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July House Prices Soar At Fastest Pace In Two Years

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Guest wrongmove

July house prices soar at fastest pace in two years

"House prices across the UK rose at the fastest pace for more than two years in July as an improving jobs climate drove an upturn in the market, the Royal Institution of Chartered Surveyors says in a report published today....

"At the top end there is always activity ... desperation to purchase at any price continues."

But the strength of these increases varied greatly across the country, the monthly survey said, with London and the south-east seeing the strongest performance, boosted by a healthy financial services sector. Scotland, the south-west and north-west also saw firm gains, but rises in the rest of the country were muted.

Although some surveyors reported a slight drop in viewings as the World Cup and school holidays took effect, completed sales were up 17% year-on-year....

...Separately, official data from the Office for National Statistics showed price inflation at the point of production, slowing last month in spite of record highs in oil prices. Output price inflation eased to 2.8% from 3.3% in June. Input prices, however, jumped 1.1% on the month because of high oil prices. The annual rate slipped back to 9.6% because prices were rising strongly in July last year...."

Edited by wrongmove

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RICS can now go and sit in the corner with Rightmove.

http://news.bbc.co.uk/1/hi/business/4790067.stm

Slowdown hits house price growth
House price inflation in the UK is slowing, official government figures have shown.
The Department for Communities and Local Government (DCLG) - formerly the ODPM - said prices rose by 5.2% in the year to June, down from 5.6% in May.
Price inflation slowed sharply in London, with annual price inflation in the capital slipping from 7.0% in May to 5.8% in June.

Its a propaganda war by RICS to win the hearts and minds of the borrow and spend sheeple who have come to believe in the EAs new law of economics that what goes up never comes down. :lol:

http://news.bbc.co.uk/1/hi/business/default.stm

The EA report is not on BBC's business page as it contradicts their earlier story that prices are slwoing which followed the FT index stating the same thing.

Edited by Realistbear

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The mortgage approval stats released a while back would indicate further rises over the summer. Then they will start going down when the interest rate hike taes effect.

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Wales looks the softest. One of the areas I keep an eye on seems to have been flat for 2 years now, near Abergavenny there are houses similar to one my friends purchased for a similar or lower asking price.

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Fastest pace for two years is spinning it a bit, especially when you look at the unadjusted figures. Yes, London and the South East are doing well but the North, Yorkshire, East Midlands etc. are more or less static.

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July house prices soar at fastest pace in two years

"House prices across the UK rose at the fastest pace for more than two years in July as an improving jobs climate drove an upturn in the market, the Royal Institution of Chartered Surveyors says in a report published today....

"At the top end there is always activity ... desperation to purchase at any price continues."

But the strength of these increases varied greatly across the country, the monthly survey said, with London and the south-east seeing the strongest performance, boosted by a healthy financial services sector. Scotland, the south-west and north-west also saw firm gains, but rises in the rest of the country were muted.

Although some surveyors reported a slight drop in viewings as the World Cup and school holidays took effect, completed sales were up 17% year-on-year....

...Separately, official data from the Office for National Statistics showed price inflation at the point of production, slowing last month in spite of record highs in oil prices. Output price inflation eased to 2.8% from 3.3% in June. Input prices, however, jumped 1.1% on the month because of high oil prices. The annual rate slipped back to 9.6% because prices were rising strongly in July last year...."

Prices around me (Birmingham/Solihull) did not go up at all in last two years. Similar houses selling for more or less for the same prices and many of them now offering fitted kitchen, fitted bathroom, wooden laminated floors etc. Activity definitely picked up around spring and early summer (may, june) but the market is completely dead in last one and half months. Heaven knows which part of the island prices are going up.

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Guest grumpy-old-man

Prices around me (Birmingham/Solihull) did not go up at all in last two years. Similar houses selling for more or less for the same prices and many of them now offering fitted kitchen, fitted bathroom, wooden laminated floors etc. Activity definitely picked up around spring and early summer (may, june) but the market is completely dead in last one and half months. Heaven knows which part of the island prices are going up.

firangi, I am experiencing exactly the same, there are 3 & 4 bed detached's that are cheaper now than 1-2 years ago, & some have had new kitchens & bathrooms fitted :)

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Fastest pace for two years is spinning it a bit, especially when you look at the unadjusted figures. Yes, London and the South East are doing well but the North, Yorkshire, East Midlands etc. are more or less static.

True. Yorkshire seems a bit stronger than the north, maybe we may start seeing my madcap theory of a crash in real terms and not nominal?

<_<

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True. Yorkshire seems a bit stronger than the north, maybe we may start seeing my madcap theory of a crash in real terms and not nominal?

<_<

Don't be ridiculous - house prices only ever go rocketing up or plummeting down... :ph34r:

(Provided you plot them on an inflation-adjusted chart ;) )

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Guest wrongmove

Don't be ridiculous - house prices only ever go rocketing up or plummeting down... :ph34r:

(Provided you plot them on an inflation-adjusted chart ;) )

Just for reference, here is the chart for nominal prices (not adjusted for inflation)

nomlin.png

Where have the two 70s crashes gone ? :unsure:

post-210-1155675184_thumb.jpg

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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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