been on the market since last year and many for over 2 years. We know that a 3-bed semi for example sold last summer for £180 K to a developer who has tried to sell it unsuccesfully during the late summer for £255 K, then £ 249 K, and still unsold at £ 239 K. Identical properties on the same street are being put on now for over 250 K. However the only actual sale was last summer at £ 180 K. So it seems to me that the Estate agents have been sustaining a clear increase in asking prices without any clear increase in buyer demand. I am currently renting after having taken 2 years to sell a house in Staffordshire I am certainly not rushing in to buy at these prices, which appear ridiculous relative to the local economy and level of demand.

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I contacted rightmove to ask how they calculated their average prices. It would appear that they try to exclude anomalies. However, I would still wonder how much their data is skewed by a few houses being put in with unrealistically high asking prices.

I received the following reply:

Hello Cassandra,

We take the initial asking price of all new properties onto the site in

the last month, and calculate the mean of them- taking out any anomolies

beforehand (within two standard deviations of the mean). So the property

that is given here as an example would not be included in the analysis.

I hope this explains it enough for you, do reply if not. Thank you for

highlighting that property I will pass this onto the customer service

team who can rectify it.

Kind regards

Charlotte Wheeler

Market Intelligence Executive

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Article should read "The average asking price of a home in England and Wales has broken through the £200,000 barrier due to continuing unachievable prices asked by VI Spin deluded greedy & increasingly desperate sellers chasing an ever dwindling supply of over indebted buyers"

Hi.

Isn't HIPPS likely to deal a fatal blow in a slow market ? With expensive renewel fees every quarter the market is going to narrow. Asking prices are being set by sellers (and / or their delegates), many of whom are not necessarily comitted to moving any time soon. Little wonder the industry is awash in pure fancy.

Does HIPPS have potential to really sort the wheat from the chaff ?

Thankyou.

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Kind regards

Charlotte Wheeler

Market Intelligence Executive

Whats a Market Intelligence Executive, sounds like covert ops MI3, lol

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  • 301 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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