Monday, Jul 17, 2006

Rightmove - You have to admire their persistence!

Telegraph: Increase in house prices is highest for five years

The average asking price for a home jumped by more than 6,000 in the past month, the largest monthly increase for almost five years.

Figures from the property website Rightmove show that the average asking price for a home is now 217,580, almost 10 times the average salary.

That represents a 6,137 increase between June 11 and July 8, Miles Shipside, the commercial director, said.

Posted by tyrellcorporation @ 08:13 AM (659 views)
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1. Jolo said...

And people wonder why they can't SELL their house's. As for the south east rising by 12,000 i haven't seen it and i look on rightmove!

Monday, July 17, 2006 08:29AM Report Comment

2. So Soon said...

At what point will the kidders realise they are only deluding themselves, love the 3K a week bit.

Monday, July 17, 2006 08:36AM Report Comment

3. Ohhyesitwill said...

This is toss. In Gloucestershire prices are being cut all the time.

Monday, July 17, 2006 09:11AM Report Comment

4. Ohhyesitwill said...

I am sure that come the day the MPC meet, somebody i.e. one of Halifax, Nationwide, Rightmove etc will publish a report saying what dire dtraits the housing market is in. It is a very predicable monthly cycle isn't it. This 'good news' will stop in about 10 days, then it will all be bad until after the next MPC meeting. Then bang! we're all gunna be millionairres again.

My sister told me last night that her house was going to be her pension. When I pointed out to her that she would still have to live somewhere she said she would downsize to a smaller place. We worked out that the difference i.e. 'profit for pension' even at todays house prices was about a quater of what my pension will be. Kind of freaked her out. When I also said she was also gambling on future house prices vs wages, tax laws that do not apply to pensions, no back-up plan (i.e. other savings, a pension etc) she said that maybe she should start a pension. She's 43.

Monday, July 17, 2006 09:54AM Report Comment

5. The Bald Man said...

Does anyone really believe this?

Monday, July 17, 2006 10:28AM Report Comment

6. denzil said...

The Bald Man said:
>>Does anyone really believe this?

Yes and no. I've seen lots of property sat on the shelf for a long time, 18+ months but I have seen a whole rash of property appear on the market that is obviously over-priced and could be due to people testing the water before HIPS kicks in. What I find hard to believe is that EA are marketing these properties at 10-20% higher than any house in the area has ever sold for and also 10% higher than properties that are still unsold having been on the market for 18+ months. Spring in my area of the South West seemed very fluid and it is fair to say the market now seem deathly quiet.

I viewed a property about 5 weeks back with an EA and I passed comment that another house I had viewed through them a week earlier was quite simply "minging". The EA quickly replied that they had had loads of offers for the "minging" property. I noticed in our local rag this week that the asking price of "minging" property has dropped 10%. I felt like ringing the EA up just for laugh. My point being that asking price and offers often have little in common with eachother.

Monday, July 17, 2006 11:07AM Report Comment

7. tyrellcorporation said...

In Exeter I noticed after that one report a week or so back about a monthly fall in prices, a rash of houses came onto the market. This tells me that people are extremely susceptible to a 'bad headline' and at any given point their fingers are hovering very closely to the 'panic-sell button'.

Everyone likes to think they're gonna catch the peak of the market (I thought I had when I sold in August 2004!) and be able to cash their chips in. I reckon there are thousands across the land who realise they are sitting on a time-bomb. Any whiff of the ground shaking and they'll whack it on the market and rent...

It looks like things are really kicking off in the Middle East at the moment and geo-political risk hasn't been as high for a generation - perhaps we are finally witnessing the catalyst for the fabled HPC.

Monday, July 17, 2006 11:59AM Report Comment

8. bidin'matime said...

TC - you are dead right - the VI's frequently point to the 'economic fundamentals' being favourable, but they completely ignore the direction of travel - which is bad in almost every case - inflation, unemployment, interest rates, ability/propensity of consumers to continue to borrow, etc. etc. Can any of you devil's advocates out there think of anything that it going in the right direction for a stable property market?

Monday, July 17, 2006 01:28PM Report Comment

9. Oberon said...

I do - immigration. The newest 'economic papers' on this website basically conclude that immigration is the one thing that nobody thought of and we have had a ton of it here since 2000. These people all have to live somewhere. Hwy don't you guys seem to understand that? Lots of people looking to live in a few houses = expensive houses. End of.

Monday, July 17, 2006 01:57PM Report Comment

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11. Roy said...

Is Mr Shipside really able to say, from viewing the asking prices on Rightmove: "Consequently sellers are asking more, and getting it, especially in the South." Surely he's only qualified to tell us that sellers are asking more...

Monday, July 17, 2006 02:26PM Report Comment

12. Sevensins said...

Consider this , if this is true, then they'll be mass emigration to Canada (the only place that will take those over 30)

Buying at these prices really is financial suicide, and there will be sucides, mainly men forced by their nagging partners to buy over inflated houses.

I'm very serious, they'll be no point staying in UK just to make EA richer.

Leave Now!!!!

Monday, July 17, 2006 02:31PM Report Comment

13. inbreda said...

Count yourself lucky. Where I live it is not possible to commute and the average house price is 319,000. It's a social disaster, but nobody in power cares because we have a problem with immigration from the english tax dodgers. It supports oberons statement. One thing I would like to hear your views on, Oberon, is the unemployment levels. I do not associate myself with the "these immigrants take our jobs" clan, but I do think that immigration at a time of rising unemployment is only going to force wages down. This means that interest rate rises and inflation will have an even bigger impact.

Monday, July 17, 2006 02:33PM Report Comment

14. sebastian said...

There was a link to a paper a while back saying how immigration is not quite the saviour that some people make it out to be. These people only generally fill in the low paid working jobs thus forcing down the pay in these job areas not helping the economy as thought. It also noted how they don't spend money in this country, sending it back home to families.

I can't remember where the article was but it was quite a interesting piece.

Monday, July 17, 2006 02:40PM Report Comment

15. sebastian said...

Oh, I forgot to also mention that the number of people leaving was about 350,000 a year with something like 500,000 coming in a year. You would expect that to mean the skilled workers were leaving the country...draw your own conclusions.

Monday, July 17, 2006 02:44PM Report Comment

16. bidin'matime said...

And the immigrants live ten to a house, while those leaving are usually couples, so the overall impact is probably the opposite...

Monday, July 17, 2006 04:01PM Report Comment

17. waitingfor hpc said...

what goes up..... must come down.
16 years ago i bought my house for 265,000 it is now valued at 950,000 !!! I could not afford to BUY my house today without some insane mortage over 60 years or interest only... which is not buying the house.
Supply & Demand move like the wind, and will, it is false economics, if everybody wants a BTL on an existing mortage on their home.... demand is high. But if they SELL the BTL's demand will be low.....

If the market dropped 50% in value my house still worth 475,000. That is nearly 100% increase in 16 Years ... not bad. Logic dictates that in the end this will burst and most sane homeowners who have not borrowed on their homes will still retire very rich people.

Tuesday, July 18, 2006 11:20AM Report Comment

18. bidin'matime said...

>>my house now valued at 950,000....Logic dictates that in the end this will burst ... If the market dropped 50% in value my house still worth 475,000. <<

So why havent you sold to rent?

Tuesday, July 18, 2006 01:21PM Report Comment

19. Bricksan Mortar said...

Evenin' All. What's all this 'ere then?

Wednesday, August 23, 2006 08:08PM Report Comment

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